Tenant’s Option to Extend Term. Landlord hereby grants to Tenant the option to extend the Lease Term (the “Extension Option”) for one additional period of five (5) years (the “Extension Term”), on the terms and subject to the conditions set forth in this Section; provided, however that if Tenant is in Default either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement of the Extension Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Extension Option and to unilaterally revoke Tenant’s exercise of the Extension Option, in which event this Lease shall expire on the then scheduled Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Lease Term. Tenant shall exercise its Extension Option, if at all, by giving Landlord unconditional, irrevocable written notice of such election no earlier than twelve (12) months and no later than nine (9) months prior to the then scheduled Expiration Date of the Term, the time of such exercise being “of the essence”. Subject to the provisions of this Section, upon the giving of such notice, this Lease and the Lease 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 Lease Term. If Tenant does exercise its Extension Option in accordance with the procedure set forth above, all of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Extension Term, except that Tenant shall extend the expiration date of the letter of credit it has provided to Landlord as a Security Deposit to cover the Extension Term and the Base Monthly Rent during the Extension Term shall be one hundred percent (100%) of the Prevailing Market Rate (as defined below) for the Premises. Tenant shall continue to possess and occupy the Premises in its existing condition, “as-is”, as of the commencement of the Extension Term, and Landlord shall have no obligation to repair, remodel, improve or alter the Premises or the Building, or to provide Tenant with any construction or refurbishing allowance whatsoever; and Tenant shall have no further rights to extend the Lease Term after the expiration of the Extension Term. The Prevailing Market Rate shall be determined in the manner set forth here...
Tenant’s Option to Extend Term. Tenant shall have, and is hereby granted two (2) options to renew the term of this Lease for additional periods of five (5) years each. The rental payable during each renewal period shall be the amount set forth in the Rent Schedule which is annexed hereto as Exhibit B and made a part hereof. Each such renewal term shall be upon the same terms and conditions as herein set forth with respect to the original term. Tenant must exercise its option with respect to the first five (5) year renewal term by giving Landlord written notice thereof not less than one hundred eighty (180) days prior to the expiration of the original term; and Tenant must exercise its option with respect to the 2nd (5) year renewal terms by giving Landlord written notice thereof not less than one hundred eighty(180) days prior to the expiration of the 1st renewal terms. Tenant may not exercise its option with respect to the 2nd renewal terms unless it has exercised its option with respect to the prior renewal term; and no exercise of option by Tenant shall be effective hereunder if an event of default has occurred and remains uncured.
Tenant’s Option to Extend Term. If Tenant has not defaulted in the performance of the terms and conditions of this Lease, Tenant shall have, and is hereby granted, three (3) periods of five (5), years each, the first such renewal period shall be designated First Renewal Term, the second renewal period shall be designated Second Renewal Term, and the third renewal period shall be designated Third Renewal Term. The rent for each renewal term shall be determined as set forth in Paragraph 3 of this Lease, that is, if Landlord does not elect to reappraise the Rented Property as set forth in said Paragraph 3, then the annual rental shall be determined by the Consumer Price Index adjustment. Each such renewal term shall be upon the same terms and conditions as herein set forth with respect to the original term. Tenant must exercise its option with respect to any next succeeding renewal term by giving Landlord written notice thereof not less than one year prior to the expiration of the then current lease term or renewal term. Tenant may not exercise its option with respect to the Second Renewal Term unless it has exercised its option with respect to the First Renewal Term. Tenant may not exercise its option with respect to the Third Renewal Term unless it has exercised its option with respect to the Second Renewal Term.
Tenant’s Option to Extend Term. Provided Tenant is not in default of its obligations to the Landlord pursuant to this Lease and any applicable cure period has not expired, Tenant, at Tenant’s discretion, shall have the option to extend the Term of this Lease for all or any portion of the Premises (provided that in no event shall the area of the Premises to be renewed be less than either (i) the Second Floor Key Area (as defined in Section 9) or (ii) one (1) full floor in the Building if the area to be renewed is not the Second Floor Key Area) for one (1) additional period of either five (5) years or three (3) years (the “Renewal Term”), to commence immediately upon the expiration of the Initial Term upon the same terms, covenants and conditions contained in this Lease, except that (i) Tenant shall pay to Landlord as base rent during the Renewal Term the then “Prevailing Market Rate” for the Premises as hereinafter defined, and (ii) the Base Taxes and Base Building Expenses shall be adjusted to the most recently completed Tax Year and calendar year, respectively.
Tenant’s Option to Extend Term. Provided that Tenant is not then in default under the terms of this Lease beyond any applicable cure periods and further provided that no portion of the Premises is then being sublet by Tenant, Tenant may, at Tenant’s option, extend the term of this Lease for additional period of five (5) years (the” Further Extended Term”) commencing on the date following the expiration of the Extended Term, such option to e exercised by Tenant giving formal written notice thereof to Landlord by United States registered or certified mail, return receipt requested, not later than twelve (12) months prior to the expiration of the Extended Term,
Tenant’s Option to Extend Term. If Tenant has complied with all of the terms and provisions of this Lease Agreement and is not in material default in any respect hereunder, then Tenant shall have the option to extend the term of this Lease two (2) times for successive separate periods; provided Landlord approves the applicable extension. Tenant shall exercise each option by giving Landlord at least ninety (90) days written notice thereof before the expiration of the initial term of this Lease or extended term then in effect. Each extended term shall be for a period of one (1) year and shall be on the same terms and conditions as set forth in this Lease Agreement for the initial term.
Tenant’s Option to Extend Term. 46.01 Provided Tenant is not and has not at any time been in default of any of the terms, covenants and conditions of this Lease, Tenant shall have the option, exercisable by giving written notice, by Certified Mail, Return Receipt Requested, to Landlord no later than January 1, 2004, TIME BEING OF THE ESSENCE, to extend the Term of this Lease for a period of fifty-eight (58) months (hereinafter referred to as the "Extended Term"). In the event Tenant shall exercise such option, the Term of the Lease shall be deemed extended for the Extended Term upon all of the covenants, agreements, terms, provisions and conditions of this Lease then in effect (including, but not limited to, the Base Operation Year) except that Tenant shall have no further right to extend the Term and, during the Extended Term, Tenant shall pay to Landlord Fixed Rent: For the period September 1, 2004 through June 30, 2005, $184,330.25 Dollars per annum payable in advance monthly installments of $20,481.14 per month. For the period July 1, 2005 through June 30, 2206 $255,604.56 Dollars per annum payable in advance monthly installments of $21,300.38 per month. For the period July 1, 2006 through June 30, 2007 $265,828.74 Dollars per annum payable in advance monthly installments of $22,152.40 per month. For the period July 1, 2007 through June 30, 2008,$276,461.88 Dollars per annum payable in advance monthly installments of $23,038.49 per month. For the period July 1, 2008 through June 30, 2009,$287,520.35 Dollars per annum payable in advance monthly installments of $23,960.03 per month. It is further understood and agreed by Tenant that the premises to be demised by Landlord to Tenant during the Extended Term shall include the Demised Premises originally demised hereunder, and in no event shall Tenant be permitted to extend the Term with respect to a portion of such premises only unless otherwise agreed to by Landlord in writing. In the event no such timely written notice is given by Tenant to Landlord on or before January 1, 2004, TIME BEING OF THE ESSENCE, then this Lease shall expire in accordance with its terms.
Tenant’s Option to Extend Term. Tenant shall have the option to extend the initial Term of this Lease for a single additional period ("Extended Term") of five (5) years beyond the initial Term, upon the following terms and conditions:
Tenant’s Option to Extend Term. Provided Tenant is not in default of its obligations to the Landlord pursuant to this Lease and any applicable cure period has not expired, Tenant shall have the option to extend the Term of this Lease for one (1) additional period of either three (3) years or five (5) years (the "Renewal Term"), to commence immediately upon the expiration of the Initial Term upon the same terms, covenants and conditions contained in this Lease, except that (i) Tenant shall pay to Landlord as base rent during the Renewal Term ninety-five percent (95%) of the then "Prevailing Market Rate" for the Premises as hereinafter defined, (ii) Landlord shall grant Tenant a tenant improvement allowance in the amount of Six Dollars ($6.00) per square foot of area in the Premises, (iii) the Base Taxes and Base Building Expenses shall be adjusted to the most recently completed Tax Year and calendar year, respectively.
Tenant’s Option to Extend Term. Tenant shall have the option to extend the Term of this Lease for one (1) additional period of five (5) years (the "Renewal Term") to commence immediately upon the expiration of the initial seven-year Term. Tenant's rental of the Premises during the Renewal Term shall be upon the same terms, covenants and conditions contained in this Lease, except that Tenant shall pay to Landlord as Base Rent that amount equal to the "Prevailing Market Rate" (including annual adjustments). For purposes of this Section 3, the term "Prevailing Market Rate" shall mean the then prevailing market rate being charged for comparable space in comparable office buildings within a five (5) mile radius of the Building as reasonably determined by Landlord (taking into account annual adjustments and rent abatements, cash allowances, premiums, commissions, improvement allowances, age of building, and other concessions commonly in use at the time of the renewal). In order to exercise its option granted herein, Tenant shall so notify Landlord in writing of its intent to renew not less than one hundred and twenty (120) days prior to the expiration of the initial seven-year Term. Within ten (10) business days following the exercise by Tenant of its option to extend the Lease for the Renewal
