Common use of RIGHT TO EXTEND THIS LEASE Clause in Contracts

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof), Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 3 contracts

Samples: Industrial Lease (Intralase Corp), Industrial Lease (Intralase Corp), Industrial Lease (Advanced Medical Optics Inc)

AutoNDA by SimpleDocs

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than at least fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Premises, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths at the “Fair Market Rent” (as defined below). Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine ten (910) months or more than twelve thirteen (1213) months prior to the expiration date of the TermExpiration Date, Tenant’s irrevocable written notice that it desires to so extend the Term of its commitment to extend this Lease (the “Commitment Extension Notice”). The “Fair Market Rent” shall mean the economic terms (e.g., Basic Rent, tenant improvement allowance, brokerage commission and any other concessions typically granted by landlords of similar buildings/comparable space in the Sorrento Mesa and Sorrento Valley areas to the extent applicable to the proposed extension) secured at that time by landlords of similar buildings/comparable space in the Sorrento Mesa and Sorrento Valley areas for lease extensions. The Fair Market Rent payable under the Lease during for any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Termshall, then within one hundred twenty thirty (120) and ninety (9030) days prior to following the expiration date of the TermExtension Notice, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as its determination of the commencement of Fair Market Rent including the extension period basis for such determination (“Landlord’s Determination”). Should Tenant disagree with Within twenty (20) business days following delivery of the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, shall notify Landlord in writing of (“Tenant’s Notice”) that it shall (a) lease the Premises on the terms set forth in Landlord’s Determination, (b) arbitrate Landlord’s Determination as set forth in this Section 3.3 in which case Tenant shall include Tenant’s determination of those rental terms the Fair Market Rent (“Tenant’s Determination”), or (c) irrevocably withdraw the Extension Notice. In no event, however, shall Landlord’s Determination or If Tenant fails to provide Tenant’s Determination notice as provided herein, Tenant shall be less than deemed to have irrevocably withdrawn the Basic Rent payable by Tenant during Extension Notice and waived its extension rights under this Section 3.3. Tenant’s Notice shall serve as its irrevocable notice of its commitment to extend the final month of Term on the initial Termterms and conditions herein provided. Within If applicable, within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rentalFair Market Rent. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalFair Market Rent. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental Fair Market Rent for the Premises. Any appraiser designated hereunder shall have an MAI MAl certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord’s Determination or by Tenant the Tenant’s Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension periodFair Market Rent. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate Fair Market Rent for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rateFair Market Rent. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalFair Market Rent. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate Fair Market Rent was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalFair Market Rent, Landlord shall prepare an appropriate and commercially reasonable and mutually agreeable amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental Fair Market Rent not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rentalrental rate. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any Except for a “Permitted Transfer” (as defined in Section 9.4 of this Lease), any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 3 contracts

Samples: Sublease Agreement (Prometheus Biosciences, Inc.), Sublease Agreement (Prometheus Biosciences, Inc.), Lease (Prometheus Biosciences, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no uncured Default exists under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with other than to a Permitted Transfer” as defined in Section 9.4 hereofTransferee), then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 36 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be the prevailing market rental rate for a 36-month renewal of comparable space in the City of Sunnyvale, determined as provided in the following provisions. If Landlord and Tenant have are not by then been able to mutually agree upon the Basic Rent for the extension of the TermTerm within 30 days of delivery of Tenant’s Commitment Notice, then within one hundred twenty (120) and ninety (90) not less than 30 days prior to after the expiration date of the Termsuch 30 day period, Landlord shall notify Tenant in writing of Landlord’s determination of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project City of Sunnyvale (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 30 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject and rental comparables for similarly improved space in the City of Sunnyvale with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted who appoint such appraisal, or, if only one appraiser is appointed, then equally by the appraiserboth parties. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Ruckus Wireless, Inc., a Delaware corporation, or a Permitted Transferee thereof, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with of such rights, other than pursuant to a Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 36 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 2 contracts

Samples: Lease Agreement, Lease (Ruckus Wireless Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default Default (as hereinafter defined in Section 14.1 of this Lease) under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with an assignment of this Lease to a “Permitted Transfer” Tenant Affiliate as defined described in Section 9.4 9.1(f) hereof), Tenant may extend the Term of this Lease for one (1) period of sixty twelve (6012) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than six (6) months nor more than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its irrevocable commitment to extend (the “Commitment Notice”). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (“Fair Market Rental Rate”) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) Building as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determinationperiod, then Tenant shall, not later than twenty (20) days thereafter, notify as determined by Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month based on a reasonable extrapolation of the initial Termthen-current leasing rates. Within ten fifteen (1015) days following delivery receipt of the Tenant’s DeterminationCommitment Notice, Landlord shall provide written notice to Tenant with its determination of the parties Fair Market Rental Rate, pursuant to which Landlord and Tenant shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser reach agreement within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt by Tenant of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice Fair Market Rental Rate as to the other party, accept Fair Market Rental Rate. Once the rental terms submitted by parties have reached an agreement as to the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalFair Market Rental Rate, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Commitment Notice or extinguish Tenant’s right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant’s rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with to other than a “Permitted Transfer” (as defined in Section 9.4 hereof), Tenant Affiliate shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty twelve (6012) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 2 contracts

Samples: Office Space Lease (Neothetics, Inc.), Office Space Lease (Neothetics, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with an assignment of this Lease to a “Permitted Transfer” Tenant Affiliate as defined described in Section 9.4 9.1(f) hereof), Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or nor more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its irrevocable commitment to extend (the “Commitment Notice”). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (including periodic adjustments) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) Plaza at La Jolla Village project as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determinationperiod, then Tenant shall, not later than twenty (20) days thereafter, notify as determined by Landlord in writing based on a reasonable extrapolation of Tenant’s determination of those rental terms (“Tenant’s Determination”)its then-current leasing rates. In no event, however, event shall Landlord’s Determination or Tenant’s Determination the monthly Basic Rent payable for the extension period be less than the Basic Rent payable by Tenant during the final month immediately preceding the commencement of the initial Termsuch extension period. Within ten (10) days Promptly following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalCommitment Notice, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Commitment Notice or extinguish Tenant’s right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant’s rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with to other than a “Permitted Transfer” (as defined in Section 9.4 hereof), Tenant Affiliate shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 2 contracts

Samples: Office Space Lease (United Business Holdings, Inc), Office Space Lease (United Business Holdings, Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this LeaseLease after notice and expiration of applicable cure periods, either at the time of exercise of the extension right rights granted herein or at the time of the commencement of such extension, and provided further that Tenant is then occupying more not less than fifty seventy-five percent (5075%) of the floor rentable area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Premises, both at the time of exercise and at the time of commencement of such extension, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by (i) delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its commitment to extend (the "Commitment Notice"); and (ii) returning to Landlord, within fifteen (15) days after receipt, an executed amendment to this Lease (to be prepared by Landlord upon receipt of the Commitment Notice) setting forth the Basic Rent and other charges payable during the extension term. The Basic Rent payable under the Lease during any the extension of the Term shall be determined at the prevailing market rental rate (including periodic adjustments) for comparable and similarly improved space within the Project as provided in of the following provisionscommencement of the extension period. In no event shall the monthly Basic Rent payable for the extension period be less than the Basic Rent payable during the month immediately preceding the commencement of such extension period. Within thirty (30) days after receipt of Tenant's Commitment Notice, Landlord shall provide Tenant with its written opinion of the prevailing market rental rate together with an estimate of additional rent for the first year of the extension term. If Landlord and Tenant have not by then been able objects to Landlord's opinion, the parties shall attempt to agree upon the Basic Rent for prevailing market rental rate. In the extension of event that the Term, then parties are not able to agree on the prevailing market rental as described above within one hundred twenty (120) and ninety (90) days prior to the then-current expiration date of the Term, Landlord shall notify Tenant in writing of then either party may elect, by written notice to the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) other party, to cause said rental, including subsequent adjustments, to be determined by appraisal as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. follows: Within ten (10) days following delivery receipt of the Tenant’s Determinationsuch appraisal election, the parties shall attempt to agree on an a single appraiser to determine the fair prevailing market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalprevailing rental value. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, shall acting alone, determine the fair market rental for value of the Premises. Any appraiser designated hereunder shall have an MAI M.A.I. certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and appraiser, such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair prevailing market rental rate for the 60-month renewal value, including subsequent adjustments of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making determining such determinationvalue, the appraiser shall consider rental comparables for comparable and similarly improved space in buildings within the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted triangular geographic area bounded by the other partyX-0, in which event such terms shall be deemed adopted as the agreed fair market rentalX-000 xxx Xxxxx Xxxxx 000 freeways. The fees of the appraiser(s) shall be borne entirely shared equally by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphboth parties.

Appears in 1 contract

Samples: Industrial Lease (Information Management Associates Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than at least fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Premises, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths at the "Fair Market Rent" (as defined below). Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine ten (910) months or more than twelve thirteen (1213) months prior to the expiration date of the TermExpiration Date, Tenant’s irrevocable 's written notice that it desires to so extend the Term of its commitment to extend this Lease (the “Commitment "Extension Notice"). The "Fair Market Rent" shall mean the economic terms (e.g., Basic Rent, tenant improvement allowance, brokerage commission and any other concessions typically granted by landlords of similar buildings/comparable space in the Sorrento Mesa and Sorrento Valley areas to the extent applicable to the proposed extension) secured at that time by landlords of similar buildings/comparable space in the Sorrento Mesa and Sorrento Valley areas for lease extensions. The Fair Market Rent payable under the Lease during for any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Termshall, then within one hundred twenty thirty (120) and ninety (9030) days prior to following the expiration date of the TermExtension Notice, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as its determination of the commencement of Fair Market Rent including the extension period basis for such determination ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than Within twenty (20) business days thereafterfollowing delivery of the Landlord's Determination, Tenant shall notify Landlord in writing of ("Tenant’s 's Notice") that it shall (a) lease the Premises on the terms set forth in Landlord's Determination, (b) arbitrate Landlord's Determination as set forth in this Section 3.3 in which case Tenant shall include Tenant's determination of those rental the Fair Market Rent ("Tenant's Determination"), or (c) irrevocably withdraw the Extension Notice. If Tenant fails to provide Tenant's notice as provided herein, Tenant shall be deemed to have irrevocably withdrawn the Extension Notice and waived its extension rights under this Section 3.3. Tenant's Notice shall serve as its irrevocable notice of its commitment to extend the Term on the terms (“Tenant’s Determination”)and conditions herein provided. In no eventIf applicable, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rentalFair Market Rent. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalFair Market Rent. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental Fair Market Rent for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord's Determination or by Tenant the Tenant's Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension periodFair Market Rent. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate Fair Market Rent for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rateFair Market Rent. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalFair Market Rent. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate Fair Market Rent was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalFair Market Rent, Landlord shall prepare an appropriate and commercially reasonable and mutually agreeable amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental Fair Market Rent not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rentalrental rate. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any Except for a "Permitted Transfer" (as defined in Section 9.4 of this Lease), any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Prometheus Laboratories Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 36 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Local Corporation, a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 36-month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: LOCAL Corp

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, . not less than nine ten (910) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its irrevocable commitment to extend (the "Commitment Notice"). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (including periodic adjustments) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) Building as of the commencement of the extension period (“Landlord’s Determination”)period, as determined by Landlord based on a reasonable extrapolation of its then-current leasing rates. Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days Promptly following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalCommitment Notice, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Commitment Notice or extinguish Tenant’s 's right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant's rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 1 contract

Samples: Exult Inc

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided at the fair market rental, including subsequent adjustments, for comparable office space being leased by Landlord in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord Project; provided that such rate shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination event be less than the Basic Rent rate payable by Tenant during the final month of the initial Term. In the event that the parties are not able to agree on the fair market rental within one hundred twenty (120) days prior to the expiration date of the Term, then either party may elect, by written notice to the other party, to cause said rental, including subsequent adjustments, to be determined by appraisal as follows. Within ten (10) days following delivery receipt of the Tenant’s Determinationsuch appraisal election, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalrental value. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for value of the Premises. Any appraiser designated hereunder shall have an MAI M.A.I. certification with not less than five (5) years experience in the valuation of commercial industrial office buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser, such appraiser and such appraiser’s receipt shall determine the fair market rental value, including subsequent adjustments of the Landlord’s Determination and the Tenant’s DeterminationPremises. In determining such value, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall first consider rental comparables for the Project, but provided that if adequate comparables do not exist then the appraiser may consider transactions involving similarly improved space in the Xxxx Xxxxx airport area with appropriate adjustments for differences in location and quality of project. In no event shall not the appraiser attribute any factor factors for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed reduce said fair market rental. The fees of the appraiser(s) shall be borne entirely shared equally by the party whose determination of the fair market rental rate was not accepted by the appraiserboth parties. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an a reasonably appropriate amendment to this Lease for the extension period, period and Tenant shall execute and return same to Landlord within twenty ten (2010) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Impac Commercial Holdings Inc

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereofof this Lease), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months60)months on the same terms and conditions of this Lease, except for the terms for payment of Basic Rent. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within not sooner than one hundred twenty (120) and but not later than ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60GO-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Term Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60GO-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month 60)month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Mirion Technologies, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default (will all applicable notices of default having been given, and applicable cure periods having expired without Tenant having cured such default) under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that either Tenant or Tenant's "Affiliate" (as defined in Section 9.4) is occupying more than fifty percent (50%) of the floor area of the Premise and/or Premises and Tenant has not assigned its interest in this Lease or sublet more than twenty-five percent (except in connection with 25%) of the Floor Area of the Premises to other than a “Permitted Transfer” as defined in Section 9.4 hereof)Tenant's "Affiliate", Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths (the "Renewal Term"). Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Renewal Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Renewal Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing fair market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension periodRenewal Term, if applicable) as of the commencement of the extension period Renewal Term ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those fair market rental terms rates ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord's Determination or by Tenant the Tenant's Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the PremisesRenewal Term, as reasonably extrapolated to the commencement of the extension periodRenewal Term. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension periodRenewal Term. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.making

Appears in 1 contract

Samples: Industrial Lease (Rainbow Technologies Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default -------------------------- under any provision of this LeaseLease beyond the expiration of any applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if) there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Termterm, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Lantronix)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under of any provision monetary covenant of this LeaseLease (including, without limitation, the obligation to pay Basic Rent and/or Tenant's Share of Operating Expenses) or any material non-monetary covenant, following written notice and the expiration of the applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant (and/or a "Tenant Affiliate") is occupying more not less than fifty percent (50%) of the floor area of the Premise and/or Premises and that Tenant has not assigned its interest in this Lease (except in connection with to a “Permitted Transfer” as defined in Section 9.4 hereof), "Tenant Affiliate," then Tenant may extend the Term of this Lease for one two (12) period successive periods of sixty (60) monthsmonths each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine eight (9) 8) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent gent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange San Diego County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Discovery Partners International Inc)

RIGHT TO EXTEND THIS LEASE. (a) Provided that Tenant is not in default under any provision of this LeaseLease beyond the applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant and/or a Tenant's "Affiliate" (as hereinafter defined) is occupying more than fifty percent at least one (50%1) full floor of the floor area of the Premise and/or Premises and that Tenant has not assigned its interest in this Lease (except other than in connection with a “Permitted Transfer” as defined in transaction not requiring Landlord's consent pursuant to Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths as provided in this Section 3.3. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space within the Project and those other business parks described in the Project next succeeding paragraph (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.twenty

Appears in 1 contract

Samples: New Century Financial Corp

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) period of sixty forty-eight (6048) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6048-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6048-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Netlist Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying the entire Premises and has not assigned this Lease or sublet, in the aggregate, more than fifty twenty-five percent (5025%) of the floor area of the Premise and/or has not assigned its interest in this Lease Premises (except in connection with a “Permitted Transfer” as defined in other than an assignment or subletting permitted to be made without Landlord's consent pursuant to Section 9.4 hereofbelow), Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine six (96) months or more than twelve nine (129) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, but the appraiser shall not attribute consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), taking into account any factor for concessions (or lack thereof) or brokerage commissions obligations (or lack thereof) in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease setting forth the Basic Rent payable by Tenant for the extension periodperiod (as determined pursuant to the foregoing provisions), and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inceptioninception (other than an assignment made in connection with an assignment of this Lease permitted to be made without Landlord's consent pursuant to Section 9.4 below). Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Homegrocer Com Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) extension period of sixty twelve (6012) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any the initial 12-month extension of the Term shall be determined as provided in the following provisionsTwenty One Thousand One Hundred Thirty-Seven Dollars ($21,137.00) per month, based on $.65 per rentable square foot. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s Upon receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalCommitment Notice, Landlord shall prepare an a reasonably appropriate amendment to this Lease for the extension period, period and Tenant shall execute and return same to Landlord within twenty with ten (2010) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the TermExpiration Date, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Masimo Corporation, a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 12-month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Masimo Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned its interest in this Lease (except in connection with a Permitted Transfer” Transfer of this Lease to an Affiliate or a Successor as defined described in Section 9.4 9.2 hereof)) assigned or sublet any of its interest in this Lease, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 10 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Autoweb, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph of such rights (except in connection with a Permitted Transfer” (Transfer of this Lease to an Affiliate or a Successor as defined described in Section 9.4 9.2 hereof), ) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) -month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Landlord Waiver (AutoWeb, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant or its successor pursuant to a Permitted Transfer is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable and similarly improved space within Landlord’s portfolio of properties in the immediate vicinity of the Building and the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject together with comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection , Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign or transfer any right or interest created by this paragraph Masimo Corporation, a Delaware corporation, and its successors pursuant to a Permitted Transfer, and except in connection with a Permitted Transfer” (as defined in Section 9.4 hereof), any attempted assignment or transfer of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Masimo Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in material default under any provision of this Lease, either at the time of exercise of the extension right rights granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty at least seventy-five percent (5075%) of the floor area of the Premise Premises and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may shall have two (2) successive options to extend the Term of this Lease for one (1) period periods of sixty (60) monthsmonths each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the then-current expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any each extension of the Term shall be determined as provided at the fair market rental, including subsequent adjustments, for comparable industrial space being leased by Landlord in the following provisionsIrvine Spectrum area; provided that such rate shall in no event be less than the Basic Rent payable during the month immediately preceding the commencement of such extension period. If Landlord and Tenant have In the event that the parties are not by then been able to agree upon on the Basic Rent for the extension of the Term, then fair market rental within one hundred twenty (120) and ninety (90) days prior to the then-current expiration date of the Term, Landlord then either party may elect, by written notice to the other party, to cause said rental, including subsequent adjustments, to be determined by appraisal as provided hereinafter. Such determination by appraisal shall notify Tenant in writing of be conclusive and binding on the parties as to Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent Rental payable by Tenant during the final month applicable extension of the initial Term. Within ten (10) days following delivery receipt of the Tenant’s Determinationsuch appraisal election, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalrental value. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.third

Appears in 1 contract

Samples: Industrial Lease (Mai Systems Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease lease for one (1one(1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by (I) delivering to Landlord, not less than nine one hundred fifty (9150) months days or more than twelve two hundred ten (12210) months days prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its commitment to extend (the "Commitment Notice"); and (ii) returning to Landlord, within fifteen (15) days after receipt, an executed amendment to this Lease (to be prepared by landlord upon receipt of the Commitment Notice) setting forth the Basic Rent and other charges payable during the extension term. The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension at ninety-five percent (95%) of the Term, rate Landlord is then receiving for leases of comparable and similarly improved space within one hundred twenty (120) and ninety (90) days prior to the expiration Project on the date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the PremisesCommitment Notice, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the determined by Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate terminated as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of o the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Vision Solutions Inc

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine six (96) months or more than twelve nine (129) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Immersion Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with an assignment of this Lease to a “Permitted Transfer” Tenant Affiliate as defined described in Section 9.4 9.1(f) hereof), Tenant may extend the Term of this Lease for one (1) period of sixty twenty-four (6024) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its irrevocable commitment to extend (the “Commitment Notice”). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (including periodic adjustments) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) Building as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determinationperiod, then Tenant shall, not later than twenty (20) days thereafter, notify as determined by Landlord in writing based on a reasonable extrapolation of Tenant’s determination of those rental terms (“Tenant’s Determination”)its then-current leasing rates. In no event, however, event shall Landlord’s Determination or Tenant’s Determination the monthly Basic Rent payable for the extension period be less than the Basic Rent payable by Tenant during the final month immediately preceding the commencement of the initial Termsuch extension period. Within ten (10) days Promptly following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalCommitment Notice, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Commitment Notice or extinguish Tenant’s right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant’s rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with to other than a “Permitted Transfer” (as defined in Section 9.4 hereof), Tenant Affiliate shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty twenty-four (6024) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 1 contract

Samples: Office Space Lease (Gardenburger Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease Lease, or sublet more than 50% of the Floor Area of the Premises (except in connection with the aggregate), other than to a “Permitted Transfer” as defined in Section 9.4 hereof)Transferee”, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) monthsmonths (the “60 Month Extension”) and/or for one (1) extension period of six (6) months (the “6 Month Extension”). Tenant may exercise extensions in such order as Tenant may elect, subject to the terms of this Section 1. Tenant shall exercise its right to extend the Term (if at all) by and only by delivering to Landlord, not less than nine (9) 12 months or more than twelve (12) 15 months prior to the expiration date then scheduled Expiration Date of the Term, TenantXxxxxx’s irrevocable written notice of its commitment to extend the Term for the 60 Month Extension or the 6 Month Extension, as applicable (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions.” G. Right to Terminate the Lease as to the 5th Floor Premises. If Landlord Provided that no Default has occurred and Tenant have not by then been able to agree upon the Basic Rent for the extension is continuing under any provision of the TermLease, then within one hundred twenty (120) and ninety (90) days prior to provided further that Tenant has not assigned its interest in the expiration date Lease, or sublet more than 50% of the Term, Landlord shall notify Tenant in writing Floor Area of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space Premises (in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (aggregate), other than to a Landlord’s DeterminationPermitted Transferee). Should Tenant disagree with the Landlord’s Determination, then Tenant shallwill have the right to terminate the Lease as to the 5th Floor Premises only effective on or after October 1, not later than twenty (20) days thereafter, notify 2024 by delivering to Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five six (56) years experience in months advance written notice of its election to so terminate the valuation of commercial industrial buildings in Orange County, CaliforniaLease as to the 5 th Floor Premises. Within thirty (30) days following the selection of the appraiser All Rent and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of other costs due under the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination 5th Floor Premises shall be selected due and payable by Tenant to Landlord through the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination effective date of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension periodtermination, and Tenant shall execute quit and return same surrender possession of the 5th Floor Premises to Landlord within twenty (20) days. Should on or before the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination effective date of such new rental. If Tenant fails to timely comply with any of termination as required by the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.15.2

Appears in 1 contract

Samples: Arista Networks, Inc.

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its commitment to extend (the “Commitment "Exercise Notice"). Should Tenant fall timely to deliver the Exercise Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined at the prevailing market rental rate (including periodic adjustments) for comparable and similarly improved space within the Project as provided in of the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for commencement of the extension period, as determined by Landlord based on a reasonable extrapolation of its then-current leasing rates. Promptly following receipt of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the TermExercise Notice, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s DeterminationLandlord's notice, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to Landlord, elect to rescind the other party, accept the rental terms submitted by the other partyExercise Notice, in which event such terms this Section 3.3 shall be deemed adopted as null and void. Should Tenant fail timely to rescind the agreed fair market rental. The fees of Exercise Notice, the appraiser(s) Exercise Notice shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalirrevocable and binding; in such event, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) business days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Exercise Notice or extinguish Tenant’s 's right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant's rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph. ARTICLE IV.

Appears in 1 contract

Samples: Diedrich Coffee Inc

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one two (12) period successive periods of sixty thirty-six (6036) monthsmonths each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60each 36-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60each 36-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Intest Corp

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 18 months or more than twelve (12) 9 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable 's written notice of its commitment intent to extend (the “Commitment Tenant’s Intent Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Following Tenant’s delivery of Tenant’s Intent Notice, if Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Termperiod, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project and in the greater Milpitas and San Xxxx areas(together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord's Determination"). Within 30 days following the delivery of the Landlord’s Determination to Tenant, Tenant shall either: (i) deliver its notice to Landlord that Tenant irrevocably withdraws its intent to extend the Term in accordance with the provisions of this Section (in which event Tenant’s right to extend the Term pursuant to this Section shall thereupon automatically terminate without further force or effect), or (ii) deliver its irrevocable commitment to extend the Term (the “Commitment Notice”), which Commitment Notice shall be accompanied by Tenant’s determination, if different than Landlord’s Determination, of the prevailing market rental rate for a 60-month renewal of comparable space in the Project and in the greater Milpitas and San Xxxx areas (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month failure to deliver either of the initial Termnotices pursuant to Subsections (i) or (ii) above within said 30-day period shall be deemed to constitute Tenant’s election to irrevocably withdraw its intent to extend pursuant to Subsection (i) above. Within ten (10) 10 days following delivery of the Tenant’s DeterminationCommitment Notice by Tenant pursuant to Subsection (ii) above, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years 5 years’ experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject and in the greater Milpitas and San Xxxx areas with appropriate adjustment for location and quality of project , including factors for tenant improvement allowances and other relevant economic concessions then being granted for lease renewals, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall shall, upon review and acceptance, execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Silicon Graphics International Corporation, a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph of such rights (except in connection with a Permitted Transfer” (as defined in Section 9.4 hereof), Transfer of this Lease) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraph. Section.. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Silicon Graphics International Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) at least 70% of the floor area of the Premise and/or Premises and has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)or sublet more than 30% of the Premises, then Tenant may extend the Term of this Lease for one (1) period 2 extension periods of sixty (60) months60 months each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 12 months or more than twelve (12) 15 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years 5 years’ experience in the valuation of commercial industrial office buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject and for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord (or make its reasonable comments thereto) within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Alteryx, Inc., and any transferee pursuant to a Permitted Transfer, and any other attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (two 60) -month extension period periods created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Alteryx, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying at least 50% of the Floor Area of the Premises and has not sublet more than fifty percent (50%) % of the floor area of the Premise and/or has not Floor Area nor assigned its interest in this Lease (except in connection with a Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI MAl certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Boot Barn, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created of such rights (except by this paragraph except in connection with way of a Permitted Transfer” (as defined in Section 9.4 hereof), ) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Boot Barn Holdings, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this LeaseLease and is continuing, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”"COMMITMENT NOTICE"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”"LANDLORD'S DETERMINATION"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms (“Tenant’s Determination”"TENANT'S DETERMINATION"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Interchange Corp)

RIGHT TO EXTEND THIS LEASE. (a) Provided that Tenant is not in default under any provision of this LeaseLease beyond the applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant and/or a Tenant's "Affiliate" (as hereinafter defined) is occupying more than fifty percent at least one (50%1) full floor of the floor area of the Premise and/or Premises and that Tenant has not assigned its interest in this Lease (except other than in connection with a “Permitted Transfer” as defined in transaction not requiring Landlord's consent pursuant to Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths as provided in this Section 3.3. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space within the Project and those other business parks described in the Project next succeeding paragraph (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but for subsequent phases of Irvine Technology Center and for similarly improved space in comparable business parks in the Cities of Irvine and Tustin (with appropriate adjustment for location and quality of project); provided, however, that the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate, but shall consider then current market tenant improvement allowances for lease renewals and "second generation" leases of comparable term and size, and shall take into account all other monetary and non-monetary concessions and factors in evaluating such comparables, but not including the value of any specialized improvements paid for by Tenant or which Tenant is required to remove at the end of the Term. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (New Century Financial Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is then occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)entire Premises, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Viasource Communications Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying at least fifty percent (50%) of the floor area of the entire Premises and has not assigned its interest in this Lease or sublet more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest Premises in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)the aggregate, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine eight (9) 8) months or more than twelve (12) months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Tenant’s lease of the Premises during the extension period shall be on the same terms and conditions set forth in this Lease, except that the Basic Rent payable under this Lease as to the Lease Initial Premises during any the extension of the Term period shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Initial Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the “Project”. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for as to the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparable for the Project (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the Projectvicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, . Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent for the Premises at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date Expiration Date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period periods created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Phage Biotechnology CORP)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant (and/or a transferee pursuant to a “Permitted Transfer” as hereinafter defined) is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with other than pursuant to a “Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine seven (97) months or more than twelve ten (1210) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent (together with any increases thereof during the extension period, hereinafter referred to as the “Extended Term Rental Rate”) for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent Extended Term Rental Rate that would reflect the prevailing fair market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms the Extended Term Rental Rate (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rentalExtended Term Rental Rate in accordance with the provisions set forth below. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalExtended Term Rental Rate. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental Extended Term Rental Rate for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord’s Determination or by Tenant the Tenant’s Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the Extended Term Rental Rate. The “fair market rental rate” as used herein shall mean the rental rate that a willing tenant and a willing landlord would agree on for the extension periodrenewal of the tenant’s lease of comparable space of the type, at the highest and best use of the then current improvements, for a comparable term, in the Irvine Spectrum in the condition which the Premises should be in, at the end of the Term then ending, pursuant to the terms of this Lease, and taking into account any prevailing market concessions being offered by such willing landlords for renewals of comparable space, including but not limited to tenant improvement allowances and total or partial rent abatement. In making such determination, the appraiser shall consider rental comparables for the Projecthowever, but the appraiser shall not attribute any factor for the payment of brokerage commissions in making its determination of the fair market rental ratecommissions. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalExtended Term Rental Rate. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate Extended Term Rental Rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalExtended Term Rental Rate, Landlord shall prepare and deliver to Tenant an appropriate and reasonable amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental Extended Term Rental Rate not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise its right to extend as provided in the provisions initial paragraph of this paragraphSection 3.3, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. , Any attempt to assign or transfer any right or interest created by this paragraph except in connection with Section 3.3 (other than to a transferee pursuant to a Permitted Transfer” (as defined in Section 9.4 hereof), ) shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (AutoTrader Group, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under of any provision of this LeaseLease beyond any applicable notice and cure periods, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s =s irrevocable written notice of its commitment to extend (the “Commitment Notice”ACommitment Notice@). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing (“Landlord’s Determination”) of the Basic Rent that would reflect ninety-five percent (95%) of the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (the Landlord’s Determination95% FMR”). Should Tenant disagree with the Landlord’s =s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s =s determination of those rental terms the 95% FMR (“Tenant’s Determination”ATenant=s Determination@). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during Tenanx xxxxxx the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental95% FMR. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental 95% FMR for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s =s receipt of the Landlord’s =s Determination and the Tenant’s =s Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord’s May 5, 2005 701423328v1 Determination or by Tenant the Tenant’s Determination more accurately reflects the fair market rental rate 95% FMR for the applicable 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s =s Determination or the Tenant’s =s Determination shall be selected by the appraiser as the fair market rental rate 95% FMR for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate95% FMR. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) appraiser designated by each of the parties shall be borne entirely by the designating party, and the fees of the third appraiser shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the said third appraiser. Within twenty (20) days after the determination of the fair market rental95% FMR as provided in this Section, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental 95% FMR not be established by the commencement of the extension extxxxxxx period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (California Micro Devices Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default exists under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in for this purpose only, an assignment pursuant to Section 9.4 hereofshall not be considered an assignment), then Tenant may extend the Term of this Lease for one two (12) period successive periods of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine eighteen (9) months or more than twelve (1218) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "COMMITMENT NOTICE"). If Tenant so provides in the Commitment Notice, Tenant may extend the Lease as to four (4) or more full Buildings only, which minimum number of Buildings shall consist of either Buildings A, B, C, and D as depicted on Exhibit A (the "NORTH BUILDINGS") or Buildings E, F, G, and H as depicted on Exhibit A (the "SOUTH BUILDINGS"). Should Tenant elect to extend the Lease as to more than four Buildings, the additional Buildings shall be at the easternmost portion of the Site (e.g., should Tenant lease the North Buildings, then any additional Buildings shall start at Building H and move westward in order as shown on Exhibit A). Should Tenant extend this Lease as to fewer than all of the Buildings in the Site, then Tenant's monument signage rights and rights to utilize exterior Common Areas within the Site shall be appropriately modified to reflect a multi-tenant Site. The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within not later than one hundred twenty eighty (120) and ninety (90180) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Prevailing Market Rent (as defined in Section 3.5 below) that would reflect one hundred percent (100%) of the prevailing market rental Prevailing Market Rent rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”"LANDLORD'S DETERMINATION"). Should Tenant disagree Concurrently with the delivery of the Landlord’s 's Determination, then Tenant shall, not later than twenty shall deliver to Landlord Tenant's written determination of the Prevailing Market Rent (20"TENANT'S DETERMINATION"). If within thirty (30) days thereafterfollowing the concurrent delivery of the Landlord's Determination and the Tenant's Determination the parties are still unable to agree on the rental terms for the extension period, notify Landlord in writing of Tenant’s then either party may thereafter submit the determination of those rental terms (“Tenant’s Determination”)the Prevailing Market Rent for the extension period to arbitration pursuant to Section 22.7 below. In no event, however, The arbitrator utilized to reach such determination shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within have at least ten (10) days following delivery years of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiareal estate matters. Within thirty (30) days following the selection of the appraiser arbitrator and such appraiser’s arbitrator's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser arbitrator shall determine whether the rental Prevailing Market Rent rate determined by Landlord or by Tenant more accurately reflects one hundred percent (100%) of the fair market rental Prevailing Market Rent rate for the each 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser arbitrator as the fair market rental rate Prevailing Market Rent for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser arbitrator is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalPrevailing Market Rent. The fees of the appraiser(s) arbitration shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiserarbitrator. At any time before the decision of the arbitrator is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed Prevailing Market Rent. Within twenty (20) days after the determination of the fair market rentalPrevailing Market Rent, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental Prevailing Market Rent not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If *** Confidential treatment has been requested for the redacted text of this document. The confidential redacted text has been omitted and filed separately with the Securities and Exchange Commission. The rights granted to Tenant fails under this Section 3.4 are personal to timely comply with Broadcom Corporation, a California corporation, and to any assignee thereof permitted pursuant to Section 9.4 of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to LandlordLease. Any other attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single two (2) successive sixty (60) month extension period periods created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Broadcom Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine six (96) months or more than twelve nine (129) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space in the North San Jxxx/Milpitas/South Fremont marketplace with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Sonics, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this LeaseLease and is continuing, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant (and/or its Affiliates) is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with other than pursuant to a Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) extension period of sixty either 36 or 60 months (60) monthsthe “Extension Period”). Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). Tenant’s Commitment Notice shall irrevocably specify whether the Extension Period shall be for 36 or 60 months, and in the absence of such specification, the Extension Period shall be deemed to be for 36 months. The Basic Rent payable under the Lease during any extension the Extension Period of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the TermExtension Period, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-60 month renewal of comparable space in the Project for similar terms as the term of the Extension Period (together with any increases thereof during the extension period) as of the commencement of the extension period Extension Period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser appraisers and such appraiser’s appraisers’ receipt of the Landlord’s Determination and the Tenant’s Determination, the each appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal Extension Period of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension periodExtension Period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the each appraiser as the fair market rental rate for the extension periodExtension Period. In making such determination, the each appraiser shall consider rental comparables for the ProjectProject together with rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. The decision of the majority of the appraisers shall control and be binding on the parties. At any time before the decision of the appraiser appraisers is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraisermajority of the appraisers. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension periodExtension Period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension periodExtension Period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign TigerLogic Corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period Extension Period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period Extension Period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (TigerLogic CORP)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned or sublet any of its interest in this Lease (except in connection with a "Permitted Transfer” as defined in Section 9.4 hereof"), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), taking into consideration factors for market tenant improvement allowances then being granted by landlords for lease renewals, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection 3.3, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant's rights under this Section 3.3 shall belong solely to assign HireRight, Inc., a California corporation, and any attempted assignment or transfer any right or interest created by this paragraph of such rights (except in connection with a "Permitted Transfer” (as defined in Section 9.4 hereof), ") shall be void from its inceptionand of no force or effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraphSection 3.3. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection 3.3. Tenant's right to extend the Lease provided in this Section 3.3 shall be subject to Landlord's determination, prior to the commencement of the extension period, that the mutual benefits to be derived by Tenant and Ground Lessor (as more particularly described in Section 16 of the Basic Lease Provisions) shall continue during the extension period.

Appears in 1 contract

Samples: Hireright Inc

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default exists under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in for this purpose only, an assignment pursuant to Section 9.4 hereofshall not be considered an assignment), then Tenant may extend the Term of this Lease for one two (12) period successive periods of sixty (60) monthsmonths each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine eighteen (9) months or more than twelve (1218) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend the Term of the Lease (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within not later than one hundred twenty eighty (120) and ninety (90180) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Prevailing Market Rent (as defined in Section 3.5 below) that would reflect one hundred percent (100%) of the prevailing market rental Prevailing Market Rent rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree Concurrently with the delivery of the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify shall deliver to Landlord in writing of Tenant’s written determination of those rental terms the Prevailing Market Rent (“Tenant’s Determination”). In no event, however, shall If within thirty (30) days following the concurrent delivery of the Landlord’s Determination or and the Tenant’s Determination be less than the Basic Rent payable by Tenant during parties are still unable to agree on the final month rental terms for the extension period, then either party may thereafter submit the determination of the initial TermPrevailing Market Rent for the extension period to arbitration pursuant to Section 22.7 below. Within The arbitrator utilized to reach such determination shall have at least ten (10) days following delivery years of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiareal estate matters. Within thirty (30) days following the selection of the appraiser arbitrator and such appraiserarbitrator’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser arbitrator shall determine whether the rental Prevailing Market Rent rate determined by Landlord or by Tenant more accurately reflects one hundred percent (100%) of the fair market rental Prevailing Market Rent rate for the each 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser arbitrator as the fair market rental rate Prevailing Market Rent for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser arbitrator is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalPrevailing Market Rent. The fees of the appraiser(s) arbitration shall be borne entirely entirety by the party whose determination of the fair market rental rate was not accepted by the appraiserarbitrator. At any time before the decision of the arbitrator is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed Prevailing Market Rent. Within twenty (20) days after the determination of the fair market rentalPrevailing Market Rent, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental Prevailing Market Rent not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If The rights granted to Tenant fails under this Section 3.4 are personal to timely comply with Broadcom Corporation, a California corporation, and to any assignee thereof permitted pursuant to Section 9.4 of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to LandlordLease. Any other attempt to assign or transfer any and right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single two (2) successive sixty (60) month extension period periods created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Broadcom Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with pursuant to a “Permitted Transfer” as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one two (12) period periods of sixty thirty-six (6036) monthsmonths each. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60each 36-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60each 36-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Micro Therapeutics Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease or sublet more than twenty-five percent (except 25%) of the Floor Area of the Premises (in connection with the aggregate) to other than a “Permitted TransferTransferee(as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of either thirty-six (36) months or sixty (60) monthsmonths at Tenant’s election. Tenant shall exercise its right to extend the Term (as same is extended by this Amendment) by and only by delivering to Landlord, not less than nine (9) months or more than twelve eleven (1211) months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). Tenant’s Commitment Notice shall irrevocably state whether Tenant’s exercise is as to a 36-month or 60-month extension and in the absence of such statement, Tenant’s exercise shall conclusively be deemed to be as to a 36-month extension. The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental (the “Prevailing Rental Rate”) rate for a 36-month or 60-month renewal (as applicable) of comparable space in “freeway fronting” projects owned by Landlord in the Project Irvine Spectrum Area (“Comparable Projects”) (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rentalPrevailing Rental Rate. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalPrevailing Rental Rate. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental Prevailing Rental Rate for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Comparable Projects. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate Prevailing Rental Rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate Prevailing Rental Rate for the 36-month or 60-month renewal (as applicable) of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate Prevailing Rental Rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectComparable Projects (provided that if there are an insufficient number of comparables within the Comparable Projects, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Comparable Projects with appropriate adjustment for location and quality of project), including, without limitation, factors for tenant improvement allowances or “free rent” provisions then being granted by landlords for renewals of leases, but the appraiser shall not attribute any factor for brokerage commissions or any improvements paid for by Tenant in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms Prevailing Rental Rate submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalPrevailing Rental Rate. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate Prevailing Rental Rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalPrevailing Rental Rate, Landlord shall prepare an appropriate amendment to this Lease in commercially reasonable form for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) daysdays after Tenant’s receipt of same. Should the fair market rental Prevailing Rental Rate not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period set forth in the initial paragraph of this paragraphSection 3.3, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with other than to a “Permitted TransferTransferee(as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month or 60-month (as applicable) extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection 3.3.

Appears in 1 contract

Samples: Lease (TigerLogic CORP)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned or sublet any of its interest in this Lease (except in connection with by way of a “Permitted Transfer” (as defined in Section 9.4 hereofof this Lease), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) monthsmonths (the “Option Period”) on the same terms, covenants and conditions contained in this Lease, except that the Basic Rent during the Option Period shall be ninety five percent (95%) of the then fair market rental value for such renewal (“Fair Market Rental Value”), as determined by the provisions of this Section 3.3. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or nor more than twelve (12) months prior to the expiration date Expiration Date of the TermLease, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Option Notice”). The Basic Rent payable under the Lease during any extension of the Term Option Period shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, Option Period then within one hundred twenty (120) and ninety (90) days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate Fair Market Rental Value for a 60-month renewal of the Option Period for comparable space in the Project general location of the Premises (together with any increases thereof during the extension periodOption Period) as of the commencement of the extension period Option Period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms that Fair Market Rental Value (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rentalFair Market Rental Value. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalFair Market Rental Value. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate Fair Market Rental Value for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension periodOption Period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate Fair Market Rental Value for the extension periodOption Period. In making such determination, the appraiser shall consider rental comparables for similarly improved buildings within the ProjectSan Jxxx area with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rateFair Market Rental Value. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rentalFair Market Rental Value. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate Fair Market Rental Value was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalFair Market Rental Value, Landlord shall prepare an appropriate amendment to this Lease for the extension periodOption Period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental Fair Market Rental Value not be established by the commencement of the extension periodOption Period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any the provision for exercise of the provisions of its extension right contained in this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date Expiration Date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period Option Period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Micrus Endovascular Corp)

RIGHT TO EXTEND THIS LEASE. Provided that there is no Event of Default by Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its irrevocable commitment to extend (the "Commitment Notice"). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be at ninety-five percent (95%) of the prevailing market rental rate (including periodic adjustments) for comparable and similarly improved buildings within the Sunnyvale area as of the commencement of the extension period, as determined as provided in by landlord based on a reasonable extrapolation of then-current leasing rates. In no event shall the following provisions. If Landlord and Tenant have not by then been able to agree upon monthly Basic Rent payable for the extension period be less than the Basic Rent for payable during the month immediately preceding the commencement of such extension period. Within twenty (20) days following receipt of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the TermCommencement Notice, Landlord shall notify Tenant in writing of Landlord's determination of the prevailing market rental rate and, based thereon, the Basic Rent for the extension period (the "Rent Notice"). Should the parties fail to agree in writing on those rental terms within thirty (30) days following delivery of the Rent Notice, then Tenant may, by written notice to Landlord delivered not later than the end of that would reflect thirty (30) day period, elect to submit the determination of the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”)to binding arbitration. Such arbitration shall, unless otherwise agreed in writing by the parties, be with the American Arbitration Association and shall be conducted pursuant to their Commercial Arbitration Rules. Should Tenant disagree with the Landlord’s Determinationfail timely to notify Landlord of its election to arbitrate, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord the rental rate set forth in writing Landlord's Rent Notice shall be deemed accepted by Tenant. Promptly following the establishment of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty fifteen (2015) days. Should Tenant fail timely to execute and deliver the fair market rental not be established by the commencement of the extension periodamendment, then Tenant shall continue paying rent Landlord may, at its sole written election, either specifically enforce the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Commitment Notice or extinguish Tenant’s 's right to extend the Term Term. Should Landlord elect the latter, then this Lease shall terminate upon the scheduled date of expiration and Tenant's rights under this paragraph shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlordno further force or effect. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 1 contract

Samples: Lease (Micrus Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease or sublet more than twenty-five percent (except 25%) of the Floor Area of the Premises (in connection with the aggregate), to other than a “Permitted TransferTransferee(as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in “freeway fronting” projects owned by Landlord in the Project Irvine Spectrum (“Comparable Projects”) (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Comparable Projects. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectComparable Projects (provided that if there are an insufficient number of comparables within the Comparable Projects, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Comparable Projects with appropriate adjustment for location and quality of project), including, without limitation, factors for tenant improvement allowances or “free rent” provisions then being granted by landlords for renewals of leases, but the appraiser shall not attribute any factor for brokerage commissions or any improvements paid for by Tenant in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease in commercially reasonable form for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with other than to a “Permitted TransferTransferee(as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Raining Data Corp

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with pursuant to a “Permitted Transfer” as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a the 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), including factors for tenant improvement allowances or other concessions then being granted for lease renewals, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection 3.3, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph Section 3.3 (except in connection with for a “Permitted Transfer” (as defined in Section 9.4 hereof), ”) shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraphSection 3.3. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection 3.3.

Appears in 1 contract

Samples: Lease (Ista Pharmaceuticals Inc)

AutoNDA by SimpleDocs

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more not less than fifty percent (50%) % of the floor area of the Premise and/or Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 36 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Biopharmx, Inc., a Nevada corporation, and any Permitted Transferee and any attempted assignment or transfer any right or interest created by this paragraph except in connection with of such rights other than as part of a Permitted Transfer” (as defined in Section 9.4 hereof), Transfer shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 36-month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (BioPharmX Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”"COMMITMENT NOTICE"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in properties of like product types and management in the Project Irvine Spectrum with appropriate adjustment for location and quality of the property (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”"LANDLORD'S DETERMINATION"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms (“Tenant’s Determination”"TENANT'S DETERMINATION"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Irvine Spectrum. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Endocare Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default Default under any provision of this LeaseLease beyond any applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. , If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). , Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. , Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years 5 years’ experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. , At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection , Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt , Tenant’s rights under this Section shall belong solely to assign Axonics Modulation Technologies, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inception. and of no force and effect, Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, of and not in addition to, any duly exercised extension period permitted by this paragraphSection. EXHIBIT J SURVEY FORM THE IRVINE COMPANY — INVESTMENT PROPERTIES GROUP HAZARDOUS MATERIAL SURVEY FORM The purpose of this form is to obtain information regarding the use of hazardous substances on Investment Properties Group (“IPG”) property. Prospective tenants and contractors should answer the questions in light of their proposed activities on the premises. Existing tenants and contractors should answer the questions as they relate to ongoing activities on the premises and should update any information previously submitted. If additional space is needed to answer the questions, you may attach separate sheets of paper to this form, When completed, the form should be sent to the following address: THE IRVINE COMPANY MANAGEMENT XXXXXX 000 Xxxxxxxxxx Xxxxx Xxxxxx, XX 00000 Your cooperation in this matter is appreciated, If you have any questions, please call your property manager at (000) 000-0000 for assistance.

Appears in 1 contract

Samples: Lease (Axonics Modulation Technologies, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, and is continuing either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 36 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and provided such amendment is limited to an extension of the Term and does not include additional or different terms to that contained in the original lease, Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Aviat U.S., Inc., a Delaware corporation, or any transferee under a Permitted Transfer, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 36 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Aviat Networks, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant there is not in default no uncured Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that as of the date the extension would take effect, Tenant is occupying has not assigned any of its interest in this Lease nor sublet more than fifty percent (50%) of the floor area Floor Area of the Premise and/or has not assigned its interest in this Lease Premises (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereofbelow), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject and for similarly improved space within comparable buildings and projects in the vicinity of the Project with appropriate adjustment for location and quality of project, including factors for market tenant improvements allowances then being granted by landlords for lease renewals, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) appraiser chosen by each party shall be borne by that party and the fees of the third appraiser shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the third appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Biolase Technology Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate deSignate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI MAl certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental com parables for the Project tog ether with comparables for similarly improved space owned by Landlord in the Projectvicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) appraiser{s} shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Massimo Corporation, a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, ,shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Masimo Corp)

RIGHT TO EXTEND THIS LEASE. (a) Provided that Tenant is not in default under any provision of this LeaseLease beyond the applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except other than in connection with a “Permitted Transfer” as defined in transaction not requiring Landlord's consent pursuant to Section 9.4 hereof), Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project Project, including any subsequent phases of Irvine Technology Center (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, including any subsequent phases of Irvine Technology Center (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate, but shall consider then current market tenant improvement allowances for lease renewals of comparable term and size. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: License Agreement (New Century Financial Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no uncured Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafterfollowing the delivery of the Landlord’s Determination, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant's Determination"). Should Tenant fail to timely deliver the Tenant’s Determination”). In no event, however, shall then Landlord’s Determination or Tenant’s Determination shall be less than deemed to constitute the Basic Rent payable by Tenant during fair market rental for the final month of the initial Termextension period. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premisesextension period. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord’s Determination or by Tenant Tenant’s Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date Expiration Date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Lantronix, Inc., and any attempted assignment or transfer any right or interest created by this paragraph of such rights (except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), 9.1(e) of the Lease) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Lantronix Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the Irvine Spectrum area with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in In effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Ghost Media Group, LLC, a Nevada corporation, and any attempted assignment or transfer any right or interest created by this paragraph of such rights (except in connection with a Permitted Transfer” (as defined in Section 9.4 hereof), ) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraph. Section.. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Wm Technology, Inc.)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease or sublet more than twenty-five percent (except 25%) of the Floor Area of the Premises (in connection with the aggregate), to other than a “Permitted TransferTransferee(as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project Irvine Spectrum (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Site. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectIrvine Spectrum, including, without limitation, factors for tenant improvement allowances or “free rent” provisions then being granted by landlords for renewals of leases (which factors may equate to a corresponding adjustment to Base Rent), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions or any improvements paid for by Tenant in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease in commercially reasonable form for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) daysdays after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection 3.4, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section 3.4 shall belong solely to assign SenoRx, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with of such rights other than to a “Permitted TransferTransferee(as defined in Section 9.4 hereof), shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraphSection 3.4. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection 3.4.

Appears in 1 contract

Samples: Lease (Senorx Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default -------------------------- under any provision of this LeaseLease beyond the expiration of any applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or of by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Lantronix Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time lime of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine six (96) months or more than twelve nine (129) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Thc Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party xxxxx may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails falls to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date xxxx of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Oculex Pharmaceuticals Inc /)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty two (602) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine six (96) months or more than twelve nine (129) months prior to the expiration date of the Term, or the preceding extension period, as applicable, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension Tenant's lease of the Term Premises during each extension period shall be determined as provided on the same terms and conditions set forth in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rentalLease. If Tenant fails to timely comply with any all of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term term beyond the single sixty one (601) two (2) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Newgen Results Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (at least 50%) % of the floor area Floor Area of the Premise and/or Premises and has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)nor sublet 50% or more of the Floor Area of the Premises, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) -months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project or in similarly improved space owned by Landlord in the Irvine Spectrum (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafterfollowing the delivery of the Landlord’s Determination, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no eventShould Tenant fail to timely deliver the Tenant’s Determination, however, shall then Landlord’s Determination or Tenant’s Determination shall be less than deemed to constitute the Basic Rent payable by Tenant during fair market rental for the final month of the initial Termextension period. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premisesextension period. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord Landlord’s Determination or by Tenant Tenant’s Determination more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject together with rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date Expiration Date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Mxxxx Instruments Corp, a Delaware corporation and its Affiliates, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” of such rights (as defined in Section 9.4 hereof), other than to an Affiliate) shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60- month extension period created by this paragraph. Section.. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Meade Instruments Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (4-D Neuroimaging)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of give written Commitment Notice within the provisions of time period set forth in this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Peregrine Semiconductor Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in Irvine Spectrum within a 2-mile radius of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Lantronix, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Lantronix Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not then in default under any provision of this Lease, either at Lease after the time expiration of exercise of the extension right granted herein or at the time of the commencement of such extension, any applicable notice and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)cure period, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine ten (9) months or more than twelve (1210) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its commitment election to extend (the “Commitment "Exercise Notice"). The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided at the prevailing rental rate and other economic terms for office space being leased by Landlord in the following provisions. If Landlord Building and Tenant have not by then been able to agree upon in the Basic Rent for other high-rise buildings in Block 600 of Newport Center with a term commencing at or about the commencement of the extension period (the "Prevailing Rate"). In determining the Prevailing Rate, recent new and renewal leases with non-equity tenants shall be considered. The Prevailing Rate shall reflect the rental rate and terms payable in those third party transactions, taking into account pertinent economic concessions then generally being granted by Landlord such as "free rent," Operating Expense base years, parking charge limitations, tenant improvement allowances and the like. It is understood, however, that no consideration shall be given to brokerage commissions, lease "takeover" payments, or moving allowances. The rental rates payable in any third party transactions executed more than nine (9) months prior to the commencement of the Termextension period shall be reasonably extrapolated, then within one hundred twenty if applicable, to reflect anticipated changes in the Prevailing Rate based on current rental trends. Following Tenant's delivery of the Exercise Notice, but not later than nine (1209) and ninety (90) days months prior to the expiration date of the Term, Landlord shall notify Tenant in writing ("Landlord's Notice") of Landlord's calculation of the Basic Rent that would reflect the prevailing market rental rate Prevailing Rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”)based on the foregoing criteria. Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not Not later than twenty fifteen (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (1015) days following delivery of the Landlord's Notice, Tenant may elect to rescind the Exercise Notice by delivery of written notice to Landlord ("Rescission Notice"), in which event this extension right shall lapse and cease to be of any force or effect; provided that should Tenant fail timely to deliver the Rescission Notice, Tenant’s Determination's election to extend this Lease shall be irrevocable. Provided that Tenant does not elect to rescind as provided above, the parties shall diligently and in good faith attempt to agree in writing on an appraiser to determine the fair market rentalPrevailing Rate. If In the event the parties are unable to so agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then on the appraiser designated Prevailing Rate by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five date that is six (56) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated months prior to the commencement of the extension period, then either party may cause the Prevailing Rate to be determined by arbitration in accordance with Section 14.7(b). AccordinglyThe arbitrator shall determine the Prevailing Rate based on the criteria set forth above, either the Landlord’s Determination or the Tenant’s Determination and neither party shall be selected bound in the arbitration by the appraiser as the fair market rental rate for the extension period. In making any earlier calculation by such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination party of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiserPrevailing Rate. Within twenty (20) days after the determination of the fair market rentalPrevailing Rate, Landlord shall prepare an a reasonably appropriate amendment to this Lease for the extension period, period and Tenant shall execute and return same to Landlord within twenty ten (2010) business days. Should the fair market rental Prevailing Rate not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon within thirty (30) days following the determination of such new rental. If Tenant does not deliver the Exercise Notice by the date set forth above, or otherwise fails to timely comply with any of the other provisions of this paragraph, then Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt by the original Tenant herein to assign or transfer any right or interest created by this paragraph paragraph, except in connection with an assignment of this Lease to a “Permitted Transfer” (as defined in Section 9.4 hereof)Tenant Affiliate, shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension Time is specifically made of the Term, whether created by an amendment to essence of this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Acacia Research Corp

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under of any provision monetary covenant of this Lease, Lease (including without limitation the obligation to pay Basic Rent and/or Operating Expenses) or of any material non- monetary Lease covenant following written notice to Tenant and the expiration of the applicable cure period either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant (and/or a "Tenant Affiliate" as defined in Section 9.4 of this Lease) is occupying more than at least fifty percent (50%) of the floor area of the Premise and/or Premises and has not assigned its interest in this Lease (except in connection with to a “Permitted Transfer” as defined in Section 9.4 hereof)Tenant Affiliate, then Tenant may extend the Term of this Lease for one two (12) period successive periods of sixty (60) monthsmonths each. Tenant shall separately exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve fifteen (1215) months prior to the expiration date of the original or extended Term, as the case may be, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the an extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the original or extended Term, as the case may be, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a each 60-month renewal of comparable space in the Project Irvine Spectrum (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. If the appraisers are unable to agree upon the appointment of the third appraiser within ten (10) days following the designation of the second of said appraisers, then the third appraiser shall be appointed by JAMS upon the application of either party. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the applicable 60-month renewal extension of the Lease for the PremisesLease, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for similarly improved space within the ProjectIrvine Spectrum with appropriate adjustment for location, quality of project, tenant improvements and other relevant factors such as tenant improvements allowances for renewals of existing tenancies, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.twenty

Appears in 1 contract

Samples: Industrial Lease (Standard Pacific Corp /De/)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or Premises and has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project area of the Premises (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange Santa Xxxxx County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for similarly improved space in thc area of the ProjectPremises with appropriate adjustment for location and quality of project, but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party party, whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Silicon Storage Technology Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either Lease at the time of exercise of the extension right granted herein or at the time of the commencement of such extensionherein, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, TenantXxxxxx’s irrevocable written notice of its irrevocable commitment to extend (the “Commitment Notice”). Should Tenant fail timely to deliver the Commitment Notice, then this extension right shall thereupon lapse and be of no further force or effect. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (including periodic adjustments) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) Building as of the commencement of the extension period (“Landlord’s Determination”)period, as determined by Landlord based on a reasonable extrapolation of its then-current leasing rates. Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days Promptly following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rentalCommitment Notice, Landlord shall prepare an appropriate amendment to this the Lease for memorializing the extension periodof the Term in accordance with the foregoing, and Tenant shall duly execute and return same to Landlord within twenty thirty (2030) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Time is specifically made of the essence of this paragraph.

Appears in 1 contract

Samples: Utilities and Services (Sirf Technology Holdings Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) 1 extension period of sixty (60) 36 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely equally by the party whose determination of the fair market rental rate was not accepted by the appraiserboth parties. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Cambium Networks, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 36 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection. EXHIBIT H LANDLORD’S DISCLOSURES None EXHIBIT X WORK LETTER BUILD TO SUIT (Turn-key) The tenant improvement work (the “Tenant Improvements” and the “Tenant Improvement Work”) shall consist of the work, including work in place as of the date hereof, required to complete the improvements to the Premises as shown in the space plan (the “Plan”) prepared by , dated , and the cost estimate (the “Cost Estimate”) prepared by , dated . The Tenant Improvement Work shall be performed by a contractor selected by Landlord and in accordance with the requirements and procedures set forth below.

Appears in 1 contract

Samples: Lease (Cambium Networks Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this LeaseLease beyond any applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months and, so long as Tenant exercises its first extension right, one (1) additional period of sixty (60) months. Tenant shall exercise its right rights to extend the Term by and only by delivering to Landlord, in the case of the first such extension right not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, and in the case of the second extension right not less than nine (9) months or more than twelve (12) months prior to the expiration of the Term as extended by the first extension right, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided at the fair market rental, including subsequent adjustments, for comparable industrial space being leased by Landlord in the following provisionsProject; provided that such rate shall in no event be less than the rate payable by Tenant during the final month of the Term or any prior extension thereof. If Landlord and Tenant have In the event that the parties are not by then been able to agree upon on the Basic Rent for the extension of the Term, then fair market rental within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with Term or any increases thereof during the prior extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determinationthereof, then Tenant shalleither party may elect, not later than twenty (20) days thereafterby written notice to the other party, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no eventto cause said rental, howeverincluding subsequent adjustments, shall Landlord’s Determination or Tenant’s Determination to be less than the Basic Rent payable determined by Tenant during the final month of the initial Termappraisal as follows. Within ten (10) days following delivery receipt of the Tenant’s Determinationsuch appraisal election, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rentalrental value. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for value of the Premises. Any appraiser designated hereunder shall have an MAI M.A.I. certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser, such appraiser and such appraiser’s receipt shall determine the fair market rental value, including subsequent adjustments of the Landlord’s Determination and the Tenant’s DeterminationPremises. In determining such value, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall first consider rental comparables for the Project, but provided that if adequate comparables do not exist then the appraiser may consider transactions involving similarly improved space in the Xxxx Xxxxx airport area with appropriate adjustments for differences in location and quality of project. In no event shall not the appraiser attribute any factor factors for brokerage commissions or for tenant improvement allowances in making its determination excess of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, renovation allowances then being typically provided by written notice landlords for second generation space to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed reduce said fair market rental. The fees of the appraiser(s) shall be borne entirely shared equally by the party whose determination of the fair market rental rate was not accepted by the appraiserboth parties. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an a reasonably appropriate amendment to this Lease for the extension period, period and Tenant shall execute and return same to Landlord within twenty ten (2010) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single two sixty (60) month extension period extensions created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Quantum Corp /De/)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by (i) delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable 's written notice of its commitment to extend (the "Commitment Notice"); and (ii) returning to Landlord, within fifteen (15) days after receipt, an executed amendment to this Lease (to be prepared by Landlord upon receipt of the Commitment Notice) setting forth the Basic Rent and other charges payable during the extension term. The Basic Rent payable under the Lease during any the extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect at the prevailing market rental rate (including periodic adjustments) for a 60-month renewal of comparable and similarly improved space in within the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determinationperiod, then Tenant shall, not later than twenty (20) days thereafter, notify as determined by Landlord in writing based on a reasonable extrapolation of Tenant’s determination of those rental terms (“Tenant’s Determination”)its then-current leasing rates. In no event, however, event shall Landlord’s Determination or Tenant’s Determination the monthly Basic Rent payable for the extension period be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to immediately preceding the commencement of the such extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Assignment of Lease (Imperial Credit Commercial Holdings Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) period of sixty thirty-six (6036) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be ninety five percent (95%) of the fair market rental rate as determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty ten (12010) and ninety (90) business days prior to after the expiration date receipt of the TermCommitment Notice, Landlord shall notify Tenant in writing of the Basic Rent that would reflect ninety five percent (95%) of the prevailing fair market rental rate for a 6036-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser a licensed real estate broker with at least ten (10) years experience in the Milpitas/San Jxxx/Highway 237 market to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser a broker within ten (10) days thereafter. Should either party fail to so designate an appraiser a broker within that time, then the appraiser broker designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraisera broker, then the two appraisers brokers so designated shall appoint a third appraiser broker who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five Within ten (510) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) business days following the selection of the appraiser broker and such appraiserbroker’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser broker shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects ninety five percent (95%) of the fair market rental rate for the 6036-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser broker as the fair market rental rate for the extension period. In making such determination, the appraiser broker shall consider rental comparables for the ProjectProject and rental comparables for similarly improved space within the Milpitas/San Jxxx/Highway 237 market with appropriate adjustment for location and quality of project, but the appraiser broker shall not attribute any factor for market tenant improvement allowances for renewal leases or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser broker is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(sbroker(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiserbroker. Within twenty (20) days after the determination of the fair market rentalrental rate, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant’s receipt of same. Should the fair market rental rate not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty thirty-six (6036) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph. Tenant’s rights under this Section 3.3 shall be personal to Engenio Information Technologies, Inc., and shall not be transferable without the prior written consent of the Landlord, which consent may be withheld in Landlord’s sole and absolute discretion; provided, however, Engenio Information Technologies, Inc., may assign its rights under this Section 3.3 to a Permitted Transferee without obtaining Landlord’s consent. In addition, if Tenant enters into permitted subleases of the Premises totaling more than fifty percent (50%) of the rentable square footage of the Premises, Tenant’s rights under this Section 3.3 shall terminate at the option of Landlord.

Appears in 1 contract

Samples: Lease (Lsi Logic Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is then occupying more than fifty percent (50%) of the floor rentable area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Premises, Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the "Commitment Notice"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, California. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project, but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of the provisions of this paragraph, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Industrial Lease (Naturade Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Event of Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a "Permitted Transfer" as defined in Section 9.4 hereofhereinafter defined), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”"COMMITMENT NOTICE"). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”"LANDLORD'S DETERMINATION"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms (“Tenant’s Determination”"TENANT'S DETERMINATION"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the ProjectProject (provided that if there are an insufficient number of comparables within the project, the appraiser shall consider rental comparables for similarly improved space within the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysdays after Tenant's receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise its right to extend within the provisions time period set forth in the initial paragraph of this paragraphSection 3.3, then Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph (except in connection with a Permitted Transfer” (as defined in Section 9.4 hereof), ) shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Telenetics Corp)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant no Event of Default has occurred and is not in default continuing beyond any applicable notice and cure period under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or has not assigned its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof), then Tenant may extend the Term of this Lease for one (1) period of sixty (60) months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) months or more than twelve (12) months prior to the expiration date of the Term, Tenant’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. The Basic Rent shall be equal to the fair market rental being obtained, at the time of such extension, for other, similar buildings within the Project. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) days prior to the expiration date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space in the University Towne Centre area with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty ten (2010) daysbusiness days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt to assign or transfer any right or interest created by this paragraph Section 3.3 (except in connection with by way of a “Permitted Transfer” (as defined in Section 9.4 hereof), hereinafter defined) shall be void from its inception. Tenant shall have no other right to extend the Term beyond the single sixty (60) month extension period created by this paragraph. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraph.

Appears in 1 contract

Samples: Lease (Bakbone Software Inc)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default no Default has occurred under any provision of this Lease, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 9 months or more than twelve (12) 12 months prior to the expiration date Expiration Date of the Term, Tenant’s 's irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period ("Landlord’s 's Determination"). Should Tenant disagree with the Landlord’s 's Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s 's determination of those rental terms ("Tenant’s 's Determination"). In no event, however, shall Landlord’s 's Determination or Tenant’s 's Determination be less than the Basic Rent payable by Tenant during the then-scheduled final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s 's Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) 5 years experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s 's receipt of the Landlord’s 's Determination and the Tenant’s 's Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s 's Determination or the Tenant’s 's Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Tenant’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection, Tenant’s 's right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Cepheid, a California corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Cepheid)

RIGHT TO EXTEND THIS LEASE. Provided that Tenant is not in default Default under any provision of this LeaseLease beyond any applicable cure period, either at the time of exercise of the extension right granted herein or at the time of the commencement of such extension, and provided further that Tenant is occupying more than fifty percent (50%) of the floor area of the Premise and/or entire Premises and has not assigned or sublet any of its interest in this Lease (except in connection with a “Permitted Transfer” as defined in Section 9.4 hereof)Lease, then Tenant may extend the Term of this Lease for one (1) extension period of sixty (60) 60 months. Tenant shall exercise its right to extend the Term by and only by delivering to Landlord, not less than nine (9) 12 months or more than twelve (12) 15 months prior to the expiration date Expiration Date of the Term, TenantXxxxxx’s irrevocable written notice of its commitment to extend (the “Commitment Notice”). The Basic Rent payable under the Lease during any extension of the Term shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the extension of the Term, then within one hundred twenty (120) and ninety (90) not less than 90 days or more than 120 days prior to the expiration date Expiration Date of the Term, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for a 60-month renewal of comparable space in the Project (together with any increases thereof during the extension period) as of the commencement of the extension period (“Landlord’s Determination”). Should Tenant disagree with the Landlord’s Determination, then Tenant shall, not later than twenty (20) 20 days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Determination”). In no event, however, shall Landlord’s Determination or Tenant’s Determination be less than the Basic Rent payable by Tenant during the final month of the initial Term. Within ten (10) 10 days following delivery of the Tenant’s Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) 10 days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Premises. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years 5 years’ experience in the valuation of commercial industrial buildings in Orange County, Californiathe vicinity of the Project. Within thirty (30) 30 days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Determination and the Tenant’s Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the 60-month renewal of the Lease for the Premises, as reasonably extrapolated to the commencement of the extension period. Accordingly, either the Landlord’s Determination or the Tenant’s Determination shall be selected by the appraiser as the fair market rental rate for the extension period. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) 20 days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the extension period, and Tenant shall execute and return same to Landlord within twenty (20) days10 days after Xxxxxx’s receipt of same. Should the fair market rental not be established by the commencement of the extension period, then Tenant shall continue paying rent at the rate in effect during the last month of the initial Term, and a lump sum adjustment shall be made promptly upon the determination of such new rental. If Tenant fails to timely comply with any of exercise the provisions extension right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this paragraphSection , Tenant’s right to extend the Term shall be extinguished and the Lease shall automatically terminate as of the expiration date of the Term, without any extension and without any liability to Landlord. Any attempt Tenant’s rights under this Section shall belong solely to assign Axonics, Inc., a Delaware corporation, and any attempted assignment or transfer any right or interest created by this paragraph except in connection with a “Permitted Transfer” (as defined in Section 9.4 hereof), of such rights shall be void from its inceptionand of no force and effect. Tenant shall have no other right to extend the Term beyond the single sixty (60) 60 month extension period created by this paragraphSection. Unless agreed to in a writing signed by Landlord and Tenant, any extension of the Term, whether created by an amendment to this Lease or by a holdover of the Premises by Tenant, or otherwise, shall be deemed a part of, and not in addition to, any duly exercised extension period permitted by this paragraphSection.

Appears in 1 contract

Samples: Lease (Axonics, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.