Tenant’s Option to Renew. All options to renew the Amended Lease are hereby deleted in their entirety. The following renewal right is added to the Lease reading as follows: The Tenant is hereby granted two (2) five (5) year options to renew the Lease (“Renewal Option”). If the Tenant desires to exercise the Renewal Option, it shall so notify the Landlord, in writing, not later than twelve (12) months prior to the then current expiration date of the Term. Such notice shall only be effective if delivered at a time when the Tenant is not in Default hereunder. Within thirty (30) days following its receipt of Tenant’s notice of its desire to exercise the Renewal Option, given at the time and in the manner provided above, Landlord shall prepare and transmit to Tenant an appropriate amendment to this Lease extending the Term for five (5) years (each a “Renewal Term”; the first such five (5) year period being herein referred to as the “First Renewal Term” and the second such five (5) year period being herein referred to as the “Second Renewal Term”) and specifying (i) the Base Rent for such extension, which shall be the base rental rate for tenants of comparable size and location renewing leases in first-class office buildings located in downtown Chicago, including, but not limited to, the Building taking into account any tenant improvement allowances, commissions, abatements and other concessions granted as reasonably determined by Landlord and evidenced by recent transactions which shall be disclosed to Tenant (“Market Rent”) and (ii) that all other terms and conditions during the Renewal Term are the same as those during the Term, except for any tenant improvement allowances, abatements, other concessions, rights of first offer, expansion rights, termination rights, reduction rights; and renewal rights (other than for Tenant’s right to exercise the Renewal Option for the Second Renewal Term if Tenant has exercised the Renewal Option for the First Renewal Term) unless reflected in the Market Rent. If Tenant disagrees with Landlord’s estimation of the Market Rent, it must so notify Landlord in writing within twenty (20) days after Tenant’s receipt of Landlord’s proposed Market Rent and Tenant shall specify Tenant’s estimation of the Market Rent in such notice. If the parties are unable to agree on the Market Rent for the Renewal Term within ten (10) days following Landlord’s receipt of Tenant’s estimation of the Market Rent (such ten (10) day period being herein referred to as the “Negoti...
Tenant’s Option to Renew a) Tenant will give Landlord written notice thirty (30) days before the end of the Lease as to whether Tenant intends to renew the Lease or to vacate the unit.
b) In the absence of notice to the contrary, the Lease will be deemed automatically renewed by Landlord and Tenant for another one (1) year term.
c) If Tenant is vacating the unit within thirty (30) days prior to the expiration of the Lease term and does not give Landlord the full thirty (30) day’s notice, Tenant will be liable for the monthly rent until such time as the unit is re-rented.
d) If Tenant vacates the unit at any other time during the Lease term, except as provided in Paragraph 17, Tenant will be liable for the monthly rent up to the term of the Lease or until such time as the unit is re-rented.
e) Any changes in the terms and conditions of the Lease, excluding rent, charges, fees, surcharges, will be provided to the Tenant at least sixty (60) days before the end of the Lease term. Such changes will become effective with the new Lease term.
Tenant’s Option to Renew. Landlord and Tenant agree that Tenant has the right to exercise 1 option(s) (1 if not specified) to extend the Lease, provided Tenant is not in continuing, material default or breach at the time the option is exercised. Each option shall be for a term identical to the Term identified in Paragraph 3 (“Renewal Term”). Tenant shall provide Landlord no less than 90 days (60 if not specified) written notice of Tenant’s intention to exercise its option to renew the Lease.
Tenant’s Option to Renew. 5.1 If the Tenant wishes to enter into the Further Lease and, additionally, the Tenant has served written notice on the Landlord of its desire for the Further Lease not later than the Cut-Off Date (as to which time shall be of the essence) then PROVIDED the Tenant has paid all Rents due up to and including the date the written notice is served and PROVIDED that this lease has not, for whatever reason, determined the Landlord will grant and the Tenant will take the Further Lease of the Property on or (if earlier) not more than one month before the expiry of the Contractual Term (or if that day is not a Working Day, then the next following Working Day).
5.2 For the avoidance of doubt, the Further Lease shall not include a provision equivalent to this clause 5.
5.3 At any time after the expiry of the Contractual Term a party who is ready able and willing to complete the grant of the Further Lease may serve on the other a notice to complete the grant of the Further Lease in accordance with this clause 6 (“Completion Notice”) and in connection with the service of any Completion Notice:
(A) a party is ready able and willing to complete if it could be but for the default of the other party;
(B) the parties are to complete the grant of the Further Lease within ten (10) Working Days of serving a Completion Notice (excluding the date on which the Completion Notice is served) as to which time shall be of the essence; and
(C) if either party receives but fails to complete the grant of the Further Lease in accordance with a Completion Notice that has been validly served under this clause 5 then the party serving the Completion Notice may, by serving written notice on the other, rescind the option granted under this clause 5 but without prejudice to any other right or remedy of either party against the other.
Tenant’s Option to Renew. Provided the Tenant has fully and faithfully performed and discharged all of its obligations under this lease and is not then default under any of the terms or conditions of this Lease and all rent required to be paid by Xxxxxx has been paid in full, the Tenant shall have the option to renew this Lease for two (2) additional terms of three (3) years each, on the same terms and conditions herein set forth, except with respect to rights of renewal theretofore exercised and except as hereinafter set forth with respect to rent. Such option shall be exercised, if at all, by written notice from the Tenant to the Landlord not later than six (6) months prior to the expiration of the term of this Lease as then constituted. The rent payable during such renewal term shall be equal to the then-existing fair market rental value of the Premises at the time of such renewal, as mutually agreed upon by the Landlord and the Tenant, but in no event less than the rent in effect immediately prior to the effective date of such renewal.
Tenant’s Option to Renew. Landlord grants Tenant one (1) option to renew the Lease for an additional five (5) years commencing at the expiration of the Extended Term pursuant to the terms and conditionals set forth in Exhibit G of the Original Lease.
Tenant’s Option to Renew. Provided that this Lease is in full ------------------------ force and effect and Tenant shall have complied in all material respects with the terms and conditions of this Lease, Tenant shall have the option to renew this Lease for two (2) consecutive terms of five (5) years each (the "Renewal Terms"). Each Renewal Term which is properly exercised shall be deemed to commence on the termination date of the then-existing term of this Lease, and shall be upon the same terms and conditions as those contained in this Lease, except that the rents payable to Landlord shall be adjusted as provided herein in Section 8 and there shall be no further renewal options other than as specified herein. Tenant shall exercise each renewal, if at all, by providing Landlord with written notice as provided in Section 27 of this Lease not less than one hundred twenty days (120) days before the expiration of the then- existing term of this Lease.
Tenant’s Option to Renew. Tenant is hereby granted the option to renew this Lease for two (2) additional periods of five (5) years each, on the same terms and conditions contained herein
Tenant’s Option to Renew. So long as an Event of Default is not then continuing beyond any applicable grace or cure period, Tenant shall have the option to renew this Lease from year to year (but in any event not more than five (5) such annual renewals) upon all the same terms and conditions contained herein, including, without limitation, rent; provided, that Tenant shall give Landlord written notice of its intent to exercise any such annual renewal at least three (3) months prior to the expiration of the initial term or any renewal term, as the case may be.
Tenant’s Option to Renew. (1) The Landlord hereby agrees to extend the Term for a period of five (5) years (the "Renewal Term") beginning on the expiry of the Term of the Lease, with respect to the Leased Premises, subject to the following:
