Second Option Term. The rent payable by Tenant during the second Option Term shall be equal to the Fair Market Rental Value of the Premises as of the commencement of the Option Term. For purposes of this Section 2.5.2.2, Fair Market Rental Value of the Premises shall be the rental rate, including all escalations, at which tenants lease comparable space as of the commencement of the second Option Term. For this purpose, “comparable space” shall be office space that is: (a) not subleased; (b) not subject to another tenant’s expansion rights; (c) not leased to a tenant that holds an ownership interest in the landlord; (d) not leased to a tenant under a renewal or an extension of a lease; (e) comparable in size, location, and quality to the Premises; (f) leased for a term comparable to the second Option Term; and (g) located in comparable buildings.
Second Option Term. Provided Tenant is not in Default as provided herein, Tenant shall have the right, upon prior written notice given to Landlord no later than July 2, 2014, time being of the essence, given in accordance with the terms of this Lease (“Tenant’s Second Option Renewal Notice”), to extend the term of this Lease for one additional five (5) year period commencing on the Second Option Term Commencement Date and ending on the Second Option Term Expiration Date (the “Second Option Term”), on the same terms and conditions and at the rental set forth herein. Tenant’s failure to give Tenant’s Second Option Renewal Notice shall be deemed an election by Tenant not to exercise the option provided herein.
Second Option Term. The Second Option shall become exercisable on the date the First Option is exercised. The Second Option shall expire on the earlier to occur of (i) the First Option Expiration Date if Contango fails to exercise the First Option on or prior thereto or (ii) December 15, 2002, provided that if the payment specified in Section 2.4(b)(i) has not been delivered to Cheniere, the Second Option shall expire at the close of business on September 15, 2002 (such date as applicable, the "Second Option Expiration Date").
Second Option Term. Tenant shall have an option to extend the term of this Lease for an additional period of five (5) years (second option term) (Years 16-20 from the date upon which it would otherwise expire, upon the same terms and conditions as herein provided, except that (i) Owner shall have no obligation to perform any work in the demised premises except as otherwise set forth herein and (ii) the Annual Fixed Rental for each year of the second option term shall be the greater of (x) the Annual Fixed Rental for lease year 15 and (y) the Fair Rental Value of the premises for like office, research and testing space with ancillary assembly space.
Second Option Term. The annual rent payable by Tenant during the Second Option Term (the “Second Option Term Rent”) shall equal ninety-five percent (95%) of the “Fair Rental Value,” as that term is defined, below (but including 100% of the Additional Rent included in the Fair Rental Value). The Fair Rental Value, as used in this Lease, shall be derived from an analysis (as such derivation and analysis are set forth on Exhibit F, attached hereto) of the “Net Equivalent Lease Rates,” of the “Comparable Transactions” (defined below) as set forth in Exhibit F, attached hereto. As used herein, the “Fair Rental Value”, shall mean the annual rent per rentable square foot (including additional rent), including all escalations, at which, as of the commencement of the Second Option Term tenants are leasing non-sublease, non-encumbered, non-equity, space which is not less than 50,000 rentable square feet in size, and which is comparable in location and quality to the Premises in transactions consummated during the period between the date of commencement of the Second Option Term and the date that is twelve (12) months prior thereto for a comparable lease term, in an arm’s length transaction (“Comparable Transactions”), which comparable space is located in any or all of the “Comparable Buildings,” as that term is defined below. The terms of the Comparable Transactions shall be calculated as a Net Equivalent Lease Rate pursuant to the terms of Exhibit F, and shall take into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such
Second Option Term. The Second Option Term shall be exercised by Tenant, if at all, and only in the following manner: (i) Tenant shall deliver written notice to Landlord not less than fifteen (15) months prior to the expiration of the First Option Term, stating that Tenant is interested in exercising its option (the “Interest Notice”); (ii) Landlord, after receipt of Tenant’s notice, shall deliver notice (the “Option Rent Notice”) to Tenant not less than thirteen (13) months prior to the expiration of the First Option Term, setting forth the Second Option Term Rent; and (iii) if Tenant wishes to exercise such option, whether or not Tenant shall have delivered the Interest Notice, Tenant shall, on or before the earlier of (A) the date occurring twelve (12) months prior to the expiration of the First Option Term, and (B) the date occurring thirty (30) days after Xxxxxx’s receipt of the Option Rent Notice, exercise the option by delivering written notice thereof to Landlord, and upon, and concurrent with, such exercise, if Tenant has delivered the Interest Notice, Tenant may, at its option, object to the Second Option Term Rent contained in the Option Rent Notice, in which case the parties shall follow the procedure, and the Second Option Term Rent shall be determined, as set forth in Section 2.2.4 below.
Second Option Term. The Authority, at its sole discretion, may elect to extend the term of the Contract for the period of March 26, 2022 through March 25, 2023 (“Second Option Term”) by giving written notice to the Contractor prior to the expiration of the First Option Term, unless earlier terminated as provided herein.
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Second Option Term. The term “Section Option Term” has the meaning set forth in Section 7.03(b).
Second Option Term. The Authority, at its sole discretion, may elect to extend the term of this Contract for the period through (“Second Option Term”) by giving written notice to Contractor prior to the expiration of the First Option Term.
