Second Renewal Option. Provided (i) Tenant is not in default beyond any applicable grace or cure period as of the date of exercise of the Second Renewal Option (as hereinafter defined) nor at the date of the commencement of the Second Renewal Option; and (ii) Tenant has not sublet any part of the Premises or assigned any part of the Lease (except for assignments or subleases permitted under the Lease without Landlord’s consent), Tenant shall have the right to renew the term of the Lease for one period of five (5) years (“Second Renewal Option”), commencing September 1, 2028 (“Second Renewal Commencement Date”) and expiring August 31, 2033. During the term of the Second Renewal Option, Base Rent shall be at the following rates: [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] Tenant shall exercise the Second Renewal Option by furnishing Landlord written notice of Tenant’s exercise of the Second Renewal Option (“Second Renewal Notice”) by 5:00 p.m., Troy, Michigan time, on February 29, 2028. Landlord shall, within five (5) days of receipt of Tenant’s Second Renewal Notice, deliver a Lease amendment solely documenting the new terms for the Second Renewal Option as set forth above. Tenant shall promptly execute the amendment, thus confirming the exercise of the Second Renewal Option. All of the other terms and conditions shall remain as provided in this Lease and Tenant shall occupy the Premises throughout the Second Renewal Option in its then, as-is condition (subject to Landlord’s express obligations under the Lease). The Second Renewal Option is personal to Tenant and shall not be assignable or transferable to any other party whatsoever.
Second Renewal Option. A. Provided the term of the Lease was extended for the Renewal Term, Tenant shall have the right to extend the Term (the “Second Renewal Option”) for one additional period of five (5) years commencing on the day following the expiration of the First Renewal Term and ending on the fifth (5th) anniversary of the expiration of the First Renewal Term (the “Second Renewal Term”), if:
1. Landlord receives notice of exercise (“Second Renewal Notice”) not less than twelve (12) full calendar months prior to the expiration of the First Renewal Term and not more than twenty (20) full calendar months prior to the expiration of the First Renewal Term; and
2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Second Renewal Notice or at the time Tenant delivers its Second Binding Notice; and
3. No part of the Premises is sublet at the time that Tenant delivers its Second Renewal Notice or at the time Tenant delivers its Second Binding Notice, unless the Premises are sublet to Tenant’s parent, affiliates or any wholly-owned subsidiary; and
4. The Lease has not been assigned prior to the date that Tenant delivers its Second Renewal Notice or prior to the date Tenant delivers its Second Binding Notice, unless the Lease has been assigned to Tenant’s parent, affiliates or any wholly-owned subsidiary.
B. The initial Base Rent rate per rentable square foot for the Premises during the Second Renewal Term shall equal the Prevailing Market (as defined in Section II.F. of this exhibit above) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Rent (i.e. Tenant’s Pro Rata Share of Taxes and Expenses) for the Premises during the Second Renewal Term in accordance with Article IV of the Lease.
D. Within thirty (30) days after receipt of Tenant’s Second Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Second Renewal Term. Tenant, within thirty (30) days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Second Binding Notice”) of Tenant’s exercise of its option, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Second Rejection Notice”). If Tenant fails to provide Landlord with either a Second Binding Notice or Second Rejection Notice within such fifteen (15) day period...
Second Renewal Option. Seller and Buyer hereby agree to Seller’s exercise of the Second Renewal Option on the date hereof and agree that, subject to payment of the Renewal Standby Fee, the Availability Period Renewal Conditions are deemed to have been satisfied. From and after the date hereof, the Availability Period Expiration Date shall be August 19, 2019.
Second Renewal Option. Tenant shall have the option (hereinafter referred to as the "Second Renewal Option") to renew the Initial Term for all of the Premises as of the expiration date of the Initial Term, for one (1) additional period of five (5) years (hereinafter referred to as the "Second Renewal Term") upon the following terms and conditions:
A. Tenant gives Landlord written notice of its exercise of the Renewal Option at least twelve (12) months prior to the expiration of the Second Renewal Term.
B. An Event of Default has not occurred and is continuing either on the date Tenant delivers the notice required under subparagraph 32.1A. above or at any time thereafter prior to the commencement of the Second Renewal Term.
C. All of the terms and provisions of this Lease (except this Section 32.1) shall be applicable to the Second Renewal Term, except that Base Rent for the Second Renewal Term shall be determined as follows: Base Rent for the Second Renewal Term shall be equal to the greater of: (i) one hundred percent (100%) of the Base Rent and Addition Rent, if any, for the last year of the Initial Term, or (ii) Landlord's determination of the Fair Value (as hereinafter defined). For purposes of this Lease, "Fair Value" shall mean Landlord's determination, utilizing its reasonable judgment, of an annual amount per rentable square foot for each year of the Second Renewal Term for which Fair Value is being determined beginning with the first (1st) day of the subject period that a willing, creditworthy, new non-equity tenant leasing comparable space to Tenant's would pay and a willing, comparable landlord of an industrial building comparable to the Building in the Market would accept at arm's length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations, length of lease term, size and location of the premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market. In determining Fair Value, the parties shall not consider improvements installed by Tenant at Tenant's sole cost and expense. Tenant shall notify Landlord within ten (10) days after receipt of notice of Landlord's determination of Fair Value whether or not Tenant disagrees with Landlord's determination. If Tenant agrees with Landlord's determination, Base Rent for the Second Renewal Term shall be the amount determined by Landlord. If Tenant disagrees with Landlord's determination, Tenan...
Second Renewal Option. Provided Tenant has timely expressed its right to renew the Lease for the First Extended Term as set forth above, Tenant, at its option, may further extend the Term of this Lease for an additional period (“Second Extended Term”) the length of which is to be determined by Tenant, provided in no event shall the Second Extended Term exceed eight (8) months, commencing on the day after the expiration of the First Extended Term. The option for such extension may be exercised by Tenant giving written notice thereof (which notice shall include the length of the Second Extended Term) to Landlord not later than eleven (11) months and twenty (20) days prior to the expiration of the First Extended Term, provided that at the time of such notice Tenant shall not be in Default in the performance of any of the terms and provisions of this Lese beyond any applicable grace periods. If in Tenant’s notice, Tenant fails to specify the length of the Second Extended Term or states a length of time in excess of eight (8) months, then Tenant will be deemed to have elected to have the Second Extended Term last for eight (8) months. The Second Extended Term shall be on like terms, covenants, agreements, provisions, conditions and limitations as are contained herein, except that the rental payable by Tenant during the Second Extended Term shall be equal to the rental paid (on a per month basis) during the First Extended Term.
Second Renewal Option. If, during the First Renewal Term, the Tenant shall be desirous of tenanting the Demised Premises for a further term or terms of years as stated in Item 10 of the FIRST SCHEDULE hereto ("SECOND RENEWAL TERM"), the Tenant shall give written notice of such desire to be served upon the Landlord no later than 3 months before the First Renewal Term Expiry Date and subject to the fulfillment of the following conditions precedent:
(a) that the Tenant shall have paid the Rent hereby reserved,
(b) that the Tenant shall perform and observe all the covenants and obligations on the Tenant's part contained until the First Renewal Term Expiry Date, then the Landlord will grant to the Tenant at the cost of the Tenant a new tenancy of the Demised Premises for the Second Renewal Term beginning from the First Renewal Term Expiry Date upon covenants and stipulations identical to those as are herein contained with the exception of this covenant for renewal and other provisions contained in clauses 7.01 and 7.03.
Second Renewal Option. Provided Tenant exercises the First Renewal, Tenant shall have the option to renew ("Second Renewal") this Lease for one additional term of five (5) years ("Second Renewal Term"), commencing upon the expiration of the First Renewal Term of this Lease, on the condition that Tenant is not in default (after expiration of any applicable cure period) under this Lease at the time Tenant gives notice of exercise of its Second Renewal option or at the time of commencement of the Second Renewal Term. The Second Renewal shall be on all of the terms, covenants and conditions of this Lease, except: (i) there shall be no Construction Allowance, Partial Termination Option and Termination Option, (ii) Tenant shall not have any right to further renewal beyond such additional five - year term, (iii) the annual Base Rent for the Premises during the Second Renewal Term shall be ninety-five percent (95%) of the FMRR as defined in subparagraph 30(c) below, at the time the Second Renewal Term begins, and (iv) the Operating Expense Base Amount and the Tax Base Amount shall each be the Calendar Year in which the Second Renewal Term commences. Tenant's Second Renewal option may be exercised only by Tenant giving Landlord written notice of Tenant's election to exercise such option at least nine (9) months prior to the end of the First Renewal Term of the Lease, time being of the essence with respect to such notice.
Second Renewal Option. (a) If TENANT is not then in default, TENANT shall have the option to extend the Lease for an additional term of five (5) years by giving written notice to OWNER as required by Paragraph 18. The rental rate for the renewal period will be increased annually on the anniversary of the Commencement Date by the greater of the percentage increase in the Consumer Price Index during the previous twelve-month period or 2.5% per year, but not to exceed 5% per year, plus applicable sales tax.
(b) In order to exercise this option, TENANT must give OWNER written notice One hundred eighty days (180) days prior to the expiration date of Lease Term.
(c) All other terms and conditions of this Lease Agreement shall be and remain in full force and effect during any extension of the Lease Agreement.
Second Renewal Option. In the event Customer has exercised the First Renewal Option, Customer shall have an additional option (and together with the First Renewal Option, the “Renewal Options”)) in its sole discretion to extend the term of the Agreement for two (2) additional years through December 31, 2021 (the “Second Renewal Period”) with written notice to CSG ** **** **, **** **** ******** **** *** ***** ******* ********, *** “******* *********”*.
Second Renewal Option. Tenant shall have the option to extend the Term of this Lease as to the Second Renewal Premises for five (5) years commencing upon the expiration of the First Renewal Term (the “Second Renewal Term”).
