Tenant's Option. In the event neither party exercises its option to terminate as aforesaid, Tenant shall be entitled to a reduction of rental payments in proportion to the amount by which the gross area of the Demised Premises is reduced by such taking or loss and such reduction shall be retroactive to the date when Tenant was deprived of the full and complete use of all the Demised Premises.
Tenant's Option. Notwithstanding anything to the contrary contained in this Lease, if for any given policy period, Tenant is able to obtain insurance coverage which meets the requirements of this 16. at a cost lower than Landlord’s cost, then Tenant may be the Insuring Party. At least thirty (30) days prior to the beginning of any policy period for which Tenant desires to be the Insuring Party, Tenant shall submit to Landlord its insurance quote and proposed policy provisions. Within five (5) business days of receipt, Landlord shall review Tenant’s insurance quote and proposed policy provisions, and Landlord may request that the lender as to any loan(s) encumbering the property described in Exhibit A hereto (“Lender”) also review Tenant’s insurance quote and proposed policy provisions. Promptly following said reviews by Lender and Landlord, Landlord may, in its reasonable discretion, approve or reject Tenant’s proposed insurance. If approved, Tenant shall cause the approved policies to be issued, with copies of the insurance certificate(s) to be immediately provided to Landlord. If rejected, Landlord shall specify the reasons for such rejection in writing. Tenant shall have three (3) business days from the receipt of Landlord’s written notice of rejection to submit a revised insurance quote and proposed policy provisions. Within three (3) business days after Landlord’s receipt of Tenant’s revised insurance quote and policy provisions, Landlord shall accept Tenant’s revised insurance if it adequately addresses the reasons initially specified by Landlord for rejection. If in Landlord’s reasonable determination, such revised insurance quote and policy provisions do not adequately address the reasons initially specified by Landlord for rejection, Landlord may reject Tenant’s revised insurance quote and policy provisions by stating the reasons therefor in writing; however, such rejection shall be final in regard to that policy period, and Landlord shall be the Insuring Party for that policy period. If Landlord approves Tenant’s insurance, Tenant’s failure to provide the insurance certificate(s) to Landlord at least ten (10) business days prior to the commencement of the applicable policy period shall result in Landlord being the Insuring Party.
Tenant's Option. Provided that at the time of exercise by Tenant under this Section 11.1, (i) there then exists no Default of Tenant under this Lease, (ii) this Lease is then in full force and effect, (iii) Tenant or a permitted assignee is in actual occupancy of at least 51% of the Consolidated Premises demised hereunder (or such portions thereof as Tenant shall have occupied at any time during the Term) and (iv) neither The Plymouth Rock, Inc., Landlord nor any affiliate of either such entity nor their related companies desires to use the Consolidated Premises upon expiration of the Term of this Lease (as evidenced by written notice of same by Landlord to Tenant given no later than thirty days after Xxxxxx's notice of its intent to extend the Term) Tenant shall have the right and option to extend the Term for one (1) extended term of five (5) years (the "Extended Term"). The Extended Term shall commence on the day immediately succeeding the last day of the initial Term and shall end on the day immediately preceding the fifth (5th) anniversary of the first (1st) day of the Extended Term. Tenant shall exercise such option to extend by giving notice to Landlord of its desire to do so not later than nine (9) months prior to the expiration of the initial Term. Provided that the conditions set forth in this Section shall have been satisfied, the giving of such notice by Tenant shall automatically extend the Term for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, this Lease shall automatically terminate at the end of the initial Term and Tenant shall have no further option to extend the Lease Term, it being agreed that time is of the essence with respect to the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that Tenant shall have no further options to extend, and the Annual Fixed Rent for the Extended Term shall be determined pursuant to Section 11.3 below.
Tenant's Option. In the event of the termination of this Lease as provided in Section 11.1, Tenant shall have the right, exercisable by written notice to Landlord given within thirty (30) days after receipt by Tenant of notice of Condemnation, to elect (a) to acquire the Leased Property from Landlord for a purchase price equal to the greater of its Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such Condemnation, in which event, upon the closing of such acquisition, Tenant shall have the right to receive the entire Award, or (b) to substitute a new property therefor in accordance with the provisions of Article 16, in which event Tenant shall receive the entire Award. Failure of Tenant to give such notice within such 30-day period shall be deemed a waiver of Tenant's rights pursuant to this Section 11.4. In the event Landlord shall, by written notice to Tenant given within thirty (30) days after receipt of Tenant's election notice, reject Tenant's offer so to purchase or substitute, Tenant shall restore the Leased Property to substantially the same condition as existed immediately before such Condemnation in accordance with the applicable provisions of this Lease and, in such event, Landlord shall, subject to and in accordance with the applicable provisions of Section 10.4, contribute to the cost of restoration that part of its Award allocable to such restoration.
Tenant's Option. If the Leased Space or a portion of it is subject to Major Damage during the final three years of the Term, Tenant has the right, for a period of 60 days beginning on the date of the occurrence, to elect not to restore the affected Improvements as otherwise required under this Agreement by giving the Commissioner written notice of the election, in which event this Agreement will, as to the portion of the Leased Space, terminate upon the notice. If Tenant desires to rebuild the affected Leased Space, it may do so only upon the written approval of the Commissioner. If approved, Tenant will receive the unamortized Improvement Cost of the restoration upon termination or expiration of the Term, with amortization being calculated on a straight-line basis over a period of time equivalent to the original Term..
Tenant's Option. If the Leased Space or a portion of it is subject to Major Damage during the final three years of the Term, Tenant has the right, for a period of 60 days beginning on the date of the occurrence, to elect not to restore the affected Improvements as otherwise required under this Agreement by giving the Commissioner written notice of the election, in which event this Agreement will, as to the portion of the Leased Space, terminate upon the notice. If Tenant desires to rebuild the affected Leased Space, it may do so only upon the written approval of the Commissioner.
Tenant's Option. If all or any portion of the Premises shall be made --------------- untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within two hundred ten (210) days from the date the repair and restoration is started, then regardless of anything in Section 16(a) above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, any Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Tenant's Option. A taking of twenty-five percent (25%) or more of the leased floor area of the Premises shall confer upon Tenant the option to be exercised only within thirty (30) days after Tenant shall have received notice thereof, to terminate this Lease effective as of the date of such taking, upon written notice to Landlord. Failure of Tenant to exercise such option shall constitute Tenant's agreement that the balance of the Premises is reasonably adequate for the conduct of Tenant's business, and this Lease shall remain in effect subject to Section 13.2 hereof.
Tenant's Option. Provided that at the time of exercise there exists no Default of Tenant and that this Lease is still in full force and effect, Tenant shall have the right and option to extend the Term of this Lease of one extended term of three years (the Extended Option Term) commencing on the day immediately succeeding the expiration date of the Extended Lease Term and ending at the close of the day on the last day of the Thirty-Sixth calendar month thereafter. Tenant shall exercise such option to extend by giving written notice to Landlord not later than twelve months prior to the expiration of the Extended Lease Term. The giving of such notice by Tenant shall automatically extend the Term of this Lease for the Extended Option Term and no instrument of renewal need to be executed. In the event that Tenant fails to give such notice to Landlord, this Lease shall automatically terminate at the end of the Extended Lease Term and Tenant shall have no further option to extend the Term of this Lease. The Extended Lease Term shall be on all the terms and conditions of this Lease as Restructured and Extended except that the provisions of the Section 15.1 shall not be applicable and Basic Rent shall be as determined pursuant to paragraph 15.2 hereof.
Tenant's Option. (a) Provided that at the time of such exercise (i) there then exists no Event of Default (or any default in the payment of rent or a material non-monetary default of Tenant, in either case of which Landlord has given Tenant notice), (ii) this Lease has not been terminated, and (iii) Original Tenant is in actual occupancy of at least seventy-five percent (75%) of the Premises, Tenant shall have the irrevocable right and option (the “Suite B Expansion Option”) to add the 32nd Floor Suite B Premises to the Premises by giving written notice (the “Suite B Expansion Election Notice”) to Landlord at least twelve (12) months prior to the Suite B Designated Expansion Date (as hereinafter defined), time of the essence. If Tenant fails to timely give the Suite B Expansion Election Notice to Landlord, Tenant shall have no further option to lease the 32nd Floor Suite B Premises, and Landlord shall be free to lease any or all of the 32nd Floor Suite B Premises to a third party or parties from time to time on such terms and conditions as it may deem appropriate. Notwithstanding the foregoing, Landlord may waive any or all of the conditions set forth in the foregoing clauses (i) and (iii), at its election, by written notice to Tenant at any time. The Suite B Expansion Option is personal to Original Tenant and shall not be transferred, assigned or exercised by any other party.
