Common use of RIGHT OF RENEWAL Clause in Contracts

RIGHT OF RENEWAL. Provided that the Sublessee is not in material default of any of the provisions hereof (including any event which with notice or passage of time or both would be a material default) at the time of the exercise of any renewal option or at the commencement of the then applicable renewal term and subject to the terms of the Prime Lease and the Tri-Party Agreement, Sublessor grants to Sublessee rights of renewal as follows: At the option of the Sublessee, the Term may be extended for two (2) renewal periods of five years each by written notice to the Sublessor at least three hundred and sixty five (365) days prior to the expiration of the Initial Term or the Sublessor Funded Expansion #1 Term, the Sublessee Funded Expansion #1 Term or Expansion #2 Term, as the case may be, or the first renewal term thereof, as the case may be. Upon valid exercise of any of such right(s) of renewal, the term of this Sublease shall remain in full force and effect except that the rent both Basic Rent and Expansion Rent, shall be directly related to the occurrence of the calendar periods shown on Exhibit D and as stipulated in Article V hereof. Notwithstanding rights granted to the Sublessee pursuant to this Article II relating to the Sublessor Funded Expansion (#1) Term, the Sublessee Funded Expansion #1 Term or the Expansion #2 Term and the Expansion (#1 or #2) Space or any renewal rights granted herein, the Sublessee's right to occupy the Premises shall not extend beyond April 30, 2019. If Sublessee shall have exercised the expansion option(s) and is not otherwise in material default (including any event which with notice or passage of time or both would be a material default) after notice and failure to cure as contemplated in Section 11.1 below, of its obligations under this Sublease, then any option to renew the Initial Term as set forth herein shall be deemed to commence upon the expiration of the applicable expansion term. However, regardless of the exercise of any Expansion #1 Option or Expansion #2 Option, the Term and right of possession of the Sublessee hereunder shall expire (if not sooner terminated pursuant hereto) not later than April 30, 2019.

RIGHT OF RENEWAL. Provided Lessee, at its option, may extend and renew the term of this Lease for up to two (2) additional (but consecutive) five (5)- year terms (First term: January 1, 2033 through December 31, 2037); Second term: January 1, 2038 through December 31, 2042) commencing, if at all, at the expiration of the term immediately preceding such option term, upon all the same terms and conditions as set forth herein (excluding any right of renewal other than such two (2) additional five (5)-year terms) and with the rental increases as hereinafter provided. Such option(s) shall be exercised (if at all) by Lessee delivering written notice of such exercise to Lessor at least six (6) months before the expiration of the term which would immediately precede such option five (5)-year term, as set forth herein, at the address designated below. Upon the delivery of such notice to Lessor at the address below, at least six (6) months before the expiration of the term which immediately precedes such five-year option term, this Lease shall be extended for such additional five (5)-year option term upon all the terms and conditions (excluding any right of further renewals other than as expressly set forth herein) and with the rental increases set forth herein without the necessity of execution of any further instrument or document; provided, further (and separate and apart from Lessor's right to otherwise terminate this Lease as provided herein), that if at either the Sublessee date of expiration of the term immediately preceding such potential option term, or the date upon which Lessee exercises such option to extend, Lessee is not in material default in the performance of any of the provisions hereof (including any event which with notice or passage terms and conditions of time or both would be a material default) at this Lease, the time extension of the exercise term shall, at Lessor's sole option, be voidable by Lessor. Failure of any renewal option or Lessee to give written notice to Lessor, at least six months before the commencement expiration of the then applicable renewal term and subject to then-existing term, shall result in the terms loss by Lessee of the Prime Lease and the Tri-Party Agreement, Sublessor grants to Sublessee all rights of renewal as follows: At set forth herein and shall therefore result in the option of the Sublessee, the Term may be extended for two (2) renewal periods of five years each by written notice to the Sublessor at least three hundred and sixty five (365) days prior to the expiration of the Initial Term or the Sublessor Funded Expansion #1 Term, the Sublessee Funded Expansion #1 Term or Expansion #2 Term, as the case may be, or the first renewal term thereof, as the case may be. Upon valid exercise of any of such right(s) of renewal, the term termination of this Sublease shall remain in full force and effect except that Lease at the rent both Basic Rent and Expansion Rent, shall be directly related to the occurrence of the calendar periods shown on Exhibit D and as stipulated in Article V hereof. Notwithstanding rights granted to the Sublessee pursuant to this Article II relating to the Sublessor Funded Expansion (#1) Term, the Sublessee Funded Expansion #1 Term or the Expansion #2 Term and the Expansion (#1 or #2) Space or any renewal rights granted herein, the Sublessee's right to occupy the Premises shall not extend beyond April 30, 2019. If Sublessee shall have exercised the expansion option(s) and is not otherwise in material default (including any event which with notice or passage of time or both would be a material default) after notice and failure to cure as contemplated in Section 11.1 below, end of its obligations under this Subleaseoriginal term or if such renewal right was timely exercised by Lessee, then any option to renew the Initial Term as set forth herein herein, this Lease shall be deemed to commence upon then terminate at the expiration end of the applicable expansion termfive-year term for which such timely renewal notice was given (unless, however, this Lease was otherwise terminated by Lessee as provided hereunder). However, regardless of the exercise of any Expansion #1 Option or Expansion #2 Option, the Term and right of possession of the Sublessee hereunder shall expire (if not sooner terminated pursuant hereto) not later than April 30, 2019.The following hypothetical example is hereby given:

RIGHT OF RENEWAL. .1 Provided that the Sublessee Tenant shall have given to the Landlord 6 months' notice in writing before the expiration of the Term of its desire to renew, subject to what is set out herein, it is mutually agreed and understood that if the Tenant duly and regularly pays the Base Rent and Additional Rent and performs all of the provisions and agreements contained herein on the part of the Tenant to be performed, and provided further that the Tenant is not habitually (which means, for purposes of Sections 9.1 and 9.2 hereof, on more than two (2) occasions in any consecutive twelve (12) month period) in default under the terms of this Lease and is not in material default of any of the provisions hereof (including any event which with notice or passage of time or both would be a material default) at the time of the exercise of any renewal option or at the commencement of the then applicable renewal term and subject to the terms of the Prime Lease and the Tri-Party Agreement, Sublessor grants to Sublessee rights of renewal as follows: At the option of herein, then the Sublessee, the Term may be extended for two (2) renewal periods of five years each by written notice to the Sublessor Landlord shall at least three hundred and sixty five (365) days prior to the expiration of the Initial Term or the Sublessor Funded Expansion #1 Term, upon written request of the Sublessee Funded Expansion #1 Term or Expansion #2 TermTenant, as grant to the case may be, or the first Tenant a renewal term thereof, as the case may be. Upon valid exercise of any of such right(s) of renewal, the term of this Sublease shall remain in full force Lease for a further five (5) year term (the "First Renewal Term") upon the same terms and effect except that conditions as contained herein, save as to the rent both Basic rental rate. The Base Rent and Expansion Rent, for the First Renewal Term shall be directly related to at the occurrence of the calendar periods shown on Exhibit D and as stipulated in Article V hereof. Notwithstanding rights granted to the Sublessee pursuant to this Article II relating to the Sublessor Funded Expansion (#1) Term, the Sublessee Funded Expansion #1 Term or the Expansion #2 Term and the Expansion (#1 or #2) Space or any renewal rights granted herein, the Sublessee's right to occupy the Premises shall not extend beyond April 30, 2019. If Sublessee shall have exercised the expansion option(s) and is not otherwise in material default (including any event which with notice or passage of time or both would be a material default) after notice and failure to cure as contemplated in Section 11.1 below, of its obligations under this Sublease, then any option to renew the Initial Term as set forth herein shall be deemed to commence upon current market rate at the expiration of the applicable expansion termTerm and as mutually agreed between the Landlord and the Tenant. HoweverIn the event that the Landlord and the Tenant are unable to agree upon the Base Rent for the First Renewal Term, regardless the matter shall be submitted to arbitration, pursuant to the Arbitrations Act (Ontario). If the award of the exercise of any Expansion #1 Option or Expansion #2 Option, arbitrators is not given before the Term and right of possession commencement date of the Sublessee hereunder First Renewal Term, then the Tenant shall expire (if not sooner terminated pursuant hereto) not later than April 30commence paying Base Rent at the same rate paid during the Term, 2019which shall be adjusted forthwith after the award of the arbitrators has become final and binding, to be calculated from the commencement date of the First Renewal Term.

RIGHT OF RENEWAL. Provided that Tenant shall have the Sublessee is not in material default right to renew the Term for all of the Premises for two (2) renewal terms of five (5) years (each, a “Renewal Term”), each of which shall commence on the day following the expiration of the Term, as previously extended and end on the fifth (5th) anniversary of the last day of the Term, unless such Renewal Term shall sooner terminate pursuant to any of the provisions hereof terms of this Lease or otherwise. Each Renewal Term shall commence only if (including any event which with notice or passage a) Tenant shall have notified Landlord in writing of time or both would be a material defaultTenant’s exercise of such renewal right not later than one year prior to the then last day of the Term and (b) at the time of the exercise of any such right and immediately prior to the then last day of the Term, no Event of Default shall have occurred and be continuing hereunder. Time is of the essence with respect to the giving of the notice of Tenant’s exercise of each renewal option, and Tenant’s failure to timely give notice of Tenant’s exercise of a renewal option or at shall render null and void the subject renewal option and any subsequent renewal options hereunder. Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that Basic Rent shall increase by two percent (2%) annually beginning with the first day of the first year of each Renewal Term, and Tenant shall have no further right to renew the Term beyond the second Renewal Term. Upon the commencement of the then applicable renewal term each Renewal Term, (1) such Renewal Term shall be added to and subject to the terms become part of the Prime Lease Term and the Tri-Party Agreement, Sublessor grants to Sublessee rights of renewal as follows: At the option of the Sublessee, the Term may be extended for two (2) renewal periods of five years each by written notice any reference to “this Lease”, to the Sublessor at least three hundred and sixty five (365) days prior to the expiration of the Initial Term or the Sublessor Funded Expansion #1 “Term”, the Sublessee Funded Expansion #1 Term or Expansion #2 Term, as the case may be, or the first renewal term thereof, as the case may be. Upon valid exercise of any of such right(s) of renewal, the “term of this Sublease shall remain in full force and effect except that the rent both Basic Rent and Expansion Rent, shall be directly related to the occurrence of the calendar periods shown on Exhibit D and as stipulated in Article V hereof. Notwithstanding rights granted to the Sublessee pursuant to this Article II relating to the Sublessor Funded Expansion (#1) Term, the Sublessee Funded Expansion #1 Term or the Expansion #2 Term and the Expansion (#1 or #2) Space Lease” or any renewal rights granted herein, the Sublessee's right to occupy the Premises shall not extend beyond April 30, 2019. If Sublessee shall have exercised the expansion option(s) and is not otherwise in material default (including any event which with notice or passage of time or both would be a material default) after notice and failure to cure as contemplated in Section 11.1 below, of its obligations under this Sublease, then any option to renew the Initial Term as set forth herein similar expression shall be deemed to commence upon the expiration of the applicable expansion term. However, regardless of the exercise of any Expansion #1 Option or Expansion #2 Option, the Term and right of possession of the Sublessee hereunder shall expire (if not sooner terminated pursuant hereto) not later than April 30, 2019include such Renewal Term.” 5.