Common use of Tenant Option Clause in Contracts

Tenant Option. So long as this Lease is in full force and effect and Tenant is not in default beyond applicable notice and cure periods in the performance of any of the covenants or terms and conditions of this Lease at the time of notification to Landlord or at the time of commencement of the Extension Term, as that term is hereinafter defined, Tenant shall have the option to extend the Lease Term for one year (the “Extension Term”), at the Prevailing Market Rate (as hereinafter defined). Tenant shall provide Landlord with written notice three (3) months prior to the expiration of the Lease Term of its desire to extend the Lease Term of the Lease. Landlord shall provide Tenant with a written proposal setting forth its determination of the Prevailing Market Rate to extend the Lease Term of this Lease within thirty (30) days of such notice. Tenant shall have ten (10) days from its receipt of Landlord’s proposal to either accept such proposal or to not extend the Lease Term of the Lease. The “Prevailing Market Rate” shall mean the then prevailing market rate for lease renewals in the Office Building and in similar buildings in the vicinity of the Office Building comparable to the Lease and the Premises, which shall be determined by Landlord in its sole and absolute discretion. If Landlord and Tenant are unable to reasonably agree upon the Prevailing Market Rate within such 10-day period after Tenant’s receipt of Landlord’s proposal, then Tenant’s exercise of the Extension Option shall be null and void and of no further force and effect.

Tenant Option. So long as this Lease is in full force and effect and Tenant is not in default beyond applicable notice and cure periods in the performance of any of the covenants or terms and conditions of this Lease at the time of notification to Landlord or at the time of commencement of the Extension Term, as that term is hereinafter defined, Tenant shall have the option to extend the Lease Term for one year (the “Extension Term”), at the Prevailing Market Rate (as hereinafter defined). Tenant shall provide Landlord with written notice three (3) months prior to the expiration of the Lease Term of its desire to extend the Lease Term of the Lease. Landlord shall provide Tenant with a written proposal setting forth its determination of the Prevailing Market Rate to extend the Lease Term of this Lease within thirty (30) days of such notice. Tenant shall have ten (10) days from its receipt of Landlord’s proposal to either accept such proposal or to not extend the Lease Term of the Lease. The “‘Prevailing Market Rate” shall mean the then prevailing market rate for lease renewals in the Office Building and in similar buildings in the vicinity of the Office Building comparable to the Lease and the Premises, which shall be determined by Landlord in its sole and absolute discretion. If Landlord and Tenant are unable to reasonably agree upon the Prevailing Market Rate within such 10-day period after Tenant’s receipt of Landlord’s proposal, then Tenant’s exercise of the Extension Option shall be null and void and of no further force and effect.