Second Extension Term. During the First Extension Term of this Agreement, Buyer shall use commercially reasonable efforts to transfer the Manufacturing of the Rythmol®SR Product(s) to a Third Party effective upon the expiration of the First Extension Term of this Agreement and shall provide Seller with reasonable written evidence of such efforts. If, as of the end of the first year of the First Extension Term, after exercise of its commercially reasonable efforts and/or prohibition of such transfer by applicable Law, rule or regulation, Buyer notifies Seller that it reasonably believes it may be unable to transfer the Manufacturing of the Rythmol®SR Product(s) hereunder prior to the expiration of the First Extension Term (which notice shall describe the basis for such reasonable belief), Buyer shall have the option to extend the Term hereunder for the Manufacture of the Rythmol®SR Product(s) for an additional two (2) year period, upon not less than twelve (12) months written notice to the Seller prior to the end of the First Extension Term (such additional two (2) year period, the “Second Extension Term”).
Second Extension Term. (A) Second Extension Term. Lessee shall have the right to extend the Lease Term for all of the Demised Premises for one (1) additional extension term of five (5) years (the “Second Extension Term,” and with the option hereunder referred to as the “Second Extension Option”). The Second Extension Term, if exercised, shall commence on November 1, 2015 (the “Second Extension Term Commencement Date”) and expire on October 31, 2020, unless the Second Extension Term shall sooner terminate pursuant to any of the terms of the Lease (as amended hereby) or otherwise. The Second Extension Term shall commence only if Lessee notifies Lessor in writing (an “Extension Notice”) of Lessee’s exercise of the Second Extension Option not earlier than May 1, 2014 nor later than August 1, 2014. The Second Extension Term shall be upon all of the agreements, terms, covenants and conditions of the Lease (as amended hereby), except that (x) the Monthly Rent for the Second Extension Term (the “Second Extension Term Monthly Rent”) shall be determined as provided in Section 9(C) hereunder, (y) the Demised Premises shall be deemed to consist of 39,624 rentable square feet (i.e., as re-measured under BOMA), and (z) Lessee shall have no further right to extend the Lease Term beyond the Second Extension Term. Upon the commencement of the Second Extension Term, any reference to the “Lease Term,” the “term of this Lease” or any similar expression shall be deemed to include the Second Extension Term and the expiration of the Second Extension Term shall become the expiration date of the Lease. Any termination, cancellation or surrender of the entire interest of Lessee under the Lease (as amended hereby) at any time during the Lease Term shall terminate any right of extension of Lessee hereunder.
Second Extension Term. The provisions of Section 9 of Addendum No. 4 shall continue to apply during the Addendum No. 5 Extension Period, provided, however, that:
(A) The reference therein to “November 1, 2015,” is hereby deleted and replaced with “November 1, 2027”;
(B) The reference therein to “October 31, 2020,” is hereby deleted and replaced with “October 31, 2032”;
(C) The reference therein to “May 1, 2014,” is hereby deleted and replaced with “May 1, 2026”;
(D) The reference therein to “August 1, 2014,” is hereby deleted and replaced with “August 1, 2026”;
(E) The reference therein to “39,624 rentable square feet (i.e., as re-measured under BOMA)” is hereby deleted and replaced with “33,258 rentable square feet,” subject to the exercise by Lessee of the Addendum No. 5 Option Space Option and/or the Addendum No. 5 Right of Opportunity; and
(F) The reference therein to “First Extension Term” is hereby deleted and replaced with “Addendum No. 5 Extension Term.” Notwithstanding the foregoing to the contrary, if Lessee extends the Addendum No. 5 Hold Space Option Notice Deadline, then the dates set forth in this Section 11 shall be extended for the same number of months as the Adxxxxxx Xx. 0 Xxxxxxxxx Xxxx Xxpiration Date is extended.
Second Extension Term. If Tenant exercises its extension option for the Second Extension Term, the Term shall be extended for an additional period of two (2) years on all of the terms and conditions of this Lease, except (i) Tenant shall have no further options to extend the Term, (ii) Landlord shall not be required to pay to Tenant any tenant improvement allowance or inducement and (iii) the monthly Base Rent for the Second Extension Term shall be the greater of (A) an amount equal to ninety-five percent (95%) of the “Fair Market Rent” prevailing at the commencement of the Second Extension Term or (B) the monthly Base Rent in effect at the end of the First Extension Term.
Second Extension Term. The Term of the Lease is hereby extended for forty-eight (48) months and, therefore, the “Term Expiration Date” is hereby amended to mean October 31, 2021. The period commencing on November 1, 2017 and ending on the new Term Expiration Date shall be referred to herein as the “Second Extension Term.” The term “Term,” as used in the Lease, shall refer to the Term as extended by the Second Extension Term.
Second Extension Term. Tenant shall have the exclusive, non-revocable right and option, at Tenant’s sole election, to extend the First Extension Term of this Lease (the “Second Extension Right”) for an additional term of ten (10) years (the “Second Extension Term”). Tenant may exercise the Second Extension Right by giving notice to Landlord of its intention so to do at least six (6) months prior to the expiration of the First Extension Term. The Second Extension Term shall be upon all of the terms and conditions set out in this Lease.
Second Extension Term. The Annual Rent to be paid to Landlord during the Second Extension Term shall be calculated as follows:
Second Extension Term. Tenant shall have the right, at its election, to extend the Original Term of this Lease as previously extended by the First Extension Term for an additional period of ten (10) years commencing upon October 1, 2024 and expiring upon September 30, 2034 (the "Second Extension Term"). Tenant shall exercise its option to extend the term for the Second Extension Term by giving Landlord written notice of its election no earlier than April 1, 2023, and no later than the later to occur of either (a) September 30, 2023, or (b) the date which is ten (10) business days after the receipt by Tenant of a written reminder notice from Landlord to Tenant (the "Second Option Reminder Notice") which expressly (a) refers to the option to extend the term for the Second Extension Term, and (b) states that the option to extend the term for the Second Extension Term shall expire on the later of either September 30, 2023, or ten (10) business days after the date of receipt of the Second Option Reminder Notice. The Second Option Reminder Notice shall be delivered no earlier than April 1, 2023.
Second Extension Term. Landlord grants to Tenant an option to extend Term of this Lease (the “Second Extension Option”) with respect to all (but not less than all) of the rentable area of the Premises leased by Tenant as of the Expiration Date of the First Extension Term for five (5) years (the “Second Extension Term”). The Second Extension Term shall commence immediately following the Expiration Date of the First Extension Term. The Second Extension Option shall be exercised, if at all, by written notice to Landlord at any time during the First Extension Term on or before the date that is one hundred eighty (180) days prior to the Expiration Date of the First Extension Term, which notice shall be irrevocable by Tenant. Notwithstanding the foregoing, if an Event of Default (following the expiration of all applicable cure period without cure) exists under this Lease either at the time Tenant exercises the Second Extension Option or at any time thereafter prior to or upon the commencement of the Second Extension Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies under this Lease, the right to terminate the Second Extension Option and to cancel unilaterally Tenant’s exercise of the Second Extension Option, in which event the Expiration Date of this Lease shall be and remain the then scheduled Expiration Date of the First Extension Term, and Tenant shall have no further rights under this Lease to renew or extend the Term
Second Extension Term. The Lease of all the Premises may be extended for a second five-year period (the “Second Extension Term”) by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than eighteen 18)) months before the end of the First Extension Term (if any). If Tenant does not timely exercise this second extension option, or if on the date of such notice or at the becoming of the Second Term an Event of Default exists, Tenant’s right to extend shall irrevocably lapse, Tenant shall have no further right to extend, and this Lease shall expire at the end of the First Extension Term.
