Term and Option Term. Section 3.01 of the Lease is hereby modified so that the “Primary Term” of the Lease is extended through March 31, 2025. In this regard, Lessee acknowledges that Lessee is not entitled to any further renewal option or extension of the Term, except the Option Term as restated in the First Amendment. The base rental rate for the first year of the Option Term, if properly and timely elected, shall be no lower than the base rental rate for the previous lease year but otherwise at the then Fair Market Value for comparable single-story “flex” properties in the same submarket. “Fair Market Value” shall mean the base rental rate for leases then being renewed or for new leases then being entered into of similar quality, size, utility and location in the surrounding submarket, with the length of the Option Term, the credit standing of the Lessee, as well as any tenant inducements (e.g. tenant improvement allowance) taken into account. Base rent shall increase during the Option Term as set forth in the First Amendment. The date by which the Option Term must be exercised shall be changed to March 31, 2024. Within fifteen (15) days following Lessee’s timely exercise of election of the Option Term, Lessor shall deliver written notice to Lessee of Lessor’s estimation as to the fair market base rent rate. The parties shall thereafter negotiate in good faith in an effort to agree upon the fair market base rent rate for the first year of the Option Term. If the parties are unable to agree on the fair market base rent rate for the first year of the Option Term within sixty (60) days following Lessee’s notice of election, each party shall, within ten (10) days of such date, employ a qualified real estate professional, with at least five (5) years experience immediately prior to the date in question, to appraise and establish the fair market base rent rate for similar leases. The two real estate professionals thus appointed shall meet promptly and attempt to agree upon and establish said rate or, upon failing to do so, shall then jointly designate a third real estate professional within fifteen (15) days of their appointment. Within fifteen (15) days after selection of the third real estate professional, such professional shall select the fair market base rent rate proposed by either Lessee’s or Lessor’s real estate professional as the amount more reflective of the fair market base rent rate. Such determination shall be finally determinative of such fair market base rent rate....
Term and Option Term. As of the date hereof, Landlord and Tenant hereby agree to extend the Term of the Lease with respect to the Premises from the date of expiration of the initial Term (“Effective Date”) through July 31, 2013, and the Lease is hereby amended so that all references to the “Term” in the Lease shall refer to the Term as extended hereunder. Upon the termination of this Lease as described in the previous sentence, Tenant shall have the right, upon providing Landlord with at least one hundred twenty (120) days written notice prior to the expiration of the Term, to renew the Lease for an additional one (1) year term (“Option Term”) for the period and with an Annual Base Rent as set forth in Section 2 below. The parties agree to evidence the agreement to enter into the Option Term by executing a written confirmation of such extension.
Term and Option Term
