Tenant’s Extension Option. A. Provided (i) this lease shall then be in full force and effect, (ii) Tenant shall not be in default hereunder beyond all applicable notice, grace and/or cure periods of any monetary or material non-monetary obligations 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), and (iii) Tenant shall then be in physical occupancy of the entire demised premises, Tenant shall have one (1) option to extend the term of this lease for an additional term of five (5) years (the “Extension Term”). The Extension Term shall commence on the day immediately following the Expiration Date and shall expire on the day prior to the fifth (5th) anniversary of the Expiration 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 not less than eighteen (18) months nor more than twenty-one (21) months prior to the Expiration Date, and upon the giving of such notice, this lease and the term hereof 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 of this lease, and the Expiration Date shall thereupon be deemed to be the last day of the Extension Term. Except as otherwise provided in this Article, 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 rent which shall remain payable on the terms herein set forth.
B. The fixed annual rent payable by Tenant for the demised premises during the Extension Term shall be equal to the then fair market rent for the demised premises, which shall be determined as the fixed annual rent for comparable office space in a comparable building taking into account the actual base years for operating expenses and taxes which would be applicable (the “FMR”). For purposes of determining the FMR during the Extension Term, it should be assumed that Tenant is not receiving a prevailing market inducement package (i.e., free rent, work letter and the like), since Tenant will not be receiving such inducement ...
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 E.
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. 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. 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'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 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).
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:
a. The annual base rent payable with respect to the 1995 Premises shall be as follows: ------------------------------ ---------------------------------------- Period $ per Square Annual Rent Monthly ------ ------------ ----------- ------- Foot Payment ---- ------- ----------------------------------------------------------------------- August 15, 2002 - February 28, 2006 $ 8.85 $ 310,574.50 $ 25,881.25 ----------------------------------------------------------------------- March 1, 2006 - April 30, 2007 $30.00 $1,052,850.00 $ 87,737.50 ----------------------------------------------------------------------- May 1, 2007 - April 30, 2009 $38.00 $1,333,610.00 $111,134.17 ----------------------------------------------------------------------- May 1, 2009 - April 30, 2012 $43.00 $1,509,085.00 $125,757.08 -----------------------------------------------------------------------
b. The annual base rent payable with respect to the Additional Premises during the Additional Term shall be as set forth in Section 2.3;
c. Tenant shall have no further right to extend the term of the 1995 Lease other than the one five year term provided for in this Section 8.1.
d. Notwithstanding the fact that, upon Tenant's exercise of the herein option to extend the term of the 1995 Lease, such extension shall be self-executing, as afore...
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
