Common use of Tenant’s Option to Extend Clause in Contracts

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. The Tenant shall have the option (the “Extension Option”) right to extend the Term of this Lease specified in Section 3 hereof accordance with the Extension Option as provided for in Article 1, provided that Tenant is not in default of any provision of this Lease (herein referred to as beyond any applicable notice and cure period) at the “Original time of its exercise of the Option or upon the commencement of the Extension 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 delivering to Landlord written notice to the Landlord of Tenant’s election intention to extend exercise the Original Term Extension Option (the “Notice of this Lease, provided that such written notice shall be given not less Intent”) no later than nine ninety (990) months days and no earlier than one hundred eighty (180) days prior to the expiration of the Original Term. Upon exercise of said Extension Option as aforesaid, the initial 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 time being of the Extended term shall be determined as provided in Section 36(a) belowessence. In If proper notification of the event that exercise of the Extension Option is duly exercisednot given and/or received, the Extension Option shall automatically expire. The Extension Term shall be upon all references of the terms and conditions contained in this Lease Lease. The Extension Option is personal to the Term hereoforiginal Tenant and cannot be assigned or exercised by anyone other than said original Tenant and only while the original Tenant is in full possession of the Premises and without the intention of thereafter assigning or subletting; provided, whether by number of years of number or monthshowever, notwithstanding the foregoing, the Extension Option shall be construed assignable to refer any person or entity to the Original Term hereof extended as aforesaid, whether whom Tenant sells all or not specific reference thereto is made in this Leasesubstantially all of its assets or stock or with whom Tenant merges.

Tenant’s Option to Extend. The (a) Tenant shall have the option (the “Extension Option”) to extend the Initial Term of this Lease specified in Section 3 hereof (herein referred to as the “Original Term”) for one (1) successive additional period of two six (26) years (hereinafter referred to as the “Extended Extension Term”). Such option , commencing on the first day following the Termination Date of the Initial Term; subject, however, to extend may be exercised the Renewal Conditions (as hereinafter provideddefined). The Tenant may Extension Term shall be upon the same terms, covenants, conditions and provisions as are in effect as of the Termination Date of the Initial Term, except that the annual Base Rate in effect during the Extension Term shall be as provided in the Agreement of Lease. (b) Tenant’s exercise of the aforesaid Extension Option extension option shall be by giving written notice to Landlord at least one hundred eighty (180) days prior to the Landlord last day of the Initial Term. (c) As of both the date of Tenant’s election notice to extend Landlord that Tenant exercises its extension option and the Original date that the Extension Term of this Leasecommences, provided that such written notice Tenant shall be given in compliance with the following conditions (the “Renewal Conditions”): (i)(A) Tenant shall not less than nine be in default under any Public Financing (9as hereinafter defined), and (B) months prior there is no monetary Event of Default by Tenant under any obligation to Landlord and/or the Philadelphia Industrial Development Corporation (“PIDC”) pursuant to the Acquisition Agreement or this Lease that is continuing, in the instance of (A) and (B), as the case may be, beyond the expiration of the Original Term. Upon exercise of said Extension Option as aforesaidany applicable notice, 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 grace and conditions set forth in this Leasecure periods, and Landlord (ii) An Event of Default with respect to the Continued Occupancy Covenant, as to the Leased Premises only, shall not have occurred and 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 Leasecontinuing.

Tenant’s Option to Extend. The (a) Tenant shall have the option (the “Extension Option”) right, at its election, to extend the Term original term of this Lease specified in Section 3 hereof for three additional periods, each of five (herein referred to as 5) years, commencing upon the “Original Term”) for one (1) additional period expiration 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 original term, or the aforesaid Extension Option by giving written notice to the Landlord of Tenant’s election to extend the Original Term of this Leasesubsequent extended term if extended, provided that such Tenant shall give Landlord written notice shall be given not less than nine of the exercise of its election at least six (96) months prior to the beginning of such period of extension, and provided further that Tenant shall not, at the time of giving notice or at the commencement date of any extended term, be in default beyond any applicable cure period in the performance or observance of an of the terms and agreements in this Lease to be performed or observed on the part of Tenant. Tenant shall not have an option for a second or third extension unless it duly exercises its respective first and second extension rights and is in possession of the premises throughout such prior period. (b) Except as expressly otherwise provided in this Lease, all agreements and conditions in this Lease shall apply to such additional periods to which the original term shall be extended as aforesaid except there shall be no right to extend the Lease beyond the expiration of the Original Termthird extended term. Upon If Tenant shall give notice of the exercise of said Extension Option as the election in the manner and within the time provided aforesaid, the Term of this Lease term shall be automatically extended by upon the aforesaid two (2) year period giving of the notice without the requirement of any further instrumentaction on the part of Landlord. (c) The Tenant shall pay, upon as Base Rent, the same terms amount calculated pursuant to Schedule A hereof during any extended Lease period hereunder, together with Tax Rent and conditions set forth in this Lease, and Landlord shall not be obligated to provide any so called “free additional 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.