Rights to Extend the Term. The parties may extend this Lease only by mutual written agreement of the City and the School District.
Rights to Extend the Term Sample Clauses
Related to Rights to Extend the Term
OPTION TO EXTEND THE TERM OF THE CONTRACT (MAR 2000)
Option to Extend Term Tenant shall have the option (“Extension Option”) to extend the Term of this Lease as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to any Extension Option shall be on all the same terms and conditions as this Lease, except as follows: 40.1. Tenant shall have two (2) consecutive options to extend the Term of this Lease for five (5) years each on the same terms and conditions as this Lease. Basic Annual Rent shall be adjusted on the first (1st) day of the extension term and each annual anniversary date thereof in accordance with Article 6. 40.2. The Extension Option is not assignable separate and apart from this Lease. 40.3. The Extension Option is conditional upon Tenant giving Landlord written notice of its election to exercise the Extension Option at least twelve (12) months prior to the end of the expiration of the then-current Term. Time shall be of the essence as to Tenant’s exercise of any Extension Option. Tenant assumes full responsibility for maintaining a record of the deadlines to exercise any Extension Option. Tenant acknowledges that it would be inequitable to require Landlord to accept any exercise of any Extension Option after the date provided for in this paragraph. 40.4. Notwithstanding anything contained in this Article 40, Tenant shall not have the right to exercise the Extension Option: (a) during any time that Tenant is in Default under any provision of this Lease or the Required Leases (provided, however, that, for purposes of this Section 40.4(b), Landlord shall not be required to provide Tenant with notice of such Default but upon Tenant’s notification to Landlord of Tenant’s intent to exercise the Extension Option, Landlord shall promptly provide Tenant with written notice of such Defaults to which Landlord is aware) and continuing until Tenant cures any such Default, if such Default is susceptible to being cured; or (b) in the event that Tenant has defaulted in the performance of its obligations under this Lease three (3) or more times and a service or late charge has become payable under Section 24.1 for each of such defaults during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, whether or not Tenant has cured such defaults. Notwithstanding the foregoing, if the nature of such default is such that it could reasonably be cured before the deadline for Tenant’s exercise of the Extension Option, then the deadline for Tenant’s exercise of the Extension Option shall be extended for five (5) days to provide Tenant the opportunity to cure such default. 40.5. Except as provided in Section 40.4, the period of time within which Tenant may exercise an Extension Option shall not be extended or enlarged by reason of Tenant’s inability to exercise such Extension Option because of the provisions of Section 40.4. 40.6. All of Tenant’s rights under the provisions of the Extension Option shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Extension Option if, after such exercise, but prior to the commencement date of the new term, (a) Tenant fails to pay to Landlord a monetary obligation of Tenant for a period of twenty (20) days after written notice from Landlord to Tenant, (b) Tenant fails to commence to cure a default (other than a monetary default) within thirty (30) days after the date Landlord gives notice to Tenant of such default, (c) Tenant commences to cure a default (other than a monetary default) but does not prosecute to completion prior to the commencement date of the extended Term (unless Tenant is diligently prosecuting to completion and merely needs additional time), or (d) Tenant has defaulted under this Lease three (3) or more times and a service or late charge under Section 24.1 has become payable for any such default, whether or not Tenant has cured such defaults.
Option to Extend Provided that Tenant is not in default hereunder (i.e., after expiration of any applicable cure period specified in Section XX.A., without cure during such period, if any) either at the date Tenant's notice of exercise is given or on the date the Additional Term (as defined below) would otherwise commence, and provided further that Tenant is entitled to and concurrently exercises its option to extend the term of the lease between Landlord and Tenant of even date herewith for certain other premises (the "Other Premises") within the other building located in the Project (the "Other Lease"), Tenant shall have the option to extend the Term by one (1) additional period of five (5) years (the "Additional Term"). The Additional Term shall commence, if at all, on the day after the Expiration Date and shall continue through the fifth (5th) anniversary of the Expiration Date specified in Section I. above (as amended pursuant to Section III., if applicable), subject to earlier termination as provided herein. Such option shall be exercised, if at all, by written notice to Landlord given at least nine (9) and no more than twelve (12) months prior to the Expiration Date of the initial Term. If Tenant is entitled to and gives notice in the manner and within the time set forth in this subsection A., then the Term shall be extended by the Additional Term, on all of the conditions set forth in this Lease for the original Term, except that: (1) Monthly Rental for the Additional Term and for the additional term of the Other Lease shall be at the fair market rental value thereof, and shall be determined concurrently, as follows: (a) For a period of fifteen (15) days after Tenant's exercise of the foregoing option with respect to the Additional Term, Landlord and Tenant shall attempt to agree on the fair market rental value for the Additional Term of this Lease and the Other Lease. In determining fair market rental, (i) parking charges, if any, then imposed or proposed to be imposed for parking at the Project shall be considered and (ii) Alterations made to the Premises by Tenant at Tenant's cost shall not be considered. If Landlord and Tenant are unable to so agree within such fifteen (15) day period, then each party shall, by written notice to the other party given within ten (10) days after expiration of such fifteen (15) day period, select an appraiser. If either party shall fail to select an appraiser in such manner and within such time, the single appraiser actually selected shall perform the appraisal. Tenant shall, by written notice to each appraiser with a copy to Landlord, request each appraiser to obtain information from Landlord with respect to parking charges for the Additional Term, and Landlord shall promptly provide each appraiser the amount of any parking charge to be assessed Tenant during the Additional Term. If each party timely and properly selects an appraiser, the two appraisers selected by the parties shall determine and attempt to agree on the fair market rental value for the Additional Term of this Lease and the Other Lease within thirty (30) days after their appointment; if they are unable to so agree and their appraised values differ by more than five percent (5%) in the aggregate over the Additional Term of this Lease and/or the Other Lease, the two appraisers shall, by written notice to Landlord and Tenant, select a third appraiser within five (5) days after expiration of the thirty (30) day period within which they were to determine and agree on the fair market rental, which third appraiser shall analyze the fair market rental for the additional term for each lease with respect to which such difference in appraisals exists. If they cannot agree on a third appraiser within such time period, or if both parties fail to select an appraiser in the manner and within the time herein provided, either party may have the third (or sole, if applicable) appraiser appointed by application to the presiding judge of the San Diego County Superior Court or his or her designee. If the appraised value of the first two appraisers are within five percent (5%) in the aggregate over the Additional Term for either or both this Lease and the Other Lease, then Landlord shall calculate the average of the two appraised values as a flat rental rate for the proposed term of such lease(s), which average shall be the fair market rental rate for the Additional Term of such lease(s). (b) The appraisers shall have the MAI designation and a minimum of ten (10) years experience in the San Diego office market. Each of the first two appraisers shall analyze the fair market rental value of the Premises and the premises which are the subject of the Other Lease and shall give written notice to the parties of his or her appraisal within thirty (30) days following his or her appointment or selection, but in no event later than the commencement of the Additional Term. If a single appraiser is used, his or her determination shall be the fair market rental rate. If three appraisers are used, the third appraiser shall select one of the values determined by the first two appraisers as the fair market rental rate for any lease with respect to which the appraisals differ by more than five percent (5%). The cost of the appraisals shall be shared equally by Landlord and Tenant. (2) The provisions of Section III. and EXHIBIT C. of this Lease shall not apply; and (3) There shall be no further options to extend the Term.
