Second Extended Term Clause Samples

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. All references to “November 18, 2009” as the Second Extended Term in the Loan Documents shall be deleted and replaced with the following date: “June 30, 2011”.

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. Provided that (a) at the time of exercise and at the commencement of the Second Extended Term (as hereinafter defined) Tenant is not in default under any term or provision of this Lease beyond expiration of any applicable cure period; and (b) Tenant has previously exercised its option for the First Extended Term; (c) the Lease has not been assigned other than to a controlled entity, as set forth in subparagraph 16(i) of the Lease; and (d) Tenant is not subletting more than twenty-five percent (25%) of the Premises at the commencement of the First Extended Term other than to a controlled entity as set forth in subparagraph 16(i) of the Lease, then Tenant shall have the option to extend the term of this Lease (the "Second Option to Extend", each of the First Option to Extend and the Second Option to Extend being referred to herein from time to time as an "Option to Extend") for one (1) additional period of five (5) years after the First Extended Term (the "Second Extended Term") upon the same terms and conditions set forth in this Lease, so far as applicable, except that Tenant shall have no additional option to extend the Term hereof (beyond the Second Extended Term) and the rental rate for the Second Extended Term shall be the market rent for the consummation, at the time of the exercise of such option, of similar lease transactions for comparable properties located in the general geographical area in which the Premises are located; provided, however, the monthly amount of the Fixed Rent during the Second Extended Term shall not be less than the monthly amount of the Fixed Rent payable during the last year of the First Extended Term. In the event the Tenant wishes to exercise this Second Option to Extend, Tenant shall give Landlord written notice of such election not later than one hundred eighty (180) days prior to expiration of the First Extended Term.

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. 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. Tenant shall have the option to extend the term of this Lease for a thirty-six (36) month extended term (the "Second Extended Term"), the Second Extended Term to begin on the day after the end of the First Extended Term of the Lease. To effectively exercise Tenant's Second Extended Term option, Tenant must provide the Landlord with written notice of Tenant's intention to extend and the written notice must be received by the Landlord no later than six (6) months prior to the end of the First Extended Term of this Lease. If Landlord does not receive Tenant's written notice of Tenant's intention to extend the rental term prior to the six (6) month deadline, Tenant shall not be entitled to exercise the Second Extended Term option.

Second Extended Term. Provided Tenant exercises its option for the First Extended Term, Tenant is given the additional option to extend the First Extended Term for an additional period of five (5) years (the "Second Extended Term") following expiration of the First Extended Term, by giving Landlord an Option Notice no later than one hundred eighty (180) days, nor sooner than three hundred sixty (360) days, before expiration of the First Extended Term.

Second Extended Term. The term of this Agreement, as amended, is extended from July 1, 2025, through December 31, 2025 (“Second Extended Term”), unless sooner terminated under any provision herein. All references to the Initial Term and First Extended Term in the Agreement and First Amendment shall be deemed to include the Second Extended Term.