Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof. (b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 3 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.)
Renewal Term. (ai) Provided that no Event of Default Tenant shall have occurred and be continuing, the option (the “Renewal Option”) to renew this Lease shall automatically extend for two renewal three (3) additional terms of five (5) years each (each such renewal a “Renewal Term”). The Renewal Option shall be exercised by giving Landlord written notice (the “Option Notice”) unless Tenant elects, by providing Notice to Landlord no later than 30 months at least two hundred seventy (270) days prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the original term of this Lease or the then in effect as provided in Section 2.4(a), and such renewal term current Renewal Term. The Renewal Term shall be on the same terms and conditions as set forth in this Lease, except those regarding the payment of minimum annual rent for the Renewal Term which shall be ninety-five percent (95%) of the then fair market rent payable for similar industrial space in the Exton, PA area (“Fair Market Rent”) in its shell condition (Fair Market Rent shall not take into account any increase in the rental value of the Premises associated with any improvements to the space beyond the shell). However, in no event shall the minimum annual rent for the first lease year of a Renewal Term be less than One Hundred three percent (103%) of the minimum annual rent payable for the last lease year of the original term or the last year of the applicable prior Renewal Term. Based upon all the first lease year’s rent of each Renewal Term, the minimum annual rent for each remaining lease year of each Renewal Term shall increase by three percent (3%) each year commencing on the anniversary of the prior lease year. In the event Tenant exercises the Renewal Option, “Term” shall be defined to include such extension. In the event Tenant shall desire to enter into a lease for the Premises beyond the Renewal Terms, Landlord and Tenant mutually reserve the right to renegotiate the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termlease.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement (Faro Technologies Inc), Lease Agreement (Faro Technologies Inc)
Renewal Term. So long as (ai) Provided that there exists no uncured Event of Default by Tenant, and (ii) this Lease is still in full force and effect, Tenant shall have occurred and be continuingthe right, exercisable at Tenant’s option, to renew the term of this Lease shall automatically extend for two renewal (2) successive terms of five (5) years each for all of the then Premises demised under this Lease as of the exercise of the applicable option or less than all such space provided that Tenant renews at least fifty percent (each such 50%) of the Premises originally demised by this Lease (including any Must Take Expansion Premises). If exercised, and if the conditions applicable thereto have been satisfied, the first renewal a term of this Lease (the “First Renewal Term”) unless shall commence immediately following the end of the initial Lease Term and the second renewal term of this Lease (the “Second Renewal Term”) shall commence immediately following the end of the First Renewal Term. (Collectively the First and Second Renewal Terms shall be referred to herein as the “Renewal Terms”.) The rights of renewal herein granted to Tenant electsare personal to Named Tenant and any Threshold Successor of Named Tenant (and may not be exercised by any other transferee, assignee or subtenant of original Tenant) and shall be subject to, and shall be exercised in accordance with, the following terms and conditions:
(a) Tenant shall exercise an option for a Renewal Term by providing Notice to Landlord irrevocable written notice no later than 30 eighteen (18) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate then-current term of this Lease upon that it desires to exercise its right of renewal for a Renewal Term (the expiration “Renewal Notice”) for the portion of the then current term. Any such Premises as described in the Renewal Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with (the terms hereof“Renewed Premises”).
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, All terms and provisions conditions of this Lease shall apply to each remain in full force and effect during the Renewal Terms, except that commencing on the first (1st) day of such Renewal Term. Tenant , the Per RSF Base Rent for Renewed Premises for such Renewal Period shall have no right be equal to extend the Term beyond greater of (1) the expiration Per RSF Base Rent in effect for the prior Lease Year, as escalated, and (2) ninety-five percent (95%) of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon Fair Market Rent for the expiration RSF of the Fixed Term or initial Renewal Term Renewed Premises, as determined in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions process set forth in this Section 26.2 below (the “Renewal Term Base Rent”); provided however that in no event shall the Per RSF Base Rent for a Renewal Term be less than the Per RSF Base Rent in effect for the prior Lease except that Year, as escalated and no Per RSF Base Rent shall be allocated to the Minimum Rent and Percentage Rent may be Excluded RSF.
(c) The Per RSF Base Rent, as adjusted to reflect fair market value, terms and conditions at the commencement of the Renewal Terms, shall continue to escalate annually on the first day of each Lease Year, in accordance with Section 4.3 of this Lease.
(d) If there exists an uncured Event of Default under this Lease on the date Tenant sends a Renewal Notice or at any time thereafter until a Renewal Term is to commence, at Landlord’s election, such Renewal Term shall not commence.
(e) Tenant’s right of renewal termwith respect to a Renewal Term shall lapse and be of no further force or effect if Tenant fails to timely provide a Renewal Notice. If Tenant’s right of renewal with respect to a Renewal Term lapses for any reason, as mutually determined then Tenant’s right of renewal with respect to any subsequent Renewal Term shall automatically lapse and be of no further force or effect.
(f) An amendment confirming exercise of each applicable Renewal Term and specifying the Per RSF Base Rent adjustment for such Renewal Term shall be executed by Landlord and Tenant, Tenant within thirty (30) days after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as the determination of the commencement of Per RSF Base Rent for such Renewal Term. As , after conclusion of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termprocess set forth in Section 26.2.
Appears in 2 contracts
Samples: Office Lease, Office Lease (2U, Inc.)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term of this Lease or the first previous Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termTerm. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all All of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term Term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 2 contracts
Samples: Lease Agreement (ESH Hospitality, Inc.), Lease Agreement (ESH Hospitality, Inc.)
Renewal Term. Subject to VIASPACE otherwise being in full compliance with this Agreement (aincluding, without limitation, the timely payment of any and all amounts due hereunder) prior to the delivery of any Notice of Renewal and the commencement of each then applicable Renewal Term, this Agreement may be renewed on the same terms and conditions hereof:
(i) Provided that no Event of Default VIASPACE shall have occurred and be continuing, this Lease shall automatically extend first satisfied the conditions for two any such renewal terms of five years each (as set forth in Exhibit “B” for each such applicable renewal, VIASPACE shall have the option to renew the term of this Agreement for four (4) consecutive and subsequent terms, each being for a two (2) year period (for a total of ten (10) years from the Effective Date assuming each renewal is elected)(each, a “Conditional Renewal Term”) unless Tenant elects, by providing Notice written notice of its election to Landlord no later than 30 renew such term (each, a “Renewal Notice”) to VGE at least three (3) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration expiry of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Initial Term or the preceding Conditional Renewal Term, as the case may be. Except as otherwise provided below, all ; and
(ii) Provided it delivers a Renewal Notice to VGE at least three (3) months prior to the expiry of the terms, covenants, and provisions of this Lease shall apply to each such then Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate , this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease Agreement shall automatically renew on the same terms and conditions hereof for consecutive two (2) year periods thereafter without any further act on the part of either Party (each, an “Evergreen Renewal Term”); provided, however, that in no event shall the term of this Agreement be renewed for the succeeding Evergreen Renewal Term if and to the extent either Party delivers to the other written notice of its intent to not so renew this Agreement (the “Notice of Nonrenewal”) at least sixty (60) days prior to the end of any such Evergreen Renewal Term (as the term then in effect as provided in Section 2.4(a)case may be)(together, the Conditional Renewal Term and such renewal term Evergreen Renewal Term shall be upon all of referred to as the terms and conditions set forth “Renewal Terms”); provided, further, that in this Lease except that no event shall either Party have the Minimum Rent and Percentage Rent may be adjusted right to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior Nonrenewal if and to the scheduled expiration of extent VIASPACE’s Net Sales exceed Five Million Dollars ($5,000,000) during the Fixed first applicable Evergreen Renewal Term; Eight Million Dollars ($8,000,000) during the second applicable Evergreen Renewal Term and Ten Million Dollars ($10,000,000) during the third and subsequent Evergreen Renewal Terms, and so this Lease will automatically renew upon expiration to the extent any such Notice of Nonrenewal is delivered by VGE, the Fixed Term for Commercial License shall convert to a nonexclusive license in those countries in which VIASPACE is engaged actively in the first Renewal Term commercialization of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermGKG.
Appears in 2 contracts
Samples: Supply, License and Commercialization Agreement (VIASPACE Green Energy Inc.), Supply and Commercialization Agreement (VIASPACE Inc.)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, one (1) renewal option (referred to hereinafter as a “Renewal Option”) to renew this Lease shall automatically extend for two renewal terms a term of five (5) years each (each such renewal referred to hereinafter individually as a “Renewal Term”) unless Tenant elects). Each Renewal Option must be exercised by Tenant, by providing Notice written notice to Landlord no Landlord, not later than 30 that date which is 9 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any Term or Renewal Term, as the case may be; provided, however, that in no event shall any such Notice Renewal Option be exercised more than 18 months prior to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed then current Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, Each Renewal Term shall be subject to all of the termsterms of the Lease except that Basic Monthly Rent for each of the Renewal Terms shall be based upon the then-prevailing monthly rental rate per square foot of rentable square footage in the Building or in other comparable buildings in the suburban sub-market which are comparable in area, covenantsreputation, location, improvements and provisions services to the Premises and being leased for a duration comparable to the Renewal Term in question (hereinafter, the “Fair Market Rental Value”); provided, however, that in no event shall the Fair Market Rental be less than the rent in effect as of the last day of the then current Term or Renewal Term as the case may be. The Fair Market Rental Value shall be determined, by the mutual agreement of the Parties, according to the following procedures: within 30 calendar days after receipt of Tenant’s written notice exercising any Renewal Option, Landlord shall notify Tenant in writing of Landlord’s determination of the Fair Market Rental Value. If Tenant disagrees with Lxxxxxxx’s valuation, Tenant shall, within 10 business days of receipt of such offer, provide Landlord with a written counter-offer relative to Fair Market Rental Value. Landlord shall then have 10 business days in which to evaluate and either accept or respond to such offer, in writing, with a counter offer. If an agreement between the parties is not reached within 10 business days after Txxxxx’s receipt of such offer, written offers and counter offers between Landlord and Tenant shall continue according to the same schedule until such time as an agreement is reached between Landlord and Tenant. Notwithstanding the foregoing: (i) in the event either party fails to respond to any offer or counter offer of the other party within 10 business days after receipt of such offer or counter offer, this Lease shall apply be deemed to each such Renewal Term. Tenant shall have no right to extend the Term beyond terminate at the expiration of the last then current Term or Renewal Term. If , as the case may be, as if such Renewal Option had never been exercised; and (ii) in the event an agreement regarding the Fair Market Rental Value has not been reached between Landlord and Tenant does not give Notice that it elects within 60 days after Landlord’s initial fair market rental proposal to Tenant, this Lease shall be deemed to terminate this Lease upon at the expiration of the Fixed then current Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal termTerm, as mutually determined by Landlord and Tenantthe case may be, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of if such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermOption had never been exercised.
Appears in 2 contracts
Samples: Lease Agreement (Fatpipe Inc/Ut), Lease Agreement (Fatpipe Inc/Ut)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred the right and option to extend the Term for the Fourth Floor Premises, Fifth Floor Premises, any other full floor of the Building that may be continuingincorporated into this lease pursuant to the terms hereof, this Lease shall automatically extend or all of the Leased Premises for two five-year renewal terms of five years each (each such renewal each, a “Renewal Term”) unless ). Each Renewal Term shall be exercisable by delivery by Tenant elects, by providing Notice to Landlord no of a notice not later than 30 months 270 days prior to the scheduled expiration of the Fixed Term initial Term, or the first then current Renewal Term, as applicable, which states that Tenant thereby exercises its right and option to terminate extend the Term for a Renewal Term. All terms and conditions of this Lease lease shall be applicable during each Renewal Term, except that the Base Rent for that Renewal Term shall be at market rents for similar space in Columbus, Ohio as agreed to by Landlord and Tenant. In the determination of “market rents” in this section, Landlord and Tenant shall consider leases for space of comparable size, building quality, building location, area amenities, the financial strength of the tenant; the length of the term; expense stops; construction allowances and other tenant concessions available (such as moving expense allowance, free rent periods, and lease assumptions and take-over provisions, if any). For purposes of such calculation, it will be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Renewal Term in question, based on the then current market rents. Specifically, at the time Tenant notifies Landlord (the “Notice Date”) of its election to renew the term of the lease for the applicable Renewal Term, Landlord and Tenant shall endeavor to determine the Base Rent for such Renewal Term. At a minimum, upon the occurrence of the Notice Date and for a period of not less than 45 days following the Notice Date, Landlord and Tenant shall in good faith work toward determining the Base Rent for the applicable Renewal Term. In the event Landlord and Tenant are unable to agree upon the same within such time frame (e.g. the 45 days), each shall within 15 days of the expiration of such time frame name a Qualified Appraiser (as such term is hereafter defined). In the event either party fails to timely name a Qualified Appraiser, the Qualified Appraiser named by the other party shall make all of the following determinations on his/her own. Within 30 days of the appointment of the last of the two Qualified Appraisers, or the expiration of the then current term. Any such Notice to terminate shall15 days’ time frame, provided above, if givenonly one Qualified Appraiser is named, the Qualified Appraisers shall meet and determine their recommendation for the Base Rent for the applicable Renewal Term, which recommendation shall be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease made in accordance with the terms hereof.
(bof this subsection 2(b). Such Qualified Appraiser(s) Each Renewal Term shall commence on to the day succeeding extent they agree upon the expiration of same, jointly issue the Fixed Term or determination, and to the preceding extent they do not agree upon the same they shall independently issue the same. If the Qualified Appraisers agree, the Base Rent shall be as so determined. If the Qualified Appraisers do not agree, but the higher recommended Base Rent is less than 10% higher than the lower recommended Base Rent for such Renewal Term, as then the case may be. Except as otherwise provided below, all two shall be averaged together and the average of such recommendations shall be the terms, covenants, and provisions of this Lease shall apply to each Base Rent for such Renewal Term. Tenant If such recommended Base Rent is different by more than the 10% threshold set forth above, the two Qualified Appraisers shall have no right name a third Qualified Appraiser and if they cannot agree to extend the Term beyond the expiration a third Qualified Appraiser within 10 days of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon issuance of their respective recommendations, the expiration then President of the Fixed Term or initial Renewal Term in accordance Columbus Board of Realtors shall name a third Qualified Appraiser within the next following 10 days. In such event the third Qualified Appraiser shall within 30 days of his/her appointment make a recommendation and his/her recommendation shall be averaged with this Section 2.4, then this Lease shall automatically renew at the end recommendation of the term then in effect as provided in Section 2.4(a), other Qualified Appraiser’s recommendation closest to it and such renewal term the same shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Base Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of for such Renewal Term. As A “Qualified Appraiser” is an MAI designated appraiser that has been actively engaged in the appraisal of the date hereof, Landlord and urban office buildings in central Ohio for a period of not less than 10 consecutive years. If Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed exercises either Renewal Term, and so the term of this Lease will automatically renew upon expiration lease (or words of the Fixed Term for the first similar import) shall include such Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermTerms.
Appears in 2 contracts
Samples: Office Lease Agreement (Root, Inc.), Office Lease Agreement (Root Stockholdings, Inc.)
Renewal Term. (a) Provided that no Event Tenant is not in default of Default any term, covenant or condition of this Lease beyond any applicable cure periods, Tenant shall have occurred and be continuing, the option to extend the Term of this Lease shall automatically extend for two renewal terms one (1) additional period of five (5) years each (each such renewal a “the "Renewal Term”") unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease commence immediately upon the expiration of the then current term. Any such Notice to terminate shallinitial Term referenced in Section 2.1 hereof, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with upon the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the same terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms covenants and conditions set forth as contained in this Lease except that Tenant shall pay to Landlord during such Renewal Term as Base Rent that amount equal to ninety-five percent (95%) of the Minimum Rent and Percentage Rent may be adjusted to reflect fair "Prevailing Market Rate," as hereinafter defined. For the purposes of this Section 2.3, the term "Prevailing Market Rate" shall mean the average annual rental including all market valueconcessions, terms and conditions at expressed in dollars per square foot, for space in the commencement of such renewal term, as mutually determined Building then being obtained by Landlord for leasing under leases of not less than three (3) years covering an area in the Building of not less than 10,000 square feet. If no such area is then being offered for leasing in the Building, the Prevailing Market Rate shall be equal to the average annual rental including all market concessions, expressed in dollars per square foot, for areas in comparable office buildings located within the Columbia, Maryland market place area taking into consideration the age of the building and Tenantthe size of the tenant. In order to exercise the option granted herein, after which Tenant shall so notify Landlord shall update Exhibit A in writing not less than two hundred and Exhibit C seventy (270) days prior to the expiration of this Lease pursuant to the initial Term referenced in Section 3.1(f) 2.1 hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of If Tenant exercises the commencement of such Renewal Term. As of the date hereofforegoing option, Landlord and Tenant hereby confirm shall execute a writing acknowledging such renewal and setting forth the Base Rent with respect to said Renewal Term. The option, however, shall be void if Tenant is in default beyond any applicable cure periods under any of the terms of this Lease at that time, or if Tenant did does not deliver a Notice of termination at least 30 months prior to the scheduled expiration of requisite notice thereof within the Fixed Termtime period specified above. The option granted herein shall not be severed from this Lease, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five yearsor separately sold, commencing on November 1, 2018, and there shall be one remaining Renewal Termassigned or transferred.
Appears in 2 contracts
Samples: Lease Agreement (Digitalnet Holdings Inc), Lease Agreement (Digitalnet Holdings Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, the option (the "Renewal Option") to extend the term of this Lease shall automatically extend for two renewal terms of one additional five years each (each such renewal a “5) year period (the "Renewal Term”) unless Tenant elects"), by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each which Renewal Term shall commence on the day date immediately succeeding the expiration Expiration Date (the "Renewal Commencement Date") and end on the anniversary of the Fixed Term Expiration Date (the "Renewal Expiration Date"), provided that this Lease shall not have been previously terminated and that Tenant shall not be in material default in the observance or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all performance of any of the terms, covenantscovenants or conditions of this Lease (i) on the date Tenant gives Landlord written notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Option, and (ii) on the Expiration Date. The Renewal Option shall be exercised with respect to the entire Premises only and shall be exercisable by Tenant's delivery of the Renewal Notice to Landlord at least six (6) months prior to the Expiration Date; provided, however, if Tenant is in default on the date the Renewal Notice is given or on the Expiration Date as hereinbefore provided, Landlord shall give Tenant written notice ("Landlord's Notice") of such default, and Tenant shall have a period of thirty (30) days after the Landlord's Notice to cure such default.
(b) If Tenant exercises the Renewal Option in accordance with the terms set forth above, the Renewal Term shall be upon the same terms, covenants and conditions as those contained in this Lease, except that (i) the Base Rent shall be per Lease Year, payable in monthly installments of ______________ each; (ii) the provisions of subparagraph (a) above relative to Tenant's right to renew the term of this Lease shall apply to each such not be applicable during the Renewal Term. Tenant shall have no right to extend ; and (iv) the Term beyond Expiration Date shall, for the expiration purposes of the last Lease, be defined as the Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermExpiration Date.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Alltrista Corp), Asset Purchase Agreement (Alltrista Corp)
Renewal Term. (a) Provided that no Event of Default has occurred and is continuing, Lessee shall have occurred and be continuing, this Lease shall automatically the option to extend the Term for two renewal terms one (1) period of five years each thirty-six (each such renewal a 36) months (the “Renewal Term”), subject to the terms of this paragraph. The term “Term” in the Lease shall be deemed to mean the initial Term, and the Renewal Term, if the same is validly exercised under this paragraph. Lessee may exercise its option for a Renewal Term only by giving written notice to Lessor at least three (3) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration end of the Fixed Term. Each Renewal Term or shall be upon the same terms and conditions as the Lease, except that the Base Rent during the first twelve (12) months of the Renewal Term shall be the prevailing market rent for comparable space in the Building and comparable buildings in the vicinity of the Building, taking into account the size of the Premises, the length of the renewal term, market escalations and the credit of Lessee (the “Fair Market Rent”). In no event shall the Fair Market Rent during the first twelve (12) months of the Renewal Term be less than 103% of the Base Rent in effect for the period immediately preceding the commencement of the Renewal Term, as applicable, to terminate this Lease upon . Base Rent during each subsequent twelve (12) month period during the Renewal Term shall increase by not less than 3% annually until the expiration of the then current termRenewal Term. Any such Notice Within a reasonable time after Lessor’s receipt of the Lessee’s notice of election to terminate shallexercise its option for a Renewal Term, if given, be irrevocable, but TenantLessor shall inform Lessee of Lessor’s failure to terminate shall not preclude Landlord from exercising any determination of its rights to terminate this Lease in accordance with the terms hereof.
Fair Market Rent for the first twelve (b12) Each months of the Renewal Term shall commence on the day succeeding and annual escalations thereafter. If Lessee does not approve Lessor’s determination, Lessee may elect to revoke its election to proceed with a Renewal Term, by written notice to Lessor prior to the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal then-current Term. Tenant shall have no right to extend The Base Rent for the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4shall not be reduced by reason of any costs or expenses saved by Lessor by reason of Lessor’s not having to find a new Lessee for such premises (including, then this Lease shall automatically renew at the end without limitation, brokerage commissions, costs of the term then in effect as provided in Section 2.4(aimprovements, rent concessions or lost rental income during any vacancy period), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 2 contracts
Samples: Lease (Applied Optoelectronics, Inc.), Lease (Applied Optoelectronics, Inc.)
Renewal Term. If the Renewal Notice is timely given, the Renewal Term will be on the same terms and conditions as those contained in the Lease except as follows:
i. There shall be no further rights to renew after the exercise of the Renewal Option granted herein;
ii. Any Tenant Improvement Allowances, TI Allowance, rental concessions, Landlord's Work or other such allowance or improvements provided by Landlord to Tenant in the Lease shall not be applicable in the Renewal Term;
iii. The Base Rent for the Renewal Term shall be 100% of the Fair Market Rental Value as determined by agreement between Landlord and Tenant or, if Landlord and Tenant are unable to agree, as set forth in sub paragraph C immediately below. For purposes of this Article 50 the Fair Market Rental Value of the Premises shall be the amount that a willing, comparable, new (i.e., non-renewal), non-equity tenant would pay, and that a willing landlord of a comparable space, both in terms of size and age of the Premises and within a five (5) mile radius of Cranberry Xxxxx Office Park, would accept at arms' length. The Fair Market Rental Value for the Renewal Term may be less than or greater than the Base Rent paid by Tenant during the Lease Term. Appropriate consideration shall be given to (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
annual rental rate per rentable square foot; (b) Each Renewal Term the definition of rentable square feet for purposes of comparing the rate; (c) location, quality and age of the Building; (d) the financial condition (e.g., creditworthiness) of Tenant; (e) escalation (including type, base year and stop) and abatement provisions reflecting free rent and /or no rent during the period of construction; (f) brokerage commissions, if any, (g) length of the lease term; (h) size and location (including floor level) of the Premises; (i) building standard work letter and/or tenant improvement allowance, if any; provided, however, the Fair Market Rental Value shall commence not include any tenant improvements or any alterations made by Tenant; (j) condition of space; (k) lease takeover/assumptions; (1) moving expenses and other concessions; (m) extent of services to be provided; (n) distinctions between "gross" and "net" leases; (o) base year figures or expense stops for escalation purposes for both operating costs and ad valorem/real estate taxes; (p) the time the particular rental rate under consideration becomes or is to become effective; (q) applicable caps, if any, on the day succeeding amount of real estate taxes and assessments passed through to tenants; and (r) other generally applicable conditions of tenancy for the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Termspace in question. Tenant shall have no right obtain the same rent and other benefits that Landlord would otherwise give to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termany comparable prospective tenant.
Appears in 1 contract
Samples: Lease (OMNICELL, Inc)
Renewal Term. (a) A. Provided that no Event both at the time of Default shall have occurred the exercise of the option hereinafter set forth and be continuing, at the time of the commencement of the Renewal Term (as hereinafter defined) this Lease shall automatically extend is in full force and effect and provided, further, that Tenant is not then in default hereunder beyond any applicable notice and grace periods, then Tenant is hereby granted the option to renew the Term for two renewal terms one (1) additional period of five (5) years each (each such renewal a “the "Renewal Term”"). The Renewal Term shall commence at the expiration of the Original Lease Term and shall expire on the fifth (5th) unless anniversary of the expiration date of the Original Lease Term. Tenant electsshall exercise the option to renew, if at all, by providing Notice delivering notice of such election (the "Renewal Notice") to Landlord no later not less than 30 twelve (12) months but not more than eighteen (18) months prior to the scheduled expiration of the Fixed Original Lease Term. In the event that Landlord does not receive the Renewal Notice prior to the expiration of such time period (time being of the essence with respect thereto), then such option to renew the Term or the first Renewal Termshall, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate time period, become null and void and be of no further force or effect and Tenant shall, if givenat the request of Landlord, execute an instrument in form and substance acceptable to Landlord confirming such facts. If Tenant fails to execute such instrument within ten (10) days after receipt thereof from Landlord, then such failure shall be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each a default by Tenant hereunder. The Renewal Term shall commence on be upon the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, same terms and provisions conditions of this Lease shall apply to each such Renewal Term. except that Tenant shall have no right option to extend the Term renew this Lease beyond the expiration of the last Renewal Term. If .
B. Upon the exercise by Tenant does not give Notice that it elects to terminate this Lease upon the expiration of its option in respect of the Fixed Term or initial Renewal Term in accordance with this Section 2.4Section, then this Lease shall automatically renew at the end of (a) the term then "Lease Term", as used in effect this Lease, shall mean the Original Lease Term as provided in Section 2.4(a)extended for the Renewal Term, and such renewal (b) the term "Expiration Date" shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of mean the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Lease (Ha Lo Industries Inc)
Renewal Term. (a) 33.1. Provided that no Event Default exists at the time of Default shall have occurred and be continuingsuch election, Tenant may renew this Lease shall automatically extend for two renewal terms one additional period of five years each (each such renewal a “Renewal Term”5) unless Tenant electsyears, by providing Notice delivering written notice of the exercise thereof to Landlord no not later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon two hundred seventy (270) days before the expiration of the then Term. The Fixed Rent payable for each month during the Renewal Term shall be the greater of (x) the Fixed Rent during the last year of the original term, or (y) one hundred percent (100%) of the prevailing fair market rental rate (the “Prevailing Rental Rate”) at the commencement of the Renewal Term, taking into consideration all relevant factors for renewals of space of equivalent quality, size, utility and location, with the length of the Renewal Term, the credit standing of Tenant, any tenant inducements and the additional factors set forth below to be taken into account.
33.2. The Renewal Term shall be upon the same terms, covenants and conditions of this Lease as shall be in effect immediately prior to the renewal, except that: (i) Fixed Rent shall be adjusted to the greater of the Fixed Rent during the last year of the original Term or Prevailing Rental Rate; (ii) Tenant shall have no further renewal option unless expressly granted by Landlord in writing; and (iii) Landlord shall lease to Tenant the Premises in their then-current termcondition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements, which factors shall be taken into consideration in determining the Prevailing Rental Rate.
33.3. Any such For the purposes of determining the Prevailing Rental Rate, the following procedures shall apply:
(i) Landlord shall give Tenant notice (the “Rent Notice”) not later than one hundred eighty (180) days prior to the commencement of the Renewal Term, which Rent Notice shall set forth Landlord’s determination of the Prevailing Rental Rate (“Landlord’s Determination”);
(ii) Tenant shall give Landlord notice (“Tenant’s Notice”), within thirty (30) days after delivery of the Rent Notice, stating whether Tenant accepts or disputes the Landlord’s Determination or whether Tenant desires to terminate its exercise of the Renewal Option. If Tenant’s Notice accepts Landlord’s Determination or Tenant fails or refuses to give Tenant’s Notice, Tenant shall be deemed to have accepted Landlord’s Determination. If Tenant’s Notice disputes Landlord’s Determination, Tenant’s Notice shall specify Tenant’s determination of the Prevailing Rental Rate (“Tenant’s Determination”) as determined by an independent real estate appraiser;
(iii) Landlord shall give Tenant notice (“Landlord’s Notice”), within twenty (20) days after delivery of Tenant’s Determination, of whether Landlord accepts or disputes Tenant’s Determination. If Landlord’s Notice accepts Tenant’s Determination or if Landlord fails or refuses to give Landlord’s Notice, Landlord shall be deemed to have accepted Tenant’s Determination. If Landlord’s Notice disputes Tenant’s Determination, Landlord shall deliver to Tenant, within thirty (30) days after receipt of Tenant’s Notice, Landlord’s determination of the Prevailing Rental Rate (“Landlord’s Second Determination”), as determined by an independent real estate appraiser. If Landlord’s Second Determination exceeds Tenant’s Determination by ten percent (10%) or less, the Fixed Rent shall be the average of Landlord’s Second Determination and Tenant’s Determination. If Landlord’s Second Determination exceeds Tenant’s Determination by more than ten percent (10%), Landlord or Tenant shall apply to the American Arbitration Association (or any successor organization) to designate a third independent real estate appraiser (the “Third Appraiser”) in accordance with the then-prevailing rules, regulations and/or procedures of the American Arbitration Association, and if the American Arbitration Association (or any successor organization) shall be unable or unwilling to designate the Third Appraiser, then either party may commence a legal proceeding to have the Third Appraiser appointed.
(iv) The Third Appraiser shall conduct such hearings and investigations as he may deem appropriate and shall, if givenwithin thirty (30) days after the date of designation of the Third Appraiser, be irrevocable, but choose either Landlord’s Second Determination or Tenant’s failure to terminate Determination, and such choice shall not preclude be conclusive and binding upon Landlord from exercising and Tenant. Each party shall pay its own counsel fees and expenses in connection with any arbitration hereunder, including the expenses and fees of its rights to terminate this Lease any appraiser selected by it in accordance with the terms hereof. The unsuccessful party shall bear the costs and expenses of the Third Appraiser. Any appraiser appointed hereunder shall be an independent real estate appraiser with at least ten (10) years experience in leasing and valuation of properties that are similar in character to the Building in the same geographic market area. The appraisers shall not have the power to add to, modify or change any of the provisions of this Lease.
(bv) Each If the final determination of the Prevailing Rental Rate shall not be made on or before the first day of the Renewal Term Term, pending such final determination, Tenant shall commence on continue to pay, as the day succeeding Fixed Rent for the expiration Renewal Term, an amount equal to Landlord’s Determination (or, if Landlord shall have given Landlord’s Second Determination, Landlord’s Second Determination), which amount shall in all events be in addition to all Additional Rent payable under the terms of this Lease. If, based upon the final determination hereunder of the Fixed Rent, the payments made by Tenant on account of Fixed Rent for such portion of the Renewal Term or were greater than the preceding Fixed Rent payable for the Renewal Term, as the case may beamount of such excess shall be refunded by Landlord to Tenant within ten (10) business days following the final determination of Fixed Rent.
(vi) Landlord and Tenant shall promptly execute an amendment to this Lease evidencing the Renewal Term, but no such amendment shall be necessary in order to make the provisions hereof effective.
33.4. Except as otherwise provided below, all Tenant’s rights hereunder shall terminate if (x) this Lease or Tenant’s right to possession of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term Premises is terminated in accordance with terms of this Section 2.4Lease, then this Lease shall automatically renew (y) Tenant fails to timely exercise its option, time being of the essence with respect to Tenant’s exercise thereof, or (z) a Default exists at the end time of exercise of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of option or on the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termwould commence.
Appears in 1 contract
Samples: Lease Agreement (Antares Pharma Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, one (1) renewal option (referred to hereinafter as a “Renewal Option”) to renew this Lease shall automatically extend for two renewal terms a term of five (5) years each (each such renewal referred to hereinafter individually as a “Renewal Term”) unless Tenant elects). Each Renewal Option must be exercised by Tenant, by providing Notice written notice to Landlord no Landlord, not later than 30 that date which is 9 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any Term or Renewal Term, as the case may be; provided, however, that in no event shall any such Notice Renewal Option be exercised more than 18 months prior to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed then current Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, Each Renewal Term shall be subject to all of the termsterms of the Lease except that Basic Monthly Rent for each of the Renewal Terms shall be based upon the then-prevailing monthly rental rate per square foot of rentable square footage in the Building or in other comparable buildings in the suburban sub-market which are comparable in area, covenantsreputation, location, improvements and provisions services to the Premises and being leased for a duration comparable to the Renewal Term in question (hereinafter, the “Fair Market Rental Value”); provided, however, that in no event shall the Fair Market Rental be less than the rent in effect as of the last day of the then current Term or Renewal Term as the case may be. The Fair Market Rental Value shall be determined, by the mutual agreement of the Parties, according to the following procedures: within 30 calendar days after receipt of Tenant’s written notice exercising any Renewal Option, Landlord shall notify Tenant in writing of Landlord’s determination of the Fair Market Rental Value. If Tenant disagrees with Lxxxxxxx’s valuation, Tenant shall, within 10 business days of receipt of such offer, provide Landlord with a written counter-offer relative to Fair Market Rental Value. Landlord shall then have 10 business days in which to evaluate and either accept or respond to such offer, in writing, with a counter offer. If an agreement between the parties is not reached within 10 business days after Tenant’s receipt of such offer, written offers and counter offers between Landlord and Tenant shall continue according to the same schedule until such time as an agreement is reached between Landlord and Tenant. Notwithstanding the foregoing: (i) in the event either party fails to respond to any offer or counter offer of the other party within 10 business days after receipt of such offer or counter offer, this Lease shall apply be deemed to each such Renewal Term. Tenant shall have no right to extend the Term beyond terminate at the expiration of the last then current Term or Renewal Term. If , as the case may be, as if such Renewal Option had never been exercised; and (ii) in the event an agreement regarding the Fair Market Rental Value has not been reached between Landlord and Tenant does not give Notice that it elects within 60 days after Landlord’s initial fair market rental proposal to Tenant, this Lease shall be deemed to terminate this Lease upon at the expiration of the Fixed then current Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal termTerm, as mutually determined by Landlord and Tenantthe case may be, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of if such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermOption had never been exercised.
Appears in 1 contract
Samples: Lease Agreement (Fatpipe Inc/Ut)
Renewal Term. Tenant shall have the right to renew the Term for all of the Premises for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the 5th anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal right at least 15 months prior to the Expiration Date, (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event event of Default shall have occurred and be continuingcontinuing hereunder, this Lease and (c) PMC-Sierra, Inc. and/or Related Entities shall automatically extend for two renewal terms be in occupancy of five years each (each at least 70% of the Premises at the time such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior notice is given. Time is of the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration notice of Tenant's exercise of the then current termrenewal option. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions set forth in this Lease hereof binding upon Tenant, except that the Minimum Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 29.2 and Percentage Rent may be adjusted Tenant shall have no further right to reflect fair market value, terms and conditions at renew the Term. Upon the commencement of such renewal termthe Renewal Term, as mutually determined by Landlord (A) the Renewal Term shall be added to and Tenantbecome part of the Term (but shall not be considered part of the initial Term), after which Landlord shall update Exhibit A and Exhibit C (B) any reference to "this Lease", to the "Term", the "term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease" or any similar expression shall be effective as of deemed to include the commencement of such Renewal Term. As of , and (C) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termbecome the Expiration Date.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the Term for all of the Premises only for one (1) renewal term of 5 (five) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day last day of the calendar month immediately preceding the fifth anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not later than fifteen (15) months prior to the Expiration Date, (b) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default shall have occurred and be continuingcontinuing hereunder, this Lease shall automatically extend for and (c) Tenant named herein and/or an assignee permitted under Section 13.8(a) without Landlord’s consent thereof occupy at least two renewal terms of five years each full contiguous floors in the Building (each such renewal a the “Renewal TermOccupancy Threshold”) unless Tenant elects, by providing at the time the Exercise Notice to Landlord no later than 30 months prior is given. Time is of the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termExercise Notice. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions set forth in of this Lease Lease, except that (x) the Minimum Fixed Rent shall be determined as provided in Section 31.2, (y) Tenant shall have no further right to renew the Term, and Percentage Rent may (z) the Base Tax Year shall be adjusted to reflect fair market value, terms the Tax Year commencing on the July 1st of the calendar year in which the Renewal Term Commencement Date occurs and conditions at (z) the Base Expense Year shall be the calendar year in which the Renewal term Commencement Date occurs. Upon the commencement of such renewal termthe Renewal Term, as mutually determined by Landlord (1) the Renewal Term shall be added to and Tenantbecome part of the Term, after which Landlord shall update Exhibit A and Exhibit C (2) any reference to “this Lease”, to the “Term”, the “term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease” or any similar expression shall be effective as of deemed to include the commencement of such Renewal Term. As of , and (3) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed TermRenewal Term shall become the Expiration Date. Any termination, and so cancellation or surrender of the entire interest of Tenant under this Lease will automatically renew upon expiration at any time during the Term shall terminate any right of the Fixed Term for the first Renewal Term renewal of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermTenant hereunder.
Appears in 1 contract
Samples: Lease Agreement (2U, Inc.)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term of this Lease or the first previous Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termTerm. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(ba) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all All of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term Term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Renewal Term. (a) Provided that no Event Tenant is not then in default in any of Default its material obligations under this Lease after applicable notice and curative periods have expired, Tenant shall have occurred and be continuing, the option to renew the term of this Lease shall automatically extend as to all of the Premises for two a one (1) five (5) year renewal terms of five years each term (each such renewal a “the "Renewal Term”) unless Tenant elects, "). Such option shall be exercised by providing Notice written notice to Landlord no later than 30 given at least nine (9) months prior to the scheduled expiration of the Fixed Term or the first Renewal Initial Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence be on the day succeeding same covenants, agreements, terms, provisions and conditions as are contained herein for the expiration of the Fixed Term or the preceding Renewal Initial Term, except as expressly provided herein to the case may be. Except contrary and except for such as otherwise provided beloware, all of the by their terms, covenants, and provisions of this Lease shall apply inapplicable to each such a Renewal Term. Tenant shall have no right to extend further renewal options following the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon The rent payable during the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect be as provided in Section 2.4(a), Article 4 and such renewal term the amount of the rent payable during the Renewal Term for Office Space shall be upon all of the terms and conditions Fair Market Value Rate for comparable buildings in the Tulsa area as provided in Exhibit "E" hereto; provided, however, such Fair Market Value Rate shall not in any event exceed $15.00 per rentable square foot per year. Additionally, in the event Tenant exercises its renewal option as set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueParagraph 2.02, terms and conditions at then upon the commencement of the Renewal Term, Landlord shall immediately pay Tenant an allowance of $344,055 to be used by Tenant for any purpose, including the reduction of Annual Rental or Additional Rental under this Lease.
(b) At any time after the Renewal Term has become effective and the rent payable during such renewal termRenewal Term determined, as mutually determined by Landlord and Tenant, after upon request of either, shall execute an agreement supplementary hereto setting out the date to which Landlord such Renewal Term shall update Exhibit A extend, the Annual Rental payable during such Renewal Term and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of Premises for such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Office Lease (Helmerich & Payne Inc)
Renewal Term. The Initial Term of this Master Lease may be extended at the option of Tenant for one (a1) Provided renewal term (“Renewal Term”) of fifteen (15) years with respect to all but not less than all of the Property which are then subject to this Master Lease if: (i) at least three hundred sixty (360) days prior to the end of the Initial Term, Tenant delivers to Landlord a Notice that it desires to exercise its right to extend this Master Lease for the Renewal Term (a “Renewal Notice”); and (ii) no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each continuing on the date Landlord receives the Renewal Notice (each such renewal a the “Renewal TermExercise Date”) unless Tenant elects, by providing Notice to Landlord and no later than 30 months prior to Event of Default for any nonpayment of Rent shall have occurred and be continuing on the scheduled expiration first day of the Fixed Term or the first Renewal Term. During any such Renewal Term, except as applicableotherwise specifically provided for herein, to terminate this Lease upon the expiration all of the then current termterms and conditions of this Master Lease shall remain in full force and effect. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration date of the Fixed Initial Term or and shall end on the date immediately preceding the fifteenth (15th) anniversary thereof. For the avoidance of doubt, no Renewal Term, as Notice shall be effective and no Renewal Term shall commence in the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no event Landlord exercises any right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Master Lease upon by reason of any Event of Default which has occurred and is continuing after the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermExercise Date.
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default SECTION 30.01. Lessee named herein, shall have occurred and be continuingthe right, at its option, to extend this Lease shall automatically extend for two renewal terms of five years each one (each such renewal 1) term (a “Renewal Term”) unless Tenant electsof five (5) years to commence on the Expiration Date originally provided for herein and to end at noon on the Fifth (5th) anniversary of such Expiration Date originally provided for herein, by providing Notice to Landlord no later giving Lessor notice of such election at any time but not less than 30 nine (9) months prior to the scheduled expiration Expiration Date originally provided for herein (time being of the Fixed essence with respect thereto), and upon the giving of such notice this Lease thereupon shall, subject to the provisions of Section 30.02, be automatically extended for the Renewal Term or with the first same force and effect as if the Renewal Term had been originally included in the Term, without the execution of any further instrument.
SECTION 30.02. Any notice of election to exercise the option to extend as applicablehereinbefore provided must be in writing and sent to Lessor as provided in Article 21. Neither the option granted to Lessee in this Article to extend the Term, nor the exercise of such option by Lessee, named herein shall prevent Lessor from exercising any option or right granted or reserved to Lessor in this Lease to terminate this Lease upon the expiration with respect to all or a portion of the then current termDemised Premises, and the effective exercise of any such right of termination by Lessor shall terminate any such renewal or extension and any right of Lessee to any such renewal or extension with respect to that portion of the Demised Premises so terminated, whether or not Lessee shall have exercised any such option to extend the Term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any option or right on the part of its rights Lessor to terminate this Lease in accordance with pursuant to the terms hereofprovisions hereof shall continue during any Renewal Term.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may beSECTION 30.03. Except as otherwise provided below, all All of the terms, covenants, covenants and provisions conditions of this Lease shall apply to each such continue in full force and effect during the Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice except that it elects to terminate this Lease upon the expiration of (i) the Fixed Term or initial Rent for the Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect be as provided in Section 2.4(a30.04 (all other rent and charges payable by Lessee remaining unaffected), and such renewal term (ii) there shall be upon all no further privilege of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C extension of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of beyond the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the Term as set forth below as to any of the following configurations of the Premises: (a) Provided that the entirety of the Leased Premises; (b) the entirety of the Phase 3 Premises and the Phase 4 Premises; (c) the entirety of the Phase 2 Premises, the Phase 3 Premises and the Phase 4 Premises; or (d) the entirety of the Phase 1 Premises, the Phase 3 Premises and the Phase 4 Premises. Notwithstanding the foregoing, if Tenant exercises the Early Termination Right or the Partial Surrender Right or the Outside Termination Right, the right to renew the Term pursuant to this Section shall not apply to the Phase 4 Premises or those portions of the Leased Premises surrendered pursuant to the Partial Surrender Right and Tenant may renew as to any Phase of the Premises then being leased by Tenant under this Lease as set forth under this Section 3.4. Tenant shall have the right to one (1) renewal term of five (5) years (the “Renewal Term”) which shall commence on the day following the expiration of the initial Term of this Lease and end on the last day of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant shall have notified Landlord in writing of Tenant’s exercise of such renewal right no more than twelve (12) months and no less than nine (9) months prior to the Expiration Date (“Exercise Notice”), and (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event of Default (as defined below) under the Lease by Tenant shall have occurred and be continuing. If any of the conditions set forth in the immediately preceding sentence is not satisfied, this Lease Tenant’s option to renew the Term shall automatically extend for two renewal terms lapse and be null and void. Tenant’s notice of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice its election to Landlord no later than 30 months prior renew the Term shall be irrevocable when made. Time is of the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration notice of Tenant’s exercise of the then current termrenewal option. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Annual Base Rent shall be determined as provided in Sections 3.5 and 3.6 below and Tenant shall have no further right to renew the Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to this Lease, to the Term, the Term of this Lease or any similar expression shall be deemed to include the Renewal Term, (C) the expiration of the Renewal Term shall become the Expiration Date and (D) if all of the Leased Premises are not included in the Renewal Term, the L C Amount shall be reduced proportionately; provided, however, the L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and 20/100 ($387,946.20). The foregoing right to renew the Term of this Lease is personal to Tenant (and any Permitted Transferee, as defined below) and may not be assigned, sold, leased, subleased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity, except in connection with a Permitted Transfer (as defined below). Notwithstanding anything set forth in this Lease except that Section 3.4 to the Minimum Rent contrary, Landlord shall have the right, within ten (10) Business Days of receipt of Tenant’s Exercise Notice, and Percentage Rent may be adjusted by written notice to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment elect to Minimum Rent and Percentage Rent shall be effective as recapture all or any Phase of the commencement Premises solely for the purpose of such Renewal Termoccupancy by Landlord. As If Landlord exercises its right to recapture all or any Phase of the date hereofPremises, provided Tenant (or Tenant’s Permitted Transferee) is then itself occupying the Premises, Tenant shall have the right to withdraw its exercise of the renewal option by delivering written notice thereof to Landlord within thirty (30) days thereafter; provided, however, if Tenant does not provide such withdrawal notice, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior shall amend the Lease to reflect the scheduled expiration reduction in rsf of the Fixed Term, Leased Premises and so this Lease will automatically renew upon expiration L C Amount as of the Fixed Term for Expiration Date; provided, however, the first Renewal Term of five years, commencing on November 1, 2018, L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and there 20/100 Dollars ($387,946.20). No tenant improvement allowance shall be one remaining granted with respect to such Renewal Term.
Appears in 1 contract
Samples: Office Lease Agreement (Roblox Corp)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred the option and be continuing, right (the “Option”) to renew this Lease shall automatically extend beyond the Initial Lease Term for two renewal terms of five years each an additional ten (each such renewal a 10) year period (the “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later giving written notice of the exercise of its Option for the Renewal Term at least twelve (12) months but not more than 30 fifteen (15) months prior to the scheduled expiration of the Fixed Term or Initial Lease Term. In order to exercise the first Option for the Renewal Term, as applicable, to terminate Tenant must not be in default of any term or any provision of this Lease upon beyond all applicable notice and cure periods provided in this Lease. The Option may not be assigned, voluntarily or involuntarily, nor may the expiration Option be exercised by any person or entity other than the original Tenant executing this Lease, except in the case of an assignment of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may beSection 16.2 below. Except as otherwise provided below, all of the terms, covenantsThe Option granted to Tenant under this Lease is not assignable separate and apart from this Lease, and provisions of may not be separated from this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Termin any manner, either by reservation or otherwise. If Tenant does not give Notice that it elects exercises the Option, Tenant shall continue to terminate this Lease lease the Premises for the Renewal Term upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the same terms and conditions set forth in this Lease Lease, except that the Minimum Basic Rent and Percentage (as defined in Section 3.1 below) for the Renewal Term payable by Tenant to Landlord during the first year of any Renewal Term shall be an amount equal to the greater of (a) the immediately prior Lease Year’s Basic Rent may increased by the sum of five percent, or (b) the sum of the Basic Rent for the prior Lease Year of the Term, multiplied by a fraction, the numerator of which shall be adjusted equal to reflect fair market value, terms and conditions at the Index (as defined below) published immediately prior to the commencement of such renewal termthe Renewal Term, as mutually determined by Landlord and Tenant, after the denominator of which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of equal to the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months Index published immediately prior to the scheduled expiration prior Lease Year of the Fixed Term. The term “Index” means the Consumer Price Index for All Urban Consumers, and so this Lease will automatically renew upon expiration San Francisco-Oakland — San Jxxx area, All Items (1982-84=100), as published by the United States Department of Labor, Bureau of Labor Statistics ("Index"). If publication of the Fixed Term Index by any governmental or private agency is discontinued or if it is so modified that it does not accurately reflect the changes in consumer prices, then the parties shall use such other index as is then generally recognized and accepted for similar determination of changes in consumer prices. If the first Renewal Term of five yearsIndex is revised, commencing on November 1, 2018, and there it shall be one remaining Renewal Termconverted in accordance with the conversion factor published by the Bureau of Labor Statistics or any other governmental agency then publishing same.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
Renewal Term. (a) 51.1 Provided that no Event Tenant is not in monetary or other material Default of Default this Lease beyond any applicable cure periods at the time its rights hereunder are to be exercised, Tenant shall have occurred and be continuingthe option (each, this a "Renewal Option") to extend the Lease shall automatically extend Term for two renewal terms (2) periods of five years sixty (60) months each (each such renewal a “referred to as the "Renewal Term”") unless provided Tenant elects, by providing Notice gives written notice to Landlord no later of its election to exercise such Renewal Option (the "Renewal Notice") not more than 30 eighteen (18) nor less than fourteen (14) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last day of the initial Lease Term or, as applicable, the initial Renewal Term. Time is of the essence in this Section 51.
51.2 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(s), except (i) the Base Rent shall be as set forth in this Section 51, (ii) the Base Year Operating Costs shall be the Operating Costs incurred during the first Lease Year of each Renewal Term, and (iii) the Tax Stop shall be equal to the amount of Real Estate Taxes applicable during the first Lease Year of each Renewal Term.
51.3 The Base Rent payable upon the commencement of the Renewal Term shall equal the then prevailing market rental rate (including base rental rate and annual escalation rate) applicable to renewal terms with respect to comparable space in comparable buildings in the vicinity of the Project, (the "Fair Market Rate" or "FMR") at the time of the commencement of the applicable Renewal Term, determined based upon then existing renewal market conditions applicable to the leasing of comparable space in comparable buildings in the vicinity of the Project (taking into consideration use, location, quality, age and location of the applicable building and the definition of net rentable area). Further, the Fair Market Rate shall be determined on a full-service, net of electric basis, and shall further be determined on a "net effective" basis, netting out the economic effect of leasehold improvements provided, remodeling credits or allowances granted, rental concession such as abatements or lease assumptions. In no event shall the value of any fixtures or property acquired with proceeds of the Tenant Improvement Allowance be taken into account when determining the Fair Market Rate. Landlord and Tenant shall negotiate in good faith and in accordance with the procedure set forth in Section 51.4, below, to determine the Fair Market Rate which will be applicable during the Renewal Term, with the goal of concluding such negotiation or triggering a determination of the FMR using a three-broker method (as described in Section 51.5, below) within not more than sixty (60) days after the date of Landlord's receipt of the Renewal Notice.
51.4 Within ten (10) days after Landlord receives Tenant's Renewal Notice exercising either of the renewal options referenced above, Landlord will provide Tenant with a written notice (the "FMR Notice") indicating the base rental rate and annual escalation rate which Landlord in good faith believes represents the then current FMR for the Premises. If Tenant is in agreement with the base rental rate and annual escalation rate stated in the FMR Notice, Tenant shall so notify Landlord within ten (10) days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If Tenant believes in good faith that the base rental rate and annual escalation rate stated by Landlord in the FMR Notice are in excess of actual FMR for the Premises, Tenant shall so notify Landlord in writing prior to the end of the ten (10) day period after Tenant received Landlord's FMR Notice, stating in its response (hereinafter referred to as "Tenant's Counterproposal") the base rental rate and annual escalation rate which Tenant in good faith believes represents the then current FMR for the Premises. If Tenant fails to respond to the Landlord's FMR Notice within such ten (10) day period, Tenant shall be deemed to have accepted the base rental rate and annual escalation rate stated in Landlord's FMR Notice. If Tenant does provide Tenant's Counterproposal to Landlord in a timely fashion, and Landlord agrees that the base rental rate and annual escalation rate stated in Tenant's Counterproposal represent the then current FMR, Landlord shall so notify Tenant within ten (10) days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If Landlord fails to respond to the Tenant's Counterproposal within ten (10) days after Landlord's receipt of the Tenant's Counterproposal, or rejects the rental rate and escalation rate stated therein, then the parties agree to submit the issue of what constitutes the appropriate FMR for the Premises for the Renewal Term to determination using a "three broker method" as described in Section 51.5, below.
51.5 If the parties submit the issue of what constitutes the appropriate FMR for the Premises for the Renewal Term to determination using a "three broker method", then the basic Rent and annual escalations applicable during the Renewal Term shall be equal to the FMR and annual escalation rates determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select the third. Each member of the board of brokers shall be licensed in the Commonwealth of Virginia as a real estate broker, specializing in the field of commercial office leasing in Fairfax County, having no less than ten (10) years experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments within five (5) business days after the earlier to occur of (i) the expiration of the ten (10) day period after Landlord's receipt of Tenant's Counterproposal, or (ii) the date Landlord notifies Tenant of its rejection of Tenant's Counterproposal. The two (2) brokers selected by Landlord and Tenant shall promptly select a third broker within ten (10) days after they both have been appointed, and each broker, within ten (10) days after the third broker is selected, shall submit his or her determination of the said FMR and escalations (taking into account the provisions of Section 51.3 hereof). If either of the parties fail to select a broker within the aforesaid time periods, the broker selected by the other party shall select the other two (2) brokers to participate in the determination, each of which shall meet the selection criteria set forth above, and be affiliated with a different company from the first broker and from each other; and if the brokers selected by Landlord and Tenant are unable to reach agreement on the identity of the third broker within the applicable ten (10) day period, then the third broker shall be designated (in compliance with the applicable criteria set forth above) by the President of the Washington, D.C. Association of Realtors in office at such time. The FMR shall be the average of amount determined by the two brokers whose determinations are closest in amount to each other (or if two brokers reach an identical determination, the determination of such two brokers), provided that if the two (2) most proximate determinations of FMR differ by more than five percent (5%), then the determination of FMR by such board of three brokers shall be null and void, and Landlord and Tenant shall, within five (5) business days thereafter, appoint a new board of three different real estate brokers meeting the above-stated criteria, who shall convene in accordance with the procedures and time frames set forth above in order to render a new determination, as if the first determination had never taken place. After the Fair Market Rent has been established, the brokers shall immediately notify the parties in writing. Tenant shall have ten (10) days following the determination of the Fair Market Rent within which to rescind irrevocably its Renewal Option by written notice to Landlord. If Tenant rescinds such Renewal Option, Tenant shall pay the fee of all brokers participating in the determination of Fair Market Rent. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration rescind its Renewal Option within such ten (10) day period (time being of the Fixed Term or initial Renewal Term in accordance with this Section 2.4essence), then this Lease shall automatically renew at (i) the end of FMR determined by the term then in effect as provided in Section 2.4(a), and such renewal term three broker method shall be binding upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f(ii) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to shall each pay the scheduled expiration fee of the Fixed Termbroker selected by it, and so this Lease will automatically renew upon expiration they shall equally share the payment of the Fixed Term for fee of the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termthird broker.
Appears in 1 contract
Renewal Term. If the Renewal Notice is timely given, the Renewal Term will be on the same terms and conditions as those contained in the Lease except as follows:
i. There shall be no further rights to renew after the exercise of the Renewal Option granted herein;
ii. Any Tenant Improvement Allowances, TI Allowance, rental concessions, Landlord's Work or other such allowance improvements provided by Landlord to Tenant in the Lease shall not be applicable in the Renewal Term;
iii. The Base Rent for the Renewal Term shall be 100% of the Fair Market Rental Value as determined by agreement between Landlord and Tenant or, if Landlord and Tenant are unable to agree, as set forth in sub paragraph C immediately below. For purposes of this Article 50 the Fair Market Rental Value of the Premises shall be the amount that a willing, comparable, new (i.e., non-renewal), non-equity tenant would pay, and that a willing landlord of a comparable space, both in terms of size and age of the Premises and within a five (5) mile radius of Cranberry Xxxxx Office Park, would accept at arms' length. The Fair Market Rental Value for the Renewal Term may be less than the Base Rent paid by Tenant for the last year of the Extended Term. Appropriate consideration shall be given to (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
annual rental rate per rentable square foot; (b) Each Renewal Term the definition of rentable square feet for purposes of comparing the rate; (c) location, quality and age of the Building; (d) the financial condition (e.g., creditworthiness) of Tenant; (e) escalation (including type, base year and stop) and abatement provisions reflecting free rent and /or no rent during the period of construction; (f) brokerage commissions, if any, (g) length of the lease term; (h) size and location (including floor level) of the Premises; (i) building standard work letter and/or tenant improvement allowance, if any; provided, however, the Fair Market Rental Value shall commence not include any tenant improvements or any alterations made by Tenant; (j) condition of space; (k) lease takeover/assumptions; (l) moving expenses and other concessions; (m) extent of services to be provided; (n) distinctions between "gross" and "net" leases; (o) base year figures or expense stops for escalation purposes for both operating costs and ad valorem/real estate taxes; (p) the time the particular rental rate under consideration becomes or is to become effective; (q) applicable caps, if any, on the day succeeding amount of real estate taxes and assessments passed through to tenants; and (r) other generally applicable conditions of tenancy for the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Termspace in question. Tenant shall have no right obtain the same rent and other benefits that Landlord would otherwise give to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termany comparable prospective tenant.
Appears in 1 contract
Samples: Lease (OMNICELL, Inc)
Renewal Term. Provided (i) Sublessee is not in default under the terms of this Sublease for more than five (5) days after Sublessor's delivery of written notice thereof to Sublessee at the time this renewal is exercised or at the commencement of the Renewal Term (as defined below), (ii) Sublessee is occupying at least ninety percent (90%) of the Sublet Space, including any Available Space, (iii) Sublessor has not given more than two (2) notices of default in any twelve (12) month period for nonpayment of monetary obligations, (iv) the Master Lease is then in full force and effect, and (v) Sublessee's then-existing financial condition is at least as favorable as Sublessee's financial condition as of the Commencement Date, in Sublessor's sole discretion, Sublessee shall have the option to renew this Sublease for either (and not both) (A) one (1) period of one (1) year, or (B) a term equal to the remaining portion of the term of the Master Lease (either, a "Renewal Term"). The Renewal Term shall be on all the terms and conditions of this Sublease, except that (a) Provided that no Event Base Rent for the Renewal Term shall be ninety-five percent (95%) of Default the then- existing Market Rent (as defined below), and (b) after Sublessee's exercise of the Renewal Term, Sublessee shall have occurred and be continuing, no further rights to any renewal of the Term of this Lease shall automatically extend for two renewal terms Sublease. Sublessee must exercise its option to renew this Sublease by giving Sublessor written notice (an "Extension Notice") of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice its election to Landlord do so no later than 30 months one hundred twenty (120) days prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then initial Term. Any notice not given in effect as provided in Section 2.4(a), and such renewal term a timely manner shall be upon all of the terms void; and conditions Sublessee shall be deemed to have waived its renewal rights. The Renewal Term set forth herein is personal to Sublessee and any Affiliate thereof and shall not be included in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C any assignment of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermSublease.
Appears in 1 contract
Samples: Sublease Agreement (Nvidia Corp/Ca)
Renewal Term. (a) 51.1 Provided that no Event Tenant is not in Default of Default this Lease at the time its rights hereunder are to be exercised, Tenant shall have occurred and be continuingthe option (each, this a “Renewal Option”) to extend the Lease shall automatically extend Term for two renewal terms (2) periods of five (5) years each (each such renewal each, a “Renewal Term”) unless ), provided Tenant elects, by providing Notice gives written notice to Landlord no later of its election to exercise such Renewal Option (the “Renewal Notice”) not more than 30 eighteen (18) nor less than eleven (11) months prior to the scheduled expiration of the Fixed last day of the initial Lease Term (or the first Renewal Term, as applicable), subject to terminate the provisions of Section 51.8 hereof. Time is of the essence in this Section 51.
51.2 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 first Renewal Term and the second Renewal Term, except (i) the Base Rent and any applicable escalations thereto shall be as set forth in this Section 51, (ii) the “Base Year” shall be the first Lease Year of the applicable Renewal Term, and (iii) Tenant’s Renewal Option shall be applicable to the entirety of the Premises or any two (2) or more contiguous full floors thereof occupied by Tenant (and which Tenant shall identify in Tenant’s Renewal Notice as defined below).
51.3 The Base Rent payable upon the expiration commencement of the First Renewal Term shall equal ninety five percent (95%) of the then current term. Any such Notice to terminate shallprevailing market rental rate, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease determined in accordance with the terms hereofof this Section 51 (such prevailing market rental rate being referred to herein as the “Fair Market Rate” or “FMR”) at the time of the commencement of the applicable Renewal Term. Landlord and Tenant shall negotiate in good faith and in accordance with the procedure set forth in Section 51.4, below, to determine 95% of the Fair Market Rate which will be applicable during the first Renewal Term, with the goal of concluding such negotiation or triggering a determination of 95% of the FMR using the broker method (as described in Section 51.5, below) not more than ninety (90) nor less than thirty (30) days prior to the final date on which Tenant must provide its Renewal Notice.
51.4 Not later than the first day of the sixteenth (b16th) Each Renewal Term shall commence on the day succeeding month prior to the expiration of the Fixed Term or initial or, as applicable, first extended term hereof, Landlord will provide Tenant with a written notice (the preceding “FMR Notice”) indicating the base rental rate and any applicable escalations thereto (provided that for all purposes of this Section 51, base rent escalations applicable to the FMR shall be not less than 2% nor more than 3% per Lease Year for each Lease Year after the initial Lease Year of the applicable Renewal Term, as the case may be. Except as otherwise provided below, all ) which Landlord in good faith believes represents 95% of the termsthen current FMR for the Premises based on the provisions of Section 51.7 herein. If Tenant is in agreement with the base rental rate stated in the FMR Notice, covenantsTenant shall so notify Landlord within ten (10) business days after its receipt thereof, in which case such base rental rate shall constitute 95% of the FMR for the applicable Renewal Term within the meaning of this Section 51. If Tenant believes in good faith that the base rental rate stated by Landlord in the FMR Notice are in excess of 95% of actual FMR for the Premises, Tenant shall so notify Landlord in writing prior to the end of the ten (10) business day period after Tenant received Landlord’s FMR Notice, stating in its response (hereinafter referred to as “Tenant’s Counterproposal”) the base rental rate which Tenant in good faith believes represents 95% of the then current FMR for the Premises. If Tenant does provide Tenant’s Counterproposal to Landlord in a timely fashion, and provisions Landlord agrees that the base rental rate stated in Tenant’s Counterproposal represent 95% of the then current FMR, Landlord shall so notify Tenant in writing within ten (10) business days after its receipt thereof, in which case such base rental rate shall constitute 95% of the FMR for the Renewal Term within the meaning of this Lease Section 51. If the Landlord either provides written notice to Tenant that it disagrees with the base rental rate set forth in Tenant’s Counterproposal, or fails to respond in writing thereto within ten (10) business days after its receipt thereof, then, for a period of ten (10) business days thereafter (the “Additional Negotiation Period”), Tenant and Landlord will negotiate in good faith as necessary to determine and agree upon 95% of the FMR, and if Tenant and Landlord are unable to reach agreement as to 95% of the FMR, Tenant may elect that both Landlord and Tenant submit the issue of what constitutes 95% of the appropriate FMR for the Premises for the applicable Renewal Term to determination using a “broker method” as described in Section 51.5, below.
51.5 If the parties submit the issue of what constitutes 95% of the appropriate FMR for the Premises to determination using a “broker method”, then the Base Rent applicable during the Renewal Term shall apply be equal to each such Renewal Term95% of the FMR determined by a board of licensed real estate brokers, one of whom shall be named by Landlord, and one by Tenant. Each member of the board of brokers shall meet the qualifications set forth in Section 51.6 below. Tenant shall have no right to extend the Term beyond make its appointment within five (5) business days after the expiration of the last Renewal TermAdditional Negotiation Period, . Landlord shall make its appointment within five (5) business days thereafter (failing which 95% of the FMR shall be determined by the broker so selected by Tenant). The two (2) brokers selected by Landlord and Tenant shall each make their independent determination of 95% of the FMR within ten (10) business days after the appointment of the second commercial real estate broker, and in the event 95% of the FMR derived by each is within seven percent (7%) of 95% of the FMR determined by the other, 95% of the FMR for purposes hereof shall be the average of the two. In the event 95% of the FMR derived by each is not within of 95% of the FMR determined by the other, they shall, within five (5) business days, jointly select a third broker. If Tenant does not give Notice that it elects to terminate this Lease upon a third broker is appointed, he/she shall make his/her valuation within ten (10) business days after the expiration appointment and 95% of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease FMR shall automatically renew at be an amount equal to the end quotient obtained by dividing the sum of the term then 95% of FMR values determined by the two brokers who were closest to each other in effect as provided amount, by two (or the middle, if equally distant from the highest and lowest). After 95% of the FMR has been established, the brokers shall immediately notify the parties in Section 2.4(a)writing, and such renewal term determination shall be conclusive and binding upon the parties.
51.6 If the broker method described above is implemented to determine the FMR during any Renewal Term, each commercial real estate broker or licensed sales person appointed pursuant to paragraph 51.5 above shall be an unrelated individual of recognized competence who has had a minimum of ten (10) years’ experience in leasing commercial real estate/office space in the metropolitan Washington, D.C. area, with substantial experience in the Reston, Virginia market. All valuations of 95% of the FMR shall be in writing and shall be expressed in terms of an annual rent per rentable square foot of area. The party appointing each commercial real estate broker shall be obligated, promptly after receipt of the valuation report prepared by the broker appointed by such party, to deliver a copy of such valuation report to the other party in the manner provided in the Lease for the giving of notices. If a third broker is appointed, the third broker shall be directed, at the time of their appointment, to deliver copies of its valuation report, promptly after its completion, to Landlord and Tenant in the manner provided in the Lease for the giving of notices. The expense of each of the first two brokers appointed shall be borne by the party appointing such broker. If applicable, the expenses of the third broker appointed shall be paid one-half (1/2) by Landlord and one-half (1/2) by Tenant.
51.7 In the event the broker method described herein is implemented, the brokers so appointed shall make their respective determinations of 95% of FMR based upon the following considerations. “FMR” shall mean the effective rental, expressed in dollars per rentable square foot, that would be received by landlords renting comparable space (any rental value attributable to above market standard tenant finishes for interior finish in any space used as comparable shall not be included in establishing 95% of FMR hereunder) in comparable buildings in the immediate area of the Building - specifically the Reston, Virginia submarket. In determining 95% of FMR, the brokers shall take into account all terms and conditions of the Lease. For purposes of determining 95% of FMR, consideration shall be given to the terms and conditions set forth in this Lease except that of leases of not less than 50,000 and not more than 100,000 rentable square feet entered into during the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at twelve (12) month period immediately preceding the commencement of the applicable Renewal Period, with appropriate deductive adjustments to such renewal termcomparable rents being made to reflect the then current operating expenses and real estate taxes. If applicable based on current market conditions, as mutually determined deductive adjustments will also be made to reflect the then current value of transaction costs and expenses actually saved by Landlord because Landlord is not required to pay for, or give credit against rent for tenant improvements, leasing commissions and Tenantfees, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Termtenant allowances, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termother rent concessions such as rental abatement.
Appears in 1 contract
Samples: Deed of Lease (NCI, Inc.)
Renewal Term. (a) 51.1 Provided that no Event Tenant is not in Default of Default this Lease at the time its rights hereunder are to be exercised, Tenant shall have occurred and be continuingthe option (each, this a “Renewal Option”) to extend the Lease shall automatically extend Term for two renewal terms (2) period of five years each sixty (each such renewal a 60) months ( the “Renewal Term”) unless provided Tenant elects, by providing Notice gives written notice to Landlord no later of its election to exercise such Renewal Option (the “Renewal Notice”) not more than 30 Eighteen (18) nor less than six (6) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last day of the prior Lease Term. Time is of the essence in this Section 51.
51.2 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(s), except the Base Rent shall be as set forth in this Section 51.
51.3 The Base Rent payable upon the commencement of the Renewal Term shall equal One Hundred Percent (100%) of the then prevailing market rental rate (including base rental rate and annual escalation rate) applicable to renewal terms with respect to comparable space in comparable buildings in the vicinity of the Project, (the “Fair Market Rate” or “FMR”) at the time of the commencement of the applicable Renewal Term, determined based upon then existing renewal market conditions applicable to the leasing of comparable space in comparable buildings in the vicinity of the Project (taking into consideration use, location, quality, age and location of the applicable building and the definition of net rentable area as well as then market lease concessions, and improvement allowances), but in no event at a rate less than the Base Rent and Additional Rent payable during the last year of the prior term. Further, the Fair Market Rate shall be determined on a net basis, with Tenant remaining responsible for all Additional Rent as set forth herein. Landlord and Tenant shall negotiate in good faith and in accordance with the procedure set forth in Section 51.4, below, to determine the Fair Market Rate which will be applicable during the Renewal Term, with the goal of concluding such negotiation or triggering a determination of the FMR using a three-broker method (as described in Section 51.5, below) within not more than sixty (60) days after the date of Landlord’s receipt of the Renewal Notice. Deed of Lease Alliance Home Funding, LLC Page 41 of 63 51.4 Within ten (10) days after Landlord receives Tenant’s Renewal Notice exercising either of the Renewal Options referenced above, Landlord will provide Tenant with a written notice (the “FMR Notice”) indicating the base rental rate and annual escalation rate which Landlord in good faith believes represents the then current FMR for the Premises. If Tenant is in agreement with the base rental rate and annual escalation rate stated in the FMR Notice, Tenant shall so notify Landlord within ten (10) business days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If Tenant believes in good faith that the base rental rate and annual escalation rate stated by Landlord in the FMR Notice are in excess of actual FMR for the Premises, Tenant shall so notify Landlord in writing prior to the end of the ten (10) business day period after Tenant received Landlord’s FMR Notice, stating in its response (hereinafter referred to as “Tenant’s Counterproposal”) the base rental rate and annual escalation rate which Tenant in good faith believes represents the then current FMR for the Premises. If Tenant does not give Notice provide Tenant’s Counterproposal to Landlord in a timely fashion, and Landlord agrees that it elects the base rental rate and annual escalation rate stated in Tenant’s Counterproposal represent the then current FMR, Landlord shall so notify Tenant in writing within ten (10) days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If either the Landlord or the Tenant fails to terminate this Lease upon respond to the others proposal within the time period provided above, or rejects the counterproposal of the other party, the parties agree to submit the issue of what constitutes the appropriate FMR for the Premises for the Renewal Term to determination using a “three broker method” as described in Section 51.5, below.
51.5 If the parties submit the issue of what constitutes the appropriate FMR for the Premises for the Renewal Term to determination using a “three broker method”, then the Base Rent and annual escalations applicable during the Renewal Term shall, subject to the minimum set forth above, be equal to the FMR and annual escalation rates determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select the third. Each member of the board of brokers shall be licensed in the Commonwealth of Virginia as a real estate broker, with a substantial familiarity in the field of commercial leasing in Prince Wxxxxxx/City of Manassas, Virginia market having no less than ten (10) years experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments within five (5) business days after the earlier to occur of (i) the expiration of the Fixed Term ten (10) day period after Landlord’s receipt of Tenant’s Counterproposal, or initial Renewal Term (ii) the date Landlord notifies Tenant of its rejection of Tenant’s Counterproposal. The two (2) brokers selected by Landlord and Tenant shall promptly select a third broker within ten (10) days after they both have been appointed, and each broker, within ten (10) days after the third broker is selected, shall submit his or her determination of the said FMR and escalations (taking into account the provisions of Section 51.3 hereof). If either of the parties fail to select a broker within the aforesaid time periods, the broker selected by the other party shall select the other two (2) brokers to participate in the determination, each of which shall meet the selection criteria set forth above, and be affiliated with a different company from the first broker and from each other; and if the brokers selected by Landlord and Tenant are unable to reach agreement on the identity of the third broker within the applicable ten (10) day period, then the third broker shall be designated (in compliance with the applicable criteria set forth above) by an agent of the Virginia Board of Realtors in office at such time. The FMR shall be the average of amount determined by the two brokers whose determinations are closest in amount to each other (or if two brokers reach an identical determination, the determination of such two brokers), provided that if the two (2) most proximate determinations of FMR differ by more than five percent (5%), then the determination of FMR by such board of three brokers shall be null and void, and Landlord and Tenant Deed of Lease Alliance Home Funding, LLC Page 42 of 63 shall, within five (5) business days thereafter, appoint a new board of three different real estate brokers meeting the above-stated criteria, who shall convene in accordance with this Section 2.4the procedures and time frames set forth above in order to render a new determination, then this Lease as if the first determination had never taken place. After the Fair Market Rent has been established, the brokers shall automatically renew at immediately notify the end of the term then parties in effect as provided in Section 2.4(a)writing, and such renewal term determination shall be conclusive and binding upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereofparties. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to shall each pay the scheduled expiration fee of the Fixed Termbroker selected by it, and so this Lease will automatically renew upon expiration they shall equally share the payment of the Fixed Term for fee of the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termthird broker.
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Renewal Term. (a) Provided that no Event of Default Lessee shall have occurred and be continuing, an option to extend the Initial Term of this Lease shall automatically extend for two up to three (3) additional renewal terms of five seven (7) years each (each of such renewal additional seven-year terms are referred to as a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable), but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease only in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, manner and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueLease, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C The Initial Term of this Lease pursuant and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to Section 3.1(f) hereofas the “Term” or “Terms” of this Lease. Any Lessee may extend the term of this Lease for one or more such adjustment additional seven-year terms, at Lessee’s option. Lessee shall not have the right to Minimum Rent and Percentage Rent renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of this Lease to a particular time period, all terms of this Lease shall be effective as during the Renewal Terms. Lessee shall not have the right to extend the term of this Lease for more than one Renewal Term at a time. In the commencement of such Renewal event Lessee elects to exercise the right to extend the Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did Lessee shall give written notice to Lessor not deliver a Notice of termination at least 30 less than two (2) months prior to the scheduled expiration of the Fixed then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the then-current term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and so this Lease will automatically renew upon expiration shall terminate at the conclusion of the Fixed Term for then-current term without further notice or action by any party. As used in this Lease, the first phrase “Term” shall include the Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining or Renewal Terms unless the “Initial Term” is specified.
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Samples: Lease Agreement With Option to Purchase (Remembrance Group, Inc.)
Renewal Term. (a) Provided that no Event If Tenant performs all of Default the terms and conditions of this Lease, Tenant shall have occurred and be continuing, this Lease shall automatically the right to extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration term of the Fixed Term or Lease for the first Renewal number of years set forth in ITEM 4(B) OF THE BASIC LEASE PROVISIONS ("RENEWAL TERM" and, as extending the Term, as applicablethe "TERM"), to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term which shall commence on the day succeeding following the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Termthen current Expiration Date ("RENEWAL TERM COMMENCEMENT DATE"). Tenant shall be deemed to have no waived its rights under this ARTICLE 2.04, unless Tenant notifies Landlord in writing of Tenant's election to exercise this renewal right and executes Landlord's standard form amendment subject to negotiations extending the Term at the rental rate set forth in ITEM 3(C) OF THE BASIC LEASE PROVISIONS, which notice and amendment shall be executed and delivered to Landlord not more than nine (9) months and not less than six (6) months prior to the then Expiration Date. Tenant shall accept the Premises in an "AS-IS" condition, Tenant shall not be entitled to any lease inducements (such as rent abatement or refurbishment allowances), and Tenant shall not be entitled to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the The terms and conditions set forth in this Lease except that of Landlord's then standard form lease shall apply to the Minimum Rent Premises and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective equal to ninety percent (90%) the Prevailing Market Rate determined as of the commencement of such Renewal TermTerm Commencing Date. As If requested in writing by Tenant, Landlord shall provide Tenant with Landlord's good faith determination of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term Prevailing Market Rate for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermPremises.
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Renewal Term. Section 39.1 Tenant shall have the option (the “Renewal Option”) to extend the Term of this Lease for one (1) additional period of five (5) years (the “Renewal Term”), which Renewal Term shall commence on the date immediately succeeding the Fixed Expiration Date and end on the fifth (5th) anniversary of the Fixed Expiration Date provided that (a) Provided that this Lease shall not have been previously terminated, (b) Tenant shall occupy at least eighty percent (80%) of the Premises for the conduct of its business and (c) no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a x) on the date Tenant gives Landlord written notice (the “Renewal TermNotice”) unless of Tenant’s election to exercise such Renewal Option, and (y) on the Fixed Expiration Date. The Renewal option may be exercised with respect to the entire Premises only and shall be exercisable by Tenant elects, by providing delivering the Renewal Notice to Landlord no later than 30 at least twelve (12) months prior to the scheduled expiration Fixed Expiration Date. Time is of the essence with respect to the giving of the applicable Renewal Notice. Upon the giving of the Renewal Notice, Tenant shall have no further right or option to extend or renew the Term.
Section 39.2 If Tenant exercises the Renewal Option, the Renewal Term shall be upon the same terms, covenants and conditions as those contained in this Lease, except that (i) the Fixed Rent shall be deemed to mean the Fixed Rent as determined pursuant to Section 39.3, (ii) Tenant shall not be entitled to any further abatement or credit against the Fixed Rent pursuant to Article 1 herewith and (iii) Landlord will not be required to perform Landlord’s Work.
Section 39.3 For the Renewal Term or the Fixed Rent shall be determined as follows:
(A) The Fixed Rent for the Premises for the Renewal Term shall be an amount equal to the annual fair market rental value of the Premises (the “Fair Market Rent”) on the first day of the Renewal Term (hereinafter referred to as the “Rental Value”). The Fair Market Rent shall be determined taking into account all relevant factors and as if the Premises were available in the then rental market for comparable first-class market buildings in midtown Manhattan and assuming that Landlord has had a reasonable time to locate a tenant who rents with the knowledge of the uses to which the Premises can be adapted, and that neither Landlord nor the prospective tenant is under any compulsion to rent, taking into account:
(i) the fact that the Base Taxes and the Base Operating Expenses provided herein shall change as provided in Article 27 hereof for the purpose of calculating the escalation payments payable pursuant to Article 27 hereof, which payments shall continue to be made during the Renewal Term;
(ii) the fact that as of the commencement of the Renewal Term, as applicableTenant shall not be required to pay, in addition to terminate the escalation payments presently provided for under this Lease upon Lease, Tenant’s Share of such other escalation payments which Landlord is then charging tenants under other leases or offers for leases in the expiration Building or in other buildings then owned by Landlord or its affiliates or under common management with the management company then managing the Building or of such other escalation payments which other landlords are then charging tenants under leases or offers for leases in other office buildings which are similar in character or location to the Building;
(iii) the fact that Landlord shall not be obligated to perform any work including, without limitation, Landlord’s Work, in the Premises to prepare the same for Tenant’s occupancy; and
(iv) the fact that Tenant shall not be entitled to any abatement or credit against the Fixed Rent.
(B) For purposes of determining the Fair Market Rent, the following procedure shall apply:
(1) the Fair Market Rent shall be determined by Landlord on the basis of the highest and best office use of the Premises assuming that the Premises are free and clear of all leases and tenancies (including this Lease), and, at the election of Landlord, that the Premises are occupied by one (1) tenant or are subdivided and occupied by more than one (1) tenant, whether improved or unimproved.
(2) Landlord shall give Tenant written notice (the “Rent Notice”) within one hundred twenty (120) days prior to the Fixed Expiration Date, which Rent Notice shall set forth Landlord’s determination of the Fair Market Rent (“Landlord’s Determination”). If Landlord shall fail or refuse to give such notice as aforesaid, the Rental Value shall be deemed to be the sum of (x) the Fixed Rent payable by Tenant on the Expiration Date and (y) the annualized Escalation Rent payable on the Expiration Date with respect to the applicable Tax Year or Operating Year occurring on the Expiration Date (the amounts set forth in clauses (x) and (y) are referred to as the “Last Year Rental” then current term. Any such Notice to terminate shallpayable by Tenant on the Fixed Expiration Date.
(3) If Landlord’s Determination exceeds the Last Year Rental payable by Tenant on the Expiration Date, if given, be irrevocable, but then Tenant shall give Landlord written notice (“Tenant’s failure Notice”), within thirty (30) days after Tenant’s receipt of the Rent Notice, of whether Tenant accepts or disputes Landlord’s Determination. If Tenant in Tenant’s Notice accepts Landlord’s Determination or if Tenant fails or refuses to terminate give Tenant’s Notice as aforesaid, Tenant shall not preclude Landlord from exercising any of its rights be deemed to terminate this Lease have accepted Landlord’s Determination for the Renewal Term in accordance with the terms of this Article. If Tenant in Tenant’s Notice disputes Landlord’s Determination, Tenant shall deliver to Landlord, within thirty (30) days after Tenant’s receipt of the Rent Notice, Tenant’s determination of the Fair Market Rent (“Tenant’s Determination”) as determined by an independent real estate appraiser (“Tenant’s Appraiser”), together with a copy of the appraisal prepared by Tenant’s Appraiser.
(4) Landlord shall give Tenant written notice (“Landlord’s Notice”), within thirty (30) days after Landlord’s receipt of Tenant’s Determination, of whether Landlord accepts or disputes Tenant’s Determination. If Landlord in Landlord’s Notice accepts Tenant’s Determination or if Landlord fails or refuses to give Landlord’s Notice as aforesaid. Landlord shall be deemed to have accepted Tenant’s Determination. If Landlord in Landlord’s Notice disputes Tenant’s Determination, Landlord shall appoint an independent real estate appraiser (“Landlord’s Appraiser”). If within thirty (30) days after Tenant’s receipt of Landlord’s Notice in dispute, Landlord’s Appraiser and Tenant’s Appraiser shall mutually agree upon the determination (the “Mutual Determination”) of the Fair Market Rent, their determination shall be final and binding upon the parties. If Landlord’s Appraiser and Tenant’s Appraiser shall be unable to reach a Mutual Determination within said thirty (30) day period, both of the Appraisers shall jointly select a third independent real estate appraiser (“Third Appraiser”) whose fee shall be borne equally by Landlord and Tenant. In the event that Landlord’s Appraiser and Tenant’s Appraiser shall be unable to jointly agree on the designation of the Third Appraiser within five (5) days after they are requested to do so by either party, then the parties agree to allow the American Arbitration Association, or any successor organization to designate the Third Appraiser in accordance with the rules, regulations and/or procedures then obtaining of the American Arbitration Association or any successor organization.
(5) The Third Appraiser shall conduct such hearings and investigations as he may deem appropriate and shall, within thirty (30) days after the date of designation of the Third Appraiser, choose either Landlord’s or Tenant’s Determination, and such choice by the Third Appraiser shall be conclusive and binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses if any, in connection with any arbitration under this Section, including the expenses and fees of any Appraiser selected by it in accordance with provisions of this Article. Any Appraiser appointed pursuant to this Article shall be an independent real estate appraiser with at least ten (10) years’ experience in leasing and valuation of properties which are similar in character to the Building, and a member of the American Institute of Appraisers of the National Association of Real Estate Boards and a member of the Society of Real Estate Appraisers. The Appraisers shall not have the power to add to, modify or change any of the provisions of this Lease.
(6) It is expressly understood that any determination of the Fair Market Rent pursuant to this Article shall be based on the criteria stated in Section 39.3 hereof.
(bC) Each Renewal Term shall commence on the day succeeding the expiration After a determination has been made of the Fixed Term or Rental Value for the preceding Renewal Term, the parties shall execute and deliver to each other an instrument setting forth the Rental Value as hereinabove determined.
(D) If the case may be. Except as otherwise provided below, all final determination of the terms, covenants, and provisions of this Lease Rental Value shall apply to each such Renewal Term. Tenant shall have no right to extend not be made on or before the Term beyond the expiration first day of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with the provisions of this Section 2.4Article, then this Lease pending such final determination Tenant shall automatically renew at continue to pay, as the end Fixed Rent for the Renewal Term, an amount equal to Landlord’s Determination (subject to escalation pursuant to Article 27 hereof). If, based upon the final determination hereunder of the term then in effect as provided in Section 2.4(a)Rental Value, and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined payments made by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration on account of the Fixed Rent for such portion of the Renewal Term were (i) less than the Rental Value payable for the Renewal Term, and so this Lease will automatically renew upon expiration Tenant shall pay to Landlord the amount of such deficiency within ten (10) days after demand therefor or (ii) greater than the Fixed Term Rental Value payable for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term., Landlord promptly shall refund to Tenant the amount of such excess. [signature page follows]
Appears in 1 contract
Samples: Lease Agreement
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred a right to a new lease (“Renewal Lease”) after the initial Term of this Lease, under standard lease terms and conditions in effect at the time of issuance except that the term shall be continuing, this Lease shall automatically extend for two renewal terms a period of five (5) years each (each such renewal plus a “Renewal Term”) unless Tenant electsright of first refusal as provided in Section 2.3 [Right of First Refusal] below), by providing Notice to Landlord no later than 30 months prior to provided all of the scheduled following conditions are met at the time of expiration of the Fixed initial Term or the first Renewal Term, as applicable, to terminate this Lease upon the and during any time after expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate initial Term and before execution of the Renewal Lease:
(i) Tenant shall not preclude Landlord from exercising any of its rights to terminate this Lease have been in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Termdefault, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of all applicable notice and cure periods, more than two (2) times within the last twenty-four (24) month period prior to MAC’s offer of the Renewal Lease, in payment of rents or in material performance of other requirements of this Lease;
(ii) MAC has had reasonable opportunity to conduct an inspection of the Leased Property, and an environmental investigation, pursuant to Sections 8 [Right of Entry and Inspection] and 20.6 [Right to Investigate] to, among other things, determine compliance with the conditions set forth in this Section 2.2 [Renewal Term. If ];
(iii) Tenant does must not give Notice that it elects to terminate this Lease upon be in default of the Lease, beyond the expiration of all applicable notice and cure periods; and must be in compliance with MAC’s rules, regulations, ordinances and policies, by the Fixed Term or initial Renewal Term expiration of all applicable notice and cure periods; including, for example:
(a) Tenant must not have abandoned the Leased Property; and (b) the Improvements must be in physical condition in accordance with this Section 2.4Lease, then this Lease shall automatically renew at the Policies, and Ordinance 112;
(iv) MAC has not determined that it requires the Leased Property, before the end of the term then of the Renewal Lease, for a use that, in effect MAC’s judgment, is for the betterment of the Airport, the MAC airport system, or the aviation community, as provided in Section 2.4(a)16 [Airport Development or Redevelopment] of this Lease; and MAC will not purchase the Improvements or provide any compensation in the event a Renewal Lease is not offered pursuant to this Section 2.2 [Renewal Term] for failure to meet the conditions; except, and such renewal term shall be upon all of however, if a Renewal Lease is not issued solely for failure to satisfy the terms and conditions condition set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueparagraph (iv) above, terms and conditions at the commencement of such renewal termthen MAC will pay compensation, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C provided in Section 16.6 [Payment of Compensation for Improvements] of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease.
Appears in 1 contract
Samples: Lease Agreement
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuingthe right, this Lease shall automatically extend subject to the provisions hereinafter provided, to renew the Term for two renewal terms one (1) period of five (5) years each (each such renewal a 5-year period is sometimes hereinafter referred to as the “Renewal Term”), on the terms and provisions of this Section provided:
A. This Lease is in full force and effect and Tenant is not in default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited in this Lease, at the time of exercise of the right of renewal and at the time set for commencement of the Renewal Term, but Landlord shall have the right at its sole discretion to waive this condition;
B. That such Renewal Term shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, the annual Basic Rent for the Renewal Term shall be equal to the sum of (i) unless ninety-five percent (95%) of the then current Market Rate Basic Rent as in effect twelve (12) months prior to commencement of the Renewal Term, plus (ii) the Additional Parking Spaces Rate; and upon determination of the Basic Rent rate for the Renewal Term, the parties shall execute an amendment to this Lease to establish and evidence such Basic Rent rate; and
C. That Tenant elects, shall exercise its right to the Renewal Term provided herein by providing Notice notifying Landlord in writing (the “Renewal Notice”) of its election to Landlord no later exercise the Renewal Term or before the date that is not less than 30 twelve (12) months prior to the scheduled expiration of the Fixed Term or initial Term. The rights granted under this Section 1.2.5 are personal to DRIV and any Successor, and shall not be assigned to nor inure to the first Renewal Term, as applicable, to terminate this Lease upon the expiration benefit of any other party. Time is of the then current term. Any such Notice essence with respect to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its the rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with granted by this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term1.2.5.
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Renewal Term. (a) Provided that no Event of Default The Company shall have occurred and be continuing, the option to renew this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Ground Lease upon the expiration of the then current termCompany Term for a single renewal term of nine (9) years and one (1) month (the "Renewal Term"). Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate The Renewal Term shall not preclude Landlord from exercising any begin on the termination of the Company Term and continue through the termination of the District Term. The Company must provide the District with notice of its rights intention to terminate exercise this Lease lease renewal option at least thirty (30) days prior to the expiration of the Company Term, provided, however, that should the Company fail to deliver such notice then the Company shall have at least thirty (30) days from receipt of notice from the District to the effect that the renewal option must be exercised or forfeited within which to make such election. The rental during the Renewal Term shall be the fair market lease value of the Project Facilities as determined by appraisers appointed by the Company and the District. In the event the appraisers appointed by the Company and the District cannot agree as to the fair market lease value for the Renewal Term, the Company and District shall petition the United States District Court for the Western District of Louisiana to appoint an appraiser whose determination shall be valid unless it differs by more than fifteen (15%) percent from the fair market value established by the appraiser for either the Company or District. If such event occurs, the fair market value rental for the Renewal Term shall be determined by arbitration in accordance with the terms hereof.
(b) Each rules of the American Arbitration Association. In determining the fair market value for the lease payments during the Renewal Term, all appraisers shall take into account the fact that the Project Facilities are on leased land, that the Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenantsonly be for nine (9) years and one (1) month, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all Renewal Term the Project Facilities will revert to the owner of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermProject Land.
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Renewal Term. (a) Provided that no an Event of Default is not in existence as of the date of exercise and the date of commencement of the Renewal Term (“Renewal Term Commencement Date”), Tenant shall have occurred and be continuing, one (1) option to renew this Lease shall automatically extend (“Renewal Option”), for two renewal terms a period of five (5) years each (each such renewal a “Renewal Term”) unless for the entire Premises. The Renewal Option shall be exercisable by Tenant elects, by providing Notice giving written notice (“Renewal Notice”) to Landlord no later than 30 of its exercise of the Renewal Option at least twelve (12) months prior to the scheduled expiration of the Fixed Term or the first Renewal initial Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Basic Rent payable hereunder for the Premises during the Renewal Term shall commence be adjusted to the then-prevailing Fair Market Rental Rate (as defined below) as of the Renewal Term Commencement Date. In order to determine the Fair Market Rental Rate for the Renewal Term, Landlord and Tenant, thirty (30) days after the date on which the day succeeding Renewal Notice is given by Tenant (but not earlier than one year prior to the expiration of the Fixed Term or initial Term), shall each simultaneously submit to the preceding Renewal Term, as the case may be. Except as otherwise provided below, all other in writing its good faith estimate of the termsFair Market Rental Rate. If the higher of said estimates is not more than one hundred and five percent (105%) of the lower of such estimates, covenantsthe Fair Market Rental Rate in question shall be deemed to be the average of the submitted rates. If otherwise, and provisions of this Lease then the rate shall apply to each such Renewal Term. be set by arbitration as provided in Section 30.20 below.
(c) Tenant shall have no right to extend pay Additional Rent during the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end provisions of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions Article 5.
(d) The Renewal Option set forth in this Lease Section 3.4 is personal to Tenant and may not be assigned, transferred or conveyed to any party, except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as in connection with an assignment of the commencement Lease in its entirety to an Affiliate or Successor of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm (as defined in Section 14.1) or to a Transferee that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termis approved under Article 14.
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Renewal Term. Section 40.1 Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for one (1) additional period of five (5) years (the "Renewal Term"), which Renewal Term shall (i) commence on the date immediately succeeding the Fixed Expiration Date, and (ii) end on the fifth (5th) anniversary of the Fixed Expiration Date, provided that (a) Provided that Net2000 Communications Real Estate, Inc. shall be tenant hereunder, (b) this Lease shall not have been previously terminated, (c) Tenant shall occupy at least eighty percent (80%) of the Premises for the conduct of its business and (d) no Event of Default shall have occurred then be occurring (x) on the date Tenant gives Landlord written notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Option, and (y) on the Fixed Expiration Date, Such Renewal Option may be continuing, this Lease exercised with respect to the entire Premises only and shall automatically extend for two renewal terms of five years each (each such renewal a “be exercisable by Tenant delivering the Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 at least twelve (12) months prior to the scheduled expiration Fixed Expiration Date. Time is of the essence with respect to the giving of the Renewal Notice. Upon the giving of the Renewal Notice, Tenant shall have no further right or option to extend or renew the Term.
Section 40.2 If Tenant exercises the Renewal Option, the Renewal Term shall be upon the same terms, covenants and conditions as those contained in this Lease, except that (i) the Fixed Term Rent shall be deemed to mean the Fixed Rent as determined pursuant to Section 40.3 hereof, (ii) Tenant shall not be entitled to any rent abatement or credit against the first Fixed Rent pursuant to Article I hereof, (iii) the provisions of Article 19 with respect to Landlord's Work shall not be applicable during the Renewal Term, as applicable, (iv) Tenant shall not be entitled to terminate the ADA Tenant Fund with respect to the Renewal Term and (v) the provisions of Section 40.1 of this Article relative to Tenant's right to renew the Term of this Lease upon shall not be applicable. It is
Section 40.3 For the expiration Renewal Term the Fixed Rent shall be determined as follows:
(A) The Fixed Rent for the Premises for the Renewal Term shall be an amount equal to the greater of (a) the annual fair market rental value of the Premises (the "Premises Fair Market Rent") on the first day of the Renewal Term or (b) the Fixed Rent payable by Tenant on the Fixed Expiration Date (the greater of (a) and (b) being hereinafter referred to as the "Premises Rental Value"). The Fixed Rent for the Licensed Area(s) for the Renewal Term shall be an amount equal to the greater of (x) the annual fair market value of the Licensed Area(s) (the "Licensed Area(s) Fair Market Rent") on the first day of the Renewal Term or (y) the Fixed Rent payable by Tenant on the Fixed Expiration Date (the greater of (x) and (y) being hereinafter referred to as the "Licensed Area(s) Rental Value"). The Premises Fair Market Rent and the Licensed Area(s) Fair Market Rent are sometimes hereinafter referred to as the "Fair Market Rent." The Fair Market Rent shall be determined as if the Premises and the Licensed Area(s) were available in the then current term. Any such Notice rental market for comparable first class market buildings in midtown Manhattan and assuming that Landlord has had a reasonable time to terminate shalllocate a tenant who rents with the knowledge of the uses to which the Premises and the Licensed Area(s) can be adapted, if givenand that neither Landlord nor the prospective tenant is under any compulsion to rent, be irrevocable, but Tenant’s failure to terminate taking into account:
(i) the fact that the Base Taxes and the Base Wage Rate provided herein shall not preclude change for the purpose of calculating the escalation payments payable pursuant to Article 27 hereof, which payments shall continue to be made during the Renewal Term;
(ii) the fact that as of the commencement of the Renewal Term, Tenant shall not be required to pay, in addition to the escalation payments presently provided for under this Lease, Tenant's Share of such other escalation payments which Landlord from exercising any of is then charging tenants under other leases or offers for leases in the Building or in other buildings then owned by Landlord or its rights to terminate this Lease in accordance affiliates or under common management with the terms management company then managing the Building or of such other escalation payments which other landlords are then charging tenants under leases or offers for leases in other office buildings which are similar in character or location to the Building;
(iii) the fact that Landlord shall not be obligated to perform any work, including, without limitation, Landlord's Work, in the Premises or the Licensed Area(s) to prepare the same for Tenant's occupancy and use;
(iv) the fact that Tenant shall not be entitled to the ADA Tenant Fund during the Renewal Term; and
(v) the fact that Tenant shall not be entitled to any rent abatement or credit against the Fixed Rent during the Renewal Term. During the Renewal Term, Escalation Rent shall continue to be paid pursuant to Article 27 hereof.
(bB) Each Renewal Term For purposes of determining the Fair Market Rent, the following procedure shall commence apply:
(1) the Fair Market Rent shall be determined by Landlord on the day succeeding the expiration basis of the Fixed Term or highest and best use of the preceding Renewal TermPremises assuming that (i) the Premises are free and clear of all leases and tenancies (including this Lease) and (ii) the Licensed Area(s) are free and clear of all licenses (including the license created by this Lease), and, at the election of Landlord, that the Premises and the Licensed Area(s), as the case may be. Except as otherwise provided below, all of the termsare occupied by one (1) tenant or are subdivided and occupied by more than one (1) tenant, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term whether improved or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which unimproved.
(2) Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(fgive Tenant written notice (the "Rent Notice") hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months within one hundred twenty (120) days prior to the scheduled expiration Fixed Expiration Date, which Rent Notice shall set forth Landlord's determination of the Premises Fair Market Rent and the Licensed Area(s) Fair Market Rent ("Landlord's Determination"). If Landlord shall fail or refuse to give such Notice as aforesaid with respect to the Premises Fair Market Rent, the Premises Rental Value shall be deemed to be the Fixed TermRent then payable by Tenant on the Fixed Expiration Date with respect to the Premises, and so this Lease will automatically renew upon expiration of if Landlord shall fail or refuse to give such Notice as aforesaid with respect to the Licensed Area(s) Fair Market Rent, the Licensed Area(s) Rental Value shall be deemed to be the Fixed Term for Rent then payable by Tenant on the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermFixed Expiration Date with respect to the Licensed Area(s).
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Renewal Term. Provided that Tenant is not in default, Tenant shall have the option to renew this Lease for one successive term of five (5) years on the following terms and conditions:
(a) Provided that no Event of Default shall have occurred and be continuing, The option granted to Tenant in this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior is personal to the scheduled expiration original Tenant and cannot be voluntarily or involuntarily assigned or exercised by any person or entity other than the original Tenant while the original Tenant is in full and actual possession of the Fixed Term Premises and without the intention of thereafter assigning or the first Renewal Termsubletting. The option granted to Tenant is not assignable, either as applicable, to terminate a part of an assignment of this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, or separately or apart therefrom and no option may be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord separated from exercising any of its rights to terminate this Lease in accordance with any manner by reservation or otherwise except as permitted under the terms hereof.provisions of Section 16.1;
(b) Each The Renewal Term shall commence on May 21, 2002 and unless sooner terminated as hereinafter provided shall expire on May 21, 2007; and
(c) The option may be exercised by notice from Tenant to Landlord given not earlier than November 1, 2001. Tenant may give such notice thereafter during the day succeeding the expiration Lease Term unless Landlord gives Tenant notice before November 1, 2001 that Tenant's notice of its exercise of the Fixed option must be given between November 1, 2001 and December 31, 2001, whereupon Tenant's notice under this Section 1.03(c) may be given only during such period. The giving of such notice shall be sufficient to make this Lease binding for the Renewal Term and Landlord and Tenant shall be bound to take steps required in connection with the determination of rent. The terms and conditions of this Lease for the Renewal Term shall be identical with the Lease Term except for rent. Rent for the Renewal Term shall be the greater of the rent during the Lease Term and the fair market rent for the Renewal Term. If Landlord and Tenant do not agree upon rent by March 1, 2002, the rent shall be determined as follows: By March 15, 2002, Landlord and Tenant shall retain one qualified independent real property appraiser familiar with commercial rental values in the area of the Premises. If the parties do not retain an appraiser by March 15, 2002, then Landlord and Tenant shall each choose an independent, qualified real property appraiser familiar with commercial rental values in the area of the Premises. If the parties jointly select an appraiser, the value determined by that appraiser shall be the fair market rent for the Renewal Term. In the event two appraisers are utilized, the fair market rent for the Renewal Term shall be the average of the determinations by the two appraisers, unless the difference between the two appraisers is greater than 10%. In such an event, a third appraiser shall be selected by the two appraisers. The two closest appraisals of the three appraisals shall be averaged and that amount shall be the fair market rent for the Renewal Term. If one appraiser is jointly selected, the appraisal costs shall be shared equally by Landlord and Tenant. If two appraisers or three appraisers are utilized, Landlord and Tenant shall pay the costs of the appraiser they selected, and the cost of the third appraiser shall be paid by the party whose appraiser's value was not averaged. If the parties do not jointly retain a single appraiser by March 15, 2002 and thereafter Landlord or Tenant shall fail to name an appraiser by March 25, 2002, the fair market rent for the Renewal Term shall be determined by the appraiser who has been selected. An appraiser shall be directed to determine the fair market rent for the Renewal Term within 30 days after appointment and the decision of the single appraiser or the preceding Renewal Termaverage of the two appraisers, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be final and binding upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termboth parties.
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Renewal Term. (a) Provided that no Event of Default Lessee shall have occurred and be continuing, an option to extend the Initial Term of this Lease shall automatically extend for two up to three (3) additional renewal terms of five seven (7) years each (each of such renewal additional seven-year terms are referred to as a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable), but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease only in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, manner and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease. The Initial Term of this Lease except that and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the Minimum Rent and Percentage Rent “Term” or “Terms” of this Lease. Lessee may be adjusted to reflect fair market valueextend the Term of this Lease for one or more such additional seven (7)-year terms, at Lessee’s option, provided Lessee is not in default of the further terms and conditions at of this Lease. Lessee shall not have the commencement right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of such renewal any term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C covenant or condition of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent a particular time period, all terms and Percentage Rent conditions of this Lease shall be effective as during the Renewal Terms. Lessee shall not have the right to extend the Term of this Lease for more than one Renewal Term at a time. In the commencement of such Renewal event Lessee elects to exercise the right to extend the Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did Lessee shall give written notice to Lessor not deliver a Notice of termination at least 30 months less than sixty (60) days’ prior to the scheduled expiration of the Fixed then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the then-current Term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no further right to renew this Lease, and so this Lease will automatically renew upon expiration shall terminate at the conclusion of the Fixed then-current Term for without further notice or action by any party. As used in this Lease, the first phrase “Term” shall include the Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining or Renewal Terms unless the “Initial Term” is specified.
Appears in 1 contract
Samples: Lease Agreement With Option to Purchase (Remembrance Group, Inc.)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, the option to renew ("Renewal Option") this Lease shall automatically extend for two renewal terms one additional term of five years each thirty-six (each such renewal a “36) months ("Renewal Term”) unless Tenant elects"), by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease commencing upon the expiration of the then current term. Any such Notice to terminate shallinitial Term of this Lease, if given, be irrevocable, but Tenant’s failure to terminate shall on the condition that Tenant is not preclude Landlord from exercising any of its rights to terminate in default under this Lease in accordance with any material respect at the terms hereof.
(b) Each time Tenant gives notice of exercise of its Renewal Term shall commence on option or at the day succeeding the expiration time of commencement of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, The Renewal shall be on all of the terms, covenantscovenants and conditions of this Lease, except (i) there shall be no obligation to provide any tenant improvements or furniture allowance or to construct any tenant improvements, (ii) Landlord's Operating Expense Contribution for determining Tenant's obligations to pay Additional Rent pursuant to the provisions of Article 54 shall be changed to mean the total amount of Operating Expenses (on a per square foot of rentable area basis) incurred by Landlord during the Calendar Year in which the Renewal Term commences, (iii) there shall be no Right of First Offer or Right to Expand Leased Premises, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend (iv) the Term beyond annual Base Rent for the expiration of Leased Premises during the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term shall be the Renewal Term Fair Market Rental Rate ("RTFMRR") as defined in accordance with this Section 2.463.02 below, then this Lease shall automatically renew at the time the Renewal Term begins. Tenant's Renewal Option may be exercised only by Tenant giving Landlord written notice of Tenant's election to exercise such option, at least six (6) months prior to the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all initial Term of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueLease, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as time being of the commencement of essence with respect to such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termnotice.
Appears in 1 contract
Samples: Office Lease (Rancher Energy Corp.)
Renewal Term. (a) Provided that no Event Tenant is not then in default in any of Default its material obligations under this Lease after applicable notice and curative periods have expired, Tenant shall have occurred and be continuing, two separate five-year options to renew the term of this Lease shall automatically extend for two renewal terms as to all of five years each the then existing Premises (each such renewal a individually the “Renewal Term” or collectively “Renewal Terms”) unless Tenant elects, ). The first such option shall be exercised by providing Notice written notice to Landlord no later than 30 given at least nine (9) months prior to January 31, 2025, and second option shall be exercised by written notice given at least nine (9) months prior to January 31, 2030. The Renewal Terms shall be on the scheduled expiration of same covenants, agreements, terms provisions and conditions as are contained herein for the Fixed Term or the first Renewal Extension Term, except as applicableexpressly provided herein to the contrary and except for such as are, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the by their terms, covenants, and provisions of this Lease shall apply inapplicable to each such a Renewal Term. Tenant shall have no right to extend the Term beyond the further renewal options following expiration of the last Renewal TermTerms. If Tenant does not give Notice that it elects to terminate this Lease upon The rent payable during the expiration of the Fixed Term or initial first five-year Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms Fair Market Value Rate for comparable buildings in the downtown/midtown Tulsa area, provided, however, such Fair Market Value Rate shall not in any event exceed $17.00 per rentable square foot per year. The second five (5) year Renewal Term shall be the Fair Market Value Rate for comparable buildings in the downtown/midtown Tulsa area. At any time after the Renewal Term has become effective and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valuerent payable during such Renewal Term determined, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after upon request of either, shall execute an agreement supplementary hereto setting out the date to which Landlord such Renewal Term shall update Exhibit A extend, the Annual Rental payable during such Renewal Term and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of Premises for such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Office Lease (Helmerich & Payne Inc)
Renewal Term. (a) 1. Provided that no Event at the time of Default shall Tenant’s notice, and at the commencement of the Renewal Term (i) Tenant is not in default, and (ii) the Building continues to be used as a multi-tenant office and retail center, Tenant will have occurred and be continuing, 2 options to extend the Term of this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless ; provided however, that Tenant elects, by providing Notice will provide with written Landlord notice of Tenant’s election to Landlord extend the Term for each Renewal Term no later than 30 12 months prior to the scheduled expiration Expiration Date, time being of the Fixed essence.
2. Such extension of the Term or will be upon the first Renewal Termsame covenants and conditions, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that for the Fixed Minimum Rent (which will be determined in the manner set forth below), and Percentage Rent may except that Tenant will have no further right to extend the Term after the exercise of the second option described in Section 4.C.1 above. If Tenant timely gives notice of its election to extend the Term, the Renewal Term will be adjusted added to reflect fair market value, terms and conditions at become a part of the commencement of such renewal term, as mutually determined by Landlord Term and Tenant, after which Landlord shall update Exhibit A and Exhibit C any reference in this Lease to the “Term of this Lease pursuant Lease” or any similar expression will be deemed to Section 3.1(f) hereof. Any include such adjustment to Minimum Rent and Percentage Rent shall be effective as of Renewal Term, and, in addition, the commencement Expiration Date will thereafter mean the last day of such Renewal Term. As Landlord will have no obligation to perform any alteration or preparatory or other work in and to the Premises or provide a tenant improvement allowance and Tenant will continue possession of the date hereofPremises in its “as is” condition.
3. If Tenant exercises an option for the Renewal Term, Landlord and Tenant hereby confirm the Fixed Minimum Rent during each Renewal Term will be the fair market rent for the Premises, less a 20% civic discount. As used in this Lease, “fair market rent” means the rate that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration is then being concluded (as of the Fixed Termlast day of the Term for 10 year leases with the landlord and tenant each acting prudently, with knowledge and for self-interest, and so this Lease will automatically renew upon expiration assuming that neither is under undue duress) for non-renewing/non-extending office tenants for space of the Fixed Term for the first Renewal Term of five yearscomparable size, commencing on November 1, 2018location, and there shall be one remaining Renewal Termconditions in the Building.
Appears in 1 contract
Samples: Lease Agreement
Renewal Term. The Tenant shall have the right, to be exercised as hereinafter provided, to renew the term of this lease for one (1) period of Five (5) years on the following terms and conditions:
(a) Provided that no Event No default by Tenant is existing or continuing in the performance of Default shall have occurred and be continuing, any of the terms of this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord and no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance event has occurred which with the terms hereofgiving of notice or passage of time, or both, would constitute an event of default.
(b) Each Renewal Term The renewal term shall commence be on the day succeeding same terms, covenants and conditions as provided in this lease, with exception of rental payments.
(c) The Tenant shall exercise its right to renew in the following manner: at least six (6) months prior to the expiration of the Fixed Term or initial term, the preceding Renewal TermTenant shall notify the Landlord in writing, as by certified mail, return receipt requested, of its election to exercise the case may be. Except as otherwise provided below, all of right to renew the terms, covenants, and provisions terms of this Lease for the renewal term. Time is of the essence with respect to exercising of this right. Upon the Landlord's receipt of such notice of election, this lease and the terms thereof, subject to the term of this provision shall apply be deemed to each such Renewal Term. Tenant be renewed for a period of five (5) years from the date of expiration of the initial terms without the execution of any further lease or instrument.
(d) The annual rent for the first year and all subsequent years of the renewal term shall have no right to extend the Term beyond be established in accordance with Fair Market rental for comparable commercial properties at the expiration of the last Renewal Terminitial term. If In the event the Landlord and the Tenant does not give Notice that it elects are unable to terminate this Lease negotiate a fair market rental for the renewal term, the Landlord and Tenant each shall select a licensed appraiser, who shall then select a mutually agreeable third licensed appraiser and they collectively shall establish fair market rental for the renewal period, which determination shall be binding upon both the expiration of Landlord and the Fixed Term or initial Renewal Term in accordance with this Section 2.4Tenant. Notwithstanding the above, then this Lease shall automatically renew at rent for the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall not be upon all less than the rent paid in the final year of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by initial lease period.
(e) The Landlord and the Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent respectively, shall be effective as responsible for the fees and expenses of the commencement of such Renewal Termappraiser they have selected under paragraph (d) herein. As The Landlord and the Tenant shall share equally the fees and expenses of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termthird appraiser.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the Term for all of the Premises for (x) one renewal term of 24 months (the “First Renewal Term”) which shall commence on the day following the expiration of the initial Term and end on the second anniversary of the Expiration Date, unless the First Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise; and (y) provided that Tenant timely exercised its option for the First Renewal Term and, subject to Landlord’s recapture right as hereinafter provided, a second renewal term of 36 months (the “Second Renewal Term” and, jointly with the First Renewal Term, a “Renewal Term”), unless the Second Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant shall have notified Landlord in writing of Tenant’s exercise of each such renewal right not earlier than nine months and not later than one year prior to then scheduled Expiration Date, and (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms continuing hereunder. Time is of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration notice of Tenant’s exercise of the then current termrenewal option. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 30.2 and, upon the exercise of the renewal right respecting the Second Renewal Term, Tenant shall have no further right to renew the Term. Upon the commencement of each Renewal Term, (A) the applicable Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the applicable Renewal Term, and (C) the expiration of the subject Renewal Term shall become the Expiration Date. Notwithstanding anything set forth in this Lease except that Section 30.1 to the Minimum Rent contrary, Landlord shall have the right, within 10 Business Days of receipt of Tenant’s exercise notice with respect to the Second Renewal Term, and Percentage Rent may be adjusted by written notice to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A to elect to recapture the Premises for its own use and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective enjoyment as of the commencement of such Renewal Term. As end of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining First Renewal Term.
Appears in 1 contract
Samples: Lease Agreement (DemandTec, Inc.)
Renewal Term. (ai) Provided that no Tenant has not committed an Event of Default of this Lease at the time the Renewal Notice (as hereinafter defined) is received by Landlord or upon the commencement of the Renewal Term (as hereinafter defined), and provided further that this Lease has not been terminated pursuant to the provisions hereof, Tenant shall have occurred the right and be continuingoption (the “Renewal Option”), exercisable by written notice as set forth below, to renew the Term of this Lease shall automatically extend for two renewal terms 1 additional period of five years each 36 months (each such renewal a the “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon commencing immediately after the expiration of the then current termInitial Term. Any such Notice The Renewal Option shall expire and be of no force or effect unless exercised by Txxxxx giving written notice thereof to terminate shall, if given, be irrevocable, but Tenant’s failure Landlord (the “Renewal Notice”) sent not later than six (6) months prior to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Initial Term, as the case may be. Except as otherwise provided below, all All of the terms, covenants, conditions and provisions of this Lease shall apply to each such remain in full force and effect during the Renewal Term. , except that (i) Minimum Annual Rent shall be payable in the amount of the Market Rent (as hereinafter defined) and (ii) Tenant shall have no further right or option to extend the Term of this Lease beyond the Renewal Term.
(ii) If Tenant timely and properly exercises the Renewal Option, Landlord shall, within 30 days after delivery of the Renewal Notice, notify Tenant, in writing, of Landlord’s good faith determination of the Market Rent. Tenant shall within the next 15 days following receipt of Landlord’s determination of the Market Rent notify Landlord, in writing, of Txxxxx’s acceptance or rejection of Landlord’s determination of the Market Rent. If Tenant notifies Landlord, in writing, within such 15 day period, that it accepts Landlord’s determination of the Market Rent, the Lease shall be extended as provided herein. If Txxxxx does not notify Landlord, in writing, within 15 days of Landlord’s good faith determination of the Market Rent of Tenant’s acceptance or rejection of Landlord’s determination of the Market Rent, the Lease shall end, automatically, on the Expiration Date. If Tenant notifies Landlord, in writing, within such 15 day period that Tenant rejects Landlord’s determination of the Market Rent but still desires to renew the Lease for the Renewal Term, Tenant shall be deemed to have rejected Landlord’s determination of Market Rent and to have elected to initiate binding arbitration in order to determine the Market Rent as provided herein.
(iii) If Tenant is deemed to have elected to initiate binding arbitration as aforesaid, then, within 15 days thereafter, Tenant shall give written notice to Landlord of the name and address of the person designated to act as arbitrator on its behalf. Any “arbitrator” for purposes of this Section 4(b) shall be an independent commercial real estate appraiser licensed in the Commonwealth of Pennsylvania who has had at least ten (10) years’ experience immediately prior to the date in question evaluating rental rates for similar office properties in the same sub-market in which the Building is situated, and who has not previously been employed by either Landlord or Tenant. Within 15 days after Lxxxxxxx’s receipt of such written notice from Tenant, Landlord shall give written notice to Tenant of the name and address of the person designated to act as arbitrator on its behalf. If Txxxxx fails to give timely written notice to Landlord of the name and address of the person designated to act as arbitrator on its behalf, Landlord shall provide an additional written notice .to Tenant requiring Txxxxx’s appointment of an arbitrator within 5 days after Txxxxx’s receipt thereof. If Txxxxx fails to notify Landlord of the appointment of its arbitrator within such 5 day period, the appointment of the second arbitrator shall be made in the same manner as hereinafter provided for the appointment of a third arbitrator. If Landlord fails to give timely written notice to Tenant of the name and address of the person designated to act as arbitrator on its behalf, Tenant shall provide an additional written notice to Landlord requiring Lxxxxxxx’s appointment of an arbitrator within five 5 days after Lxxxxxxx’s receipt thereof. If Landlord fails to notify Tenant of the appointment of its arbitrator within such five 5 day period, the appointment of the second arbitrator shall be made in the same manner as hereinafter provided for the appointment of a third arbitrator. The two arbitrators so chosen shall meet within 20 days after the second arbitrator is appointed and shall exchange sealed envelopes each containing such arbitrator’s written determination of the Market Rent for the Premises during the Renewal Term. The Market Rent specified by Lxxxxxxx’s arbitrator shall herein be called “Landlord’s Submitted Value” and the Market Rent specified by Tenant’s arbitrator shall herein be called “Tenant’s Submitted Value.” Copies of such written determinations shall be sent to both Landlord and Tenant within the foregoing 20 day period. Any failure of Txxxxx’s arbitrator to timely meet and exchange Txxxxx’s Submitted Value with Lxxxxxxx’s arbitrator shall be deemed the parties’ acceptance of Landlord’s Submitted Value, unless such failure is remedied within 5 days following Txxxxx’s receipt of written notice thereof from Landlord. Any failure of Landlord’s arbitrator to timely meet and exchange Lxxxxxxx’s Submitted Value with Txxxxx’s arbitrator shall be deemed the parties’ acceptance of Tenant’s Submitted Value, unless such failure is remedied within five 5 days following Lxxxxxxx’s receipt of written notice thereof from Tenant. If the higher determination of Market Rent is not more than 105% of the lower determination of the Market Rent, then the Market Rent shall be deemed to be the average of the two determinations. If, however, the higher determination is more than 105% of the lower determination, then, within ten (10) days after the respective Market Rent determinations are submitted to Landlord and Tenant, the two (2) arbitrators shall, together, appoint a third arbitrator. In the event the two arbitrators are unable to agree upon the third arbitrator within 15 days, Landlord or Tenant, on behalf of both parties and on notice to the other, may request the appointment of a third arbitrator the American Arbitration Association (the “AAA”) or any successor organization thereof in accordance with its rules then prevailing or if the AAA or such successor organization shall fail to appoint a third arbitrator within 15 days after such request is made, then, Landlord or Tenant, on behalf of both parties and on notice to the other, may apply to any court having jurisdiction thereof for the appointment of such third arbitrator. Within 5 days after the appointment of a third arbitrator, Lxxxxxxx’s arbitrator shall submit Lxxxxxxx’s Submitted Value to such third arbitrator and Txxxxx’s arbitrator shall submit Txxxxx’s Submitted Value to such third arbitrator. Such third arbitrator shall, within 15 days after the end of such 5 day period, select either Landlord’s Submitted Value or Tenant’s Submitted Value as the Market Rent of the Premises for the Renewal Term, and such third arbitrator shall deliver copies of his/her determination to both Landlord and Tenant prior to the expiration of the last foregoing 15 day period specifying whether Landlord’s Submitted Value or Tenant’s Submitted Value, but no other value, shall be the Market Rent of the Premises for the Renewal Term. If The Market Rent of the Premises for the Renewal Term, as determined by the foregoing process, shall be binding upon Landlord and Tenant; provided, however, that in no event shall the Market Rent of the Premises for the Renewal Term be less than the Minimum Annual Rent payable by Tenant does not give Notice that it elects for and during Lease Year 3, anything herein above to terminate the contrary notwithstanding. Following the determination of the Market Rent of the Premises for the Renewal Term, upon the request of Landlord or Tenant, the parties shall enter into an amendment to this ease, in form and substance reasonably acceptable to the parties, reflecting (A) the extension of the Term, (B) the Minimum Annual Rent payable during the Renewal Term, and (C) any other amendments to this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined agreed upon by Landlord and TenantTxxxxx.
(iv) Each party shall pay the fees and expenses of the one of the two initial arbitrators appointed by or for such party. The fees and expenses of the third arbitrator and all other expenses (not including the attorneys’ fees, after witness fees and similar expenses of the parties which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as borne separately by each of the commencement of such Renewal Term. As parties) of the date hereof, arbitration shall be borne by the parties equally.
(v) In no event shall Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior be responsible for (A) any improvements to the scheduled expiration of Premises or (B) any improvement (or refresher) allowance in connection with the Fixed Renewal Term unless otherwise agreed to in writing by the parties.
(vi) Should Tenant timely and properly exercise the Renewal Option, then, upon the commencement thereof, the word “Term,” as used in the Lease, shall mean the Term, and so this Lease will automatically renew upon expiration of as defined herein, as extended by the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
(vii) Tenant acknowledges and agrees that the Renewal Option is personal to the Tenant named herein and is not assignable or transferrable.
Appears in 1 contract
Samples: Lease Agreement (Savara Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, this Lease shall automatically extend the right to renew the Term for all of the Premises for two (2) successive renewal terms of five years each (each such renewal each, a “Renewal Term;” the “First Renewal Term” and the “Second Renewal Term”, respectively) of five (5) years each, by notice (each, a “Renewal Notice”) unless Tenant elects, by providing Notice delivered to Landlord no later not less than 30 eighteen (18) months prior to the scheduled Expiration Date or the expiration of the Fixed Term or the first First Renewal Term, as applicable, to terminate time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxx Street Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the One Xxxxxx Street Lease. Upon the giving of each such Renewal Notice, the Term of this Lease upon shall be extended for the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance respective Renewal Term with the terms hereof.
(b) Each same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall commence on January 1, 2024 (the day succeeding the expiration “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, terms and provisions conditions of this Lease shall apply to each such Renewal TermLease. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial The Second Renewal Term in accordance with this Section 2.4shall commence on January 1, then this Lease shall automatically renew at 2030 (the end of the term then in effect as provided in Section 2.4(a“Second Renewal Term Commencement Date”), and shall expire on December 31, 2034, or such renewal term earlier date as this Lease may terminate pursuant to any of the terms and conditions of this Lease. Time is of the essence with respect to the giving of each Renewal Notice. Each Renewal Term shall be upon all of the terms agreements, terms, covenants and conditions set forth of this Lease, except that (w) the Fixed Rent shall be determined as provided in Section 28.2, (x) after the exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be the Tax Year commencing on the July 1st prior to the applicable Renewal Term Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term, (B) any reference in this Lease except that to the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value“Term”, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C “term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease” or any similar expression shall be effective as of deemed to include the commencement of such respective Renewal Term. As of , and (C) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Termrespective Renewal Term shall become the Expiration Date. Any termination, and so cancellation or surrender of the entire interest of Tenant under this Lease will automatically renew upon expiration at any time during the Term shall terminate the foregoing rights of the Fixed Term for the first Renewal Term renewal of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermTenant hereunder.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
Renewal Term. (a) A. Provided that no Event of Tenant is not in Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply at the time its rights hereunder are to each such Renewal Term. be exercised, Tenant shall have no right the option ("Renewal Option") to extend the Lease Term beyond for one (1) extension period of sixty (60) months (the "Renewal Term") provided Tenant gives written notice to Landlord of its election to exercise such Renewal Option (the "Renewal Notice") not more than eighteen (18) nor less than twelve (12) months 50 prior to the expiration of the last day of the initial Lease Term. Time is of the essence in this Section 51.
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 the Base Rent shall be as set forth in this Section 51.
C. The Base Rent payable upon the commencement of the Renewal Term shall equal one hundred percent (100%) of the then prevailing market rental rate (including base rental rate, annual escalation rate, and any applicable tenant concessions) applicable to renewal terms with respect to comparable space in comparable buildings in the Tysons Corner, Virginia area, (the "Fair Market Rate" or "FMR") (but not less than the Rent for the prior Lease Year) at the time of the commencement of the applicable Renewal Term, determined based upon then existing renewal market conditions applicable to the leasing of comparable space in comparable buildings in the vicinity of the Project (taking into consideration use, location, quality, age and location of the applicable building and the definition of net rentable area as well as then market lease concessions, and improvement allowances). Further, the Fair Market Rate shall be determined on a net basis, with Tenant remaining responsible for all Additional Rent as set forth herein. Landlord and Tenant shall negotiate in good faith and in accordance with the procedure set forth in Section 51.4, below, to determine the Fair Market Rate which will be applicable during the Renewal Term, with the goal of concluding such negotiation or triggering a determination of the FMR using a three-broker method (as described in Section 51.5, below) within not more than sixty (60) days after the date of Landlord's receipt of the Renewal Notice.
D. Within ten (10) days after Landlord receives Tenant's Renewal Notice exercising the Renewal Option referenced above, Landlord will provide Tenant with a written notice (the "FMR Notice") indicating the base rental rate and annual escalation rate which Landlord in good faith believes represents the then current FMR for the Premises. If Tenant is in agreement with the base rental rate and annual escalation rate stated in the FMR Notice, Tenant shall so notify Landlord within twenty (20) days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If Tenant believes in good faith that the base rental rate and annual escalation rate stated by Landlord in the FMR Notice are in excess of actual FMR for the Premises, Tenant shall so notify Landlord in writing prior to the end of the twenty (20) day period after Tenant received Landlord's FMR Notice, stating in its response (hereinafter referred to as "Tenant's Counterproposal") the base rental rate and annual escalation rate which Tenant in good faith believes represents the then current FMR for the Premises. If Tenant fails to respond to the Landlord's FMR Notice within such twenty (20) day period, Tenant shall be deemed to have accepted the base rental rate and annual escalation rate stated in Landlord's FMR Notice. If Tenant does not give Notice provide Tenant's Counterproposal to Landlord in a timely fashion, and Landlord agrees that it elects the base rental rate and annual escalation rate stated in Tenant's Counterproposal represent the then current FMR, Landlord shall so notify Tenant within twenty (20) days after its receipt thereof, in which case such base rental rate and annual escalation rate shall constitute the FMR for such Renewal Term within the meaning of this Section 51. If Landlord fails to terminate this Lease upon respond to the expiration Tenant's Counterproposal within twenty (20) days after Landlord's receipt of the Fixed Term Tenant's Counterproposal, or initial rejects the rental rate and escalation rate stated therein, then the parties 51 agree to submit the issue of what constitutes the appropriate FMR for the Premises for the Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect to determination using a "three broker method" as provided described in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.51.5
Appears in 1 contract
Samples: Deed of Lease (Interliant Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and not then be continuing, this Lease shall automatically extend for two renewal in default under the terms of five years each (each such renewal a “Renewal Term”) unless Tenant electsthis Lease, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no the right to extend the Term beyond of this Lease for one additional period of three (3) years (the "RENEWAL TERM"). Any such exercise must be made by Tenant giving written notice thereof to Landlord not less than nine months prior to the expiration of the last Renewal original Term. If Tenant does not give Notice that it elects to terminate this This Lease upon shall be extended for the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms covenants, agreements, terms, provisions and conditions set forth in this Lease (except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valuefor such covenants, terms agreements, terms, provisions and conditions at of this Lease as shall be clearly inapplicable or irrelevant or as provided below). During the commencement Renewal Term, the Base Rent for the Premises shall be equal to the fair rental value for the Premises during the Renewal Term, after giving consideration to Tenant's size and credit rating, but in no event less than the rent payable hereunder on the last day of such renewal termthe original Term. For purposes of the foregoing, as mutually determined "fair rental value" shall be the value agreed upon by Landlord and Tenant, after which agreement shall be in writing, by letter or otherwise, signed by both parties at least six (6) months in advance of commencement of the Renewal Term. If the parties fail to agree upon the fair rental value by such time, the matter shall be submitted for the written appraisal of a licensed real estate appraiser, as selected and agreed upon by the parties. In the event the parties fail to agree upon a real estate appraiser, Landlord shall update Exhibit A and Exhibit C select an independent real estate appraiser of this Lease pursuant to Section 3.1(f) hereofits choice, Tenant shall select an independent real estate appraiser of its choice and, if the two appraisers cannot agree upon an appraisal, the two appraisers so selected shall select a third independent real estate appraiser. All such real estate appraisers shall have an M.A.I. designation. The appraisers selected shall, by a majority vote, determine the fair rental value for Base Rent purposes. The rental value as determined shall be binding on the parties hereto. Any such adjustment to Minimum Rent and Percentage Rent appraisal shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord completed and Tenant hereby confirm that Tenant did not deliver a Notice of termination fair rental value set at least 30 four (4) months prior to the scheduled expiration commencement of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Lease Agreement (Tenera Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each a right to a new lease (each such renewal a “Renewal TermLease”) unless Tenant electsafter the initial Term of this Lease, by providing Notice to Landlord no later than 30 months prior to under standard lease terms and conditions in effect at the scheduled time of issuance except that the term shall be for a period of ten (10) years (plus a right of first refusal as provided in Section 2.3 [Right of First Refusal] below), provided all of the following conditions are met at the time of expiration of the Fixed initial Term or the first Renewal Term, as applicable, to terminate this Lease upon the and during any time after expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate initial Term and before execution of the Renewal Lease:
(i) Tenant shall not preclude Landlord from exercising any of its rights to terminate this Lease have been in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Termdefault, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of all applicable notice and cure periods, more than two (2) times within the last twenty-four (24) month period prior to MAC’s offer of the Renewal Lease, in payment of rents or in material performance of other requirements of this Lease;
(ii) MAC has had reasonable opportunity to conduct an inspection of the Leased Property, and an environmental investigation, pursuant to Sections 8 [Right of Entry and Inspection] and 20.6 [Right to Investigate] to, among other things, determine compliance with the conditions set forth in this Section 2.2 [Renewal Term. If ];
(iii) Tenant does must not give Notice that it elects to terminate this Lease upon be in default of the Lease, beyond the expiration of all applicable notice and cure periods; and must be in compliance with MAC’s rules, regulations, ordinances and policies, by the Fixed Term or initial Renewal Term expiration of all applicable notice and cure periods; including, for example:
(a) Tenant must not have abandoned the Leased Property; and (b) the Improvements must be in physical condition in accordance with this Section 2.4Lease, then this Lease shall automatically renew at the Policies, and Ordinance 112;
(iv) MAC has not determined that it requires the Leased Property, before the end of the term then of the Renewal Lease, for a use that, in effect MAC’s judgment, is for the betterment of the Airport, the MAC airport system, or the aviation community, as provided in Section 2.4(a)16 [Airport Development or Redevelopment] of this Lease; and MAC will not purchase the Improvements or provide any compensation in the event a Renewal Lease is not offered pursuant to this Section 2.2 [Renewal Term] for failure to meet the conditions; except, and such renewal term shall be upon all of however, if a Renewal Lease is not issued solely for failure to satisfy the terms and conditions condition set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueparagraph (iv) above, terms and conditions at the commencement of such renewal termthen MAC will pay compensation, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C provided in Section 16.6 [Payment of Compensation for Improvements] of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease.
Appears in 1 contract
Samples: Commercial Lease
Renewal Term. Section 37.1 (aA) Provided that no Event Subject to the terms of Default this Article 37, Tenant shall have occurred and be continuing, the option (the "Renewal Option") to extend the term of this Lease shall automatically extend for two renewal terms the Renewal Premises for one (1) additional period of five ten (10) years each (each such renewal a “the "Renewal Term”) unless Tenant elects"), by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each which Renewal Term shall commence on the day immediately succeeding the expiration Fixed Expiration Date and end on the day immediately preceding the tenth (10th) anniversary of the Fixed Term or Expiration Date, provided that (a) this Lease has not been previously terminated, (b) no Event of Default has occurred and is continuing on the preceding date that Tenant gives Landlord notice (the "Renewal TermNotice") of Tenant's election to exercise the Renewal Option, and (c) the Minimum Square Footage Requirement is satisfied on the date that Tenant gives the Renewal Notice to Landlord. The Renewal Option shall be exercisable only by Tenant delivering the Renewal Notice to Landlord not less than two (2) years and one (1) month prior to the Fixed Expiration Date (as the case may be. Except as otherwise provided below, all to which date time shall be of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Termessence). Tenant Landlord shall have no the right to extend the Term beyond the expiration declare Tenant's exercise of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration Option ineffective if (a) an Event of Default has occurred and is continuing as of the Fixed Expiration Date, or (b) the Minimum Square Footage Requirement is not satisfied as of the Fixed Expiration Date, in either case by giving notice thereof to Tenant during the period commencing on the Fixed Expiration Date and ending on the date that is fifteen (15) days after the Fixed Expiration Date (it being understood that (x) if Landlord so declares Tenant's exercise of the Renewal Option ineffective, then the Term or initial shall terminate on the fifteenth (15th) day after the date that Landlord gives Tenant notice of such declaration (with the understanding that Tenant shall pay the Rental due hereunder in respect of the Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at to the end extent accruing during the period commencing on the first day of the term then in effect as provided in Section 2.4(aRenewal Term and ending on the date that the Term so terminates), and such renewal term shall be upon all of the terms and conditions set forth (y) nothing contained in this Lease except that Section 37.1(A) limits Landlord's other rights or remedies after the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement occurrence of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C an Event of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermDefault).
Appears in 1 contract
Samples: Lease Agreement (Alexanders Inc)
Renewal Term. (a) Provided that no Event of Default shall have occurred The Original Tenant and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal TermPermitted Transferee Assignee, as the case may be. Except as otherwise provided below, shall have the right to renew the initial Term for all of the terms, covenants, and provisions Premises for one renewal term of this Lease shall apply to each such five (5) years (the “Renewal Term. Tenant shall have no right to extend ”) commencing on the Term beyond day after the expiration of the last initial Term (the “Renewal Term. If Tenant does not give Notice that it elects Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to terminate any of the terms of this Lease upon or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the expiration “Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than fourteen (14) months, and not later than nine (9) months, prior to the Expiration Date, (ii) at the time of the Fixed Term or initial exercise of such right and immediately prior to the Renewal Term in accordance with this Section 2.4Commencement Date, then no default by Tenant under this Lease shall automatically renew have occurred and be continuing hereunder, (iii) Tenant occupies the entire Premises at the end time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iv) Tenant exercises its renewal option, if at all, with respect to all of the term then in effect as provided in Section 2.4(a), and such renewal term Premises. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Lease except that Section 2.5, then Tenant shall have no further right to renew the Minimum Rent and Percentage Rent may be adjusted Term unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofTerm, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior (2) any reference to “this Lease”, to the scheduled “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration date of the Fixed TermRenewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to Original Tenant and a Permitted Transferee Assignee, as the case may be, and so may only be exercised by Original Tenant or a Permitted Transferee Assignee, as the case may be (and not any other assignee, or any sublessee or other transferee of Original Tenant’s interest in this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease).
Appears in 1 contract
Samples: Lease (Catasys, Inc.)
Renewal Term. (a) Provided that no Event In addition to the foregoing, provided Tenant is not in default of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each and provided Tenant notifies Landlord in writing at least twelve (each such renewal a “Renewal Term”12) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Initial Term, as applicable, Tenant shall have the right to terminate renew this Lease upon for a period of five (5) additional years on the expiration same terms and conditions of this Lease, except that the Basic Rent during such Renewal Term shall be equivalent to ninety-five percent (95%) of the then current termfair market rental rate for comparable space in comparable buildings within Tysons Corner, Virginia which are comparable to the Building, as determined below. Any For purposes of this provision, the term "fair market rental rate" shall mean the fair market rental rate per square foot of rentable area, on a full-service basis, taking into account that there shall be no renewal concessions such Notice to terminate shallas design fees, if giventenant improvement allowances, moving allowances and rent abatement, such that the fair market rental rate shall be irrevocablereduced by the economic equivalent of such concessions; however, but Tenant’s failure to terminate notwithstanding the foregoing, even after accounting for the absence of concessions as aforesaid, it is understood and agreed that under no event shall not preclude Landlord from exercising any the rate of its rights to terminate this Lease in accordance with Basic Rent during the terms hereof.
(b) Each Renewal Term shall commence on be less than the day succeeding rate of Basic Rent then scheduled to take effect under Section 1(a)(2) above including the expiration scheduled Basic Rent increase of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each three percent (3%) per year during such Renewal Term. Tenant Upon receipt of Tenant's notice to renew, within thirty (30) days thereafter, Landlord shall have no right to extend the Term beyond the expiration make a determination of the last Renewal Term"market" Basic Rent and Landlord shall send written notice to Tenant thereof and shall advise Tenant of any adjustment to the Basic Rent based on Landlord's determination of ninety five percent (95%) of "fair market rental" and the basis therefor. If In the event Tenant does not give Notice disagrees with Landlord's determination of "market", Tenant may, but only within thirty (30) days after receipt of Landlord's notice, require by written notice to Landlord that it elects to terminate this Lease upon the expiration determination of the Fixed Term fair "market" rental be made by brokers. In such event, each party shall select a qualified commercial real estate broker with at least ten (10) years experience in the city or initial Renewal Term submarket in accordance with which the Leased Premises are located (in this Section 2.4case, then this Lease Tysons Corner, Virginia). The two (2) brokers shall automatically renew at the end give their opinion of the term then in effect as provided in Section 2.4(a)fair market rental within thirty (30) days of their retention. In the event the opinions of the two (2) brokers differ and, after good faith efforts over the succeeding twenty (20) day period, they cannot mutually agree, the brokers shall immediately and jointly appoint a third broker with the qualifications specified above. Such third (3rd) broker, within twenty (20) days of his/her appointment, shall make a determination of the fair market rental rate and, of the three (3) determinations, average the two (2) closest determinations, and such renewal term average as determined by this third (3rd) broker shall be upon all of the terms final and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by binding on Landlord and Tenant. Each party shall pay its own costs for its real estate broker. The parties shall equally share the costs of any third broker. The parties shall immediately confirm the "market" Basic Rent so determined, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termin writing.
Appears in 1 contract
Samples: Office Lease Agreement (Condor Technology Solutions Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred the right, subject to the provisions hereinafter provided, to renew the Term for all or a portion of the Premises (but in no event less than one hundred fifty thousand (150,000) square feet of rentable area) for two (2) periods of five (5) years each on the terms and be continuingprovisions set forth in this Section 1.3.6, provided:
A. That this Lease is in full force and effect, Tenant is operating in the Premises, and Tenant is not in monetary default or material, non-monetary default beyond applicable notice and cure periods herein contained at the time of exercise of the right of renewal, but Landlord shall automatically extend have the right at its reasonable discretion to waive this condition;
B. That such Renewal Term shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, the annual Basic Rent for two renewal terms such Renewal Term shall be at the Fair Market Rent and any applicable annual adjustments thereto for a 5-year term, and upon determination of five years the Basic Rent for each (each such renewal a “exercised Renewal Term”) unless , Landlord and Tenant electsshall execute an amendment to this Lease to establish and evidence such Basic Rent rate;
C. That Tenant shall exercise its right to each Renewal Term provided herein, if at all, by providing Notice notifying Landlord in writing of its election to Landlord no later than 30 exercise the right to renew the Term at least twelve (12) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termTerm; and
D. That failure by Tenant to exercise the First Renewal Term shall constitute a waiver by Tenant of the Second Renewal Term. Any such Notice If Tenant properly exercises its option to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate extend this Lease for a Renewal Term, Landlord and Tenant shall attempt to agree as to the Fair Market Rent for such Renewal Term during the thirty (30) day period immediately following such exercise. If Landlord and Tenant do not agree as to the Fair Market Rent during such period, then Fair Market Rent shall be determined by binding “baseball” arbitration, in accordance with the terms hereof.
following provisions. The party desiring such arbitration shall give written notice to that effect to the other party, specifying in such notice the name, address and professional qualifications of the person designated to act as appraiser on its behalf. Within ten (b10) days after service of such notice, the other party shall give written notice to the party desiring such arbitration, specifying the name, address and professional qualifications of the person designated to act as appraiser on its behalf. The two (2) appraisers shall, within ten (10) days after selection of the second appraiser, select an arbitrator. All appraisers and the arbitrator appointed hereunder shall be MAI members of the Appraisal Institute with not less than five (5) years of experience in the appraisal of improved retail real estate in the Chicago, Illinois area, and be devoting substantially all of their time to professional appraisal work at the time of appointment, and be in all respects impartial and disinterested. The Fair Market Rent determined by each appraiser shall be given within a period of thirty (30) days after the appointment of the arbitrator. Each Renewal Term party shall commence pay the fees and expenses of the appraiser appointed by or on behalf of such party and the fees and expenses of the arbitrator shall be borne equally by both parties. If the party receiving a request for arbitration fails to appoint its appraiser within the time above specified, or if the two (2) appraisers so selected cannot agree on the day succeeding the expiration selection of the Fixed Term arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such second appraiser or the preceding Renewal Termarbitrator, as the case may be, by application to the appropriate court within the county in which the Project is located, upon ten (10) days’ prior written notice to the other party of such intent. Except If the appraisers do not agree as otherwise provided belowto the Fair Market Rent, all then the arbitrator shall determine Fair Market Rent by selecting the Fair Market Rent proposed by one of the termstwo appraisers. Any determination by the arbitrator shall be made no later than thirty (30) days following delivery of each appraisal and shall be final, covenantsbinding and conclusive upon the parties. Notwithstanding the foregoing, and provisions Tenant shall have the right, within thirty (30) days after the final determination of this Lease shall apply Fair Market Rent (whether by agreement of arbitration or otherwise), to each such withdraw its exercise of the Renewal Term. In the event Tenant so withdraws its exercise of the Renewal Term, Tenant shall have no right reimburse Landlord for its actual reasonable out-of-pocket costs relative to extend the Term beyond the expiration any arbitration promptly upon receipt of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Terman invoice therefor.
Appears in 1 contract
Samples: Multi Tenant Office Lease Agreement (Paylocity Holding Corp)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically be in full force and effect and Tenant shall not be in default at the time beyond applicable notice and cure periods and shall be in occupancy of the entire Premises, then, subject to the provisions of this Lease, Tenant shall have and hereby is given the option to extend this Lease beyond the Original Term (i) for two renewal terms of five years each an additional term (each such renewal a “Renewal Option Term”) unless Tenant elects, by providing Notice of three (3) years to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding next following the expiration initial Termination Date and terminate (the “Option Termination Date”) on the three year anniversary of the Fixed Term or the preceding Renewal Term, as the case may beInitial Termination Date. Except as otherwise provided below, all Election of the Option Term shall be at the sole discretion of Tenant. Each Option Term shall be upon the same terms, covenants, and provisions conditions as those herein contained insofar as then in force and applicable to such Option Term; except that (i) the Base Rent during such Option Term shall be as provided in Section 4 and (ii) Tenant shall have no further right to extend the term of this Lease beyond the Option Term. Option Term shall be exercised by Xxxxxx (if at all) in the manner following: Not later than six (6) months prior to the expiration of the Original Term, as to which time shall be of the essence, Tenant shall give written notice to Landlord of Tenant’s exercise of its said option to so extend the Original Term hereof.
(c) Any termination, cancellation or surrender of this Lease shall apply to each such Renewal Term. terminate any right of Tenant shall have no right to extend the Term beyond the expiration term of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of 3(a) above. Neither the terms and conditions set forth option granted to Tenant in this Lease except that to extend the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C term of this Lease pursuant nor the exercise of either such option by Tenant shall prevent Landlord from exercising any right granted or reserved to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so in this Lease will automatically renew upon expiration or that Landlord may otherwise have to terminate this Lease. The option granted to Tenant herein may not be assigned by Tenant to any assignee of the Fixed Term for the first Renewal Term of five yearsTenant’s rights under this Lease, commencing on November 1or to any subtenant, 2018as either may be permitted hereunder, and there shall be one remaining Renewal Termother than a Permitted Transferee.
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuingthe right, this subject to the provisions hereinafter provided, to renew the Lease shall automatically extend Term for two renewal terms one (1) period of five (5) years each (each such renewal period is herein referred to as a “Renewal Term”) unless on the terms and provisions of this Section provided:
2.2.1 This Lease is in full force and effect and Tenant electsis not in material default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited in this Lease, at the time of exercise of the right of renewal and at the time set for commencement of any Renewal Term and Rent and Additional Rent are paid in full, but Landlord shall have the right at its sole discretion to waive this condition;
2.2.2 Each Renewal Term shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, the annual Base Rent for the first year of each Renewal Term shall be increased by providing Notice three (3%) percent, and shall be increased each subsequent two (2) years during any applicable Renewal Term by three (3%) percent (i.e., escalating 3% for year 1, 3% for years 2-3, and 3% for years 4-5).
2.2.3 That Tenant shall exercise its right to each Renewal Term provided herein by notifying Landlord no later in writing of its election to renew the Lease Term on or before the date that not more than 30 twelve (12) months and not less than six (6) months prior to the scheduled expiration of the Fixed initial Lease Term or the first then-current Renewal Term, as applicableapplicable (each, to terminate this Lease upon the expiration an “Extension Notice”). Within thirty (30) days after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with adjusted Base Rent for the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration first year of the Fixed Term or applicable Renewal Term. Upon determination of the preceding Prevailing Market Rental Rate for the applicable Renewal Term, the parties will execute an amendment to this Lease to establish and evidence such rate as the case may be. Except as otherwise provided below, all Base Rent for the Renewal Term.
2.2.4 Time is of the terms, covenants, and provisions of essence with respect to the rights granted by this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. Section 2.2.
2.2.5 If Tenant does not give Notice that it elects exercise a Renewal Term, then all subsequent Renewal Terms shall automatically expire.
2.2.6 The right to terminate this renew the Lease upon the expiration of the Fixed Term or initial Renewal Term granted in accordance with this Section 2.4, then this Lease shall automatically renew at 2.2 is personal to the end of the term then in effect as provided in Section 2.4(a), original named Tenant and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueexercised only by the originally named Tenant, terms and conditions at the commencement of such renewal term, as mutually determined unless otherwise greed in advance by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereofin writing. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.INDUSTRIAL LEASE - 3
Appears in 1 contract
Samples: Industrial Lease (1847 Holdings LLC)
Renewal Term. Unless earlier terminated in accordance with any of the provisions of Section 10, upon expiration of the Initial Term, this Agreement shall automatically renew upon the same terms and conditions for up to ten (10) consecutive one (1) year renewal terms (a "Renewal Term"), provided, however, that
(a) Provided Provider will have the right to revise the terms of compensation set forth in Exhibit C of this Agreement for each one year Renewal Term. Customer and Provider acknowledge and agree that no Event of Default Provider shall have occurred the right to revise the compensation to receive all of Provider's costs, overhead, administrative fees and a reasonable profit margin to be continuingdetermined by Provider;
(b) Provider shall not have terminated this Agreement in accordance with its rights set forth in Section 10 of this Agreement or any other rights of termination hereunder; and With respect to the revision of compensation in Section 9.2(a), Provider will give Customer an amendment (the "Compensation Amendment") to this Lease shall automatically extend Agreement ready for two renewal terms of five years each execution setting forth the compensation revisions at least ninety (each such renewal a “Renewal Term”90) unless Tenant elects, by providing Notice to Landlord no later than 30 months days prior to the scheduled expiration effective date of the Fixed Term or the first Renewal Termsuch revision. The effective date of any Compensation Amendment shall be established by Provider, as applicable, but in no event shall it be prior to terminate this Lease upon the expiration of the GTE TSI Proprietary and Confidential Information 10 Fleet-On-Track is a service and service mark xx GTE TSI 12 Term of this Agreement or any then current termapplicable Renewal Term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall If Customer does not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with execute the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding Compensation Amendment by the expiration of the Fixed Term or Renewal Term, the Services shall automatically be placed on month-to-month status until such time as the Compensation Amendment is executed by Customer. Compensation for any month-to-month Services shall be the amounts and rates which are in effect as of the date of expiration of the Term or the preceding applicable Renewal TermTerm plus a ten percent (10%) special handling fee. To the extent Customer fails to execute the Compensation Amendment or the Parties have not entered into a new agreement for the Services and the Services have been provided on a month-to-month basis for twelve (12) months, as Provider shall have the case may be. Except as otherwise provided below, all of option to terminate the terms, covenants, Services upon sixty (60) days advance written notice to Customer and provisions of this Lease shall apply to each such Renewal Term. Tenant Customer shall have no right to renew, extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate or otherwise continue this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermAgreement.
Appears in 1 contract
Samples: Services Agreement (Highwaymaster Communications Inc)
Renewal Term. (a) 2.3.1 Provided that no a monetary Event of Default is not in existence as of the date of exercise of the Renewal Option, Tenant shall have occurred and be continuing, one (1) option to renew this Lease shall automatically extend (“Renewal Option”) for two renewal terms the entire Premises for a period of five (5) years each (each such renewal a the “Renewal Term”) unless commencing on the first day after the Lease Expiration Date (“Renewal Term Commencement Date”). The Renewal Option shall be exercisable by Tenant elects, by providing Notice giving written notice (“Renewal Notice”) to Landlord no later of its exercise of the Renewal Option at least nine (9) months, but not more than 30 fifteen (15) months, prior to the expiration of the initial Term of the Lease.
2.3.2 The Base Rent payable hereunder for the Premises during the Renewal Term shall be adjusted to the Fair Market Rental Rate (as defined in Section 2.4 below) as of the Renewal Term Commencement Date. In order to determine the Fair Market Rental Rate for the Renewal Term, Landlord and Tenant ten (10) days after the date on which the Renewal Notice is given by Tenant (but not earlier than twelve (12) months prior to the scheduled expiration of Renewal Term Commencement Date), shall commence discussions to endeavor to agree upon the Fixed Term or applicable Fair Market Rental Rate. In the first Renewal Term, as applicable, to terminate this Lease event Landlord and Tenant do not agree upon such rate within twenty (20) days after the expiration of said ten (10) day period, on the twenty-fifth (25th) day after the expiration of said ten (10) day period, Landlord and Tenant shall each simultaneously submit to the other in writing its good faith estimate of the Fair Market Rental Rate. If the higher of said estimates is not more than one hundred and five percent (105%) of the lower of such estimates, the Fair Market Rental Rate in question shall be deemed to be the average of the submitted rates. If otherwise, then current term. Any such Notice the rate shall be set by arbitration to terminate shallbe held in Irvine, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease California in accordance with the terms hereofReal Estate Valuation Arbitration Rules of the American Arbitration Association, except that the arbitration shall be conducted by a single arbitrator mutually acceptable to the parties and otherwise appointed in accordance with the rules of the American Arbitration Association and shall be on the basis that the arbitrator shall pick one of the two rates submitted, being the rate which is closer to the Fair Market Rental Rate as determined by the arbitrator using the definition set forth in Section 2.4 below. The parties agree to be bound by the decision of the arbitrator, which shall be final and non-appealable, 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) Each Renewal Term shall commence on 2.3.3 During the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term pay Additional Rent in accordance with this Section 2.4the provisions of Article 4, then this Lease shall automatically renew at but with a Base Year determined in connection with the end determination of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions Fair Market Rental Rate.
2.3.4 The Renewal Option set forth in this Lease Section 2.3 is personal to Tenant and may not be assigned, transferred or conveyed to any party, except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as in connection with an assignment of the commencement Lease in its entirety to an Affiliate or Successor of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term(as defined in Section 15.1).
Appears in 1 contract
Samples: Office Lease (Capitalsource Inc)
Renewal Term. Section 39.1 (A) Subject to the provisions of Section 39.4 hereof, Tenant shall have the option (each, an "Eight Year Space Renewal Option") to extend the term of this Lease with respect to the Eight Year Space for four (4) additional periods of five (5) years each (each, an "Eight Year Space Renewal Term"), each of which Eight Year Space Renewal Terms shall commence on the date immediately succeeding the eighth (8th) anniversary of the Commencement Date, or if the Commencement Date shall occur other than on the first day of the month, on the date immediately succeeding the last day of the month in which the eighth (8th) anniversary of the Commencement Date shall occur (the "Eight Year Space Expiration Date"; the period between the Commencement Date and the Eight Year Space Expiration Date being hereinafter 93 94 referred to as the "Eight Year Space Term") or the then current Eight Year Space Renewal Term, as the case may be, and end on the fifth (5th) anniversary of the expiration of the Eight Year Space Term or the then current Eight Year Space Renewal Term, as the case may be, provided that (a) Provided that this Lease shall not have been previously terminated, (b) no Event of Default shall have occurred and be continuingcontinuing (x) on the date Tenant gives Landlord written notice (each, this Lease shall automatically extend for two renewal terms an "Eight Year Space Renewal Notice") of five years each Tenant's election to exercise the Eight Year Space Renewal option, and (each such renewal a “y) on the expiration of the Eight Year Space Term or the then current Eight Year Space Renewal Term”, as the case may be, provided, however, that with respect to any Event of Default which may occur without Landlord being required to deliver to Tenant a notice of default (other than an Event of Default under Section 16.1(E) of this Lease) then, solely for the purposes of this Section 39.1, no such Event of Default shall be deemed to have occurred unless Landlord shall have delivered to Tenant electsa notice thereof and Tenant shall have failed or refused to cure the same within seven (7) Business Days after delivery of such notice, and (c) Tenant and its Affiliates shall occupy not less than eighty percent (80%) of the rentable area of the Eight Year Space on the date the applicable Eight Year Space Renewal Notice is given and on the first (1st) day of the applicable Eight Year Space Renewal Term. Each such Eight Year Space Renewal Option may be exercised only with respect to the entire Eight Year Space and shall be exercisable by providing Tenant delivering the applicable Eight Year Space Renewal Notice to Landlord no later than 30 at least eighteen (18) months prior to the scheduled expiration of the Fixed Eight Year Space Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding applicable Eight Year Space Renewal Term, as the case may be. Except as otherwise provided below, all Time is of the terms, covenants, and provisions essence with respect to the giving of this Lease shall apply each Eight Year Space Renewal Notice. Upon the giving of the Eight Year Space Renewal Notice with respect to each such the fourth Eight Year Space Renewal Term. , Tenant shall have no further right or option to extend or renew the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Lease Agreement (Mony Group Inc)
Renewal Term. Tenant shall have the right to renew the ------------ Term for all of the Premises for one (1) renewal term of five (5) years ("Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal right (the "Exercise Notice") not later than fourteen (14) months prior to the Expiration Date, (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event of Default shall have occurred and be continuingcontinuing hereunder, this Lease and (c) Tenant and/or a Related Entity shall automatically extend for two renewal terms be in occupancy of five years each at least sixty-six percent (each 66%) of the rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice of Tenant's exercise of such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termoption. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions set forth in this Lease hereof binding upon Tenant, except that the Minimum Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 34.2 and Percentage Rent may be adjusted Tenant shall have no further right to reflect fair market value, terms and conditions at renew the Term. Upon the commencement of such renewal termthe Renewal Term, as mutually determined by Landlord (A) the Renewal Term shall be added to and Tenantbecome part of the Term (but shall not be considered part of the initial Term), after which Landlord shall update Exhibit A and Exhibit C (B) any reference to "this Lease", to the "Term", the "term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease" or any similar expression shall be effective as of deemed to include the commencement of such Renewal Term. As of , and (C) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termbecome the Expiration Date.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Renewal Term. One Option to Renew for a term of three years (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a the “Renewal Term”) unless Fair market rent will not reflect tenant improvement paid by the tenant for any renewal term.
6. Notwithstanding the obligations to pay Rent hereunder, the Landlord agrees to xxxxx Basic Rent for the Premises for months 1, 2, 3, 13 and 25 of the Term. The Tenant electsshall receive a credit against the first Rent payable for the Term equal to the amount of Gross Rent paid in respect of the 5,589 square feet of Rentable Area in Units 302 and 303 for the months of September, October, November and December, 2004 (except the portion of such Rent applicable to utilities and janitorial expenses during the Fixturing Period).
7. The Landlord hereby grants to the Tenant as an ongoing right through the Term of the Lease and any renewal terms, the first right of opportunity to lease up to 5,000 square feet of additional office space (the “Expansion Office Space”), from any space that comes available for lease in the Building. The Tenant shall have five business days following written notification from the Landlord or its agent to exercise this right by providing Notice notice in writing; failing such it shall be deemed to have waived such right of first opportunity. If a period of 60 days has passed between the date that the Landlord no later provided said written notice to the Tenant of a particular portion of the Expansion Office Space being available, the Landlord shall be required to continue to provide renewed notice to the Tenant for its right of first opportunity so that not more than 30 60 days passes between the Tenant obtaining said written notice and waiving its right of first opportunity and the Landlord leasing said portion of the Expansion Office Space to a third party. Should this right be exercised, the space shall form part of the Premises and the same terms and conditions of the Lease shall apply, including the option to terminate and lease expiry date, but excluding the leasehold improvement allowance, inducements and net rental rate. It is understood that this space will be provided to the Tenant on an “as is” basis. Landlord to advise the Tenant of terms and conditions and the Tenant shall have 10 business days to accept failing which Landlord may lease to third party any time thereafter on such terms or higher.
8. The Tenant shall have the option to terminate the Lease at any time after January 1, 2008 upon six (6) months prior written notice to the scheduled expiration Landlord and payment to the Landlord concurrently with such notice of an amount equal to the unamortized pro-rated portion of the Fixed Term or the first Renewal Term, Leasehold Improvement Allowance as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any effective date of its rights to terminate this Lease in accordance with termination amortizing it over the terms hereofinitial Term including interest at the rate of 8% per annum.
(b) Each Renewal Term shall commence on 9. Articles 27.1, 27.2, 27.3 and 27.4 are hereby re-instated into the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may beLease.
10. Except as otherwise provided belowexpressly modified herein, all the Lease is hereby ratified and confirmed.
11. The terms of the terms, covenants, and provisions Offer to Lease shall survive the execution of this Lease Amendment.
12. This Agreement shall apply enure to each such Renewal Termthe benefit of and be binding on the parties and their successors and assigns. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective EXECUTED as of the commencement of such Renewal Termdate first above written. As Per: Authorized Signatory Per: Authorized Signatory BETWEEN: DISCOVERY PARKS INCORPORATED, a body corporate incorporated under the laws of the date hereofProvince of British Columbia having an office at Suite 750 — 0000 Xxxx Xxxxxxxx, Landlord and Tenant hereby confirm that Tenant did not deliver Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 (the “Landlord”) AND: NEUROMED PHARMACEUTICALS LTD., a Notice of termination at least 30 months prior to body corporate incorporated under the scheduled expiration laws of the Fixed TermProvince of British Columbia having an office at 0000 Xxxxxx Xxxxxxxx Xxxx, and so this Lease will automatically renew upon expiration of Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 (the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.“Tenant”)
Appears in 1 contract
Samples: Sub Lease (Combinatorx, Inc)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically is in full force and effect and Tenant is not in default (beyond any applicable notice and cure periods) under the terms of this Lease, and the Premises are occupied by the original Tenant named herein (or Landlord has approved the entity to whom this Lease has been assigned or sublet or any other entity for which Landlord's approval is not required ), Landlord hereby grants to Tenant the option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for two renewal terms (2) periods of five (5) years each (each each, a "Renewal Term"). In order to exercise said option Tenant must give Landlord written notice (an "Extension Notice") of such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later not less than 30 months 270 days prior to the scheduled expiration Expiration Date of the Fixed Term or the first Renewal Initial Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding first Renewal Term, as the case may be. Except The annual Net Base Rent (as otherwise provided below, all hereinafter defined) of the termsPremises during the Renewal Term(s) shall be equal to the greater of (a) ninety-five percent (95%) of the Market Rental Rate (as hereinafter defined) and (b) ninety-five percent (95%) of the annual Net Base Rent in effect for the 12 month period immediately preceding the commencement of applicable Renewal Term. "Market Rental Rate" shall mean the annual rate of Net Base Rent then prevailing in the market as reasonably determined by Landlord, covenantsfor premises comparable in square footage, location and provisions type to the Premises being leased for a duration comparable to the applicable period for which the Premises is then to be leased. The Market Rental Rate shall be determined by taking into consideration comparable relevant fact situations involving arm's length negotiations in new and renewal leases during the twelve (12) month period, or more recent relevant period prior to the applicable Renewal Term. Within sixty (60) days following Xxxxxx's notice to Landlord of this Lease the exercise of its option to extend the Term for the applicable Renewal Term, Landlord shall apply to each such notify Tenant of Landlord's determination of the Market Rental Rate for the Premises for the applicable Renewal Term. Tenant shall have no right fifteen (15) days following receipt of Landlord's determination in which to extend the Term beyond the expiration of the last Renewal Termaccept or reject such determination. If Tenant does not give Notice notify Landlord of its acceptance of the determination within such fifteen (15) day period, Tenant shall be deemed conclusively to have accepted the Market Rental Rate set forth therein. If Tenant timely notifies Landlord that it elects to terminate this Lease g Tenant rejects Landlord's determination which notice from Tenant shall set forth Tenant's determination of Market Rental Rate and if Landlord and Tenant in good faith cannot agree upon the expiration Market Rental Rate within ten (10) days following Xxxxxx's rejection of the Fixed Term or initial Renewal Term in accordance with this Section 2.4Landlord's determination, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term dispute shall be upon all determined by arbitration as hereinafter provided. Landlord and Tenant will each select an arbitrator who shall be disinterested and shall be a person that has been actively engaged in the development or leasing of industrial and manufacturing buildings for a period not less than seven (7) years immediately preceding his or her appointment. Landlord and Tenant shall each simultaneously submit to the terms and conditions set forth in this Lease except that arbitrators a determination of Market Rental Rate (if no submittal is made, the Minimum Rent and Percentage Rent may parties shall be adjusted deemed to reflect fair market value, terms and conditions at have submitted their original determinations). The arbitrators shall be directed as promptly as possible to select from the commencement of such renewal term, as mutually determined two determinations submitted by Landlord and TenantTenant the one that is closer to the Market Rental Rate as determined by the arbitrators, after which Landlord and said selection shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereofthereafter be deemed the Market Rental Rate. Any such adjustment to Minimum Rent and Percentage Rent In determining the appropriate Market Rental Rate, the arbitrators shall be effective entitled to rely on such factors as they deem appropriate in determining the relevant geographic market, if any, and what constitutes comparable premises or circumstances. If the two arbitrators so appointed fail to agree as to which of the commencement of such Renewal Term. As of the date hereof, determinations submitted by Landlord and Tenant hereby confirm that Tenant did not deliver is closest to the actual Market Rental Rate, the two arbitrators shall appoint a Notice third arbitrator, using the criteria described above, to decide upon which of termination at least 30 months the two determinations submitted is closest to the actual Market Rental Rate. The cost of the foregoing arbitration process shall be borne by the losing party. If no determination is made prior to the scheduled expiration date for commencement of the Fixed Termpayment of rent for which Market Rental Rate must be determined, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there then Landlord's determination shall be one remaining Renewal Termused until the arbitration is completed. If Xxxxxx's determination is later selected, Landlord shall promptly refund any overpayments to Tenant together with interest thereon at 6% per annum.
Appears in 1 contract
Samples: Industrial Building Lease (Golden Books Family Entertainment Inc)
Renewal Term. (a) Provided that no Event of Default then exists, Tenant shall have occurred and be continuingthe right (the “Option to Extend”), this but not the obligation, to extend the term of the Lease shall automatically extend for two renewal terms of five years each one (each such renewal a 1) additional term (the “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior of ten (10) years. If and to the scheduled expiration of extent that the Fixed option to renew the Term or is exercised by Tenant as herein provided, the first Renewal Term, as applicable, to terminate this Lease upon Term shall commence at the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate Initial Term and shall not preclude Landlord from exercising any expire on the last day of its rights to terminate this Lease in accordance with the terms hereofone hundred twentieth (120th) full calendar month following the commencement of the Renewal Term.
(b) Each Tenant may either extend the term of this Lease with respect to either (i) the entire Premises or (ii) in the alternative, the entire portion of the Premises located within Buildings B100, B200 and B500 (the “Reduced Renewal Term shall commence on Space”). In order to exercise the day succeeding Option to Extend, Tenant must give written notice of Tenant’s election to extend the term of this Lease (the “Extension Notice”) no later than twenty-one (21) months and no more than twenty-four (24) months prior to the expiration of the Fixed Initial Term or the preceding Renewal Term, as the case may beof this Lease. Except as otherwise provided below, all Following Tenant’s delivery of the termsExtension Notice, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right notify Landlord in writing at least eighteen (18) months prior to extend the Term beyond the expiration of the last term of this Lease (the “Additional Notice”) as to whether the Extension Notice will apply to the entire Premises or apply only with respect to the Reduced Renewal TermSpace. If Tenant does not give timely deliver the Additional Notice, then it shall be deemed that the Extension Notice that it elects will apply to terminate this Lease upon the expiration entire Premises.
(c) Tenant’s lease of the Fixed Premises during the Renewal Term or initial shall be on all of the then existing terms and conditions of this Lease, except that the Base Rent shall be in accordance with Section 4.2 and the Premises shall be subject to remeasurement as provided in Section 2.1(b)(ii) above. If Tenant exercises the Option to Extend for the Renewal Term in accordance with this section, Landlord and Tenant each shall, on or before the first day of the Renewal Term, execute and deliver to the other an amendment to this Lease, which confirms the extension of the term of this Lease for the Renewal Term, sets forth the Base Rent (as determined in accordance with Section 2.44.2 below) during the Renewal Term and the rentable square footage of the Premises (as determined in accordance with Section 2.1(b) above), then but the term of this Lease shall automatically renew at be extended for the end Renewal Term and the Base Rent so determined in accordance with Section 4.2 and the rentable square footage of the term then Premises so determined in effect as provided in accordance with Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f2.1(b) hereof. Any such adjustment to Minimum Rent and Percentage Rent above shall be effective during the Renewal Term whether or not such amendment is executed.
(d) Tenant’s rights under this Section 3.2 shall terminate, at Landlord’s option, if (i) an Event of Default exists as of the date of Tenant’s exercise of its rights under this Section 3.2 or as of the commencement date of such the Renewal Term. As , (ii) this Lease is terminated in accordance with the provisions of this Lease, (iii) Original Tenant assigns its interest in this Lease other than to a Permitted Transferee, (iv) Original Tenant ceases to lease at least 370,000 rentable square feet of space in the Property, (v) Original Tenant has sublet to a third party more than twenty-five percent (25%) of the premises leased by Original Tenant at the Property except pursuant to a Permitted Transfer, (vi) Original Tenant does not (as of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination Tenant’s exercise of its rights under this Section 3.2 or as of the commencement date of the Renewal Term) occupy at least 30 months prior to the scheduled expiration sixty-five percent (65%) of the Fixed Termpremises that is being renewed, and so or (vii) Tenant fails to timely exercise its option under this Lease will automatically renew upon expiration Section 3.2, time being of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termessence with respect to Tenant’s exercise thereof.
Appears in 1 contract
Renewal Term. (ai) Provided that no Event of Default This Lease shall have occurred an initial Renewal Term (the "Initial Renewal Term") commencing on October 1, 2000 and be continuingcontinuing to and including December 31, this 2002. This Lease shall automatically extend for two renewal terms of five years each have a second Renewal Term (each such renewal a “the "Second Renewal Term”") unless Tenant electscommencing on January 1, by providing Notice 2003 and, subject to Landlord no later than 30 months prior Section 5d. hereof, continuing to the scheduled expiration of the Fixed Term or the first and including December 31, 2007.
(ii) With regard to any Renewal Term, as applicabledefined herein, to terminate other than the Initial Renewal Term and the Second Renewal Term, and so long as no termination of this Lease upon shall have occurred pursuant to Section 5d. hereof, Landlord and Tenant may negotiate in good faith two (2) sixty (60) month renewal terms of the Lease on the same terms and conditions as the Second Renewal Term, except for the Base Rent payable during such Renewal Term(s), which shall be determined in accordance with Section 7a.(iii) of this Lease, and except for such terms and conditions as may be mutually agreeable to Landlord and Tenant.
(iii) If Landlord and Tenant cannot reach mutual agreement of material terms for a renewal of this Lease and if Landlord shall have received and consented to an irrevocable notice of extension in the form of Exhibit D hereto (the "Notice of Extension") at least 180 days prior to the expiration of the Second Renewal Term or the third Renewal Term, Landlord and Tenant shall each choose, within 15 days of delivery of an acknowledged Notice of Extension and at their own cost and expense, a real estate broker, having at least 8 years of experience in commercial real estate leasing, to review the proposed renewal of this Lease. Such experts shall review the disagreement of such material terms. Landlord and Tenant shall pay the costs and expenses of the broker selected by each of them respectively. Within 30 days of their appointment, such experts shall mutually agree in writing upon such terms based on prevailing market conditions. If such experts cannot reach agreement on such terms, then current termsuch experts shall mutually agree on a third independent, qualified expert, having at least 8 years of experience in commercial real estate leasing, the cost and expense of whom shall be paid equally by Landlord and Tenant, to review the disagreement of such material terms. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any Within 30 days of its rights appointment, such expert shall state in writing its opinion of appropriate terms based on prevailing market conditions. Landlord and Tenant agree to terminate this Lease in accordance abide by whatever conclusion is reached with respect to such disagreement pursuant hereto however such conclusion is reached by the terms hereofexperts and agree to prepare and deliver, within 30 days of receipt thereof, documentation incorporating such conclusion. The foregoing clauses (ii) and (iii) relate solely to each Renewal Term other than the Initial Renewal Term and the Second Renewal Term.
(biv) Each The Initial Renewal Term and the Second Renewal Term, together with each of the two (2) additional sixty (60) month renewal terms described above, if any, are each called a "Renewal Term" and, together with the Initial Term and the Primary Term, are collectively called the "Term". The Second Renewal Term shall commence on January 1, 2003 and the third Renewal Term, if any, shall commence on the day after the end of the Second Renewal Term and the fourth Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at date after the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining third Renewal Term.
(d) Section 5 of the Original Lease is hereby amended by inserting the following subsection immediately after Section 5c.:
Appears in 1 contract
Samples: Lease Extension Agreement (Corporate Realty Income Fund I L P)
Renewal Term. (a) Provided that no Event (i) this Lease is in full force and effect as of the date of the Renewal Notice (as such term is hereinafter defined), (ii) at the time of exercise of this option or at the time of commencement of the Renewal Term (as defined herein) Tenant shall not be in Default of this Lease, and (iii) Tenant shall have occurred and be continuingphysically occupy one hundred percent (100%) of the initial Premises, the Tenant named in this Lease shall automatically have one option to extend the Term of this Lease for two renewal terms an additional term of five years each one (each such renewal a 1) year (the “Renewal Term”) unless Tenant elects, commencing on the day after the Lease Expiration Date. Tenant’s option with respect to the Renewal Term shall be exercisable by providing Notice written notice (the “Renewal Notice”) to Landlord no given not later than 30 twelve (12) months prior to the scheduled expiration of the Fixed Term or the first Renewal TermLease Expiration Date (i.e. no later than December 31, as applicable, to terminate this Lease upon the expiration of the then current term2014). Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration constitute an extension of the Fixed initial Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the same terms and conditions set forth in this Lease as the initial Term, except that (i) there shall be no further option to renew the Minimum Rent Term of this Lease, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy and Percentage Rent may Landlord shall not be adjusted required to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined make any tenant allowance or reimburse Tenant for any Alterations made or to be made by Landlord and Tenant, after which or grant to Tenant any rent concession, (iii) the Base Rent for the Renewal Term shall be as follows: Renewal Term Base RentPer Square FootPer Annum Base RentPer Annum MonthlyBase Rent (iv) Tenant shall not be obligated to pay Base Rent for the first two (2) months of the Renewal Term (i.e. 1/1/2016 – 2/29/2016), and (v) Landlord shall update Exhibit A grant to Tenant an additional “rent credit” with respect to the third installment of Monthly Base Rent to be paid during the Renewal Term in the amount of Fifty-Two Thousand Sixteen and Exhibit C 67/100 Dollars ($52,016.67) so that Tenant’s first installment of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Monthly Base Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord reduced to Five Thousand and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term00/100 ($5,000.00).
Appears in 1 contract
Samples: Lease Agreement (MCG Capital Corp)
Renewal Term. At the beginning of the renewal term of this Lease, the Basic Annual Rent shall be adjusted, and Tenant shall pay to Landlord during the entire renewal term, as Annual Rent, an amount which shall be equal to the then Market Rent (aas defined herein) Provided that no Event for the Premises; provided, however, such Basic Annual Rent shall not be less than the Basic Annual Rent in effect immediately prior to the commencement of Default the renewal term. The Market Rent for the Premises shall have occurred be determined by agreement of Landlord and be continuing, Tenant in writing attached as a supplement to this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord arrived at no later than 30 months one hundred fifty (150) days prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice If Landlord and Tenant cannot so agree on the Market Rent within twenty (20) days thereafter and if Tenant has timely exercised its option to terminate shallrenew, if given, be irrevocable, but Tenant’s failure to terminate Landlord and Tenant shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance each appoint and compensate an industrial real estate broker with at least five (5) years experience and familiarity with the terms hereof.
Larimer County, Colorado commercial and industrial real estate values and rents. The two brokers if appointed shall attempt within thirty (b30) Each Renewal Term days thereafter to determine the fair market rent ("Market Rent") and advise both Landlord and Tenant of such determination. If either Landlord or Tenant is dissatisfied with the rent as determined by the said brokers or if the brokers fail to determine a Market Rent within the specified thirty (30) day period, the Market Rent shall commence be determined by an M.A.I. appraiser selected by said brokers, or if said brokers cannot agree on the day succeeding the expiration identity of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by M.A.I. appraiser within ten (10) days after notice from Landlord and Tenant, after Landlord and Tenant shall within ten (10) days thereafter appoint an M.A.I. appraiser, which Landlord appraiser shall update Exhibit A and Exhibit C determine the Market Rent of this Lease pursuant to Section 3.1(f) hereofthe Premises. Any such adjustment to Minimum Rent and Percentage The determination of Market Rent shall be effective as based upon the five-year rental rate paid for comparable buildings and improvements located within the commercial rental market in which the Premises are located and shall take into account the improvements to the buildings installed and owned by Landlord. If the parties cannot agree upon the identity of the commencement of such Renewal Term. As of appraiser within ten (10) days after the date hereof, on which the Landlord and Tenant hereby confirm that were to have agreed upon the identity of the appraiser, the appraiser shall be selected by Tenant did not deliver from a Notice list of termination three (3) Colorado M.A.I. appraisers provided by Landlord within thirty (30) days thereafter, or selected unilaterally by Tenant if Landlord fails to provide such list in a timely manner. The appraiser's opinion of Market Rent shall be binding as to the Market Rent of the Premises. All appraisers hereunder shall have been an M.A.I. appraiser in Colorado for at least 30 months prior to the scheduled expiration five (5) years. Each party shall pay one-half of the Fixed Term, and so this Lease will automatically renew upon expiration fee of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there appraiser. The appraisal shall be one remaining Renewal Termcompleted within thirty days of request of the appraisal.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the initial Term for all of the Leased Premises for two (a2) Provided that renewal terms of three (3) years each (each a “Renewal Term”), the first such renewal term commencing on the day after the expiration of the initial Term (the “First Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the First Renewal Term Commencement Date and, if the first renewal right is properly exercised in accordance with this Lease, the second such renewal term commencing on the day after the expiration of the first Renewal Term (the “Second Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Second Renewal Term Commencement Date, in each case, unless the applicable Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. A Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than twelve (12) full calendar months, and not later than nine (9) full calendar months, prior to the Expiration Date (or expiration of the first Renewal Term with respect to the second renewal option) (the “Extension Deadline”), and, (ii) at the time of the exercise of such right and, at the option of Landlord, immediately prior to the applicable Renewal Term Commencement Date, no Event of Default under this Lease shall have occurred and be continuing, this Lease continuing hereunder. A Renewal Exercise Notice shall automatically extend for two renewal terms be irrevocable once delivered. Time is of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termExercise Notice. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Base Monthly Rent shall be determined as provided below and (b) if Tenant does not timely exercise the first renewal right, Tenant shall have no further right to renew or extend the Lease Term and if Tenant does timely exercise the first renewal right, after the expiration or sooner termination of the second Renewal Term, Tenant shall have no further right to renew or extend the Lease Term. Upon the commencement of a Renewal Term, (1) the Renewal Term shall be added to and become part of the Lease Term, (2) any reference to “this Lease”, to the “Lease Term”, the “term of this Lease” or any similar expression shall be deemed to include the applicable Renewal Term, and (3) the expiration of such Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the any interest of Tenant under this Lease at any time during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal rights contained herein shall be personal to Cortina Systems, Inc. (and not available to any assignee, or any sublessee or other transferee) and may be exercised only provided and on condition that Cortina Systems, Inc. has not assigned its interest in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement or sublet more than 33% of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective Leased Premises as of the date Tenant purports to give the Renewal Exercise Notice and, at the option of Landlord, upon commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining applicable Renewal Term.
Appears in 1 contract
Samples: Office Lease (Cortina Systems Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, the option to renew ("Renewal Option") this Lease shall automatically extend for two renewal terms one additional term of five (5) years each (each such renewal a “"Renewal Term”) unless Tenant elects"), by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease commencing upon the expiration of the then current term. Any such Notice to terminate shallinitial Term of this Lease, if given, be irrevocable, but Tenant’s failure to terminate shall on the condition that Tenant is not preclude Landlord from exercising in default under the Lease as amended herein in any material respect at the time Tenant gives notice of exercise of its rights to terminate this Lease in accordance with Renewal option or at the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration time of commencement of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, The Renewal shall be on all of the terms, covenantscovenants and conditions of the Lease as amended herein, except (i) there shall be no obligation to provide any tenant improvements, furniture, cabling or other Tenant allowance or to construct any tenant improvements, (ii) Landlord's Operating Expense Contribution for determining Tenant's obligations to pay Additional Rent pursuant to the provisions of Article 54 shall be changed to mean the total amount of Operating Expenses (on a per square foot of rentable area basis) incurred by Landlord during the Calendar Year in which the Renewal Term commences, (iii) there shall be no Right of First Offer or Right to Expand Leased Premises or further right to renew the Term of the Lease, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend (iv) the Term beyond annual Base Rent for the expiration of Leased Premises during the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term shall be the Renewal Term Fair Market Rental Rate ("RTFMRR") as defined in accordance with this Section 2.4subparagraph 7(b) below, then this Lease shall automatically renew at the time the Renewal Term begins. Tenant's Renewal Option may be exercised only by Tenant giving Landlord written notice of Tenant's election to exercise such option, at least nine (9) months prior to the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all initial Term of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market valueLease, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as time being of the commencement of essence with respect to such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termnotice.
Appears in 1 contract
Samples: Lease (Rancher Energy Corp.)
Renewal Term. Capitalized terms used in this Exhibit 7(A) that are not otherwise defined in this Exhibit 7(A), have the meanings ascribed thereto in the Original Lease (unless otherwise noted in this Exhibit 7(A) as having the meanings ascribed thereto in one of the Prior Amendments).
Section 37.1 (A) Subject to the terms of this Article 37, Tenant shall have the option (the “Renewal Option”) to extend the term of this Lease for the Renewal Premises for one (1) additional period of ten (10) years (the “Renewal Term”), which Renewal Term shall commence on February 9, 2040 and end on February 8, 2050, provided that (a) Provided that this Lease has not been previously terminated, (b) no Event of Default shall have has occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each is continuing on the date that Tenant gives Landlord notice (each such renewal a the “Renewal TermNotice”) unless of Tenant’s election to exercise the Renewal Option, (c) the Minimum Square Footage Requirement (as defined in the Original Lease, as amended by Section 11(H) of the Second Amendment) is satisfied on the date that Tenant elects, by providing gives the Renewal Notice to Landlord no later than 30 months prior and (d) Xxxxxx gives Landlord, simultaneously with the Renewal Notice, either (or some combination of) (i) an amendment to the scheduled expiration Letter of Credit (as defined in Section 9(B) of the Fixed Term Second Amendment) (in a form that is reasonably satisfactory to Landlord) and/or (ii) a replacement Letter of Credit that meets the requirements set forth in Section 43.1 hereof, which amendment or replacement (or combination thereof) meet the first Renewal Termfollowing requirements: (x) the final expiry of all Letters of Credit in favor of Landlord under Article 43 is April 8, as 2050 and (y) the aggregate face amount of all Letters of Credit in favor of Landlord is increased to (or equals) One Hundred Million Dollars ($100,000,000.00); provided, however, (I) if Tenant has been entitled to a reduction of the Letter of Credit pursuant to Section 43.4(A) hereof (and such reduction has not been rescinded pursuant to the final sentence of Section 43.4(A)), then such aggregate face amount under subclause (y) shall equal Fifty Million Dollars ($50,000,000.00), subject to subsequent increase if the final sentence of Section 43.4(A) shall be subsequently applicable, (II) if the Letter of Credit has not theretofore been reduced to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease One Hundred Million Dollars ($100,000,000.00) in accordance with the terms of this Lease, then such aggregate face amount under subclause (y) shall equal the amount otherwise required under this Lease at such time, subject, however, to Tenant’s right to reduce the amount thereof pursuant to Section 43.4 hereof.
, and (III) Tenant's delivery of the Renewal Notice shall not be effective for purposes hereof (and shall be of no force or effect) unless Tenant includes therewith such amendment to the Letter of Credit or such replacement Letter of Credit (or such combination thereof) which complies with this subsection (d). The Renewal Option shall be exercisable only by Tenant delivering the Renewal Notice to Landlord not less than two (2) years and one (1) month prior to the Fixed Expiration Date (as to which date time shall be of the essence). Landlord shall have the right to declare Xxxxxx’s exercise of the Renewal Option ineffective if (a) an Event of Default has occurred and is continuing as of the Fixed Expiration Date, or (b) Each Renewal Term shall commence on the day succeeding the expiration Minimum Square Footage Requirement is not satisfied as of the Fixed Term or Expiration Date, in either case by giving notice thereof to Tenant during the preceding Renewal Term, as period commencing on the case may be. Except as otherwise provided below, all Fixed Expiration Date and ending on the date that is fifteen (15) days after the Fixed Expiration Date (it being understood that (x) if Landlord so declares Tenant’s exercise of the termsRenewal Option ineffective, covenants, and provisions then the Term shall terminate on the fifteenth (15th) day after the date that Landlord gives Tenant notice of this Lease shall apply to each such Renewal Term. declaration (with the understanding that Tenant shall have no right pay the Rental due hereunder in respect of the Renewal Term to extend the extent accruing during the period commencing on the first day of the Renewal Term and ending on the date that the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(aso terminates), and such renewal term shall be upon all of the terms and conditions set forth (y) nothing contained in this Lease except that Section 37.1(A) limits Xxxxxxxx’s other rights or remedies after the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement occurrence of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C an Event of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermDefault).
Appears in 1 contract
Samples: Lease Agreement (Alexanders Inc)
Renewal Term. Original Tenant shall have the right to renew the initial Term for all of the Premises for one renewal term of five (a5) Provided that years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than fifteen (15) months, and not later than nine (9) months, prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default default under this Lease shall have occurred and be continuingcontinuing hereunder, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”iii) unless Tenant elects, by providing occupies the entire Premises at the time the Exercise Notice to Landlord no later than 30 months is given and immediately prior to the scheduled expiration of Renewal Term Commencement Date, and (iv) the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shallOriginal Tenant exercises its renewal option, if givenat all, be irrevocable, but Tenant’s failure with respect to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal TermPremises. Tenant shall have no right to extend the Term beyond the expiration Time is of the last Renewal Term. If Tenant does not give Notice that it elects essence with respect to terminate this Lease upon the expiration giving of the Fixed Term or initial Exercise Notice. The Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Lease except that Section 2.5, then Tenant shall have no further right to renew the Minimum Rent and Percentage Rent may be adjusted Term unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofTerm, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior (2) any reference to “this Lease”, to the scheduled “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration of the Fixed TermRenewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to Original Tenant, and so this Lease will automatically renew upon expiration may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermOriginal Tenant’s interest in this Lease).
Appears in 1 contract
Samples: Lease Agreement (Cereplast Inc)
Renewal Term. (a) 51.1 Provided that no Event Tenant is not in Default of Default this Lease at the time its rights hereunder are to be exercised, Tenant shall have occurred and be continuingthe option (each, this a “Renewal Option”) to extend the Lease shall automatically extend Term for two renewal terms (2) periods of five years one hundred twenty (120) months each (each such renewal referred to as a “Renewal Term”) unless provided Tenant elects, by providing Notice gives written notice to Landlord no later of its election to exercise such Renewal Option (the “Renewal Notice”) not more than 30 eighteen (18) nor less than twelve (12) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last day of the initial Lease Term or, as applicable, the initial Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration Time is of the Fixed Term or initial Renewal Term essence in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the 51.
51.2 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(s), except the Base Rent shall be as set forth in this Lease except that the Minimum Section 51.
51.3 The Base Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at payable upon the commencement of such the Renewal Term shall equal one hundred percent (100%) of the then prevailing market rental rate (including base rental rate and annual escalation rate) applicable to renewal termterms with respect to comparable space in comparable buildings in the vicinity of the Project, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f(the “Fair Market Rate” or “FMR”) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as at the time of the commencement of such the applicable Renewal Term. As , determined based upon then existing renewal market conditions applicable to the leasing of comparable space in comparable buildings in the vicinity of the date hereofProject (taking into consideration use, location, quality, age and location of the applicable building and the definition of net rentable area as well as then market lease concessions, and improvement allowances). Further, the Fair Market Rate shall be determined on a net basis, with Tenant remaining responsible for all Additional Rent as set forth herein. Landlord and Tenant hereby confirm that Tenant did not deliver shall negotiate in good faith and in accordance with the procedure set forth in Section 51.4, below, to determine the Fair Market Rate which will be applicable during the Renewal Term, with the goal of concluding such negotiation or triggering a Notice of termination at least 30 months prior to the scheduled expiration determination of the Fixed TermFMR using a three-broker method (as described in Section 51.5, and so this Lease will automatically renew upon expiration below) within not more than sixty (60) days after the date of Landlord’s receipt of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermNotice.
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default SECTION 30.01. Lessee named herein, shall have occurred and be continuingthe right, at its option, to extend this Lease shall automatically extend for two renewal terms of five years each a term (each such renewal a “"Renewal Term”") unless Tenant elects, of Five (5) years (to commence on the Expiration Date originally provided for herein and to end at noon on the Fifth (5th) anniversary of such Expiration Date originally provided for herein) by providing Notice to Landlord no later giving Lessor notice of such election at any time but not less than 30 Six (6) months prior to the scheduled expiration Expiration Date originally provided for herein (time being of the Fixed essence with respect thereto), and upon the giving of such notice this Lease thereupon shall, subject to the provisions of Section 30.02, be automatically extended for the Renewal Term or with the first same force and effect as if the Renewal Term had been originally included in the Term, without the execution of any further instrument.
SECTION 30.02. Any notice of election to exercise the option to extend as applicablehereinbefore provided must be in writing and sent to Lessor as provided in Article 21. Neither the option granted to Lessee in this Article to extend the Term, nor the exercise of such option by Lessee, named herein shall prevent Lessor from exercising any option or right granted or reserved to Lessor in this Lease to terminate this Lease, and the effective exercise of any such right of termination by Lessor shall terminate any such renewal or extension and any right of Lessee to any such renewal or extension, whether or not Lessee shall have exercised any such option to extend the Term. Any such option or right on the part of Lessor to terminate this Lease upon pursuant to the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate provisions hereof shall not preclude Landlord from exercising continue during any of its rights to terminate this Lease in accordance with the terms hereofRenewal Term.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may beSECTION 30.03. Except as otherwise provided below, all All of the terms, covenants, covenants and provisions conditions of this Lease shall apply to each such continue in full force and effect during the Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice except that it elects to terminate this Lease upon the expiration of (i) the Fixed Term or initial Rent for the Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect be as provided in Section 2.4(a30.04 (all other rent and charges payable by Lessee remaining unaffected), and such renewal term (b) there shall be upon all no further privilege of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C extension of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of beyond the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
SECTION 30.04. During the Renewal Term, Lessee shall pay to Lessor annual Fixed Rent, at the same times and in the same manner as in the Term originally provided for, as follows:
A. During and in respect of the period from December 1, 2005 through November 30, 2006 (both dates inclusive), an amount equal to Fifty-Eight Thousand, Three Hundred and Ninety and 08/100 ($58,390.08) Dollars (inclusive of electric) payable in equal monthly installments of Four Thousand, Eight Hundred and Sixty-Five and 84/100 ($4,865.84) Dollars (inclusive of electric); and
B. During and in respect of the period from December 1, 2006 through November 30, 2007 (both dates inclusive), an amount equal to Sixty Thousand, Eighteen and 00/100 ($60,018.00) Dollars (inclusive of electric) payable in equal monthly installments of Five Thousand, One and 50/100 ($5,001.50) Dollars (inclusive of electric); and
C. During and in respect of the period from December 1, 2007 through November 30, 2008 (both dates inclusive), an amount equal to Sixty-One Thousand, Six Hundred and Ninety-Four and 76/100 ($61,694.76) Dollars (inclusive of electric) payable in equal monthly installments of Five Thousand, One Hundred and Forty-One and 23/100 ($5,141.23) Dollars (inclusive of electric).
D. During and in respect of the period from December 1, 2008 through November 30, 2009 (both dates inclusive), an amount equal to Sixty-Three Thousand, Four Hundred and Twenty-One and 80/100 ($63,421.80) Dollars (inclusive of electric) payable in equal monthly installments of Five Thousand, Two Hundred and Eighty-Five and 50/100 ($5,285.50) Dollars (inclusive of electric); and
E. During and in respect of the period from December 1, 2009 through November 30, 2010 (both dates inclusive), an amount equal to Sixty-Five Thousand, Two Hundred and 68/100 ($65,200.68) Dollars (inclusive of electric) payable in equal monthly installments of Five Thousand, Four Hundred and Thirty-Three and 39/100 ($5,433.39) Dollars (inclusive of electric).
Appears in 1 contract
Samples: Lease Agreement (Mevc Draper Fisher Jurvetson Fund I Inc)
Renewal Term. Section 39.1 Tenant shall have the option (the “Renewal Option”) to extend the Term of this Lease for one (1) additional period of five (5) years (the “Renewal Term”), which Renewal Term shall commence on the date immediately succeeding the Fixed Expiration Date and end on the fifth (5th) anniversary of the Fixed Expiration Date provided that (a) Provided that this Lease shall not have been previously terminated, (b) Tenant shall occupy at least eighty percent (80%) of the Premises for the conduct of its business and (c) no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a x) on the date Tenant gives Landlord written notice (the “Renewal TermNotice”) unless of Tenant’s election to exercise such Renewal Option, and (y) on the Fixed Expiration Date. The Renewal option may be exercised with respect to the entire Premises only and shall be exercisable by Tenant elects, by providing delivering the Renewal Notice to Landlord no later than 30 at least twelve (12) months prior to the scheduled expiration Fixed Expiration Date. Time is of the essence with respect to the giving of the applicable Renewal Notice. Upon the giving of the Renewal Notice, Tenant shall have no further right or option to extend or renew the Term.
Section 39.2 If Tenant exercises the Renewal Option, the Renewal Term shall be upon the same terms, covenants and conditions as those contained in this Lease, except that (i) the Fixed Rent shall be deemed to mean the Fixed Rent as determined pursuant to Section 39.3, (ii) Tenant shall not be entitled to any further abatement or credit against the Fixed Rent pursuant to Article 1 herewith and (iii) Landlord will not be required to perform Landlord’s Work.
Section 39.3 For the Renewal Term or the Fixed Rent shall be determined as follows:
(A) The Fixed Rent for the Premises for the Renewal Term shall be an amount equal to the annual fair market rental value of the Premises (the “Fair Market Rent”) on the first day of the Renewal Term (hereinafter referred to as the “Rental Value”). The Fair Market Rent shall be determined taking into account all relevant factors and as if the Premises were available in the then rental market for comparable first-class market buildings in midtown Manhattan and assuming that Landlord has had a reasonable time to locate a tenant who rents with the knowledge of the uses to which the Premises can be adapted, and that neither Landlord nor the prospective tenant is under any compulsion to rent, taking into account:
(i) the fact that the Base Taxes and the Base Operating Expenses provided herein shall change as provided in Article 27 hereof for the purpose of calculating the escalation payments payable pursuant to Article 27 hereof, which payments shall continue to be made during the Renewal Term;
(ii) the fact that as of the commencement of the Renewal Term, as applicableTenant shall not be required to pay, in addition to terminate the escalation payments presently provided for under this Lease upon Lease, Tenant’s Share of such other escalation payments which Landlord is then charging tenants under other leases or offers for leases in the expiration Building or in other buildings then owned by Landlord or its affiliates or under common management with the management company then managing the Building or of such other escalation payments which other landlords are then charging tenants under leases or offers for leases in other office buildings which are similar in character or location to the Building;
(iii) the fact that Landlord shall not be obligated to perform any work including, without limitation, Landlord’s Work, in the Premises to prepare the same for Tenant’s occupancy; and
(iv) the fact that Tenant shall not be entitled to any abatement or credit against the Fixed Rent.
(B) For purposes of determining the Fair Market Rent, the following procedure shall apply:
(1) the Fair Market Rent shall be determined by Landlord on the basis of the highest and best office use of the Premises assuming that the Premises are free and clear of all leases and tenancies (including this Lease), and, at the election of Landlord, that the Premises are occupied by one (1) tenant or are subdivided and occupied by more than one (1) tenant, whether improved or unimproved.
(2) Landlord shall give Tenant written notice (the “Rent Notice”) within one hundred twenty (120) days prior to the Fixed Expiration Date, which Rent Notice shall set forth Landlord’s determination of the Fair Market Rent (“Landlord’s Determination”). If Landlord shall fail or refuse to give such notice as aforesaid, the Rental Value shall be deemed to be the sum of (x) the Fixed Rent payable by Tenant on the Expiration Date and (y) the annualized Escalation Rent payable on the Expiration Date with respect to the applicable Tax Year or Operating Year occurring on the Expiration Date (the amounts set forth in clauses (x) and (y) are referred to as the “Last Year Rental” then current term. Any such Notice to terminate shallpayable by Tenant on the Fixed Expiration Date.
(3) If Landlord’s Determination exceeds the Last Year Rental payable by Tenant on the Expiration Date, if given, be irrevocable, but then Tenant shall give Landlord written notice (“Tenant’s failure Notice”), within thirty (30) days after Tenant’s receipt of the Rent Notice, of whether Tenant accepts or disputes Landlord’s Determination. If Tenant in Tenant’s Notice accepts Landlord’s Determination or if Tenant fails or refuses to terminate give Tenant’s Notice as aforesaid, Tenant shall not preclude Landlord from exercising any of its rights be deemed to terminate this Lease have accepted Landlord’s Determination for the Renewal Term in accordance with the terms of this Article. If Tenant in Tenant’s Notice disputes Landlord’s Determination, Tenant shall deliver to Landlord, within thirty (30) days after Tenant’s receipt of the Rent Notice, Tenant’s determination of the Fair Market Rent (“Tenant’s Determination”) as determined by an independent real estate appraiser (“Tenant’s Appraiser”), together with a copy of the appraisal prepared by Tenant’s Appraiser.
(4) Landlord shall give Tenant written notice (“Landlord’s Notice”), within thirty (30) days after Landlord’s receipt of Tenant’s Determination, of whether Landlord accepts or disputes Tenant’s Determination. If Landlord in Landlord’s Notice accepts Tenant’s Determination or if Landlord fails or refuses to give Landlord’s Notice as aforesaid. Landlord shall be deemed to have accepted Tenant’s Determination. If Landlord in Landlord’s Notice disputes Tenant’s Determination, Landlord shall appoint an independent real estate appraiser (“Landlord’s Appraiser”). If within thirty (30) days after Tenant’s receipt of Landlord’s Notice in dispute, Landlord’s Appraiser and Tenant’s Appraiser shall mutually agree upon the determination (the “Mutual Determination”) of the Fair Market Rent, their determination shall be final and binding upon the parties. If Landlord’s Appraiser and Tenant’s Appraiser shall be unable to reach a Mutual Determination within said thirty (30) day period, both of the Appraisers shall jointly select a third independent real estate appraiser (“Third Appraiser”) whose fee shall be borne equally by Landlord and Tenant. In the event that Landlord’s Appraiser and Tenant’s Appraiser shall be unable to jointly agree on the designation of the Third Appraiser within five (5) days after they are requested to do so by either party, then the parties agree to allow the American Arbitration Association, or any successor organization to designate the Third Appraiser in accordance with the rules, regulations and/or procedures then obtaining of the American Arbitration Association or any successor organization.
(5) The Third Appraiser shall conduct such hearings and investigations as he may deem appropriate and shall, within thirty (30) days after the date of designation of the Third Appraiser, choose either Landlord’s or Tenant’s Determination, and such choice by the Third Appraiser shall be conclusive and binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses if any, in connection with any arbitration under this Section, including the expenses and fees of any Appraiser selected by it in accordance with provisions of this Article. Any Appraiser appointed pursuant to this Article shall be an independent real estate appraiser with at least ten (10) years’ experience in leasing and valuation of properties which are similar in character to the Building, and a member of the American Institute of Appraisers of the National Association of Real Estate Boards and a member of the Society of Real Estate Appraisers. The Appraisers shall not have the power to add to, modify or change any of the provisions of this Lease.
(6) It is expressly understood that any determination of the Fair Market Rent pursuant to this Article shall be based on the criteria stated in Section 39.3 hereof.
(bC) Each Renewal Term shall commence on the day succeeding the expiration After a determination has been made of the Fixed Term or Rental Value for the preceding Renewal Term, the parties shall execute and deliver to each other an instrument setting forth the Rental Value as hereinabove determined.
(D) If the case may be. Except as otherwise provided below, all final determination of the terms, covenants, and provisions of this Lease Rental Value shall apply to each such Renewal Term. Tenant shall have no right to extend not be made on or before the Term beyond the expiration first day of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with the provisions of this Section 2.4Article, then this Lease pending such final determination Tenant shall automatically renew at continue to pay, as the end Fixed Rent for the Renewal Term, an amount equal to Landlord’s Determination (subject to escalation pursuant to Article 27 hereof). If, based upon the final determination hereunder of the term then in effect as provided in Section 2.4(a)Rental Value, and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined payments made by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration on account of the Fixed Rent for such portion of the Renewal Term were (i) less than the Rental Value payable for the Renewal Term, and so this Lease will automatically renew upon expiration Tenant shall pay to Landlord the amount of such deficiency within ten (10) days after demand therefor or (ii) greater than the Fixed Term Rental Value payable for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term, Landlord promptly shall refund to Tenant the amount of such excess.
Appears in 1 contract
Renewal Term. (a) Provided that no there shall not then exist an uncured "Event of Default Default" (as such term is defined in Article 13 below) on the date Tenant delivers Tenant's Renewal Notice (hereinafter defined) to Landlord, Tenant shall have occurred and be continuing, the option (the "Renewal Option") to renew the term of this Lease shall automatically extend for two one renewal terms of five years each term (each such renewal a “the "Renewal Term”"), for ten (10) unless years. The Renewal Option for the Renewal Term shall be exercised by written notice from Tenant electsto Landlord (the "Tenant's Renewal Notice") to the effect that Tenant desires to renew the term of this Lease, by providing to be given not later than two years prior to the Expiration Date of the Initial Term ("Option Exercise Date"). If Tenant shall fail to give Tenant's Renewal Notice to Landlord no later than 30 months prior to on or before the scheduled expiration of Option Exercise Date, then the Fixed Term Renewal Option shall not lapse and Landlord shall not enter into a lease(s) for the Premises or the first Renewal Term, as applicable, to terminate this Lease upon any portion thereof for any period after the expiration of the then current termInitial Term, unless (i) Landlord shall have given Tenant written notice that Tenant has not exercised Tenant's right to extend the term of this Lease, and (ii) an additional period of fifteen (15) business days, during which additional period Tenant may exercise such right to extend the term of this Lease, has elapsed from receipt of such notice by Tenant. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate If Tenant shall not preclude Landlord from exercising any have exercised the Renewal Option prior to the expiration of said fifteenth (15th) business day, then Tenant's right to extend the Initial Term shall be deemed to have been waived. The Renewal Term shall be on the same covenants, agreements, terms, provisions and conditions as are contained herein, except as expressly provided herein to the contrary. The rent payable during the Renewal Term shall be as provided in Section 4.04. If Tenant fails to exercise effectively its rights to Renewal Option (and the Renewal Term does not become effective), then the Lease shall terminate this Lease in accordance with on the terms hereoforiginal Expiration Date as herein provided.
(b) Each At any time after the Renewal Term shall commence on has become effective and the day succeeding rent payable during the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4determined, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord upon request of either, shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of execute an agreement supplementary hereto identifying the commencement of such Renewal Term. As of Annual Rental payable during the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
(c) For all purposes under this Lease, the term "initially named Tenant herein" shall be deemed to refer only to: (i) the corporate entity which is Xxxxxxxxxx Xxx. (whether or not known by or using such name), (ii) any "Successor Corporation" (defined below), and (iii) any Affiliate of Xxxxxxxxxx Xxx. or of a Successor Corporation. The term "Successor Corporation" shall be deemed to refer to and include any entity which (x) Xxxxxxxxxx Xxx. is merged into or consolidated with, or (y) acquires all or substantially all of the assets or stock of Xxxxxxxxxx Xxx. From and after the date on which an entity qualifies hereunder as a Successor Corporation, such entity shall, as applicable under this Lease, be deemed to be Xxxxxxxxxx Xxx. Within sixty (60) days following the occurrence of any transaction which Tenant believes results in the existence of a Successor Corporation, Tenant shall give Landlord notice thereof. If, within sixty (60) days following receipt of such notice, Landlord shall request evidence to support Tenant's determination that such transaction has resulted in the existence of a Successor Corporation, Tenant shall promptly furnish Landlord with such evidence. Without limiting the nature of what constitutes acceptable evidence, Landlord agrees that the opinion letter of an independent attorney or the certified statement of an independent certified public accountant to the effect that such transaction resulted in the existence of a Successor Corporation shall be deemed presumptive evidence of the same.
Appears in 1 contract
Samples: Lease Agreement (Scholastic Corp)
Renewal Term. The Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, shall have the right to renew the New Term for all of the existing Premises for one renewal term of five (a5) Provided that years (the “Renewal Term”) commencing on April 1, 2028 (the “Renewal Term Commencement Date”) and ending on March 31, 2033, unless the Renewal Term shall sooner terminate pursuant to any of the terms of the Lease, as amended, or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than twelve (12) months, and not later than nine (9) months, prior to the New Term Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default default under the Lease, as amended, shall have occurred and be continuingcontinuing hereunder, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”iii) unless Tenant elects, by providing occupies the entire Premises at the time the Exercise Notice to Landlord no later than 30 months is given and immediately prior to the scheduled expiration of the Fixed Renewal Term or the first Renewal TermCommencement Date, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shalland (iv) Tenant exercises its renewal option, if givenat all, be irrevocable, but Tenant’s failure with respect to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal TermPremises. Tenant shall have no right to extend the Term beyond the expiration Time is of the last Renewal Term. If Tenant does not give Notice that it elects essence with respect to terminate this Lease upon the expiration giving of the Fixed Term or initial Exercise Notice. The Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of the Lease, as amended, except that (a) the Rent for the Renewal Term shall be determined as provided in Section 9.2 below and (b) if Tenant exercises the renewal option set forth in this Lease except that Section 9, then Tenant shall have no further right to renew the Minimum Rent and Percentage Rent may be adjusted New Term unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofNew Term, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior (2) any reference to “the Lease”, to the scheduled expiration “New Term”, the “term of the Fixed TermLease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration date of the Renewal Term shall become the New Term Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under the Lease, as amended, at any time during the New Term shall automatically terminate the renewal right set forth in this Section 9. The rights contained in this Section 9 shall be personal to the Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, and so this Lease will automatically renew upon expiration may only be exercised by the Original Tenant or any such Related Entity (and not any other assignee, or any sublessee or other transferee of Original Tenant’s interest in the Fixed Term for the first Renewal Term of five yearsLease, commencing on November 1, 2018, and there shall be one remaining Renewal Termas amended).
Appears in 1 contract
Samples: Lease (ChromaDex Corp.)
Renewal Term. (a) Provided that no Event of Default Lessee shall have occurred and be continuing, an option to extend the Initial Term of this Lease shall automatically extend for two up to three (3) additional renewal terms of five seven (7) years each (each of such renewal additional seven-year terms are referred to as a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable), but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease only in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, manner and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C Lease. The Initial Term of this Lease pursuant and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to Section 3.1(f) hereofas the “Term” or “Terms” of this Lease. Any Lessee may extend the term of this Lease for one or more such adjustment additional seven-year terms, at Xxxxxx’s option. Lessee shall not have the right to Minimum Rent and Percentage Rent renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of this Lease to a particular time period, ail terms of this Lease shall be effective as during the Renewal Terms. Lessee shall not have the right to extend the term of this LeaSe for more than one Renewal Term at a time. In the commencement of such Renewal event Lessee elects to exercise the right to extend the Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did Lessee shall give written notice to Lessor not deliver a Notice of termination at least 30 less than two (2) months prior to the scheduled expiration of the Fixed then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the then-current term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and so this Lease will automatically renew upon expiration shall terminate at the conclusion of the Fixed Term for then-current term without further notice or action by any party. As used in this Lease, the first phrase “Term” shall include the Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining or Renewal Terms unless the “Initial Term” is specified.
Appears in 1 contract
Samples: Lease Agreement With Option to Purchase (Remembrance Group, Inc.)
Renewal Term. If the Renewal Notice is timely given, the Renewal Term will be on the same terms and conditions as those contained in the Lease except as follows:
i. There shall be no further rights to renew after the exercise of the Renewal Option granted herein;
ii. Any Tenant Improvement Allowances, TI Allowance, rental concessions, Landlord’s Work or other such allowance or improvements provided by Landlord to Tenant in the Lease shall not be applicable in the Renewal Term;
iii. The Base Rent for the Renewal Term shall be 100% of the Fair Market Rental Value as determined by agreement between Landlord and Tenant or, if Landlord and Tenant are unable to agree, as set forth in sub-paragraph C immediately below. For purposes of this Article 50 the Fair Market Rental Value of the Premises shall be the amount that a willing, comparable, new (i.e., non-renewal), non-equity tenant would pay, and that a willing landlord of a comparable space, both in terms of size and age of the Premises and within a five (5) mile radius of Cranberry Xxxxx Office Park, would accept at arms’ length. The Fair Market Rental Value for the Renewal Term may be less than or greater than the Base Rent paid by Tenant during the Lease Term. Appropriate consideration shall be given to (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
annual rental rate per rentable square foot; (b) Each Renewal Term the definition of rentable square feet for purposes of comparing the rate; (c) location, quality and age of the Building; (d) the financial condition (e.g., creditworthiness) of Tenant; (e) escalation (including type, base year and stop) and abatement provisions reflecting free rent and /or no rent during the period of construction; (f) brokerage commissions, if any, (g) length of the lease term; (h) size and location (including floor level) of the Premises; (i) building standard work letter and/or tenant improvement allowance, if any; provided, however, the Fair Market Rental Value shall commence not include any tenant improvements or any alterations made by Tenant; (j) condition of space; (k) lease takeover/assumptions; (l) moving expenses and other concessions; (m) extent of services to be provided; (n) distinctions between “gross” and “net” leases; (o) base year figures or expense stops for escalation purposes for both operating costs and ad valorem/real estate taxes; (p) the time the particular rental rate under consideration becomes or is to become effective; (q) applicable caps, if any, on the day succeeding amount of real estate taxes and assessments passed through to tenants; and (r) other generally applicable conditions of tenancy for the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Termspace in question. Tenant shall have no right obtain the same rent and other benefits that Landlord would otherwise give to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termany comparable prospective tenant.
Appears in 1 contract
Samples: Lease (OMNICELL, Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuingthe right, exercisable as hereinafter provided, to extend the Term of this Lease shall automatically extend for two renewal terms four (4) successive periods of five (5) years each (each such renewal a the “First Renewal Term,” the “Second Renewal Term,” the “Third Renewal Term,” and the “Fourth Renewal Term,” and collectively the “Renewal Terms”). Each such Renewal Term is hereby granted upon the same covenants, terms and conditions as those provided in this Lease for the Term, except for the payment of Base Rent, which shall be governed by Section 4.2 of this Lease. If Tenant desires to extend the Term of this Lease for any Renewal Term, it shall provide Landlord with written notice (the “Renewal Notice”) unless Tenant elects, by providing Notice to Landlord no later than 30 the day which is twelve (12) months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided belowIf Tenant shall fail timely to provide the Renewal Notice, all Landlord agrees to deliver to Tenant a written notice informing Tenant that it did not provide the Renewal Notice. After receipt of Landlord’s notice, Tenant shall have an additional fifteen (15) day period in which to deliver the terms, covenantsRenewal Notice, and provisions the Renewal Term shall then be considered to have been properly exercised if Tenant delivers the Renewal Notice within such fifteen (15) day period. The Base Rent per annum applicable to any Renewal Term shall be the amount indicated in Section 1.1(h) of this Lease. If the Term of this Lease shall apply to each such is not extended for the First Renewal Term. , Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term hereof for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining any subsequent Renewal Term.
Appears in 1 contract
Samples: Lease Agreement (American Realty Capital Trust, Inc.)
Renewal Term. (a) Provided that no Event of Default Tenant is hereby granted and shall have occurred and be continuingfour (4), this Lease shall automatically extend for two renewal terms of five years each (5)-year options to renew the Term (each such renewal a “Renewal Term”) unless provided that: (a) Tenant electsis not in default under this Lease beyond any applicable notice and cure periods; (b) Tenant is open and operating in the Premises; and (c) Tenant provides Landlord with written notice on a timely basis in the manner described below. The options to renew shall be exercised by Xxxxxx, if at all, by providing Notice delivering to Landlord no written notice of its election to renew the term of this Lease as herein provided not earlier than 12 months and not later than 30 six (6) months prior to the scheduled expiration of date then in effect. If Tenant fails to exercise its option as required by this Section 3.2, then said option will expire automatically and this Section 3.2 shall be null and void. With regard to the Fixed multiple Renewal Term or options granted herein, the second Renewal Term option cannot be exercised unless Tenant timely exercised the first Renewal TermTerm option; the third Renewal Term option cannot be exercised unless Tenant timely exercised the first and second Renewal Term options; and the fourth Renewal Term option cannot be exercised unless Tenant timely exercised the first, as second and third Renewal Term options. For purposes of each option to renew, to the extent applicable, to terminate this Lease upon Base Rent for the expiration first lease year of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each each Renewal Term shall commence on be the day succeeding fair market value for the expiration Leased Property at the time of exercise, as determined by an appraisal prepared by a third-party appraiser of Landlord’s selection. Base Rent for each subsequent lease year of a Renewal Term shall automatically increase by Two and 50/100ths percent (2.50%) upon the anniversary of the Fixed Effective Date. Tenant shall accept the Premises “as is” for each Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the preceding Premises during any Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, All terms and provisions conditions of this Lease shall apply to each such be applicable during the Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice , if exercised by Tenant, except that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term Base Rent shall be upon all of the terms and conditions as set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term3.2.
Appears in 1 contract
Renewal Term. (a) Provided that no Event Tenant is not in default under the Lease (after any applicable notice and lapse of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”applicable cure periods) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration as of the Fixed Term date of exercise or the first Renewal Term, as applicable, to terminate this Lease upon the expiration commencement of the then current term. Any such Notice to terminate shallrenewal term ("RENEWAL TERM COMMENCEMENT DATE"), if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right the option to extend renew the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f("RENEWAL OPTION") hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term entire Premises for one period of five years, (5) years commencing on November 1, 20182007 and expiring on October 31, 2012 ("RENEWAL Term"), exercisable by giving written notice thereof ("RENEWAL NOTICE") to Landlord of its exercise of the Renewal Option not later than February 1, 2007. (Landlord shall make a good faith effort to notify Tenant of the last day for Tenant's exercise of the Renewal Option at least thirty (30) days prior to such date, but failure by Landlord to provide such notice shall not constitute a default by Landlord under the Lease.)
(b) The Basic Rent payable hereunder for the Premises during the Renewal Term shall be adjusted to the Fair Market Rental Rate (as defined in Section 35.1 of the Original Lease, provided that such rate shall be determined based on leases for space within the Project of comparable size to the Premises and which are entered into within the eighteen (18) month period prior to the date such rate is determined hereunder with tenants having similar creditworthiness as Tenant, if and to the extent such comparable transactions are available for comparison). Landlord shall notify Tenant of Landlord's determination of the Fair Market Rental Rate not later than May 1, 2007, and there such determination shall be one remaining subject to Tenant's appraisal rights set forth in Section 35.1 of the Original Lease, provided that references therein to the definition of the Fair Market Rental Rate set forth in Section 35.2 of the Original Lease shall mean said Section 35.2 as modified by the provisions of this Paragraph.
(c) During the Renewal Term, Tenant shall pay Additional Rent in accordance with the provisions of Article 5 of the Original Lease, as amended.
Appears in 1 contract
Samples: Lease (Symantec Corp)
Renewal Term. Tenant shall have the right to renew the Term ------------ for all of the Premises for one (1) renewal term of five (5) years ("Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal right (the "Exercise Notice") not later than fourteen (14) months prior to the Expiration Date, (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event of Default shall have occurred and be continuingcontinuing hereunder, this Lease and (c) Tenant and/or a Related Entity shall automatically extend for two renewal terms be in occupancy of five years each at least sixty-six percent (each 66%) of the rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice of Tenant's exercise of such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termoption. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions set forth in this Lease hereof binding upon Tenant, except that the Minimum Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 34.2 and Percentage Rent may be adjusted Tenant shall have no further right to reflect fair market value, terms and conditions at renew the Term. Upon the commencement of such renewal termthe Renewal Term, as mutually determined by Landlord (A) the Renewal Term shall be added to and Tenantbecome part of the Term (but shall not be considered part of the initial Term), after which Landlord shall update Exhibit A and Exhibit C (B) any reference to "this Lease", to the "Term", the "term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease" or any similar expression shall be effective as of deemed to include the commencement of such Renewal Term. As of , and (C) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termbecome the Expiration Date.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, the option to renew this Lease shall automatically extend for two renewal three (3) additional five (5) year terms of five years each (each such renewal a “Renewal Term”) unless commencing on the date the Initial Term expires. Tenant’s option to renew this Lease shall be exercised in each instance by Tenant elects, by providing Notice written notice of renewal (the “Renewal Notice”) to Landlord no later than 30 at least six (6) months prior to the scheduled expiration end of the Fixed Term or the first Renewal Initial Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising or any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided belowUpon Landlord’s receipt of a Renewal Notice, all of the terms, covenants, and provisions of this Lease shall apply to each such will renew for a Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed then current Initial Term or initial Renewal Term, as the case may be, unless Tenant is in material breach or default under the Lease in which event Landlord shall so notify Tenant in writing of such material breach or default (the “Notice of Breach”) within thirty (30) days following Landlord’s receipt of the Renewal Notice, and such Notice of Breach shall specify in detail the nature of Tenant’s breach or default. Tenant shall have a period of sixty (60) days following its receipt of any such Notice of Breach to cure the breach or default identified in the Notice of Breach, and if such breach or default is not cured by Tenant within such sixty (60) day period, the Lease shall not renew. In the event Landlord fails to timely provide to Tenant the Notice of Breach as provided above or does not provide any such notice, the Lease shall renew for the Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such ’s Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermNotice.
Appears in 1 contract
Renewal Term. (ai) Provided that no Event Tenant is not in default under this Lease as of Default the date of exercise or the commencement of the Renewal Term (“Renewal Term Commencement Date”), Tenant shall have occurred and be continuing, the option to renew this Lease shall automatically extend (“Renewal Option”) for two renewal terms the entire Premises for one (1) period of five (5) years each (each such renewal a “Renewal Term”), exercisable by giving written notice thereof (“Renewal Notice”) unless Tenant elects, by providing Notice to Landlord of its exercise of the Renewal Option at least six (6) and no later more than 30 nine (9) months prior to the scheduled expiration of the Fixed initial Term or of this Lease.
(ii) The Base Rent payable hereunder for the first Premises during the Renewal Term, Term shall be adjusted to the Fair Market Rental Rate (as applicable, to terminate this Lease upon the expiration defined in Article 25) as of the then current termRenewal Term Commencement Date; provided, however, in no event shall the Base Rent during the Renewal Term be less than the Base Rent payable hereunder in the month immediately preceding the Renewal Term Commencement Date. Any such Notice Tenant shall continue during the Renewal Term to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease pay all Additional Rent in accordance with the terms hereof.
(b) Each Renewal Term shall commence on of this Lease. In order to determine the day succeeding Fair Market Rental Rate for the expiration of the Fixed Term or the preceding Renewal Term, as Landlord and Tenant, thirty (30) days after the case may be. Except as otherwise provided belowdate on which the Renewal Notice is given by Tenant, all shall each simultaneously submit to the other in writing its good faith estimate of the termsFair Market Rental Rate, covenantswhich estimates shall in no event be less than the Base Rent payable hereunder in the month immediately preceding the Renewal Term Commencement Date. If the higher of said estimates is not more than one hundred and five percent (105%) of the lower of such estimates, the Fair Market Rental Rate in question shall be deemed to be the average of the submitted rates. If otherwise, and provisions of this Lease shall apply to each such if Landlord and Tenant cannot agree on the Fair Market Rental Rate for the Renewal Term. Tenant shall have no right to extend the Term beyond the expiration within two (2) months after Landlord’s receipt of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4Notice, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term Fair Market Rental Rate shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by a single arbitrator jointly selected by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent arbitrator shall be effective as a real estate broker active for over five (5) years and with generally recognized experience and competence in the leasing of commercial office properties in the vicinity of the commencement of Building; neither Landlord nor Tenant shall consult with such Renewal Term. As of broker as to his or her opinion as to Fair Market Rental Rate prior to the date hereof, appointment (if Landlord and Tenant hereby confirm fail to agree upon and appoint an arbitrator within three (3) months after Landlord’s receipt of the Renewal Notice, then the appointment of the arbitrator shall be made by the Presiding Judge of the Los Angeles Superior Court, or, if he or she refuses to act, by any judge having jurisdiction over the parties). The arbitration shall be conducted by a single arbitrator and shall be on the basis that the arbitrator shall pick one of the two proposed Fair Market Rental Rates submitted by Landlord and Tenant, which is closer to the proposed Fair Market Rental Rate as determined by the arbitrator using the definition set forth in Article 25. Such arbitrator may hold such meetings or hearings and require such briefs or other materials as the arbitrator determines is necessary. The parties agree to be bound by the decision of the arbitrator, which shall be final and non-appealable, 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. If the Fair Market Rental Rate is determined after the Renewal Term Commencement Date, then Tenant.shall continue to pay the Base Rent applicable immediately before the Renewal Term Commencement Date until such determination is made, the parties shall promptly reconcile any additional amounts of Base Rent that may be owed by Tenant did for such interim period, and Tenant shall pay any such additional amounts of Base Rent to Landlord along with the monthly payment of Base Rent next coming due.
(iii) The Renewal Option set forth in this Section 4(B) is personal to Tenant and may not deliver be assigned, transferred or conveyed to any party, except in connection with an assignment of the Lease in its entirety to a Notice of termination permitted Transferee in accordance with Article 21.
(iv) Notwithstanding anything herein to the contrary, if the original Landlord identified in this Lease transfers its interest in the Property at least 30 months any time during the initial Term, the transferee landlord shall have the right, prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five yearsCommencement Date, commencing on November 1, 2018, and there shall be one remaining to terminate the Renewal TermOption in its entirety by giving written notice thereof to Tenant.
Appears in 1 contract
Samples: Office Lease (NGTV)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuingthe right, this Lease shall automatically extend subject to the provisions hereinafter provided, to renew the Term for two renewal terms (2) periods of five (5) years each (each such renewal 5-year period is herein referred to as a “Renewal Term”), on the terms and provisions of this Article provided:
A. This Lease is in full force and effect and Tenant is not in default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited in this Lease, at the time of exercise of the right of renewal and at the time set for commencement of any Renewal Term, but Landlord shall have the right at its sole discretion to waive this condition;
B. That such Renewal Terms shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, the annual Basic Rent for the Renewal Terms shall be an amount equal to ninety-five percent (95%) unless Tenant elects, by providing Notice of the then current annual Basic Rent rate for new leases for similar space in the Buildings according to Landlord no later than 30 Landlord’s then current rental rate schedule for new leases for prospective tenants as in effect six (6) months prior to the scheduled expiration commencement of the Fixed Term or the first applicable Renewal Term; provided, as applicablehowever, the Basic Rent rate for such Renewal Term shall in no event be less than the Basic Rent rate payable by Tenant immediately prior to terminate commencement of the applicable Renewal Term. Upon determination of the Basic Rent rate for the Renewal Terms, the parties shall execute an amendment to this Lease upon to establish and evidence such Basic Rent rate; and
C. That Tenant shall exercise its right to the Renewal Terms provided herein by notifying Landlord in writing of its election to renew the Term for an additional 5-year period on or before the date that is: (i) six (6) months prior to the expiration of the then current term. Any such Notice Term; or (ii) within twenty (20) days after receipt of notice from Landlord to terminate shallTenant that Tenant has failed to exercise its option of extension within the period provided in (i) above, if given, be irrevocable, but Tenant’s failure to terminate and the option(s) of extension shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding lapse until after the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all said twenty (20) day period following receipt of Landlord’s notice.
D. Time is of the terms, covenants, and provisions of this Lease shall apply essence with respect to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with rights granted by this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term1.2.4.
Appears in 1 contract
Samples: Multi Tenant Office Lease Agreement (Pluralsight, Inc.)
Renewal Term. Tenant shall have the option to renew this Lease for one renewal term of 5 years (athe "Renewal Term") Provided that which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no Event event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms continuing hereunder. ________ of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior the _______ with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration notice of Tenant's exercise of the then current term______ renewal option. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions set forth in this Lease hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Minimum Fixed Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, (as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to defined in Section 3.1(f1.1) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective determined as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, provided in Section 37.2 and there shall be one remaining no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.
Appears in 1 contract
Samples: Lease (Kasper a S L LTD)
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, this Lease shall automatically extend the right to renew the Term for all of the Premises for two (2) successive renewal terms of five years each (each such renewal each, a “Renewal Term;” the “First Renewal Term” and the “Second Renewal Term”, respectively) of five (5) years each, by notice (each, a “Renewal Notice”) unless Tenant elects, by providing Notice delivered to Landlord no later not less than 30 eighteen (18) months prior to the scheduled Expiration Date or the expiration of the Fixed Term or the first First Renewal Term, as applicable, to terminate time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxxx Park Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the One Xxxxxxx Park Lease. Upon the giving of each such Renewal Notice, the Term of this Lease upon shall be extended for the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance respective Renewal Term with the terms hereof.
(b) Each same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall commence on January 1, 2024 (the day succeeding the expiration “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, terms and provisions conditions of this Lease shall apply to each such Renewal TermLease. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial The Second Renewal Term in accordance with this Section 2.4shall commence on January 1, then this Lease shall automatically renew at 2030 (the end of the term then in effect as provided in Section 2.4(a“Second Renewal Term Commencement Date”), and shall expire on December 31, 2034, or such renewal term earlier date as this Lease may terminate pursuant to any of the terms and conditions of this Lease. Time is of the essence with respect to the giving of each Renewal Notice. Each Renewal Term shall be upon all of the terms agreements, terms, covenants and conditions set forth of this Lease, except that (w) the Fixed Rent shall be determined as provided in Section 28.2, (x) after the exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be the Tax Year commencing on the July 1st prior to the applicable Renewal Term Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term, (B) any reference in this Lease except that to the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value“Term”, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C “term of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent Lease” or any similar expression shall be effective as of deemed to include the commencement of such respective Renewal Term. As of , and (C) the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Termrespective Renewal Term shall become the Expiration Date. Any termination, and so cancellation or surrender of the entire interest of Tenant under this Lease will automatically renew upon expiration at any time during the Term shall terminate the foregoing rights of the Fixed Term for the first Renewal Term renewal of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermTenant hereunder.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
Renewal Term. The originally named Tenant herein (athe “Original Tenant”) Provided that shall have the right to renew the initial Term for all of the Premises for one (1) renewal term of three (3) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than twelve (12) months, and not later than ten (10) months, prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default default under this Lease shall have occurred and be continuingcontinuing hereunder, this Lease shall automatically extend for two and (iii) Tenant exercises its renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shalloption, if givenat all, be irrevocable, but Tenant’s failure with respect to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal TermPremises. Tenant shall have no right to extend the Term beyond the expiration Time is of the last Renewal Term. If Tenant does not give Notice that it elects essence with respect to terminate this Lease upon the expiration giving of the Fixed Term or initial Exercise Notice. The Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below, and (b) if Tenant exercises the renewal option set forth in this Lease except that Section 2.5, then Tenant shall have no further right to renew the Minimum Rent and Percentage Rent may be adjusted Term unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofTerm, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice (2) any reference to “this Lease,” “the Term,” the “term of termination at least 30 months prior this Lease” or any similar expression shall be deemed to include the scheduled expiration of the Fixed Renewal Term, and so (3) the expiration date of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease will at any time during the Term shall automatically renew upon expiration terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to the Original Tenant and any Permitted Assignee (as defined in Section 13.8 below) and may only be exercised by the Original Tenant or a Permitted Assignee (and not any other assignee, sublessee or transferee of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermOriginal Tenant’s interest in this Lease).
Appears in 1 contract
Samples: Lease Agreement (E2open Inc)
Renewal Term. The Initial Lease Term may be renewed at the option of Tenant. If renewed, the renewal shall be for one additional twelve-month term (athe "Renewal Lease Term"; the Initial Lease Term and the Renewal Lease Term are collectively referred to as the "Lease Term").
2.2.1 If Tenant elects to renew, it shall be a condition to renewal that (i) Provided that no Event Tenant not be in default under any of Default shall have occurred the terms hereof and be continuing(ii) Tenant give Landlord at least four (4) months written notice of its desire to renew.
2.2.2 If Tenant elects to renew all terms, this Lease shall automatically extend continue to apply except Base Rent which shall be calculated in the manner set forth in Section 2.2.3 hereof.
2.2.3 The Base Rent for two renewal terms of five years each (each such renewal a “the Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior Lease Term shall be equal to the scheduled expiration fair rental value (the "FRV") of the Fixed Facility. For the purposes of this Lease, the FRV shall be determined as follows:
(a) By agreement between Landlord and Tenant; or,
(b) If Landlord and Tenant have not or are unable to agree on the FRV within thirty (30) days after the date on which Tenant exercises such option for the Renewal Lease Term or then the first Renewal Term, as applicable, to terminate this Lease upon FRV shall be determined by an independent and qualified MAI appraiser with at least ten (10) years' commercial real estate appraisal experience in the vicinity of the Facility (a "Qualified Appraiser"). Landlord and Tenant shall agree on the appointment of a Qualified Appraiser within seven (7) days after the expiration of the then current termforegoing thirty (30) day period, and each party shall bear one-half (1/2) of the costs and expenses of the Qualified Appraiser. Any such Notice If Landlord and Tenant fail or are unable to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence agree on the appointment of a Qualified Appraiser within such seven (7) day succeeding period, the FRV shall be determined by three (3) Qualified Appraisers, one selected by Landlord and one selected by Tenant (such Qualified Appraisers to be selected within seven (7) days after the expiration of the Fixed Term or the immediately preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of seven (7) day period specified in this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(asentence), and such renewal term the third Qualified Appraiser shall be upon all selected by the appointed Qualified Appraisers. If either Landlord or Tenant shall fail to appoint a Qualified Appraiser, the Qualified Appraiser appointed by the other of them shall select the second Qualified Appraiser within seven (7) days after such failure to appoint. If the two Qualified Appraisers so determined shall be unable to agree on the selection of a third Qualified Appraiser within seven (7) days after the two Qualified Appraisers are determined, then either Qualified Appraiser, on behalf of both, may request such appointment by the American Institute of Real Estate Appraisers (or any successor association or body of comparable standing if such institute is not then in existence). The FRV shall be the average of the terms two closest valuations of the Premises as determined by the Qualified Appraisers. The costs, fees, and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement expenses of such renewal term, as mutually determined each Qualified Appraiser appointed separately by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent respectively, shall be effective as borne by the party who appointed the Qualified Appraiser. The costs, fees, and expenses of the commencement third Qualified Appraiser shall be shared equally between Landlord and Tenant. The FRV determined by such Qualified Appraisers in accordance with this Section, together with copies of such Renewal Term. As of the date hereoftheir appraisal reports, shall be submitted to Landlord and Tenant hereby confirm that Tenant did not deliver a Notice within thirty (30) days after the panel of termination at least 30 months prior to the scheduled expiration three Qualified Appraisers is constituted. The FRV of the Fixed Term, and so Premises determined in accordance with the provisions of this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there Section shall be one remaining Renewal Termbinding and conclusive on Landlord and Tenant.
Appears in 1 contract
Samples: Net Lease Agreement (Bank Jos a Clothiers Inc /De/)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically is in full force and effect and Tenant is not in default under the terms hereof, with the giving of notice and time to cure expired, and more than fifty percent (50%) of the Premises are occupied by the Tenant named herein or a Related Entity, as defined below, Landlord hereby grants to Tenant the option to extend the Initial Term of this Lease (the “Renewal Option”) on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for two renewal terms one period of five (5) years each (each such renewal a “Renewal Term”) unless ). The Initial Term, as extended by the Renewal Term is herein referred to as the Lease Term. In order to exercise the Renewal Option, Tenant elects, by providing Notice to must give Landlord no later written notice thereof not less than 30 twelve months prior to the scheduled expiration Expiration Date of the Fixed Term. The annual Base Rent for the Premises during the Renewal Term shall be the then prevailing market rental rates all relevant factors considered. For purposes hereof, “prevailing market rental rates” shall mean the base rent, including escalations, which a third party (not a renewing tenant or a tenant already in occupancy of the first Premises) would pay to lease the Premises for the period of the Renewal Term, considering (i) a tenant taking possession of the Premises with the existing improvements and betterments in place, as applicableof the date of the Renewal Term, and (ii) a brokerage commission to the extent required to be paid under the agreement by, and between, Landlord and Broker. Landlord shall notify Tenant of the proposed prevailing market rental rate within fifteen (15) days of Tenant’s notice of renewal. If Tenant disputes Landlord’s proposed rate, then Tenant shall, at Tenant’s option, to terminate this Lease upon the expiration be exercised within thirty (30) days following Tenant’s receipt of the then current term. Any such Notice to terminate shallproposed prevailing market rental rate, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any either (a) withdraw its notice of its rights to terminate this Lease in accordance with the terms hereof.
renewal or (b) Each Renewal Term shall commence on elect to have the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair prevailing market value, terms and conditions at the commencement of such renewal term, as mutually rental rate determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term24.14.
Appears in 1 contract
Samples: Building Lease (Qumu Corp)
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to the scheduled expiration In consideration of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of Rent hereinafter reserved and the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms covenants and conditions set forth in this Lease to be observed and performed by Lessee, Lessor hereby demises and leases to Lessee, and Lessee hereby rents and takes from Lessor, the following property (collectively hereinafter referred to as the "Demised Premises"): 0000 Xxxxxxxx-Xxxxxxxxx Xxxx Line Road, Rochester, New York 14623; (a) all the land (the "Land") described in Exhibit A hereto; (b) all buildings, structures and other improvements (the "Improvements") now or hereafter located on the Land, other than Lessee's Equipment as hereinafter defined; and (c) all rights of way or of use, servitudes, licenses, tenements, appurtenances and easements now or hereafter belonging or pertaining unto Lessee, and the permitted successors and assigns of Lessee, upon and subject to all of the terms, covenants and conditions herein contained, for a ten (10) year term commencing on October , 2003, and terminating on October , 2013. If the Lessee is then in compliance with all of the terms and conditions of this Lease, the Lessee shall have one (1) option to renew this Lease for one (1) five (5) year term, which shall commence on the expiration date of the initial term of this Lease. All terms and conditions of this Lease shall remain in full force and effect during the renewal term, except that the Minimum Rent Lessee shall have no other renewal option, and Percentage Rent may the annual rent shall be adjusted to reflect fair market valuethe increase in the Consumer Price Index applicable to the Rochester, terms and conditions at New York, metropolitan area in the period between the commencement date of such the initial term of the Lease and the commencement date of the renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C term of this Lease pursuant to Section 3.1(f) hereofthe Lease. Any such adjustment to Minimum Rent and Percentage Rent This option shall be effective as of exercised by the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months Lessee no later than one hundred twenty (120) days prior to the scheduled expiration date of the Fixed Term, and so initial term of this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease.
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuingthe right, this Lease shall automatically extend subject to the provisions hereinafter provided, to renew the Term for two renewal terms (2) periods of five (5) years each (each such renewal 5-year period is herein referred to as a “"Renewal Term”"), on the terms and provisions of this Article provided:
A. This Lease is in full force and effect and Tenant is not in default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited in this Lease, at the time of exercise of the right of renewal and at the time set for commencement of any Renewal Term, but Landlord shall have the right at its sole discretion to waive this condition;
B. That such Renewal Terms shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, the annual Basic Rent for the Renewal Terms shall be an amount equal to ninety-five percent (95%) unless Tenant elects, by providing Notice of the then current annual Basic Rent rate for new leases for similar space in the Buildings according to Landlord no later than 30 Landlord's then current rental rate schedule for new leases for prospective tenants as in effect six (6) months prior to the scheduled expiration commencement of the Fixed Term or the first applicable Renewal Term; provided, as applicablehowever, the Basic Rent rate for such Renewal Term shall in no event be less than the Basic Rent rate payable by Tenant immediately prior to terminate commencement of the applicable Renewal Term. Upon determination of the Basic Rent rate for the Renewal Terms, the parties shall execute an amendment to this Lease upon to establish and evidence such Basic Rent rate; and
C. That Tenant shall exercise its right to the Renewal Terms provided herein by notifying Landlord in writing of its election to renew the Term for an additional 5-year period on or before the date that is: (i) six (6) months prior to the expiration of the then current term. Any such Notice Term; or (ii) within twenty (20) days after receipt of notice from Landlord to terminate shallTenant that Tenant has failed to exercise its option of extension within the period provided in (i) above, if given, be irrevocable, but Tenant’s failure to terminate and the option(s) of extension shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding lapse until after the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all said twenty (20) day period following receipt of Landlord's notice.
D. Time is of the terms, covenants, and provisions of this Lease shall apply essence with respect to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with rights granted by this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term1.2.4.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the Lease Term for all of the Leased Premises for one renewal term of [*] years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day preceding the [*] anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Provided that Tenant notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not later than [*] prior to the Expiration Date, (b) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default default shall have occurred and be continuing, this continuing following any applicable cure period hereunder; and (c) Tenant occupies no less than [*] of the Lease shall automatically extend Premises for two renewal terms its own use at the time the Exercise Notice is given. Time is of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termExercise Notice. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (w) the Base Rental shall be adjusted as set forth in (i) below, and (x) Tenant shall have no further right to renew the Term. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease except that at any time during the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at Term shall terminate the commencement foregoing right of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termhereunder.
Appears in 1 contract
Samples: Lease Agreement (Boston Beer Co Inc)
Renewal Term. (a) Provided that no Event of Default shall have occurred (i) this Lease is in full force and be effect and Tenant is not then in default under the terms hereof that is continuing, this and (ii) the entirety of the Premises is occupied by the original Tenant named herein (or any Permitted Transferee), Landlord hereby grants to Tenant the option to extend the Lease shall automatically extend Term (the "Renewal Option") for two renewal terms three (3) consecutive periods of five three (3) years each (each such renewal each, a “"Renewal Term”" and collectively, the "Renewal Terms"), on the same terms, conditions and provisions as contained in this Lease, except that (A) unless this provision giving three (3) extension options shall be amended to reflect the remaining options to extend, if any, (B) any improvement allowances or other concessions applicable to the Premises during the Initial Term shall not apply to the Renewal Term, and (C) the Base Rent shall be adjusted as set forth herein. The Initial Term, as extended by the Renewal Terms, if applicable, is herein referred to as the "Term" or the "Lease Term". In order to exercise each Renewal Option, Tenant electsmust give Landlord written notice (each, by providing Notice to Landlord no later a "Renewal Notice") not less than 30 six (6) months prior to the scheduled expiration applicable Expiration Date of the Fixed Initial Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the immediately preceding Renewal Term, as the case may be.
(b) The annual Base Rent for the Premises during each Renewal Term shall be equal to the then-prevailing Market Rental Rate (as hereinafter defined). Except as otherwise provided below"Market Rental Rate" shall mean the annual rate of net rent, all of on a per rentable square foot basis, then prevailing in the termsgreater Northeast Atlanta sub-market for (i) premises comparable in square footage, covenants, location and provisions of this Lease shall apply design to each such the Premises and (ii) premises being leased for a duration comparable to the Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A determine the Market Rental Rate by taking into consideration comparable relevant fact situations involving arm's length negotiations in new and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of renewal leases during the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months 12-month period prior to the scheduled expiration applicable Renewal Term and other relevant factors. Within sixty (60) days following Tenant's delivery of the Fixed TermRenewal Notice to Landlord, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there Landlord shall be one remaining Renewal Term.notify
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default Tenant shall have occurred and be continuing, this Lease shall automatically extend the right to renew the Term for all of the Premises for two (2) consecutive renewal terms of five (5) years each (each such renewal each, a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to commencing on the scheduled day after the expiration of the Fixed initial Term or the first Renewal Term, as applicablethe case may be (each, to terminate this Lease upon the expiration “Renewal Term Commencement Date”), and ending on the day immediately preceding the fifth (5th) anniversary of the then current term. Any applicable Renewal Term Commencement Date, unless such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration sooner terminate pursuant to any of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions terms of this Lease or otherwise. The applicable Renewal Term shall apply to each be exercisable only by written notice delivered by Tenant, as provided in Section 2.6(b) below, provided that, (i) at the time of the exercise of such Renewal Term. Tenant right no default under this Lease beyond any applicable notice and cure period set forth in this Lease shall have occurred and be continuing hereunder and (iii) the Original Tenant or a Related Assignee occupies at least an aggregate of thirty-five thousand (35,000) rentable square feet of the Premises at the time the “Renewal Exercise Notice,” as that term is defined in Section 2.6(b) below, is given. Time is of the essence with respect to the giving of the Renewal Exercise Notice. In no event may Tenant exercise its right to extend the Term beyond for the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial second Renewal Term in accordance with if Tenant fails to timely exercise its right to extend the initial Term for the first Renewal Term under this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term 2.6. Each Renewal Term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent shall be determined as provided in Section 2.6(c) below and (b) Tenant shall have no further right to renew the Term except as provided herein. Upon the commencement of the applicable Renewal Term, (1) such Renewal Term shall be added to and become part of the Term, (2) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include such Renewal Term and (3) the expiration of such Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal rights set forth in this Lease except that Section 2.6. The rights contained in this Section 2.6 shall be personal to the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Original Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent a Related Assignee, and Percentage Rent shall may only be effective as exercised by the Original Tenant or a Related Assignee (and not any other assignee, or any sublessee or transferee of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so Original Tenant’s interest in this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease).
Appears in 1 contract
Samples: Sublease Agreement (Sunrun Inc.)
Renewal Term. (a) Provided that Tenant is occupying at least 80% of the Premises (which 80% shall consist of no Event less than all of Default the 7th Floor Premises, all of the 8lh Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises), Tenant shall have the right to renew the Lease Term for either (A) all of the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises (each of (A) and (B) are referred to herein as the “Renewal Premises”) for one (1) renewal term of three (3) years (the “Renewal Term”) commencing on the day after the Lease Expiration Date (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease, or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than fifteen (15) months, and not later than twelve (12) months, prior to the Lease Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no default by Tenant under this Lease, shall have occurred and be continuingcontinuing thereunder, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”iii) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior to occupies (A) the scheduled expiration entire Premises or (B) all of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below7th Floor Premises, all of the terms8th Floor Premises, covenantsall of the 9th Floor Expansion Premises, and provisions all of the 10th Floor Expansion Premises at the time the Exercise Notice is given, and (iv) Tenant exercises its renewal option, if at all, with respect to (A) all of the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises; provided, however, that if Tenant timely delivers to Landlord the Exercise Notice, Landlord shall have thirty (30) days from receipt of such Exercise Notice to notify Tenant in writing of Landlord’s election to terminate, which election shall be in Landlord’s sole and absolute discretion, Tenant’s right to renew the Lease Term, in which case Tenant’s Exercise Notice, and the renewal right set forth in this Lease Section 17.1, each shall apply to each such Renewal Term. be null and void and of no further force or effect, and Tenant shall have no further right to extend renew the Term beyond the expiration Lease Term, unless otherwise agreed to in writing by Landlord and Tenant. Time is of the last Renewal Term. If Tenant does not give Notice that it elects essence with respect to terminate this Lease upon the expiration giving of the Fixed Term or initial Exercise Notice. The Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent shall be determined as provided in Section 17.2 below, and (b) if Tenant exercises the renewal option set forth in this Section 17, then Tenant shall have no further right to renew the Lease except that the Minimum Rent and Percentage Rent may be adjusted Term, unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofLease Term, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior (2) any reference to “this Lease”, to the scheduled expiration “Lease Term”, to the “term of this Lease” or any similar expression shall be deemed to include the Fixed Renewal Term, and so this Lease will automatically renew upon (3) the expiration date of the Fixed Term for the first Renewal Term shall become the Lease Expiration Date. Any termination, cancellation or surrender of five yearsthe entire interest of Tenant under this Lease, commencing on November 1at any time during the Lease Term, 2018, and there shall automatically terminate the renewal right set forth in this Section 17. The rights contained in this Section 17 shall be one remaining Renewal Termpersonal to the Original Tenant or a Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee (but not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease).
Appears in 1 contract
Samples: Office Lease (Yelp! Inc)
Renewal Term. Effective as of the date hereof (a) Provided that the “Effective Date”), Section 3.5 of the Lease shall be null and void and of no Event further force and effect, provided, however, the following shall be effective as of Default the Effective Date:
A. Tenant shall have occurred the right to extend the Lease Term (the “Renewal Option”) for one additional period of 5 years commencing on May 1, 2011 and be continuingending on April 30, this Lease shall automatically extend for two renewal terms of five years each 201 6 (each such renewal a the “Renewal Term”), if:
1. Landlord receives notice of exercise of the Renewal Option (“Initial Renewal Notice”) unless during the period beginning February 1, 2010 and ending April 30, 2010; and
2. Tenant elects, by providing is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice to Landlord no later than 30 months or at the time Tenant delivers its Binding Notice (defined below); 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 prior to the scheduled expiration of date that Tenant delivers its Initial Renewal Notice or prior to the Fixed Term or date Tenant delivers its Binding Notice; and
5. Tenant executes and returns the first Renewal Term, as applicable, Amendment (defined below) within 15 days after its submission to terminate this Lease upon the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall commence on equal the day succeeding Prevailing Market (defined below) rate per rentable square foot for the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Premises.
C. Tenant shall have no right to extend pay additional rent (i.e., Operating Charges) for the Term beyond Premises during the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end Article V of the term then in effect Lease as provided in Section 2.4(a)amended by Paragraph Ill above, and provided, however, during such renewal term period, the Operating Charges Base Year for the computation of Tenant’s proportionate share of Operating Charges shall be calendar year 2011.
D. Within 30 days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Renewal Term. Tenant, within 15 days after the date on which Landlord advises Tenant of the applicable 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 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 15 day period, Tenant’s Renewal Option shall 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 all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by herein. If Tenant provides Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereofwith a Rejection Notice, Landlord and Tenant hereby confirm that 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 did shall provide Landlord with Binding Notice and Landlord and Tenant shall enter into the Renewal Amendment n 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, 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 deliver a Notice of termination at least 30 months prior 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 scheduled expiration Premises in the Building and office buildings comparable to the Building in the urban core of Reston Town Center. The determination of Prevailing Market shall take into account any material economic differences between the terms of the Fixed TermLease and any comparison lease, such as rent abatements, construction costs and so this Lease 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 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 automatically renew upon expiration of become effective under the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease.
Appears in 1 contract
Renewal Term. (a) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no Not later than 30 ten (10) months prior to the scheduled expiration Fixed Expiration Date (i.e., one (1) month prior to the date Ampex is required to notify Landlord of Ampex’s exercise of its option to extend the Term of the Fixed Lease for the Renewal Term), Sherborne shall notify Ampex in writing as to whether Sherborne intends to continue to use and occupy the Premises during the Renewal Term. In the event that Ampex intends to exercise its option to extend the Term or of the first Lease for the Renewal Term, as applicable, then Ampex shall permit Sherborne and its affiliates to terminate this Lease upon continue to use and occupy the expiration Premises with Ampex during the Renewal Term; provided that: (i) Sherborne shall continue to use and occupy the Premises with Ampex for the duration of the then current term. Any Renewal Term; (ii) Ampex and Sherborne shall negotiate a reasonable adjustment to the reimbursement amounts payable by Sherborne pursuant to paragraph 2 above for such Notice shared use and occupancy, which adjustment shall be proportionate to any change in the rent payable by Ampex and the portion of the Premises to be occupied by Sherborne during the Renewal Term; and (iii) if Ampex and Sherborne are unable to agree on such adjustment, this Agreement shall terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with effective on the terms hereofFixed Expiration Date.
(b) Each Renewal Term shall commence on In the day succeeding event that Ampex does not intend to renew the expiration Lease or continue to occupy the Premises following the Fixed Expiration Date of the Lease, then, not later than ten (10) months prior to the Fixed Term or Expiration Date (i.e., one (1) month prior to the preceding Renewal Term, as the case may be. Except as otherwise provided below, all date Ampex would have been required to notify Landlord of the terms, covenants, and provisions Ampex’s exercise of this Lease shall apply to each such Renewal Term. Tenant shall have no right its option to extend the Term beyond the expiration of the last Lease for the Renewal Term. If Tenant does not give Notice that it elects ), Ampex shall: (i) so notify Sherborne in writing; and (ii) offer to terminate this Lease upon Sherborne the expiration opportunity to negotiate with the Landlord for Sherborne’s renewal of the Fixed Term or initial Renewal Term Lease, all in accordance with this Section 2.4, then this Lease shall automatically renew at and subject to the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the other terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal TermLease.
Appears in 1 contract
Renewal Term. (a) Provided that no Event Coincident with the exercise by the Lessee of Default shall have occurred its option during the Base Term or a Renewal Term then in effect to renew the Lease for a new Renewal Term pursuant to Section 2.4 of the Lease: (i) Lessee may, at Lessee's expense and be continuing, this Lease shall automatically extend for two renewal terms of five years each by written request to the Lessor and the Administrative Agent not earlier than nine (each such renewal a “Renewal Term”9) unless Tenant elects, by providing Notice to Landlord no months nor later than 30 six (6) months prior to the scheduled expiration of Maturity Date then in effect, arrange or request Administrative Agent to solicit bids from Participants to permit Lessee to extend the Fixed Term or the first Operative Documents for another Renewal Term, as applicableand concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date, which shall be the date that is two years after the Maturity Date then in effect; Lessee may, in its sole discretion, accept or reject any and all offers from one or more Participants and in its sole discretion, Lessee may elect, with the consent of the Administrative Agent, which consent shall not be unreasonably withheld, to terminate this Lease upon replace (in accordance with SECTION 2.8(b)) any Participant that does not submit an offer to extend or whose offer is not acceptable to Lessee (in each case, a "NON-CONSENTING PARTICIPANT"); and (ii) on or before the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with Base Term or the terms hereof.
(b) Each Renewal Term then in effect, Lessee, Administrative Agent, Lessor and continuing or new Lenders shall commence on enter into appropriate documentation (including an amendment to this Agreement and the day succeeding Loan Agreement to reflect the agreed-upon economic terms) to effect such renewal of the Lease and the other Operative Documents for such Renewal Term, and concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date. Such renewal of the Lease and concomitant extension of the Final Maturity Date shall be effective for such Participants approving the extension if the Required Entities agree to and approve such extension. None of the Lenders or the Lessor is in any way obligated to bid or offer to participate under the option to renew the Lease or to otherwise remain subject to the Operative Documents after the expiration of the Fixed Base Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the after expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining any Renewal Term.
Appears in 1 contract
Renewal Term. Tenant shall have the right to renew the initial Term for all of the Leased Premises for one (a1) Provided that renewal term of five (5) years (the “Renewal Term”), commencing on the day after the expiration of the initial Lease Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant’s exercise of such renewal right not earlier than fifteen (15) full calendar months, and not later than twelve (12) full calendar months, prior to the Expiration Date (the “Extension Deadline”), and, (ii) at the time of the exercise of such right and, at the option of Landlord, immediately prior to the Renewal Term Commencement Date, no Event of Default under this Lease shall have occurred and be continuing, this Lease continuing hereunder. A Renewal Exercise Notice shall automatically extend for two renewal terms be irrevocable once delivered. Time is of five years each (each such renewal a “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 months prior the essence with respect to the scheduled expiration giving of the Fixed Term or the first Renewal Term, as applicable, to terminate this Lease upon the expiration of the then current termExercise Notice. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each The Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Base Monthly Rent shall be determined as provided below and (b) Tenant shall have no further right to renew or extend the Lease Term. Upon the commencement of the Renewal Term, (1) the Renewal Term shall be added to and become part of the Lease Term, (2) any reference to “this Lease”, to the “Lease Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term, and (3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of any interest of Tenant under this Lease at any time during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal right contained herein shall be personal to PMC-Sierra, Inc. (and Permitted Transferees) (and not available to any other assignee, or any other sublessee or other transferee) and may be exercised only provided and on condition that PMC-Sierra, Inc. has not assigned its interest in this Lease (except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement a Permitted Transferee) or sublet (except to a Permitted Transferee) more than 50% of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective Leased Premises as of the date Tenant purports to give the Renewal Exercise Notice and, at the option of Landlord, upon commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.
Appears in 1 contract
Samples: Office Lease (PMC Sierra Inc)
Renewal Term. Subject to the terms of this Section 2.5, Landlord hereby grants to the originally named Tenant (a“Original Tenant”), and any Related Entity (defined in Section 13.8, below) Provided to whom this Lease is assigned (an “Affiliate Assignee”), the right to renew the initial Term for all of the initial Premises and, at its option, any “First Offer Space,” as that term is defined in Section 2.6, below for one renewal term of five (5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending (the “Renewal Term Expiration Date”) on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not later than nine (9) months, prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Renewal Term Commencement Date, no Event of Default material non-monetary and no monetary default under this Lease beyond any applicable notice and cure period set forth herein shall have occurred and be continuingcontinuing hereunder, this and (iii) Tenant exercises its renewal option, if at all with respect to the entire Premises, excluding any First Offer Space; provided that Tenant shall, in the Exercise Notice, designate whether Tenant is exercising the renewal right with respect to any First Offer Space then being leased by Tenant, the term of which First Offer Space expires prior to the Renewal Term Expiration Date. In the event that Tenant elects to renew the Term of the Lease shall automatically extend for two renewal pursuant to the terms of five years each (each such renewal a “Renewal Term”) unless this Section 2.5, but fails to designate whether Tenant desires to renew the term of any First Offer Space in the Exercise Notice, then Tenant shall be deemed to have elected to extend the term of all First Offer Space. In the event that Tenant elects, by providing Notice or is deemed to Landlord no later than 30 months prior to the scheduled expiration of the Fixed Term or the first Renewal Term, as applicablehave elected, to terminate this Lease upon renew the term of any First Offer Space then being leased by Tenant, then the extended term of any such First Offer Space shall commence (the “First Offer Renewal Commencement Date”) following the expiration of the then current term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
applicable First Offer Term (b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided defined in Section 2.4(a2.6(e), below), and such renewal term shall thereafter expire on the Renewal Term Expiration Date. The period commencing on the First Offer Renewal Commencement Date and expiring on the Renewal Term Expiration Date shall be referred to herein as the “First Offer Renewal Term.” Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the terms agreements, terms, covenants and conditions of this Lease, except that (a) the Rent for the Renewal Term shall be as set forth in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Lease except that Section 2.5, then Tenant shall have no further right to renew the Minimum Rent and Percentage Rent may be adjusted Term unless otherwise agreed to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined in writing by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of Upon the commencement of such the Renewal Term. As , (1) the Renewal Term shall be added to and become part of the date hereofTerm, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior (2) any reference to “this Lease”, to the scheduled “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration of the Fixed TermRenewal Term shall become the Expiration Date. Any termination, and so cancellation or surrender of the entire interest of Tenant under this Lease will at any time during the Term shall automatically renew upon expiration terminate the renewal right set forth in this Section 2.5. The terms of this Section 2.5 shall be applicable to Tenant’s lease of the Fixed Term for First Offer Space subject to the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termterms set forth herein.
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Renewal Term. Provided Tenant is not in default or breach under the Lease at the time the option to renew described below (athe "Renewal Option") Provided that no Event is exercised or at the commencement of Default the Renewal Term (as hereinafter defined), Tenant shall have occurred and be continuing, this one (1) option to extend the Term of the Lease shall automatically extend for two renewal terms a period of five (5) years each (each such renewal a “the "Renewal Term”"), commencing on the first day following the last day of the initial Term and upon the same terms and conditions as are contained in the Lease, except as hereinafter provided. If Tenant timely and properly exercises the Renewal Option, monthly Base Rent for the Renewal Term shall be as follows: Renewal Term (Months) unless Monthly Base Rent 1 - 12 $20,36122 13-24 $20,972.05 25-36 $21,601.22 37-48 $22,249.25 49-60 $22,916.73 Tenant electsshall have no further or additional right to extend the Term of the Lease. Landlord shall have no obligation to make any improvements, decorations, repairs, alterations or additions to the Premises as a condition to Tenant's obligation to pay monthly Base Rent, Additional Rent and any and all other amounts owing under the Lease for the Renewal Term. The Renewal Option shall be exercised, if at all, by providing Notice written notice to Landlord given no later than 30 six (6) months prior to the scheduled expiration last day of the Fixed Term or initial Tenn. If Tenant fails to timely exercise the first Renewal TermOption, as applicable, Tenant shall conclusively be deemed to have waived the Renewal Option and the Lease shall terminate this Lease upon on the expiration last day of the then current terminitial Term. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising In the event of any of its rights to terminate this Lease assignment or sublease by Tenant (whether in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term Lease or otherwise), the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease Option shall automatically renew at the end of the term then in effect as provided in Section 2.4(a)be null and void, and such renewal term shall unless Landlord first provides its written consent otherwise, which consent may not be upon all of the terms and conditions set forth in this Lease except that the Minimum unreasonably withheld 5. Base Rent and Percentage Total Monthly Gross Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Term.5.1
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Samples: Lease Agreement (Value Line Inc)
Renewal Term. At the option of Licensee, Licensee may, subject to the terms contained herein, extend the Initial Term for one (a1) Provided that no Event of Default shall have occurred and be continuing, this Lease shall automatically extend for two renewal terms additional term of five years each (each such renewal a 5) Operating Years (the “Renewal Term”) unless Tenant electsif, and only if: (i) Licensee is not in default at the time of exercising the option to extend the Initial Term or at the commencement of the Renewal Term; (ii) Licensee properly and timely exercises its right to extend the Initial Term within the time period provided herein (WITH TIME BEING OF THE ESSENCE), and (iii) the annual Gross Revenues for the fifth (5th) Operating Year of the Initial Term exceed Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000.00) (the “Renewal Base”). The Renewal Term will be upon the same terms, conditions and charges (including the Concession Fees) as set forth in this Agreement except for the Minimum Annual Fees which shall be adjusted as provided in Section 5(c) below. Licensee may exercise its right to extend the Initial Term by providing Notice giving written notice of such intention to Landlord UCDP no earlier than nine (9) months and no later than 30 three (3) months prior to the scheduled expiration end of the Fixed Term or the first Renewal Initial Term, as applicable, . If Licensee fails to terminate this Lease upon timely deliver written notice to UCDP at least three (3) months prior to the expiration of the then current term. Any such Notice Initial Term, Licensee’s right to extend the Initial Term will be null and void and of no further effect and this Agreement shall terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding at the expiration of the Fixed Term or the preceding Renewal Term, as the case may be. Except as otherwise provided below, all of the terms, covenants, and provisions of this Lease shall apply to each such Renewal Initial Term. Tenant shall have no If Licensee exercises its right to extend the Initial Term beyond as provided herein and Gross Revenues for the fifth (5th) Operating Year of the Initial Term do not exceed the Renewal Base, then the Term of this Agreement shall expire thirty (30) days after the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration fifth Operating Year of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then in effect as provided in Section 2.4(a), and such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Initial Term.
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Renewal Term. (a) Provided that no Event Tenant is not in default at the time of Default its election, the Tenant shall have occurred and be continuing, the right to renew the Term of this Lease shall automatically extend for two renewal terms one (1) additional period of five three (3) years each (each such renewal a the “Renewal Term”) unless Tenant elects, by providing Notice to Landlord no later than 30 written notice on or before six (6) months prior to the scheduled expiration of the Fixed initial Term or of its election to extend the first Term. The Base Rent for the Renewal Term (the “Renewal Rate”) shall be market rent for comparable space and a comparable location in Fort Worth, Texas as agreed upon between Landlord and Tenant; provided, however, in no event shall the Renewal Rate be less than the Base Rent for the final year of the initial Term. Within twenty (20) days after receiving Tenant’s notice of intent to renew, as applicable, Landlord shall advise Tenant in writing of the proposed Renewal Rate to terminate this Lease upon be applicable during the Renewal Term immediately following the expiration of the then current termTerm. Any such Notice to terminate shall, if given, be irrevocable, but Tenant’s failure to terminate shall not preclude Within fifteen (15) days after Tenant receives notice from Landlord from exercising any of its rights to terminate this Lease in accordance with the terms hereof.
(b) Each Renewal Term shall commence on the day succeeding the expiration of the Fixed Term or proposed Renewal Rate for the preceding Renewal Term, as Tenant shall notify Landlord that (i) Tenant desires to exercise the case may be. Except as otherwise provided below, all renewal option at the Renewal Rate specified by Landlord; (ii) Tenant does not desire to exercise the renewal option; or (iii) if Landlord bases the proposed Renewal Rate on its opinion of the termsmarket base rental rate, covenantsthat Tenant objects to the Renewal Rate. If Tenant objects to the proposed market value Renewal Rate, Landlord and Tenant agree to negotiate in good faith to reach an agreement as to a mutually acceptable Renewal Rate. If no agreement is reached within twenty (20) days of Tenant’s objection, the Lease will terminate at the end of the Term. The terms and provisions of this Lease shall apply to each such Renewal Term. Tenant shall have no right to extend the Term beyond the expiration of the last Renewal Term. If Tenant does not give Notice that it elects to terminate this Lease upon the expiration of the Fixed Term or initial Renewal Term in accordance with this Section 2.4, then this Lease shall automatically renew at the end of the term then remain in effect as provided in Section 2.4(a), and until such renewal term shall be upon all of the terms and conditions set forth in this Lease except that the Minimum Rent and Percentage Rent may be adjusted to reflect fair market value, terms and conditions at the commencement of such renewal term, as mutually determined by Landlord and Tenant, after which Landlord shall update Exhibit A and Exhibit C of this Lease pursuant to Section 3.1(f) hereof. Any such adjustment to Minimum Rent and Percentage Rent shall be effective as of the commencement of such Renewal Term. As of the date hereof, Landlord and Tenant hereby confirm that Tenant did not deliver a Notice of termination at least 30 months prior to the scheduled expiration of the Fixed Term, and so this Lease will automatically renew upon expiration of the Fixed Term for the first Renewal Term of five years, commencing on November 1, 2018, and there shall be one remaining Renewal Termfinal termination.
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