Second Option to Renew. If the Term of this Lease has been renewed as provided above, Tenant is hereby granted the option to renew this Lease for the Second Renewal Term for each Facility, which option shall be exercised by Notice to Landlord at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the expiration of the First Renewal Term for such Facility; provided, however, that no Event of Default exists either on the date on which Tenant gives such Notice to Landlord or on the date on which the First Renewal Term expires. During the Second Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
Second Option to Renew. If Tenant exercises the First Option in accordance with Section 14.2, then provided Tenant is not then in material default under this Lease or the Offer to Lease, Landlord will, at the expiration of the First Extended Term and on the written request of Tenant delivered not later than 6 months and not earlier than 18 months before the expiration of the First Extended Term, grant Tenant one option to renew (the “Second Option”) for a further 5 years (the *Second Extended Term”). Tenant’s failure to exercise this option within the time period specified shall render the Second Option null and void and incapable of further exercise. If Tenant exercises the Second Option within the time specified, then:
Second Option to Renew. Provided Tenant/Purchaser is not at the time of exercise and, prior to the expiration of the applicable Lease term will not be in default under this Lease and has not been in default of the Lease during the expiring Term, Tenant/Purchaser shall have an option to renew this Lease for a renewal term of five (5) years. This option may be exercised only by Tenant/Purchaser upon written notice to Landlord/Seller not less than six (6) months prior to the expiration of the First Renewal Term. The terms and conditions of the second renewal term of the exercised option shall be the same as those in this Lease except only as hereinafter provided. Rent during the second renewal term shall be as follows Lease Year Annual Monthly ---------- ------ -------
Second Option to Renew. Upon condition that Tenant is not in default in the payment of any Rent or other charge payable to Tenant under this Lease and not in default in the performance of any covenant or obligation to be performed by Tenant under this Lease and upon Tenant's giving Landlord nine (9) months notice in writing in the manner prescribed in Article 24 hereof prior to the expiration of the first renewal term, Tenant shall have the option to renew and extend this Lease for an additional period of five (5) years, pursuant and subject to all terms, covenants, provisions, and conditions of this Lease, including, without limitation, the payment of all items of Rent as provided for hereunder, except that the Basic Annual Rent shall be adjusted to the then prevailing fair market rent for comparable space within Princeton Xxxxxxxxx Center.
Second Option to Renew. PROVIDED that the Tenant exercises the first option to renew and provided that the Tenant duly and regularly pays the rent and performs all of the provisos and agreements contained herein on the part of the Tenant to be performed, the Landlord shall, at the expiration of the first option to renew hereof, upon written request of the Tenant, grant to the Tenant a renewal and extension of this lease for a further period of five (5) years upon the same terms and conditions as contained herein except as to base rent and without any further right of renewal; PROVIDED ALWAYS that the Tenant shall have given to the Landlord no earlier than twelve (12) months’ and no later than nine (9) months’ written notice before the expiration of the term hereof of its desire to have such extension and renewal. The base rent for such renewal term shall be as agreed upon between the Landlord and the Tenant hereto and in the event agreement cannot be reached five (5) months prior to the expiry of the term hereof, the determination of the base rent, which shall be based upon the then current fair market rental for similar premises in similar vicinities shall be referred to three (3) independent industrial real estate brokers, one to be appointed by the Landlord, one to be appointed by the Tenant, and the third to be chosen by the first two named before they enter into upon the business of determining the base rent. The determination of the base rent by each real estate broker shall be in writing and the average of the three (3) written opinions shall be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. The cost of the determination of the base rent shall be borne equally by the Landlord and the Tenant.
Second Option to Renew. 3 1.6 Other Conditions of Renewal.....................................3
Second Option to Renew. If the Term of this Lease has been renewed as provided in Section 18.1 above, Lessee is hereby granted the option to renew this Lease for the Second Renewal Term, which option is exercisable by written Notice to Lessor at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the expiration of the First Renewal Term; provided, however, that no Event of Default exists either on the date on which Lessee gives such Notice to Lessor or on the date on which the First Renewal Term expires. During the Second Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
Second Option to Renew. Provided Licensee is not then in breach of ---------------------- this Agreement, Licensee will have the option to extend the First Renewal Term, in one or more fixed increments of 12 months each, for up to a total of an additional 60-month period following the expiration of the First Renewal Term ("Second Renewal Term"). The fees that will apply during the Second Renewal Term will be as set forth in Exhibit 1. Notice of Licensee's election so to extend must be given to OSI not less than three months before the end of the First Renewal Term and/or not less than 60 days before the end of any 12-month renewal period, as applicable.
Second Option to Renew. The second option to renew shall be for a period of six years which shall commence on June 1, 2007 and shall terminate on May 31, 2013 (the "Second Renewal Term"). Tenant shall exercise the option to renew for each such Renewal Term by written notice to Landlord which shall be received by Landlord not less than nine months before the expiration of the then current term of this Lease. Time is of the essence in connection with the exercise of the option for each such Renewal Term. In the event the notice herein required is not received by the date hereinabove referred to, the respective options to renew herein granted shall be null and void. These options are not assignable. In the event Tenant exercises the option for the First Renewal Term Minimum Rental under Article II shall be $5,425.00 per month for the period from June 1, 2001 through May 31, 2004 and $6,200.00 per month during the period from June 1, 2004 through May 31, 2007. In the event Tenant exercises the option for the First Renewal Term and the Second Renewal Term on the terms and conditions herein set forth, the Minimum Rental for each year of the Second Renewal Term shall be determined in accordance with the provisions of subparagraphs (a), (b), (c) and (d) hereof:
Second Option to Renew. Provided that the Tenant is not in default with respect to any of the terms or conditions of this Lease, the Tenant shall a second option to renew this Lease for an additional period of five (5) years upon the same terms and conditions as set forth herein except that the Fixed Minimum Annual Base Rent for each year of the second option term shall be as follows: First Year of 2nd Option Term: $ 201,574.79 ($ 16,797.90/mo) Second Year of 2nd Option Term: $ 207,622.03 ($ 17,301.84/mo) Third Year of 2nd Option Term: $ 213,850.69 ($ 17,820.89/mo) Fourth Year of 2nd Option Term: $ 220,266.21 ($ 18,355.52/mo) Fifth Year of 2nd Option Term: $ 226,874.20 ($ 18,906.18/mo) To exercise this right to renew, Tenant must give written notice to Landlord hand delivered or overnight mail no later than eight (8) months prior to the expiration of the first option term. Failure to provide the proper notice in a timely fashion may be deemed a waiver of the right to renew. If Tenant remains in possession of the premises after the end of the first option term without having given notice, Tenant will be deemed to have exercised its second option to renew the Lease.
