Common use of Term/Renewal Term Clause in Contracts

Term/Renewal Term. 3.1 The initial term of this Lease (“Term”) shall be for six (6) years commencing on the Commencement Date (as defined in Section 4.1 below) and expiring on the last day of the month preceding the month in which the sixth (6th) anniversary of the Commencement Date occurs (the “Expiration Date”), unless sooner terminated as hereinafter provided. 3.2 The originally named Tenant herein (the “Named Tenant”) shall have the option to renew the Term of this Lease for the period(s) and upon the terms contained in Section 3.3 hereof. Upon the commencement of any Renewal Term described therein, (i) any applicable Renewal Term shall be added to and become a part of the Term, (ii) any reference in this Lease to the “Term” shall be deemed to include the applicable Renewal Term, and (iii) the “Expiration Date” shall mean the date of expiration of the applicable Renewal Term. (a) Named Tenant shall have the right (each a “Renewal Option”) to extend the initial Term of this Lease (“Initial Term”) for two (2) periods of six (6) years each (each such period being a “Renewal Term”), provided that Named Tenant shall give Landlord notice of its election to renew the Term of this Lease (the “Renewal Notice”), on or before the date (the “Renewal Term Notice Date”) that is one (1) year prior to the applicable Expiration Date, and upon the giving of such notice this Lease shall be deemed renewed for the applicable Renewal Term with the same force and effect as if such Renewal Term had initially been included in the Term. All of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Renewal Term, except that the Fixed Rent for the Renewal Term shall be as set forth in Article 5 below. All references in this Lease to “Term” shall include the Renewal Term which is effective in accordance with the provisions of this Section. (b) Each Renewal Option shall be conditioned upon no Event of Default having occurred hereunder, and upon this Lease being in full force and effect on the date of Landlord’s receipt of Named Tenant’s Renewal Notice and on the commencement date of the applicable Renewal Term (“Renewal Term Commencement Date”). Any termination, cancellation, surrender, assignment or sublet of the interest of Named Tenant under this Lease at any time during the Term shall terminate the Renewal Option hereunder.

Term/Renewal Term. 3.1 (a) The initial term Term of the Lease is for the period set forth in the Basic Lease Provisions, beginning on the Lease Commencement Date and ending at midnight on the Lease Expiration Date. If under the provisions of this Lease (“Term”) the Term begins on a date other than the Lease Commencement Date set forth in the Basic Lease Provisions, then Landlord shall advise Tenant in writing of the date, and that date shall be for six (6) years commencing on the Lease Commencement Date. The Lease Expiration Date (as defined in Section 4.1 below) and expiring on the last day shall also be adjusted to provide a term of the month preceding the month in which the sixth (6th) anniversary of the Commencement Date occurs (the “Expiration Date”), unless sooner terminated as hereinafter provided. 3.2 The originally named Tenant herein (the “Named Tenant”) shall have the option occupancy equal to renew the Term of this set forth in the Basic Lease for Provisions. For the period(sthree (3) and upon the terms contained in Section 3.3 hereof. Upon the commencement of any Renewal Term described therein, (i) any applicable Renewal Term shall be added to and become a part of the Term, (ii) any reference in this Lease week period prior to the “Term” shall be deemed to include Lease Commencement Date, the applicable Renewal Term, and (iii) the “Expiration Date” shall mean the date of expiration of the applicable Renewal Term. (a) Named Tenant shall have the right to enter upon the Premises for equipment, furniture, and communication installations, provided such entry shall be subject to the provisions of Exhibit "B-2." (b) Provided no Event of Default by Tenant shall have occurred and be continuing hereunder and this Lease shall be in effect, Tenant shall have the right to extend the Term hereof on two occasions for successive five-year renewal terms (each a “Renewal Option”) to extend the initial Term of this Lease (“Initial Term”) for two (2) periods of six (6) years each (each such period being a “"Renewal Term”"). In order to exercise its right to a Renewal Term, provided that Named Tenant shall give Landlord written notice of its election to renew the Term of this Lease (the “Renewal Notice”), on or before the date (the “Renewal Term Notice Date”) that is one (1) year exercise no later than nine months prior to the applicable Expiration Dateend of the Term or first Renewal Term, as applicable, and upon the giving of such notice this Lease shall be deemed renewed Tenant may not exercise its right for the applicable second Renewal Term with unless it has duly exercised its right for the same force and effect as if such first Renewal Term had initially been included in the Term. All During an exercised Renewal Term, all of the terms, covenants terms and conditions of this the Lease shall continue in full force and effect during effect, except for provisions, which, by their nature, relate only to the initial Term and except that the Basic Rent shall be the Fair Market Rent (herein defined), as determined herein. The Fair Market Rent shall be the greater the Fair Market Rent for the Premises and the Basic Rent for the immediately preceding Term or Initial Renewal Term, except as applicable. The Fair Market Rent shall be such rental as would be agreed upon by willing and knowledgeable parties, neither of whom were acting under compulsion. Within 30 days following receipt of Tenant's notice of exercise, Landlord shall advise Tenant of Landlord's determination of the Fair Market Rent (the "Initial Determination"). The Initial Determination shall be the Fair Market Rent unless Tenant shall within 15 days of receipt of the Initial Determination reject the Initial Determination by notice to Landlord. Tenant shall, together with its notice of rejection, either (i) terminate the Lease as of the end of the Term, or (ii) elect that the Fixed Fair Market Rent for be established by an appraiser mutually agreed upon by the parties. If the parties are unable to agree upon the selection of an appraiser within ten (10) days, then each party shall within an additional five-(5) days designate an appraiser and the appraiser so designated shall within ten (10) additional days designate a third appraiser. The three (3) appraisers so designated shall each render an opinion as to the Fair Market Rent and the average of the three (3) determinations shall be the Fair Market Rent. In the event a final determination of the Fair Market Rent has not been established as of the Lease Commencement Date of the Renewal Term Tern in question, the Initial Determination shall be as set forth in Article 5 below. All references in this Lease deemed to “Term” shall include be the Renewal Term which is effective in accordance with the provisions of this SectionFair Market Rent, subject to retroactive adjustment. (b) Each Renewal Option shall be conditioned upon no Event of Default having occurred hereunder, and upon this Lease being in full force and effect on the date of Landlord’s receipt of Named Tenant’s Renewal Notice and on the commencement date of the applicable Renewal Term (“Renewal Term Commencement Date”). Any termination, cancellation, surrender, assignment or sublet of the interest of Named Tenant under this Lease at any time during the Term shall terminate the Renewal Option hereunder.

Term/Renewal Term. 3.1 (a) The initial Term of this Lease shall be for the period set forth in the Basic Lease Provisions, beginning on the Lease Commencement Date and expiring at 11:59 p.m. on the Lease Expiration Date, subject nevertheless to the provisions of Section 24 hereof, dealing with the completion of the Improvements. If, pursuant to the provisions of this Lease, the term of this Lease (“Term”) begins on a date other than the Lease Commencement Date indicated in the Basic Lease Provisions above, then Landlord shall advise Tenant in writing of such date and thereafter the Lease Commencement Date shall be for six (6) years commencing on the Commencement such specified date. The Lease Expiration Date (shall also be adjusted so as defined in Section 4.1 below) and expiring on the last day to allow a term of the month preceding the month in which the sixth (6th) anniversary of the Commencement Date occurs (the “Expiration Date”), unless sooner terminated as hereinafter provided. 3.2 The originally named Tenant herein (the “Named Tenant”) shall have the option occupancy equal to renew the Term of this Lease for the period(s) and upon the terms contained in Section 3.3 hereof. Upon the commencement of any Renewal Term described therein, (i) any applicable Renewal Term shall be added to and become a part of the Term, (ii) any reference in this Lease to the “Term” shall be deemed to include the applicable Renewal Term, and (iii) the “Expiration Date” shall mean the date of expiration of the applicable Renewal Termthat provided above herein. (ab) Named Provided no Event of Default by Tenant shall have occurred and be continuing and this Lease shall be in effect, Tenant shall have the right (each a “Renewal Option”) to extend the initial Term of this Lease hereof on one occasion for one (“Initial Term”1) for two five (25) periods of six year renewal term (6) years each (each such period being a the “Renewal Term”). In order to exercise its right to the Renewal Term, provided that Named Tenant shall give Landlord written notice of its election to renew the Term of this Lease exercise no later than six (the “Renewal Notice”), on or before the date (the “Renewal Term Notice Date”6) that is one (1) year months prior to the applicable Expiration Date, and upon the giving end of such notice this Lease shall be deemed renewed for the applicable Renewal Term with the same force and effect as if such Renewal Term had initially been included in the Term. All During the exercised Renewal Term, all of the terms, covenants terms and conditions of this the Lease shall continue in full force and effect during effect, except for provisions which, by their nature, relate only to the Term and except that the Basic Rent shall be the Fair Market Rent (herein defined), as determined herein, and the Base Year shall be the calendar year in which the Term expires. The cost of the appraisers and arbiter shall be borne equally be Landlord and Tenant. Fair Market Rent shall be such rental as would be agreed upon by willing and knowledgeable parties, neither of whom were acting under compulsion taking into consideration all relevant factors including, by way of example, base rent, term, work letter, allowances and amount of space. Within 10 days after request by Tenant at any time within the final Lease Year of the Term and, if not done previously, within 30 days following receipt of Tenant’s notice of exercise, Landlord shall advise Tenant of Landlord’s determination of the Fair Market Rent, as based on current market data compiled by Landlord, (the “Initial Determination”). The Initial Determination shall be the Fair Market Rent unless Tenant shall within 15 days of receipt of the Initial Determination contest the Initial Determination by notice to Landlord, following which notice Landlord and Tenant shall endeavor to negotiate the Fair Market Value within the fifteen (15) day period following Tenant’s notice. If no agreement is reached, then Tenant may reject Landlord’s Initial Determination within forty (40) days of its receipt of the Initial Determination. Tenant shall, together with its notice of rejection, either (i) terminate the Lease as of the end of the Term, or (ii) elect that Landlord and Tenant shall each, within 15 days of Tenant’s rejection designate an independent certified appraiser to act on their behalf and shall jointly select a third independent certified appraiser to act as arbiter. If Landlord and Tenant are unable to agree upon an arbiter within such 15-day period, the two designated appraisers shall agree upon an arbiter within 15 days following their respective appointment. Within 30 days of their appointment, each designated appraiser shall establish a Fair Market Rent and within 15 days thereafter, the arbiter shall select one of the two determinations and the determination so selected shall be the Fair Market Rent for the Renewal Term. In the event a final determination of the Fair Market Rent has not been established as of the Lease Commencement Date of the Renewal Term, except that the Fixed Rent for the Renewal Term Initial Determination shall be as set forth in Article 5 below. All references in this Lease deemed to “Term” shall include be the Renewal Term which is effective in accordance with the provisions of this SectionFair Market Rent, subject to retroactive adjustment. (bc) Each Renewal Option Upon completion by Landlord of the work described in Exhibit “B”, Tenant shall be conditioned upon no Event permitted to take occupancy of Default having occurred hereunderthe Premises prior to the Lease Commencement Date. Such occupancy shall be under and subject to all of the terms and conditions of the Lease provided that with respect to rent, and upon Tenant shall not be responsible for Basic Rent for such period prior to the Lease Commencement Date but shall pay Additional Rent as provided in Section 3(b) hereof. (d) Tenant is hereby granted the one-time right to terminate this Lease being in full force and effect on the date of Landlord’s receipt of Named Tenant’s Renewal Notice and on the commencement date effective as of the applicable Renewal Term six (“Renewal Term 6) month anniversary of the Lease Commencement Date”). Any termination, cancellation, surrender, assignment or sublet provided (i) Tenant has given Landlord written notice of the interest of Named Tenant under this Lease termination at any time during the Term shall terminate six (6) month period, and (ii) Tenant pays to Landlord a termination penalty at the Renewal Option hereundertime of Tenant’s notice in an amount equal to the lesser of (a) $700,000.00 and (b) the sum of (x) all costs incurred by Landlord for legal fees relating to lease negotiation and for performance of the work described in Exhibit “B”, (y) an amount equal to the Basic Rent that would have been due under the Lease for the six month period following the date of termination and (z) a break up fee for the Broker in the amount of $175,000.

Term/Renewal Term. 3.1 The initial term of this Lease (“Term”) shall be for six (6) years commencing on the Commencement Date (as defined in Section 4.1 below) and expiring on the last day of the month preceding the month in which the sixth (6th) anniversary of the Commencement Date occurs (the “Expiration Date”), unless sooner terminated as hereinafter provided. 3.2 The originally named Tenant herein (the “Named Tenant”) shall have the option to renew the Term of this Lease for the period(s) and upon the terms contained in Section 3.3 hereof. Upon the commencement of any Renewal Term described therein, (i) any applicable Renewal Term shall be added to and become a part of the Term, (ii) any reference in this Lease to the “Term” shall be deemed to include the applicable Renewal Term, and (iii) the “Expiration Date” shall mean the date of expiration of the applicable Renewal Term. 3.3 (a) Named Tenant shall have the right (each a “Renewal Option”) to extend the initial Term of this Lease (“Initial Term”) for two (2) periods of six (6) years each (each such period being a “Renewal Term”), provided that Named Tenant shall give Landlord notice of its election to renew the Term of this Lease (the “Renewal Notice”), on or before the date (the “Renewal Term Notice Date”) that is one (1) year prior to the applicable Expiration Date, and upon the giving of such notice this Lease shall be deemed renewed for the applicable Renewal Term with the same force and effect as if such Renewal Term had initially been included in the Term. All of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Renewal Term, except that the Fixed Rent for the Renewal Term shall be as set forth in Article 5 below. All references in this Lease to “Term” shall include the Renewal Term which is effective in accordance with the provisions of this Section. (b) Each Renewal Option shall be conditioned upon no Event of Default having occurred hereunder, and upon this Lease being in full force and effect on the date of Landlord’s receipt of Named Tenant’s Renewal Notice and on the commencement date of the applicable Renewal Term (“Renewal Term Commencement Date”). Any termination, cancellation, surrender, assignment or sublet of the interest of Named Tenant under this Lease at any time during the Term shall terminate the Renewal Option hereunder.