SECOND EXPANSION PREMISES OPTION Clause Samples

SECOND EXPANSION PREMISES OPTION. In the event that the Tenant shall not have timely or properly exercised the Initial Expansion Premises Option on or before January 1, 1999, and further provided that the Second Expansion Premises Option Consideration, as provided in Section 1.B.(ii)(a) hereinbelow has been timely paid to Landlord, and further provided that no Event of Default shall have been committed by Tenant under this Lease, Tenant shall be granted the option to lease the Expansion Premises by delivering written notice of Tenant's exercise of this option on or before December 31, 1999 ("Second Expansion Premises Option"). (a) SECOND EXPANSION PREMISES OPTION CONSIDERATION. The granting of the Second Expansion Premises Option to Tenant is made specifically conditioned upon the payment by Tenant to Landlord of the sum of One Hundred Fifty Thousand and NO/100 Dollars ($150,000.00), ("Second Expansion Premises Option Consideration) not later than January 1, 1999. The Second Expansion Premises Option Consideration is acknowledged to be earned by Landlord upon receipt by Landlord and is neither returnable in the event the Tenant shall not exercise the Second Expansion Premises Option nor to be treated as a credit in the event Tenant exercises the Second Expansion Premises Option.