Common use of Second Option to Renew Clause in Contracts

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: (a) all conditions In this Lease shall remain the same during the Second Extended Term except for Annual Rent, Landlord’s contribution to the cost of Leasehold Improvements as set out In the Offer to Lease, the First Option and the Second Option; and (b) the Annual Rent during each year of the Second Extended Term shall be the effective fair market rent for the Premises as of the commencement of the Second Extended Term, when compared to premises of similar size, quality and location in office buildings of a similar size, quality and location in the Greater Vancouver Regional District (but excluding any consideration for the Special Tenant Improvements). The effective fair market rent referred to above shall be determined by mutual agreement of the parties, or, failing agreement thereon prior to the date two months before the conclusion of the First Extended Term, by arbitration under the Commercial Arbitration Act of British Columbia. If the matter is being determined by arbitration but has not been determined at the commencement of the Second Extended Term, Tenant shall continue to pay, when due, the instalments of Annual Rent payable during the last year of the First Extended Term, together with all other payments which comprise Rent, and Tenant shall pay the deficiency or Landlord shall credit the excess (if any) without interest within 10 days of the adjusted Annual Rent being agreed or determined.

Second Option to Renew. If PROVIDED that the Tenant exercises the First Option in accordance with Section 14.2first 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, then provided Tenant is not then in material default under this Lease or the Offer to Lease, Landlord willshall, at the expiration of the First Extended Term and on the first option to renew hereof, upon written request of the Tenant, grant to the Tenant delivered not 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 6 months and not earlier than 18 months nine (9) months’ written notice before the expiration of the First Extended Term, grant Tenant one option term hereof of its desire to renew (have such extension and renewal. The base rent for such renewal term shall be as agreed upon between 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: (a) all conditions In this Lease shall remain the same during the Second Extended Term except for Annual Rent, Landlord’s contribution to the cost of Leasehold Improvements as set out In the Offer to Lease, the First Option Landlord and the Second Option; and (b) the Annual Rent during each year of the Second Extended Term shall be the effective fair market rent for the Premises as of the commencement of the Second Extended Term, when compared to premises of similar size, quality Tenant hereto and location in office buildings of a similar size, quality and location in the Greater Vancouver Regional District event agreement cannot be reached five (but excluding any consideration for the Special Tenant Improvements). The effective fair market rent referred to above shall be determined by mutual agreement of the parties, or, failing agreement thereon 5) months prior to the date two months before the conclusion expiry of the First Extended Termterm hereof, by arbitration under the Commercial Arbitration Act of British Columbia. If the matter is being determined by arbitration but has not been determined at the commencement determination of the Second Extended Termbase rent, Tenant which shall continue be based upon the then current fair market rental for similar premises in similar vicinities shall be referred to paythree (3) independent industrial real estate brokers, when dueone to be appointed by the Landlord, one to be appointed by the instalments Tenant, and the third to be chosen by the first two named before they enter into upon the business of Annual Rent payable during determining the last year base rent. The determination of the First Extended Term, together with all other payments which comprise Rent, base rent by each real estate broker shall be in writing and Tenant shall pay the deficiency or Landlord shall credit the excess (if any) without interest within 10 days average of the adjusted Annual Rent being agreed or determinedthree (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. If 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 exercises shall exercise the First Option in accordance with Section 14.2, then provided Tenant is option to renew for each such Renewal Term by written notice to Landlord which shall be received by Landlord 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 less than 6 months and not earlier than 18 nine months before the expiration of the First Extended 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, grant Tenant one option the respective options 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 herein granted shall render the Second Option be null and void and incapable of further exercisevoid. If 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 Option within Renewal Term on the time specifiedterms and conditions herein set forth, thenthe 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: (a) all conditions In this Lease Arbitration. As used herein, the term "Market Value Rent" shall remain mean the same during highest annual fixed rent that a willing tenant would pay and a willing landlord would accept in an arm's length lease of the Demised Premises for the first year of a six-year term commencing as of the first day of the Second Extended Renewal Term taking into account the highest and best use of the Demised Premises, provided however the Market Value Rent determined under this Article shall in no event be less than $6,200.00 per month. As used herein, the term "the Exercise Date" shall mean the date on which Landlord receives a notice of the exercise of the option to renew for the Second Renewal Term which complies with the provisions of this Article II. In the event Landlord and Tenant fail to agree upon the Market Value Rent within thirty (30) days after the Exercise Date, Landlord and Tenant shall each promptly thereafter give the other notice in writing which sets forth their respective determinations of the Market Value Rent which shall not be less than $6,200.00 ("the Determination Notice"), and (except for Annual Rent, Landlord’s contribution to the cost of Leasehold Improvements as set out In the Offer to Lease, the First Option and the Second Option; and forth in Section (b) of this Article) either party may apply to the Annual Rent during each year American Arbitration Association or any successor thereto for the designation of an arbitrator satisfactory to both parties who shall render a determination of the Second Extended Term Market Value Rent. The arbitrator shall be a real estate appraiser, consultant, broker, developer or manager who shall have at least fifteen years' continuous experience in and familiarity with commercial rentals for properties similar to the Demised Premises in the same or similar areas of Sarasota, Florida. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall within sixty (60) days after having been appointed choose either the Market Value Rent set forth in the Landlord's Determination Notice or the Market Value Rent set forth in Tenant's Determination Notice. Such choice shall be the effective fair market rent for only choice which the Premises as of the commencement of the Second Extended Term, when compared to premises of similar size, quality and location in office buildings of arbitrator shall make. The arbitrator shall not determine a similar size, quality and location Market Value Rent which is not set forth in the Greater Vancouver Regional District (but excluding any consideration for the Special Tenant Improvements)Landlord's or Tenant's Determination Notice or which is less than $6,200.00 per month. The effective fair market rent referred to above arbitrator's choice of Market Value Rent as set forth in the respective Determination Notices shall be determined by mutual agreement final and binding upon Landlord and Tenant and specifically enforceable in any Court of the parties, or, failing agreement thereon prior to the date two months before the conclusion of the First Extended Term, by arbitration under the Commercial Arbitration Act of British Columbiacompetent jurisdiction. If the matter is being determined by arbitration but has not been determined at the commencement of the Second Extended Term, Tenant shall continue to pay, when due, the instalments of Annual Rent payable during the last year of the First Extended Term, together with all other payments which comprise Rent, Landlord and Tenant shall each pay the deficiency or Landlord shall credit the excess (its own counsel fees and expenses, if any, in connection with the arbitration under this subparagraph (a) without interest within 10 days and the parties shall share equally in all of the adjusted Annual Rent being agreed costs, expenses and fees of the arbitration. The arbitrator shall not have the power to add to, modify or determinedchange any of the provisions of this Lease.