Tenant’s Extension Option. Section 42.01. Provided this Lease shall then be in full force and effect and Tenant shall not be in default hereunder beyond any applicable notice or grace period either as of the date of Tenant's exercise of the extension option described herein or as of the day which would otherwise be the first day of the Extension Term, as defined herein (which conditions regarding default may be waived by Landlord in its sole discretion), Tenant shall have the right, at its option, to extend the Term for a single five (5) year period (the "Extension Term"). The Extension Term shall commence on the day immediately following the original Expiration Date and shall expire on the day prior to the fifth (5th) anniversary of such date unless the Extension Term shall sooner end pursuant to any of the terms, covenants or conditions of this Lease or pursuant to law. Tenant shall give Landlord written notice of Tenant's intention to exercise such option on or before the date which is nine (9) months prior to the original Expiration Date, the time of exercise being of the essence, and upon the giving of such notice, this Lease and the Term shall be extended without execution or delivery of any other or further documents, with the same force and effect as if the Extension Term had originally been included in the Term and the Expiration Date shall thereupon be deemed to be the last day of the Extension Term. All of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Extension Term, including items of additional rent and escalation which shall remain payable on the terms herein set forth, except that the Fixed Rent shall be as determined in accordance with Section 42.02 of this Article and Tenant shall have no further right to extend the Term pursuant to this Article.
Tenant’s Extension Option. For purposes of confirmation herein, Tenant’s Extension Option under Section 30.16 (Tenant’s Option to Extend the Term of the Lease) shall be applicable to Premises F.
Tenant’s Extension Option. The first paragraph of Section III(b) of the 1995 Lease is hereby deleted in its entirety and the following is substituted in its place: "On the conditions (which conditions Landlord may, at its election, waive by written notice to Tenant at any time), that: (i) no Termination Event has occurred prior to the commencement of the hereinafter referenced Additional Term, (ii) both at the time that Tenant gives Landlord written notice exercising its extension option under this Section 6.1, and as of the commencement of the Additional Term, Tenant is not in default of its obligations under the 1995 Lease, and (iii) both at the time that Tenant gives Landlord written notice exercising its extension option under this Section 6.1, and as of the commencement of the Additional Term, the 1995 Lease is in full force and effect, Tenant shall have the right to extend the term of the 1995 Lease for one additional term ("Additional Term") commencing as of May 1, 2007 and ending as of April 30, 2012. Said additional term shall be upon all of the same terms and conditions of the 1995 Lease in effect immediately preceding the commencement of such Additional Term, except that:
Tenant’s Extension Option. Tenant has one (1) option (an “Extension Option”) to extend the Expiration Date for one (1) additional period of five (5) years (the “Extension Term”) with respect to all of the Premises. Tenant may exercise the Extension Option provided an Event of Default (as defined below) does not exist as of the date of exercise of the Extension Option. The Extension Option is exercisable by written notice (“Tenant’s Notice”) to Landlord given at least twelve (12) months prior to the Expiration Date. Any extension of the Lease shall be on the same covenants, agreements, provisions, and conditions as set forth in this Lease for the Initial Term except as otherwise set forth in this Lease, and except that (i) Base Rent during the Extension Term will be the Extension Base Rent (as defined below). (a) “Extension Base Rent” for the first Lease Year in the Extension Term is one hundred percent (100%) of the Fair Market Rent (as defined below); and the Extension Base Rent for each Lease Year thereafter during the Extension Term shall be one hundred two and half percent (102.5%) of the Extension Base Rent for the immediately preceding Lease Year during the Extension Term; provided, however, in no event shall the Extension Base Rent for the first Lease Year in the Extension Term be less than the Base Rent for the last Lease Year of the initial Term. (b) “Fair Market Rent” is, as determined in accordance with Sections 1.05(b)(i) and (ii), the annual rental rates being charged in question in the Northwest Minneapolis/St. Xxxx greater metropolitan area warehouse and office market sector for comparable space for leases commencing on or about the date of the commencement of the Extension Term taking into consideration use, location and floor level of the applicable building, the location, quality and age of the building, leasehold improvements or allowances provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became or becomes effective, the term of the lease under consideration, the extent of services provided thereunder, applicable distinctions between “gross” leases and “net” leases, base year figures and base years for escalation purposes, the creditworthiness and quality of Tenant, leasing commissions and costs of the lease and other adjustments to the base rental and any other relevant term or condition in making such evaluation, including the benefit to Landlord of having ...
Tenant’s Extension Option. Reference is made to Section 36 of the Lease, pursuant to which Tenant was granted the right to extend the Lease Term for two Extension Terms of five (5) years each. In consideration of Landlord’s agreement to extend the Lease Term for the Additional Term, the parties hereby agree that Tenant shall have the option (“Extension Option”), in accordance with said Section 36, to extend the Lease Term for only one additional Extension Term of five (5) years, said Extension Term to commence as of January 1, 2025 and expire as of December 31, 2029. Tenant’s remaining Extension Option may be exercised by Tenant in accordance with the provisions of said Section 36, as hereby amended, provided that the references in the first paragraph of Section 36 to “initial Lease Term” and “initial Lease Term, as extended” shall be deemed to refer to the Additional Term.
Tenant’s Extension Option. Tenant's options to extend the term of the Lease under the Existing Lease have lapsed and are no longer in effect. Tenant has no further option to extend.
Tenant’s Extension Option. Subject to satisfaction of all of the Extension Option Conditions (any of which Extension Option Conditions Landlord may waive, by written notice to Tenant, in Landlord’s sole discretion), Tenant shall have the right (“Tenant’s Extension Option”) to extend the Term hereof upon all the same terms, conditions, covenants and agreements herein contained (except for the Annual Fixed Rent which shall be adjusted during the option period as hereinbelow set forth and except that there shall be no further option to extend) for two (2) periods of five (5) years each as hereinafter set forth. Each option period is sometimes herein referred to as the “Extended Term.”
Tenant’s Extension Option. Tenant has one (1) option (an “Extension Option”) to extend the Expiration Date for one (1) additional period of five (5) years (the “Extension Term”) with respect to all of the Premises. Tenant may exercise the Extension Option provided an Event of Default (as defined below) does not exist as of the date of exercise of the Extension Option. The Extension Option is exercisable by written notice (“Tenant’s Notice”) to Landlord given at least twelve (12) months prior to the Expiration Date. Any extension of the Lease shall be on the same covenants, agreements, provisions, and conditions as set forth in this Lease for the Initial Term except as otherwise set forth in this Lease, and except that (i) Base Rent during the Extension Term will be the Extension Base Rent (as defined below).
Tenant’s Extension Option as provided in Rider No. 1 to the Lease, is hereby amended to include the entire New Premises.
Tenant’s Extension Option. Subject to satisfaction of all of the Extension Option Conditions (any of which Extension Option Conditions Landlord may waive, by written notice to Tenant, in Landlord’s sole discretion), Tenant shall have the right (“Tenant’s Extension Option”) to extend the Term hereof upon all the same terms, conditions, covenants and agreements herein contained (except that (i) the Annual Fixed Rent shall be adjusted during the option period as hereinbelow set forth, (ii) the Premises may be reduced for either the First Extended Term or Second Extended Term in accordance with Section 3.2(e) hereof, and (iii) there shall be no further option to extend the Lease Term beyond the Second Extended Term (as hereinafter defined)) for two (2) periods of five (5) years each, as hereinafter set forth (the “First Extended Term” and the “Second Extended Term”, respectively; each, an “Extended Term”). Notwithstanding any provision of this Lease to the contrary Landlord has no obligation to make any additional payment to Tenant in respect of any construction allowance or the like or to perform any work to the Premises as a result of the exercise by Tenant of any such option (but the presence or absence thereof shall be relevant factors in determining Prevailing Market Rent).
