Second Extended Term. If this Agreement has not expired or been terminated in accordance with Section 8.2 hereof (other than termination by Novartis in accordance with Section 8.2(b) hereof) on or before the expiration of the First Extended Term, Novartis may extend the term of this Agreement from the end of the First Extended Term until the fifth (5th) anniversary of the Effective Date, subject to earlier termination in accordance with Section 8.2 hereof (the “Second Extended Term”), by providing written notice and by paying another Extension Fee (in addition to the Extension Fee paid or payable with respect to the First Extended Term) in accordance with Section 5.2 hereof at any time prior to the expiration of the First Extended Term. The Initial Term, together with the First Extended Term and the Second Extended Term, if applicable, shall be referred to herein collectively as the “Term.” The foregoing notwithstanding, the Term shall automatically expire once Novartis has taken the maximum number of Exclusive Licenses available to Novartis pursuant to Section 3.3 hereof.
Second Extended Term. The annual Base Rent for the Second Extended Term, shall be an amount equal to the greater of (1) the Market Rent for the Premises for the Second Extended Term and (2) the product of (A) the annual Base Rent in effect on the last day of the First Extended Term and (B) the greater of (x) 1.03 and (y) the lesser of (aa) 1.06 and (bb) the average annual percentage increase if any, in the CPI between the month preceding the commencement of the First Extended Term and the month preceding the commencement of the Second Extended Term.
Second Extended Term. The second Extended Term, if exercised by Tenant, shall commence upon the expiration of the first Extended Term and shall expire on the date that is three (3) years after such date. If the Tenant fails to exercise the first Extended Term, the option to extend for the second Extended Term shall be null and void. Tenant must exercise its right to extend the Term for the second Extended Term, if at all, by written notice to Landlord given not later than the date that is ninety (90) days prior to the expiration date of the first Extended Term. All of the terms and conditions of the Lease shall remain in full force and effect during the second Extended Term, except for the amount of Base Rent, which shall be the Market Rate.
Second Extended Term. Subject to the occurrence of the Amendment Effective Date, Tenant shall have exercised the right to extend the Lease through and including the Second Extended Term without any further action of notice of Tenant or Guarantor to the City and Commission that the Lease is so extended.
Second Extended Term. If this Agreement has not been terminated in accordance with Section 8.2 hereof (other than termination by Lilly in accordance with Section 8.2(b) hereof) on or before the expiration of the First Extended Term, then Lilly may extend the term of this Agreement from the end of the First Extended Term until December 19, 2015, subject to earlier termination in accordance with Section 8.2 hereof (the “Second Extended Term”), by providing written notice and by paying another Extension Fee in accordance with Section 5.1 hereof at any time prior to the expiration of the First Extended Term. The Initial Term, together with the First Extended Term and the Second Extended Term, if applicable, shall be referred to herein collectively as the “Term.” The foregoing notwithstanding, the Term shall automatically expire once Lilly has taken the maximum number of Exclusive Licenses available to Lilly pursuant to Section 3.3 hereof.
Second Extended Term. Tenant’s option to extend the term of the Lease as provided in Paragraph 7 of the Sixth Amendment to the Lease is hereby deleted in its entirety and replaced with the following: Tenant shall have the right to extend the Term of the Lease for one (1) extension term of one (1) year (the “Second Extended Term”) which shall commence on May 1, 2010 and end on April 30, 2011 unless the Second Extended Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Second Extended Term shall commence only if Tenant shall have notified Landlord in writing of Tenant’s exercise of such extension right not later than December 15, 2009, and at the time of the exercise of such right and immediately prior to the then Expiration Date, this Lease is in full force and effect and no Default shall have occurred and be continuing hereunder. Time is of the essence with respect to the giving of the notice of Tenant’s exercise of the extension right. The Second Extended Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (a) Tenant shall pay Base Rent to Landlord in accordance with Section 1 of the Lease at the rate of $14,250.00 per month, (b) Landlord shall have no obligation to perform any work or make any contribution to work performed to prepare the Premises for Tenant’s use, and (c) Tenant shall have no further right to extend the Term. Upon the exercise of the extension option by Tenant, (i) the Second Extended Term shall be added to and become part of the Term (but shall not be considered part of the initial term or First Extended Term), (ii) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Second Extended Term, and (iii) the expiration date of the Second Extended Term shall become the Expiration Date. Tenant shall have the right to exercise its option to extend for all of the Premises or for either (a) the portion of the Premises containing approximately 5,199 rentable square feet and known as Suite 220 and described herein as the Additional Premises or (b) the portion of the Premises containing approximately 6,801 rentable square feet and known as Suite 280. If Tenant elects to extend the Term of the Lease with respect to only a portion of the Premises, as provided above, then Tenant shall vacate the portion of the Premises for which the Lease is not being extended on or before the then current Expiration ...
Second Extended Term. Subject to the terms and conditions set forth in paragraph 49.4, Lessee shall have the option to extend the term of this Lease for an additional period of five (5) years commencing on the expiration of the First Extended Term (herein referred to as the "Second Extended Term") by giving notice to Lessor of its election so to extend such term on or prior to March 1, 2002.
Second Extended Term. The Extended Term of the Lease (as defined in the First Amendment), which is scheduled to expire on August 31, 2024 (the “Term”), is hereby extended for a period of twenty-four (24) months (the “Second Extended Term”), commencing September 1, 2024 and expiring August 31, 2026 (the “Expiration Date”), unless sooner terminated pursuant to the terms of the Lease. Lessee shall have no further option or right to extend the Term of the Lease. As used in the Lease, references to the “term” or “Term” of the Lease shall mean the period starting on the Commencement Date and ending on the Expiration Date (as extended pursuant to this Amendment).
Second Extended Term. The Minimum Rent payable with respect to the Second Extended Term for the applicable Lease shall equal an annual sum (determined at the commencement of such Extended Term for such Lease and subject to adjustment as set forth herein) equal to the greater of (x) the sum of (1) the Minimum Rent payable for the immediately preceding twelve (12) months for such Lease and (2) the Additional Rent payable for the immediately preceding twelve (12) months for such Lease allocable to such Leased Property based upon the Excess Net Patient Revenues generated by such Leased Property during such twelve (12) month period or (y) the Fair Market Rental for such Leased Property, payable in advance in equal, consecutive monthly installments on the first day of each calendar month of the Second Extended Term.
Second Extended Term a) Provided no Event of Default under this Lease has occurred and is continuing, Tenant shall have the right and option, exercisable by giving Landlord written notice thereof at least six (6) months prior to the expiration of the Extended Term, to extend the Demised Term for an additional period of three (3) years (the “Second Extended Term”) and, upon the giving of such notice, this Lease shall automatically be extended for such three (3) year period. The Second Extended Term shall be upon the same covenants, agreements, provisions, terms and conditions as the Extended Term except that the Base Rent for the Second Extended Term shall be at the then market rent of the Premises as determined in Section 7(b) below, except there shall be no further right to extend. In the event that Tenant fails to give such notice to Landlord as herein provided, this Lease shall automatically terminate at the end of the Extended Term and Tenant shall have no further right or option to extend this Lease. Upon the determination of the Base Rent for the Second Extended Term, Landlord and Tenant shall enter into a revision of this Lease by amendment hereof to set forth the amount of Base Rent during the Second Extended Term. Any additions, alterations or redecorations to the Demised Premises during the Second Extended Term shall be made at Tenant’s sole cost and expense.
