Tenant’s Option to Extend. Section 2.3 of the Lease is hereby amended by:
(a) deleting the words and numbers “fifteen (15) months” from the two places in which they appear in the third sentence of the first grammatical paragraph thereof, and by replacing them in both places with the words and numbers “twelve (12) months”;
(b) deleting the words and numbers “twelve (12) months” from the fifth sentence of the first grammatical paragraph thereof, and by replacing them with the words and numbers “ten (10) months”; and
(c) adding the following text at the end thereof: “Notwithstanding anything to the contrary set forth herein, if at the time of Tenant’s election to exercise either of its options to extend the Term of the Lease for an applicable Extension Term, Tenant does not satisfy the Financial Requirement (as defined below), Landlord shall have the right to require Tenant to provide Landlord with a security deposit in an amount equal to six (6) months’ of Annual Rent payable during such Extension Term, such deposit to be delivered to Landlord prior to and as a condition precedent to the effectiveness of such Extension Term, in the form of an irrevocable standby letter of credit in form and substance reasonably satisfactory to Landlord. For the purposes hereof, the term “Financial Requirement” shall mean that the total cash balance then being maintained by Tenant is equal to at least Twenty Million Dollars ($20,000,000.00). If Tenant is required to deliver a security deposit as a result of its failure to satisfy the Financial Requirement at the time of its election to extend the Term of the Lease as aforesaid, then Tenant shall be entitled to a return of such security deposit in the event that Tenant subsequently satisfies the Financial Requirement at any time during the remaining Term of the Lease. Conversely, if Tenant is not required to deliver a security deposit because it satisfied the Financial Requirement at the time of its election to extend the Term of the Lease, Tenant shall nonetheless be required to deliver such security deposit in the event that Xxxxxx subsequently fails to satisfy the Financial Requirement at any time during the Term of the Lease. In order to effectuate the foregoing provision, Tenant shall provide Landlord with audited financial statements for Tenant both (i) at the time of Tenant’s election to exercise either of its options to extend the Term of the Lease for an applicable Extension Term, and (ii) within ninety (90) days following the expiration of eac...
Tenant’s Option to Extend. The Tenant shall have the option (the “Extension Option”) to extend the Term of this Lease specified in Section 3 hereof (herein referred to as the “Original Term”) for one (1) additional period of two (2) years (hereinafter referred to as the “Extended Term”). Such option to extend may be exercised as hereinafter provided. The Tenant may exercise the aforesaid Extension Option by giving written notice to the Landlord of Tenant’s election to extend the Original Term of this Lease, provided that such written notice shall be given not less than nine (9) months prior to the expiration of the Original Term. Upon exercise of said Extension Option as aforesaid, the Term of this Lease shall be automatically extended by the aforesaid two (2) year period without the requirement of any further instrument, upon the same terms and conditions set forth in this Lease, and Landlord shall not be obligated to provide any so called “free rent” or tenant improvement allowance or other tenant inducements, and Base Rent for the Extended term shall be determined as provided in Section 36(a) below. In the event that the Extension Option is duly exercised, all references contained in this Lease to the Term hereof, whether by number of years of number or months, shall be construed to refer to the Original Term hereof extended as aforesaid, whether or not specific reference thereto is made in this Lease.
Tenant’s Option to Extend. Provided Tenant has not and is not otherwise in default under the terms of this Lease and there exists no event with which the passing of time or the giving of notice would create a default under this Lease, Tenant shall have one (1) option to extend the term of this Lease for a period of three (3) additional years beyond the Initial Term (the “Option Term”) commencing upon the expiration of the Initial Term. Landlord must receive written notice of Tenant’s election to exercise an option to extent the term of this Lease prior to February 1, 2018. The written notice shall be sent to Landlord by a nationally recognized overnight delivery service or via certified mail, return receipt requested, time being declared of the essence. In the event Tenant materially defaults hereunder, Tenant’s exercise of its option to extend the term of this Lease shall, at Landlord’s election, be deemed waived by Tenant and no longer available to Tenant. During the Option Term, all terms and conditions of this Lease shall remain in full force and effect excepting monthly Rent which shall be as follows:
Tenant’s Option to Extend. Paragraph 6.18 of the Original Lease is hereby deleted in its entirety and is of no further force or effect.
Tenant’s Option to Extend. On the conditions (which conditions Landlord may in its sole discretion waive by notice to Tenant at any time) that (i) Tenant is in compliance with the terms of this Lease and no Event of Default exists, and (ii) Tenant is occupying at least 80% of the Building, in the case of each such condition both as of the time of the exercise of the Tenant's rights in this Article 10 and as of the commencement of the applicable Extension Term, Tenant shall have the option to extend this Lease for each Extension Term. Tenant may exercise its Option with respect to each Extension Term by giving written notice ("Extension Notice") to Landlord at least six months before the Lease Expiration Date. Time shall be of the essence in this Article 10.
Tenant’s Option to Extend. In the event this Lease is in full force and effect without notice of default to Tenant or, if such notice of default has been given, Tenant is acting promptly and diligently to cure the same and applicable grace periods, if any, have not expired, and the original Tenant (or any successor Tenant to whom the transfer of the tenant's interest hereunder was stated in Section 8.9 not to constitute an "assignment") holds the entire tenant's interest hereunder and is in occupancy of the Premises and engaged in the active conduct of its business, the original Tenant (or any such successor Tenant) may extend the initial Term as to the entire Premises for one period of either three (3) or five (5) years, as stated in the notice, from the Termination Date on the terms and conditions of this Lease (except for Annual Fixed Rent, which shall be determined as follows), by giving at least nine (9) months' (but not more than fifteen (15) months) prior written notice thereof to Landlord, and thereafter all references in this Lease to the Term shall also include the Term as extended. Any notice which fails to specify whether the extension is for three (3) or five (5) years, or is given earlier than fifteen (15) months or later than nine (9) months prior to the end of the initial Term, shall be entirely void and without legal force or effect.
Tenant’s Option to Extend. Tenant shall, provided that the Expansion Conditions are then satisfied, have the right, by giving notice to Landlord not later than twenty-four (24) months prior to the end of the initial Term, to extend the Term of this Lease (which shall include, without limitation, the Premises as expanded pursuant to Paragraph 30 hereof) for one additional consecutive period of ten (10) years, upon the same terms, covenants and conditions contained in this Lease, except that Base Rent shall be an amount equal to the Current Market Rate for such period. Landlord will, at Tenant’s request at any time after thirty (30) months prior to the end of the initial Term, and in any event at least twenty-three (23) months prior to the end of the initial Term if Tenant has given notice of intent to exercise its renewal option, advise Tenant of Landlord’s determination of Current Market Rate. If the parties are unable to agree upon the Current Market Rate, such dispute shall be settled as described in Paragraphs 30.H. and 34 hereof.
Tenant’s Option to Extend. Provided Tenant is in occupancy of premises and is not in default of the Lease, Tenant shall have an option of extending the term of this Lease for one additional renewal term of FIVE (5) years on the same terms and conditions as set forth herein, provided, however, that the Tenant shall pay to the Landlord as basic rent for the said FIVE (5) year renewal term the sum of SEVENTY-ONE THOUSAND FIVE HUNDRED FIFTY AND 00/100 ($71,550.00) per annum in equal monthly installments plus any increase as determined in accordance with the provisions of paragraph 47. Written notice of Tenant's intention to extend the Lease for the said FIVE (5) year renewal term shall be given to the Landlord not later than nine (9) months prior to the expiration of the initial term of the Lease. In the event notice is not received by Landlord at least nine (9) months prior to the expiration of the initial term, said option shall be deemed waived by Tenant.
Tenant’s Option to Extend. On the conditions (which conditions Landlord may in its sole discretion waive by notice to Tenant at any time) that (i) Tenant is in compliance with the terms of this Lease and no Event of Default exists, and (ii) Tenant is occupying at least 60% of the Premises originally demised by this Lease, in the case of each such condition, both as of the time of the exercise of the Tenant's rights in this Article 10, and as of the commencement of the Extension Term, Tenant shall have the option to extend this Lease for each Extension Term. Tenant may exercise each Extension Term by giving written notice ("EXTENSION NOTICE") to Landlord at least nine months before the Lease Expiration Date. Time shall be of the essence in this Article 10.
Tenant’s Option to Extend. Prior to expiration of the Additional Leased Premises Term, Tenant may elect, in its sole discretion, to extend the Additional Leased Premises Term subject to Tenant’s option to extend the Renewal Term for an additional period of two (2) years, as provided in Section 5 of the Second Amendment.
