Common use of Tenant’s Renewal Option Clause in Contracts

Tenant’s Renewal Option. Provided the Lease is in good standing and no default by Tenant exists hereunder and no event has occurred that with the passage of time and/or the giving of notice would result in a default by Tenant hereunder, Landlord hereby gives and grants to Tenant the right, privilege and option of extending this Lease in accordance with the Options to Renew set forth in Section 22 of the Basic Lease Provisions. Tenant shall exercise such options by giving notice to the Landlord of its intention to so renew not less than nine (9) months prior to the then applicable expiration of the Term. Failure to give any such notice shall be deemed a waiver of Tenant’s right to exercise this option and shall conclusively make the remaining option(s) to extend, if any, null and void. All of the terms, covenants and conditions of this Lease shall apply during the extended term(s), except that Basic Rent during the extended term shall be determined as follows: Within thirty (30) days after Landlord’s receipt of Tenant’s written notice exercising the option to extend the term, Landlord shall deliver to Tenant written notice of the Basic Rent for the first year of said extended term, which Basic Rent shall be at then market rates for similar premises in the area of the Building, which shall be supported by reasonable evidence supplied by Landlord, but in no event less than the Basic Rent for the then expiring year. In the event that the Basic Rent for the Renewal Term exceeds the Basic Rent for the then expiring year, then Tenant shall thereafter have fifteen (15) days in which to revoke its notice of renewal, failing which Tenant shall be deemed to have exercised said option to renew at the Basic Rent set forth in Landlord’s notice. So long as the Basic Rent determined by Landlord is supported by reasonable evidence, Tenant shall not have any other remedy should it disagree with said determination. In the event of such renewal, Basic Rent shall thereafter increase annually by three percent (3%) per annum. All renewals and extensions under this Lease shall be deemed to be included in the definition of Term as set forth herein.

Tenant’s Renewal Option. A. Provided (i) Tenant is not then in default (x) under any of the Lease is in good standing and no default by Tenant exists hereunder and no event has occurred that with the passage non-monetary terms, covenants or conditions of time and/or the giving of notice would result in a default by Tenant hereunder, Landlord hereby gives and grants to Tenant the right, privilege and option of extending this Lease in accordance with on Tenant’s part to be observed or performed beyond the Options to Renew applicable notice and grace periods set forth in Section 22 this Lease or (y) under the monetary terms, covenants or conditions of this Lease on Tenant’s part to be observed or performed; and (ii) Tenant and Tenant’s affiliates, in contradistinction to any subtenants or occupants, shall then be in occupancy of at least seventy-five (75%) of the Basic Lease Provisions. Demised Premises, Tenant shall exercise such options by giving notice have the option to renew this Lease and the Landlord Demised Term for a first renewal term (referred to as the “Initial Renewal Term”) of its intention five (5) years commencing on the date immediately following the Expiration Date and ending, unless sooner terminated pursuant to so renew not less than nine (9) months prior to the then applicable expiration of the Term. Failure to give any such notice shall be deemed a waiver of Tenant’s right to exercise this option and shall conclusively make the remaining option(s) to extend, if any, null and void. All of the terms, covenants and conditions of this Lease or pursuant to law, on the last day of the calendar month in which the day immediately preceding the fifth (5th) anniversary of the first day of the First Renewal Term shall apply during occur (the extended term(s“First Renewal Expiration Date”). If Tenant exercises such option in accordance with the provisions and limitations of this Article, except that Basic Rent during this Lease and the extended term Lease Term shall be determined as follows: Within thirty (30) days after Landlord’s receipt of Tenant’s written notice exercising renewed for the option Initial Renewal Term at a Minimum Rent equal to extend the term, Landlord shall deliver to Tenant written notice fair market annual rental value of the Basic Rent for the first year of said extended term, which Basic Rent shall be at then market rates for similar premises in the area Demised Premises as of the Building, which shall be supported commencement date of the Initial Renewal Term as agreed by reasonable evidence supplied by Landlordthe parties or determined in accordance with the provisions of Section 39.03, but in no event less than otherwise upon the Basic Rent for the same then expiring year. In the event that the Basic Rent for the Renewal Term exceeds the Basic Rent for the then expiring yearexecutory terms, then Tenant shall thereafter have fifteen (15) days in which to revoke its notice of renewal, failing which Tenant shall be deemed to have exercised said option to renew at the Basic Rent set forth in Landlord’s notice. So long covenants and conditions as the Basic original Demised Term, including without limitation the annual increases in Minimum Rent determined by Landlord is supported by reasonable evidence, Tenant shall not have any other remedy should it disagree with said determination. In the event contemplated under Subsection B of such renewal, Basic Rent shall thereafter increase annually by three percent (3%) per annum. All renewals and extensions under this Lease shall be deemed to be included in the definition of Term as set forth hereinSection 1.8.

Tenant’s Renewal Option. Provided an Event of Default does not exist on the part of the Tenant, Tenant (but not any subtenant, assignee or transferee of Tenant other than an approved subsidiary, affiliate or successor of Tenant as defined in 4.06 (f) (1), (2), (3)) shall have the option of renewing this Lease for two (2), successive but independent five (5) year periods under the same terms and conditions of the Lease is in good standing and no default by Tenant exists hereunder and no event has occurred that with the passage exception of time and/or the giving of notice would result in a default by Tenant hereunderBase Rental, Landlord hereby gives and grants which shall be adjusted to Tenant the right, privilege and option of extending this Lease in accordance with the Options to Renew set forth in Section 22 ninety-five percent (95%) of the Basic Lease ProvisionsPrevailing Market Rental Rate, as such is defined below, offered by comparable office buildings (including the Building) in the Park Ten area of Houston, Texas. With respect to Tenant's first renewal option, Tenant shall exercise such options by giving notice to the Landlord of its intention to so renew not less than nine seventy-five percent (975%) of the rentable area leased by Tenant at the time Tenant exercises its option to renew the Lease. With respect to Tenant's second renewal option, Tenant shall lease the entire rentable area then under lease. The location of the Leased Premises renewed by Tenant shall be in a contiguous location within the Building reasonably acceptable to Landlord. Unless otherwise approved by Landlord, Tenant agrees to renew its Lease with respect Tenant's laboratory or special purpose facilities in the Building. In order to exercise its option, Tenant must notify Landlord in writing not earlier than fifteen (15) months nor later than twelve (12) months prior to the then applicable expiration of the Lease Term. Failure to give any such notice shall be deemed a waiver of Tenant’s right to exercise this option and shall conclusively make the remaining option(s) to extend, if any, null and void. All of the terms, covenants and conditions of this Lease shall apply during the extended term(s), except that Basic Rent during the extended term shall be determined as follows: Within thirty (30) days after Landlord’s following receipt of Tenant’s written notice exercising the option to extend the term's notice, Landlord shall deliver to provide Tenant written notice with its determination of the Basic Rent for the first year of said extended term, which Basic Rent shall be at then market rates for similar premises in the area Prevailing Market Rental Rate. Within thirty (30) days following receipt of the Building, which shall be supported by reasonable evidence supplied Prevailing Market Rental Rate as determined by Landlord, but in no event less than the Basic Rent for the then expiring year. In the event that the Basic Rent for the Renewal Term exceeds the Basic Rent for the then expiring year, then Tenant shall thereafter have fifteen notify Landlord of its acceptance or rejection of the Prevailing Market Rental Rate. Landlord and Tenant agree to negotiate in good faith concerning the determination of the Prevailing Market Rental Rate, as defined herein, however, if Landlord and Tenant are unable to agree as to be the Prevailing Market Rental Rate within thirty (1530) days in which to revoke its notice following the date Tenant rejects Landlord's determination of renewalthe Prevailing Market Rental Rate, failing which Tenant the resolution shall be deemed submitted to have exercised said option to renew at the Basic Rent set forth arbitration as described in Landlord’s notice. So long as the Basic Rent determined by Landlord is supported by reasonable evidence, Tenant shall not have any other remedy should it disagree with said determination. In the event of such renewal, Basic Rent shall thereafter increase annually by three percent (3%) per annum. All renewals and extensions under this Lease shall be deemed to be included in the definition of Term as set forth Paragraph 10 herein.

Tenant’s Renewal Option. Provided (i) provided that Tenant is not then in default (x) under any of the Lease is in good standing and no default by Tenant exists hereunder and no event has occurred that with the passage terms, covenants or conditions of time and/or the giving of notice would result in a default by Tenant hereunder, Landlord hereby gives and grants to Tenant the right, privilege and option of extending this Lease in accordance with on the Options part of Tenant to Renew be observed or performed other than the payment of Fixed Rent and increases thereto due under Article 23 of the Lease, beyond the applicable notice and grace period set forth in Section 22 the Lease or (y) of the Basic covenants to pay the Fixed Rent and increases thereto under Article 23; and (ii) Tenant and Tenant’s subsidiaries and affiliates (each as defined in Section 11.05), in contradistinction to any other subtenants or occupants, shall then be in occupancy of seventy-five percent (75%) of the Demised Premises (with it understood that any space leased under this Lease Provisions. Tenant shall exercise such options by giving notice which has been removed or eliminated from the Demised Premises pursuant to the Landlord provisions of its intention to so renew not less than nine (9) months prior to the then applicable expiration of the Term. Failure to give any such notice Section 11.03 shall be deemed leased to Tenant under this Lease for the purposes of this Section 39.01), Tenant shall have the single option to renew this Lease and the Demised Term for a waiver single renewal term (referred to as the “Renewal Term”) of Tenant’s right five (5) years commencing on the date immediately following the Expiration Date (the “Renewal Term Commencement Date”) and ending, unless sooner terminated pursuant to exercise this option and shall conclusively make the remaining option(s) to extend, if any, null and void. All of the terms, covenants and conditions of this Lease or pursuant to law, on the last day of the calendar month in which the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date shall apply during occur. If Tenant exercises such option in accordance with the extended term(s)provisions and limitations of this Article, except that Basic Rent during this Lease and the extended term Demised Term shall be determined as follows: Within thirty (30) days after Landlord’s receipt of Tenant’s written notice exercising the option to extend the term, Landlord shall deliver to Tenant written notice of the Basic Rent for the first year of said extended term, which Basic Rent shall be at then market rates for similar premises in the area of the Building, which shall be supported by reasonable evidence supplied by Landlord, but in no event less than the Basic Rent for the then expiring year. In the event that the Basic Rent renewed for the Renewal Term exceeds at a Fixed Rent equal to the fair market annual rental value of the Demised Premises as of the commencement date of the Renewal Term as agreed by the parties or determined in accordance with the provisions of Section 39.03, but otherwise upon the same then executory terms, covenants and conditions as the original Demised Term, including the definitions of Owner’s Basic Rent for the then expiring year, then Tenant shall thereafter have fifteen (15) days in which to revoke its notice of renewal, failing which Tenant shall be deemed to have exercised said option to renew at the Basic Rent Tax Liability set forth in Landlord’s notice. So long as Section 23.01D and the Basic Rent determined by Landlord is supported by reasonable evidence, Tenant shall not have any other remedy should it disagree with said determination. In the event of such renewal, Basic Rent shall thereafter increase annually by three percent (3%) per annum. All renewals and extensions under this Lease shall be deemed to be included in the definition of Term as Base Escalation Year set forth herein.in Section 23.01G. 

Tenant’s Renewal Option. Provided (i) Tenant is not then in default (a) under any of the Lease is in good standing and no default by Tenant exists hereunder and no event has occurred that with the passage terms, covenants or conditions of time and/or the giving of notice would result in a default by Tenant hereunder, Landlord hereby gives and grants to Tenant the right, privilege and option of extending this Lease in accordance with on Tenant's part to be observed or performed other than the Options to Renew payment of Fixed Rent and increases thereto due under Article 23 of the Lease, beyond the expiration of the applicable notice and grace period set forth in Section 22 this Lease or (b) in the observance and performance of the Basic covenants to pay the Fixed Rent and increases thereto under Article 23 of this Lease, and (ii) Tenant, in contradistinction to any subtenants or occupants, shall then be in occupancy of the entire Demised Premises (with it understood that any space leased under this Lease Provisions. Tenant shall exercise such options by giving notice which has been removed or eliminated from the Demised Premises pursuant to the Landlord provisions of its intention to so renew not less than nine (9) months prior to the then applicable expiration of the Term. Failure to give any such notice Section 11.03 shall be deemed leased to Tenant under this Lease for the purposes of this Section 39.01), Tenant shall have the single option to renew this Lease and the Demised Term for a waiver single renewal term (referred to as the "Renewal Term") of Tenant’s right five (5) years commencing on the date immediately following the Expiration Date (the "Renewal Term Commencement Date") and ending, unless sooner terminated pursuant to exercise this option and shall conclusively make the remaining option(s) to extend, if any, null and void. All of the terms, covenants and conditions of this Lease or pursuant to law, on the last day of the calendar month in which the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date shall apply during occur. If Tenant exercises such option in accordance with the extended term(s)provisions and limitations of this Article, except that Basic Rent during this Lease and the extended term Demised Term shall be determined as follows: Within thirty (30) days after Landlord’s receipt of Tenant’s written notice exercising the option to extend the term, Landlord shall deliver to Tenant written notice of the Basic Rent for the first year of said extended term, which Basic Rent shall be at then market rates for similar premises in the area of the Building, which shall be supported by reasonable evidence supplied by Landlord, but in no event less than the Basic Rent for the then expiring year. In the event that the Basic Rent renewed for the Renewal Term exceeds at a Fixed Rent equal to the fair market annual rental value of the Demised Premises as of the commencement date of the Renewal Term as agreed by the parties or determined in accordance with the provisions of Section 39.03, but otherwise upon the same then executory terms, covenants and conditions as the original Demised Term, including the definitions of Owner's Basic Rent for the then expiring year, then Tenant shall thereafter have fifteen (15) days in which to revoke its notice of renewal, failing which Tenant shall be deemed to have exercised said option to renew at the Basic Rent Tax Liability set forth in Landlord’s notice. So long as the Basic Rent determined by Landlord is supported by reasonable evidenceSection 23.01D, Tenant shall not have any other remedy should it disagree with said determination. In the event of such renewal, Basic Rent shall thereafter increase annually by three percent (3%) per annum. All renewals and extensions under this Lease Tenant's payments pursuant to Section 23.04 shall be deemed adjusted taking into account the Fixed Rent attributable to be included in the definition of Renewal Term as set forth herein(other than that portion attributable to the Electrical Inclusion Factor).