Tenant’s Option to Extend. 41.01 Tenant may extend the Term of this Lease for two (2) consecutive periods of sixty (60) months each (the “Extension Term(s)”) beginning the day after the Expiration Date, upon the same terms and conditions of the Lease, except that: (a) the Term is modified to include the Extension Term; (b) the Fixed Rent for the Extension Term shall be at the then Fair Market Rent (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below; and (c) the Option to Extend shall be deleted and shall not be available to Tenant at the end of the second Extension Term. 41.02 To exercise this Option to Extend, Tenant must: (a) not be in default of the Lease at the time the option is exercised; (b) give Notice to Landlord that Tenant is exercising its Option to Extend at least 270 days before the Expiration Date (“Tenant’s Notice “). (c) execute an amendment to the Lease to be provided by Landlord incorporating the terms of the Extension into the Lease and return it to Landlord within 10 days of receipt. 41.03 The annual Fixed Rent during the Extension Term shall be at Fair Market Rent. The term “Fair Market Rent” shall mean the annual Fixed Rent per square foot of the Premises as of the date the option period commences, but in no event less than the annual Fixed Rent payable by Tenant immediately prior to the Expiration Date. More specifically, Fair Market Rent is defined as the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “Area”). In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premises, and (d) having its operations disrupted during the relocation.
Appears in 1 contract
Tenant’s Option to Extend. 41.01 Tenant may extend the Term of this Lease for two one (21) consecutive periods period of sixty (60) months each (the “"Extension Term(s)”Term") beginning the day after immediately succeeding the Expiration Date, upon the same terms and conditions of the Lease, except that:
(a) the Term is modified to include the Extension Term;
(b) the Fixed Rent for the Extension Term shall be at 100% of the then Fair Market Rent (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below; and
(c) the Option to Extend shall be deleted and shall not be available to Tenant at the end of the second Extension Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not be never have been in default of the Lease at the time the option is exercised;Lease; and
(b) give Notice to Landlord that Tenant is exercising its Option to Extend at least 270 365 days before the Expiration Date (“"Tenant’s 's Notice “")., and
(c) execute an amendment to the Lease to be provided by Landlord incorporating the terms of the Extension into the Lease and return it to Landlord within 10 days of receipt.
41.03 The annual Fixed Rent during the Extension Term shall be at 100% of the then Fair Market Rent. The term “Fair Market Rent” " shall mean the annual Fixed Rent per square foot of the Premises as of the date the option period commences, but in no event less than the annual Fixed Rent payable by Tenant immediately prior to the Expiration Date. More specifically, Fair Market Rent is defined as the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “Area”"). In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premises, and (d) having its operations disrupted during the relocation.
Appears in 1 contract
Sources: Lease (Boomerang Systems, Inc.)
Tenant’s Option to Extend. 41.01 Tenant may extend the Term of this Lease for two (2) consecutive periods of sixty (60) months each (the “Extension Term(s)”) beginning the day after the Expiration Date, upon the same terms and conditions Section 2.3 of the Lease, except thatLease is hereby amended by:
(a) deleting the Term is modified to include words and numbers “fifteen (15) months” from the Extension Termtwo 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 Fixed Rent for words and numbers “twelve (12) months” from the Extension Term shall be at fifth sentence of the then Fair Market Rent first grammatical paragraph thereof, and by replacing them with the words and numbers “ten (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below10) months”; and
(c) adding the Option to Extend shall be deleted and shall not be available to Tenant 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 second Extension Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not be in default 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 option is exercised;
(b) give Notice Term of the Lease as aforesaid, then Tenant shall be entitled to Landlord 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 exercising not required to deliver a security deposit because it satisfied the Financial Requirement at the time of its Option election to Extend extend the Term of the Lease, Tenant shall nonetheless be required to deliver such security deposit in the event that ▇▇▇▇▇▇ subsequently fails to satisfy the Financial Requirement at least 270 days before any time during the Expiration Date 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 Notice “).
(c) execute an amendment election to exercise either of its options to extend the Term of the Lease to be provided by Landlord incorporating the terms of the for an applicable Extension into the Lease and return it to Landlord within 10 days of receipt.
41.03 The annual Fixed Rent during the Extension Term shall be at Fair Market Rent. The term “Fair Market Rent” shall mean the annual Fixed Rent per square foot of the Premises as of the date the option period commences, but in no event less than the annual Fixed Rent payable by Tenant immediately prior to the Expiration Date. More specifically, Fair Market Rent is defined as the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “Area”). In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premisesTerm, and (dii) having its operations disrupted during within ninety (90) days following the relocationexpiration of each fiscal year of Tenant ending subsequent to the date on which Tenant first makes such election to exercise an extension option.”
Appears in 1 contract
Sources: Lease (Gsi Group Inc)
Tenant’s Option to Extend. 41.01 So long as this Lease is then in full force and effect and Tenant may is not in default, beyond the expiration of any applicable grace and/or cure periods, in the performance of its obligations hereunder, Tenant shall have the option to extend the Term of this Lease for two (2) consecutive periods one period of sixty (60) months each (the “Extension Term(s"New Term")”) beginning , commencing on the first day after of the Expiration sixty-first full calendar month following the Commencement Date. If Tenant shall exercise such option in a timely manner, upon then this Lease shall automatically be extended for the same New Term, on all of the terms and conditions set forth herein, without the execution of any further instrument. If, however, Tenant shall not exercise such option in a timely manner, then Tenant shall have no further right to extend the Term of this Lease, except thatand this Lease shall expire on the Expiration Date specified in Section 1.1. Tenant's option to extend the Term for the New Term shall be exercised (and Annual Rent for tile New Term shall be determined) in the following manner:
(a) Not later than with eight (8) months prior to the Term is modified "Expiration Date", Tenant shall provide Landlord with notice (the "Intention Notice") of Tenant's potential desire to include extend the Extension Term;. If Tenant falls to deliver the Intention Notice on or before with eight (S) months prior to the Expiration Date, Tenant shall have no further right to extend the Term.
(b) If Tenant delivers the Fixed Rent Intention Notice in a timely manner, then, not later than seven (7) months prior to the Expiration Date, Landlord shall notify Tenant, in writing, of' Landlord's estimate ("Landlord's Estimate") of the fair market rental value for the Extension Term shall be at Premises with respect to the then Fair Market Rent first twelve (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below; and
(c12) the Option to Extend shall be deleted and shall not be available to Tenant at the end months of the second Extension New Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not be in default of the Lease at the time the option is exercised;
(b) give Notice to Landlord that Tenant is exercising its Option to Extend at least 270 days before the Expiration Date (“Tenant’s Notice “).
(c) execute an amendment Within 15 days after Tena▇▇'▇ ▇eceipt of Landlord's Estimate, Tena▇▇ ▇▇▇ll inform Landlord if Tenant disputes Landlord's Estimate. Tenant's failure to notify Landlord prior to the Lease expiration of such fifteen (15) day period shall be deemed to be provided by Landlord incorporating constitute a waiver of Tenant's right to dispute Landlord's Estimate, and, if the terms Term is extended for the New Term. Annual Rent for the first twelve (12) months of the Extension into the Lease and return it New Term will be deemed to Landlord within 10 days of receipthave been established as Landlord's Estimate.
41.03 (d) If Tenant notifies Landlord of Tena▇▇'▇ ▇esire to dispute Land▇▇▇▇'▇ ▇stimate, Landlord and Tenant shall each select an independent appraiser, who shall attempt to reach agreement as to the fair market rental value for the Premises for the first twelve (12) months of the New Term. If they are unable to agree, the appraisers selected by Tena▇▇ ▇▇▇ Landlord shall mutually agree upon a third appraiser, who shall choose either the value proposed by Tena▇▇'▇ ▇ppraiser or the value proposed by Land▇▇▇▇'▇ ▇ppraiser as being the fair market rental value for the Premises for the first 12 months of the New Term. The annual Fixed Annual Rent during for the Extension first 12 months of the New Term shall be at Fair Market Rent. The term “Fair Market Rent” shall mean deemed to be the annual Fixed fair market rental value as determined by the appraiser(s); provided, however, that the Annual Rent per square foot for the first 12 months of the Premises as of the date the option period commences, but in no event second New Term shall be not less than the annual Fixed rent payable with respect to the 12 months immediately preceding the Expiration Date. Each appraiser shall be a reputable independent MAI real estate appraiser, with at least 5 years of experience in the Commonwealth of Massachusetts. The costs and expenses of the appraiser selected by Landlord shall be borne by Landlord; the costs and expenses of the appraiser selected by Tenant shall be borne by Tenant: and tile costs and expenses of the third appraiser (if any) shall be shared equally by Tena▇▇ ▇▇▇ Landlord.
(e) Tenant shall have the right to exercise its option to extend the Term by notice to Landlord not later than that date (the "Last Notice Date") which is the later to occur of (i) thirty (30) days after the date on which the Annual Rent payable with respect to the first twelve (12) months of the New Term has been established and (ii) six (6) months prior to the Expiration Date. If Tenant shall fall to exercise its option to extend tile Term prior to the Last Notice Date, Tenant shall have no further right to extend the Term and this Lease shall expire as of the Expiration Date. However, notwithstanding such failure by Tenant, Landlord shall have the option (which option shall be exercised, if at all, by notice to Tenant not later than thirty (30) days after the Last Notice Date), if the Last Notice Date is a date which is later than six (6) months prior to the Expiration Date, to extend the Term for a period equal to the number of days between the date which is six (6) months prior to the Expiration Date and the Last Notice Date, for Annual Rent which is the Annual Rent in effect immediately prior to the Expiration Date.
(f) If the Annual Rent payable with respect to the first 12 months of the New Term has not been established prior to the Expiration Date, Tenant shall continue to pay Annual Rent on the basis of the Annual Rent payable with respect to the twelve (12) months immediately preceding the Expiration Date. More specificallyIf the Term is subsequently extended, Fair Market then, at such time as the new Annual Rent has been established, (i) all future payments of Annual Rent during the first 12 months of the New Term shall be in the amount so established and (ii) if the new Annual Rent is defined as higher than the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “Area”). In additionAnnual Rent previously paid by Tenant, in determining the Fair Market Rent, no consideration Tenant shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premises, and (d) having its operations disrupted during the relocation.make an appropriate
Appears in 1 contract
Tenant’s Option to Extend. 41.01 Tenant may extend the Term of this Lease for two (2) consecutive periods of sixty (60) months each (the “Extension Term(s)”) beginning the day after the Expiration Date, upon the same terms and conditions Section 2.3 of the Lease, except thatLease is hereby amended by:
(a) deleting the Term is modified to include words and numbers “fifteen (15) months” from the Extension Termtwo 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 Fixed Rent for words and numbers “twelve (12) months” from the Extension Term shall be at fifth sentence of the then Fair Market Rent first grammatical paragraph thereof, and by replacing them with the words and numbers “ten (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below10) months”; and
(c) adding the Option to Extend shall be deleted and shall not be available to Tenant 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 second Extension Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not be in default 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 option is exercised;
(b) give Notice Term of the Lease as aforesaid, then Tenant shall be entitled to Landlord 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 exercising not required to deliver a security deposit because it satisfied the Financial Requirement at the time of its Option election to Extend extend the Term of the Lease, Tenant shall nonetheless be required to deliver such security deposit in the event that Tenant subsequently fails to satisfy the Financial Requirement at least 270 days before any time during the Expiration Date 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 Notice “).
(c) execute an amendment election to exercise either of its options to extend the Term of the Lease to be provided by Landlord incorporating the terms of the for an applicable Extension into the Lease and return it to Landlord within 10 days of receipt.
41.03 The annual Fixed Rent during the Extension Term shall be at Fair Market Rent. The term “Fair Market Rent” shall mean the annual Fixed Rent per square foot of the Premises as of the date the option period commences, but in no event less than the annual Fixed Rent payable by Tenant immediately prior to the Expiration Date. More specifically, Fair Market Rent is defined as the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “Area”). In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premisesTerm, and (dii) having its operations disrupted during within ninety (90) days following the relocationexpiration of each fiscal year of Tenant ending subsequent to the date on which Tenant first makes such election to exercise an extension option.”
Appears in 1 contract
Sources: Lease (Gsi Group Inc)
Tenant’s Option to Extend. 41.01 (A) Tenant shall have the one-time 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 after the Expiration Date and shall expire on the fifth 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. Provided this Lease shall then be in full force and effect and Tenant shall not be in default hereunder and the expiration of any applicable notice and grace period and Landlord shall not have previously delivered more than two (2) written notices of any monetary default hereunder within the preceding forty-eight (48) months, Tenant may exercise its option to extend the Term by giving Landlord written notice of such election no later than one (1) year prior to the 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. Notwithstanding Tenant’s exercise of its option under this Subsection (A), at Landlord’s option the Extension Term shall not commence if Tenant shall be in monetary default hereunder as of the Expiration Date and Landlord has delivered a written notice of default, in which event the Term shall expire on the Expiration Date and the provisions of this Section shall be deemed null and void and of no further force or effect. All of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Extension Term, except that (i) the Base Rent shall be as determined in accordance with Subsection (B) of this Section 4.14, and (ii) Tenant shall have no further right to extend the Term of this Lease for two (2) consecutive periods of sixty (60) months each (the “Extension Term(s)”) beginning the day after the Expiration Date, upon the same terms and conditions of the Lease, except that:
(a) the Term is modified pursuant to include the Extension Term;
(b) the Fixed Rent for the Extension Term shall be at the then Fair Market Rent (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below; and
(c) the Option to Extend shall be deleted and shall not be available to Tenant at the end of the second Extension Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not be in default of the Lease at the time the option is exercised;
(b) give Notice to Landlord that Tenant is exercising its Option to Extend at least 270 days before the Expiration Date (“Tenant’s Notice “)Section 4.14.
(cB) execute an amendment to the Lease to be provided by Landlord incorporating the terms of the Extension into the Lease and return it to Landlord within 10 days of receipt.
41.03 The annual Fixed Base Rent payable by Tenant for the Premises during the Extension Term shall be at Fair Market Rentthe fair market rental value of the Premises determined as of the day immediately preceding the Extension Term. The term Immediately after the exercise by Tenant of its option under Subsection (A) above, Landlord and Tenant shall use their best efforts to agree upon the fair market rental value of the Premises (exclusive of electricity charges). For the purposes of this Lease, the “Fair Market Rentfair market rental value” of the Premises shall mean the annual Fixed Rent per square foot rental value for comparable office space renewals for a comparable class of office buildings in Downtown Manhattan, taking all relevant factors into consideration. In the event Landlord and Tenant cannot reach agreement within forty-five (45) days after the date of Tenant’s notice of exercise of its option. Landlord and Tenant shall confer and appoint a reputable, qualified, licensed real estate broker who shall have an office in the county in which the Building is located, who is familiar with the rentals then being charged in the Building and in comparable buildings and who has at least 10 years’ experience (the “Independent Broker”). If Landlord and Tenant shall fail to agree upon the designation of the Independent Broker, then upon ten (10) days’ notice, either party may apply to the Supreme Court of the county in which the Building is located to appoint the Independent Broker. Concurrently with such appointment, Landlord and Tenant shall each submit a letter to the Independent Broker, with a copy to the other, setting forth their respective estimates of the fair market rental value of the Premises, taking into consideration the duration of the Extension Term and all other terms and conditions of this Lease which are applicable to the Extension Term (respectively, “Landlord’s Letter” and “Tenant’s Letter”). The Independent Broker shall determine the fair market rental value of the Premises as during the Extension Term and shall choose the fair market rental value set forth in either Landlord’s Letter or Tenant’s Letter to be the Base Rent during the Extension Term. The fees and expenses of the date Independent Broker and all costs incurred in connection with the option appointment of the Independent Broker shall be shared equally by Landlord and Tenant. In the event the Extension Term shall commence prior to a determination of the Base Rent during the Extension Term having been made in accordance with Subsection (B) of this Section 4.14, then the Base Rent to be paid by Tenant to Landlord until such determination has been made shall be the greater of (i) the fair market rental value as set forth in Landlord’s Letter plus all sums payable pursuant to any other Additional Rent, or (ii) the Base Rent for the twelve (12) month period commencesimmediately preceding the commencement of the Extension Term, but in no event less than including any other Additional Rent payable pursuant to Article 3 hereof or as otherwise provided herein. After such determination has been made for the annual Fixed Base Rent during the Extension Term, any excess rental for the Extension Term theretofore paid by Tenant to Landlord shall be credited by Landlord against the next ensuing monthly Base Rent payable by Tenant immediately prior to Landlord and any deficiency in Base Rent due from Tenant to Landlord during the Extension Term shall be paid within ten (10) business days. Notwithstanding anything to the Expiration Date. More specificallycontrary, Fair Market Rent is defined as Tenant’s rights under this Section 4.14 are personal to the fixed rent then being charged to lessees under Tenant named herein and may not be exercised by any new leases being made in the Building permitted successor, assign or in comparable buildings located in the general vicinity subtenant of the Building (the “Area”). In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premises, and (d) having its operations disrupted during the relocationPremises.
Appears in 1 contract
Tenant’s Option to Extend. 41.01 Tenant may extend the Term of this Lease for two (2) consecutive periods of sixty (60) months each (the “Extension Term(s"EXTENSION TERM(S)”") beginning the day after the Expiration Date, upon the same terms and conditions of the Lease, except that:
(a) the Term is modified to include the Extension Term;
(b) the Fixed Rent for the Extension Term shall be at 95% of the then Fair Market Rent (determined exclusive of any and all allowances, credits and other tenant concessions offered by Landlord to tenants leasing new or additional space in the Building), as defined below; and
(c) the Option to Extend shall be deleted and shall not be available to Tenant at the end of the second Extension Term.
41.02 To exercise this Option to Extend, Tenant must:
(a) not then be in default of the Lease at following notice and expiration of the time the option is exercisedapplicable cure period;
(b) give Notice to Landlord that Tenant is exercising its Option to Extend at least 270 days before the Expiration Date (“Tenant’s Notice “"TENANT'S NOTICE").
(c) execute an amendment to the Lease to be provided by Landlord incorporating the terms of the Extension into the Lease and return it to Landlord within 10 days of receipt.
41.03 The annual Fixed Rent during the Extension Term shall be at Fair Market Rent. The term “"Fair Market Rent” " shall mean the annual Fixed Rent per square foot of the Premises as of the date the option period commences, but in no event less than the annual Fixed Rent payable by Tenant immediately prior to the Expiration Date. More specifically, Fair Market Rent is defined as the fixed rent then being charged to lessees under any new leases being made in the Building or in comparable buildings located in the general vicinity of the Building (the “"Area”)") for space as delivered to Tenant at the Commencement of this Lease, not for space as improved by Tenant. In addition, in determining the Fair Market Rent, no consideration shall be given to the following facts: (1) that no vacancy or reletting expenses will be incurred by Landlord (including, without limitation, advertising or promotional expenses); (2) that Landlord shall not perform work at its expense for the Tenant or pay Tenant any special work allowance; (3) that Landlord shall not grant any rent concession to Tenant; and (4) that Tenant will not incur the cost and expense of (a) having to locate other premises in which to move, (b) designing and constructing improvements to same, (c) relocating to said new premises, and (d) having its operations disrupted during the relocation.
Appears in 1 contract