Common use of Tenant's Option Clause in Contracts

Tenant's Option. Notwithstanding anything to the contrary contained in this Lease, if for any given policy period, Tenant is able to obtain insurance coverage which meets the requirements of this 16. at a cost lower than Landlord’s cost, then Tenant may be the Insuring Party. At least thirty (30) days prior to the beginning of any policy period for which Tenant desires to be the Insuring Party, Tenant shall submit to Landlord its insurance quote and proposed policy provisions. Within five (5) business days of receipt, Landlord shall review Tenant’s insurance quote and proposed policy provisions, and Landlord may request that the lender as to any loan(s) encumbering the property described in Exhibit A hereto (“Lender”) also review Tenant’s insurance quote and proposed policy provisions. Promptly following said reviews by Lender and Landlord, Landlord may, in its reasonable discretion, approve or reject Tenant’s proposed insurance. If approved, Tenant shall cause the approved policies to be issued, with copies of the insurance certificate(s) to be immediately provided to Landlord. If rejected, Landlord shall specify the reasons for such rejection in writing. Tenant shall have three (3) business days from the receipt of Landlord’s written notice of rejection to submit a revised insurance quote and proposed policy provisions. Within three (3) business days after Landlord’s receipt of Tenant’s revised insurance quote and policy provisions, Landlord shall accept Tenant’s revised insurance if it adequately addresses the reasons initially specified by Landlord for rejection. If in Landlord’s reasonable determination, such revised insurance quote and policy provisions do not adequately address the reasons initially specified by Landlord for rejection, Landlord may reject Tenant’s revised insurance quote and policy provisions by stating the reasons therefor in writing; however, such rejection shall be final in regard to that policy period, and Landlord shall be the Insuring Party for that policy period. If Landlord approves Tenant’s insurance, Tenant’s failure to provide the insurance certificate(s) to Landlord at least ten (10) business days prior to the commencement of the applicable policy period shall result in Landlord being the Insuring Party.

Tenant's Option. Notwithstanding anything If pursuant to Subsection 24.3.1 Landlord elects to undertake such repairs, but the contrary contained in this Lease, if for any given policy period, Tenant is able to obtain insurance coverage which meets the requirements of this 16. at a cost lower than Landlord’s costEstimate of the Completion Date is more than one year after delivery of such notice, then Tenant shall have an option, exercisable by written notice thereof delivered to Landlord not later than the fifteenth (15th) business day after Landlord’s delivery of Landlord’s notice that the repairs will not be completed within such one year period, to terminate this Lease. If neither Landlord nor Tenant exercise such a right of termination with respect to a Casualty covered by this Subsection 24.3, then Landlord shall promptly, diligently and continuously undertake to repair such damage or destruction. Notwithstanding the immediately preceding sentence, in the event Landlord commences repair of such damage, and the repairs are not substantially completed within a period of time equal to 120% of the period of time between the date of such damage and the Landlord’s Estimate of the Completion Date, as such Landlord’s Estimate of the Completion Date may be extended by the Insuring Party. At least thirty number of days that the substantial completion of the repair work is delayed due to any Tenant-caused delays (30) days prior to the beginning of any policy period for which Tenant desires to be the Insuring Party“Third 120% Period”), then Tenant shall submit have the right to Landlord its insurance quote and proposed policy provisions. Within terminate this Lease within five (5) business days after the expiration of receiptthe Third 120% Period, by notice to Landlord, which such termination shall be effective as of thirty (30) days after Tenant’s delivery to Landlord of the Damage Termination Notice (the “Third Damage Termination Notice Period”). Landlord shall review Tenanthave the right to deliver to Tenant a notice at any time prior to the Landlord’s insurance quote and proposed policy provisions, and Landlord may request that the lender as to any loan(s) encumbering the property described in Exhibit A hereto (“Lender”) also review Tenant’s insurance quote and proposed policy provisions. Promptly following said reviews by Lender and Landlord, Landlord may, in its reasonable discretion, approve or reject Tenant’s proposed insurance. If approved, Tenant shall cause the approved policies to be issued, with copies Estimate of the insurance certificate(s) to be immediately provided to Completion Date estimating a revised Landlord. If rejected’s Estimate of the Completion Date, Landlord shall specify the reasons for such rejection in writing. upon receipt of which Tenant shall have three thirty (330) business days from to elect whether or not to terminate this Lease or to approve the receipt of revised Landlord’s written notice of rejection to submit a revised insurance quote and proposed policy provisions. Within three (3) business days after Landlord’s receipt of Tenant’s revised insurance quote and policy provisions, Landlord shall accept Tenant’s revised insurance if it adequately addresses the reasons initially specified by Landlord for rejection. If in Landlord’s reasonable determination, such revised insurance quote and policy provisions do not adequately address the reasons initially specified by Landlord for rejection, Landlord may reject Tenant’s revised insurance quote and policy provisions by stating the reasons therefor in writing; however, such rejection shall be final in regard to that policy period, and Landlord shall be the Insuring Party for that policy period. If Landlord approves Tenant’s insurance, Tenant’s failure to provide the insurance certificate(s) to Landlord at least ten (10) business days prior to the commencement Estimate of the applicable policy period shall result in Landlord being the Insuring PartyCompletion Date.

Tenant's Option. Notwithstanding anything Landlord hereby grants to Tenant the option to extend the term of this Lease for two (2) term(s) of five (5) years each term, provided (i) Tenant is not currently in default beyond any applicable notice and cure period; and (ii) Tenant gives Landlord written notice of his intention to exercise the option at least nine (9) months prior to the contrary contained expiration of the then current term. Should Tenant exercise its extension option in this Leaseaccordance with the provisions of the preceding paragraph, if Landlord shall provide to Tenant, in writing, a statement indicating Landlord's calculation of the fair market value of the Fixed Rent for any given policy period, Tenant is able to obtain insurance coverage which meets the requirements of this 16. at a cost lower than Landlord’s cost, then Tenant may be the Insuring Party. At least renewal term within thirty (30) days prior of receipt of Tenant's timely notice. In calculating the fair market value for Tenant's extension option, Landlord shall consider all elements affecting the Lease transaction, including, but not limited to, credit worthiness, Tenant's need or lack thereof to require an improvement allowance or rental abatement, steady and continuous rental income which could be interrupted due to marketing and/or construction time, the beginning amount of any policy period brokerage commissions will be those payable upon a lease renewal, and other buildings within the central New Jersey marketplace, particularly the Eatontown Industrial Park. In the event Tenant disputes Landlord's calculation of the fair market value for which Tenant desires to be the Insuring Partyextension option, Tenant shall submit have twenty (20) days from receipt of same to Landlord its insurance quote and proposed policy provisionsprovide written objection to the Landlord. Within five (5) business days of receiptThereafter, Landlord the parties shall review Tenant’s insurance quote and proposed policy provisions, and Landlord may request that the lender as seek to any loan(s) encumbering the property described in Exhibit A hereto (“Lender”) also review Tenant’s insurance quote and proposed policy provisions. Promptly following said reviews by Lender and Landlord, Landlord mayreach a mutually agreeable number and, in its reasonable discretion, approve or reject Tenant’s proposed insurance. If approved, Tenant shall cause the approved policies event the parties are unable to be issued, with copies of the insurance certificate(s) to be immediately provided to Landlord. If rejected, Landlord shall specify the reasons for reach such rejection in writing. Tenant shall have three (3) business days from the receipt of Landlord’s written notice of rejection to submit a revised insurance quote and proposed policy provisions. Within three (3) business days after Landlord’s receipt of Tenant’s revised insurance quote and policy provisions, Landlord shall accept Tenant’s revised insurance if it adequately addresses the reasons initially specified by Landlord for rejection. If in Landlord’s reasonable determination, such revised insurance quote and policy provisions do not adequately address the reasons initially specified by Landlord for rejection, Landlord may reject Tenant’s revised insurance quote and policy provisions by stating the reasons therefor in writing; however, such rejection shall be final in regard to that policy period, and Landlord shall be the Insuring Party for that policy period. If Landlord approves Tenant’s insurance, Tenant’s failure to provide the insurance certificate(s) to Landlord at least mutual agreement within ten (10) business days prior of receipt by Landlord of Tenant's objection, the parties shall engage the services of a mutually acceptable appraiser to the commencement determine such fair market value. The cost of the applicable policy period third party appraiser shall result be shared equally by the Landlord and Tenant and shall be binding upon both parties. The Fixed Rent for the first renewal term shall be 95% of the fair market value as determined by the method outlined in Landlord being the Insuring Partypreceding paragraph, but not less than the prior year's rental. The second renewal term shall be at fair market value as determined by the method outlined in the preceding paragraph, but not less than the prior year's rental.

Tenant's Option. Notwithstanding anything to the contrary contained in this Lease, if for any given policy period, Tenant is able to obtain insurance coverage which meets the requirements of this 16¶16. at a cost lower than Landlord’s cost, then Tenant may be the Insuring Party. At least thirty (30) days prior to the beginning of any policy period for which Tenant desires to be the Insuring Party, Tenant shall submit to Landlord its insurance quote and proposed policy provisions. Within five (5) business days of receipt, Landlord shall review Tenant’s insurance quote and proposed policy provisions, and Landlord may request that the lender as to any loan(s) encumbering the property described in Exhibit A hereto (“Lender”) also review Tenant’s insurance quote and proposed policy provisions. Promptly following said reviews by Lender and Landlord, Landlord may, in its reasonable discretion, approve or reject Tenant’s proposed insurance. If approved, Tenant shall cause the approved policies to be issued, with copies of the insurance certificate(s) to be immediately provided to Landlord. If rejected, Landlord shall specify the reasons for such rejection in writing. Tenant shall have three (3) business days from the receipt of Landlord’s written notice of rejection to submit a revised insurance quote and proposed policy provisions. Within three (3) business days after Landlord’s receipt of Tenant’s revised insurance quote and policy provisions, Landlord shall accept Tenant’s revised insurance if it adequately addresses the reasons initially specified by Landlord for rejection. If in Landlord’s reasonable determination, such revised insurance quote and policy provisions do not adequately address the reasons initially specified by Landlord for rejection, Landlord may reject Tenant’s revised insurance quote and policy provisions by stating the reasons therefor in writing; however, such rejection shall be final in regard to that policy period, and Landlord shall be the Insuring Party for that policy period. If Landlord approves Tenant’s insurance, Tenant’s failure to provide the insurance certificate(s) to Landlord at least ten (10) business days prior to the commencement of the applicable policy period shall result in Landlord being the Insuring Party.