TERM OF LEASE AGREEMENT. ○ The term of the Original Lease was eight (8) years commencing on the delivery date, (the "Original Lease Period"). The Company had the right to terminate the lease as of the end of the fifth year of the Original Lease Period, subject to six months prior written notice, provided that the Company pays a one-time special early termination payment (the "Special Payment") equal to the balance of the rest of the Improvement Amount (as defined below) per square meter multiplied by two times the number of remaining months for which the Company is required to pay rental fees. ○ As of the end of the third year of the Original Lease Period, the Company has the right to sub-lease the premises to a substitute tenant, subject to the Landlord’s prior written consent (not to be unreasonably withheld). ○ Estimated delivery date was to be May 10, 2008, but delivery occurred in August 2008. ○ The term of the Original Lease Period expires on August 31, 2016 and the term of the period with respect to all of the addenda is also August 31, 2016. ○ Pursuant to the Sixth Addendum, the Original Lease Period was extended to December 31, 2020. Unless one party notifies the other at least 180 prior to the end of the Original Lease Period, the Lease Agreement shall be automatically extended for an additional term of five (5) years (the “Optional Lease Period”)
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TERM OF LEASE AGREEMENT. ○ The term of the Original Lease was eight (8) years commencing on the delivery date, date (the "“Original Lease Period"”). The Company had the right to terminate the lease as of the end of the fifth year of the Original Lease Period, subject to six months prior written notice, provided that the Company pays a one-time special early termination payment (the "“Special Payment"”) equal to the balance of the rest of the Improvement Amount (as defined below) per square meter multiplied by two times the number of remaining months for which the Company is required to pay rental fees. ○ As of the end of the third year of the Original Lease Period, the Company has the right to sub-lease the premises to a substitute tenant, subject to the Landlord’s prior written consent (not to be unreasonably withheld). ○ Estimated delivery date was to be May 10, 2008, but delivery occurred in August 2008. ○ The term of the Original Lease Period expires on August 31, 2016 and the term of the period with respect to all of the addenda is also August 31, 2016. ○ Pursuant to the Sixth Addendum, the Original Lease Period was extended to December 31, 2020. Unless one party notifies the other at least 180 prior to the end of the Original Lease Period, the Lease Agreement shall be automatically extended for an additional term of five (5) years (the “Optional Lease Period”).
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TERM OF LEASE AGREEMENT. ○ The term of the Original Lease was eight (8) years commencing on the delivery date, date (the "“Original Lease Period"”). The Company had the right to terminate the lease as of the end of the fifth year of the Original Lease Period, subject to six months prior written notice, provided that the Company pays a one-time special early termination payment (the "“Special Payment"”) equal to the balance of the rest of the Improvement Amount (as defined below) per square meter multiplied by two times the number of remaining months for which the Company is required to pay rental fees. ○ As of the end of the third year of the Original Lease Period, the Company has the right to sub-lease the premises to a substitute tenant, subject to the Landlord’s prior written consent (not to be unreasonably withheld). ○ Estimated delivery date was to be May 10, 2008, but delivery occurred in August 2008. ○ The term of the Original Lease Period expires on August 31, 2016 and the term of the period with respect to all of the addenda is also August 31, 2016. ○ Pursuant to the Sixth Addendum, the Original Lease Period was extended to December 31, 2020. Unless one party notifies the other at least 180 prior to the end of the Original Lease Period, the Lease Agreement shall be automatically extended for an additional term of five (5) years (the “Optional Lease Period”)
Appears in 1 contract
TERM OF LEASE AGREEMENT. ○ The term of the Original Lease was eight (8) years commencing on the delivery date, date (the "“Original Lease Period"”). The Company had the right to terminate the lease as of the end of the fifth year of the Original Lease Period, subject to six months prior written notice, provided that the Company pays a one-time special early termination payment (the "“Special Payment"”) equal to the balance of the rest of the Improvement Amount (as defined below) per square meter multiplied by two times the number of remaining months for which the Company is required to pay rental fees. ○ As of the end of the third year of the Original Lease Period, the Company has the right to sub-lease the premises to a substitute tenant, subject to the Landlord’s prior written consent (not to be unreasonably withheld). ○ Estimated delivery date was to be May 10, 2008, but delivery occurred in August 2008. ○ The term of the Original Lease Period expires expired on August 31, 2016 and the term of the period with respect to all of the addenda is also August 31, 2016. ○ Pursuant to the Sixth Fourteenth Addendum, the Original Lease Period was extended to December 31, 20202025. Unless one party notifies the other at least 180 days prior to the end of the Original Lease Period, the Lease Agreement shall be automatically extended for an additional term of five (5) years (the “Optional Lease Period”).
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