Common use of Xxxxx and Exercise of Option Clause in Contracts

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Term.

Appears in 2 contracts

Samples: Lease Agreement (Medgenesis Inc), Lease Agreement (Medgenesis Inc)

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Xxxxx and Exercise of Option. Provided that no default (ibeyond applicable notice and cure periods) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant occurred and is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlordcontinuing, Tenant shall have one (1) the option to extend the Original Lease Term for one (1) additional period of three (3) additional periods of five (5) years each (the "Extension Term"Term(s)”). The Each Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (ix) Tenant this provision giving three (3) extension options shall be amended to reflect the remaining options to extend, if any, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not have any further option apply to extend the Extension Term, and (iiz) the Minimum Annual Rent shall be adjusted as set forth herein below ("the “Rent Adjustment"). Tenant shall exercise such each option by delivering to Landlord, no later than October 31, 2000twelve (12) months prior to the expiration of the preceding term, written notice of Tenant's ’s desire to extend the Original Lease Term. Tenant's ’s failure to properly timely exercise such option shall waive itbe deemed a waiver of such option and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five ten (510) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension TermTerm within thirty (30) days after Tenant’s acceptance (or deemed acceptance) of the Rent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Restoration Hardware Inc)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, an option ( “Option”) to extend the Lease Term for an additional term (the “Option Term”). The Option Term shall be for a period of five (5) years and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise (unless such Option is exercised earlier pursuant to Section 15.B. above), time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) $1.75 per square foot, or (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant has not been is in monetary or material non-monetary default hereunder under any of the terms, covenants or conditions of this Lease or the Lease dated July 10, 2007 for Building 1, either at the time Tenant exercises the Option or at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days thereafter prior to the commencement date of the Extension Option Term. Tenant , then Landlord shall be deemed have, in addition to have accepted all of Landlord’s other rights and remedies provided in this Lease, the Rent Adjustment if it fails right to deliver terminate the Option upon notice to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extendTenant, Landlord and Tenant shall execute an amendment to in which event the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Term.Term shall not be

Appears in 1 contract

Samples: Lease Agreement (Data Domain, Inc.)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, Two (2) options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). Each Option Term shall be for a period of Sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise (unless such Option is exercised earlier pursuant to Section 15.B. above), time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) Tenant has not been in default hereunder at any time during the Term of this Lease (Base Monthly Rent applicable to the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days immediately prior to the commencement of the Extension Option Term; or (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, or (ii) Tenant, and/or a Permitted Transferee does not have sufficient financial worth to undertake the financial obligations of this Lease, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the same real estate submarket as the Building and (ii) the credit standing and financial stature of the Tenant. The appraisers shall be deemed instructed that the foregoing five percent (5.0%) discount is intended to have accepted offset comparable rents that include the Rent Adjustment if it fails to deliver to following costs which Landlord a written objection thereto within five (5) business days after receipt thereof. If will not incur in the event Tenant properly exercises its option to extend(i) brokerage commissions, Landlord and Tenant shall execute an amendment to the Lease (orii) tenant improvement or relocation allowances, at Landlord's option(iii) vacancy costs, a new lease on the form then in use for the Buildingor (iv) reflecting the terms arid conditions of the Extension Termother concessions or inducements.

Appears in 1 contract

Samples: Lease Agreement (Monolithic Power Systems Inc)

Xxxxx and Exercise of Option. Provided Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this Article 37 two (2) successive and sequential options (the "Options") to extend the Lease Term for an additional term (the "Option Term"), each additional Option Term shall be for a period of sixty (60) months. Each such Option shall be exercised, if at all, by written notice to Landlord no earlier than the date that is twenty four (24) months prior to the Expiration Date, as it may have been extended by the prior exercise of an Option, but no later than the date that is twelve (12) months prior to the Expiration Date, as it may have been extended. The due and valid exercise of the first such Option, shall be a condition to the exercise of the second such Option. Thirteen (13) months prior to the then applicable Expiration Date Landlord shall provide Tenant with a written notice of the fact that the Option will expire in thirty (30) days. If Tenant exercises any such Option, each of the terms, covenants and conditions of this Lease, except this Article 37, shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the Fair Market Rental, as hereinafter defined, for the Premises during the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon written notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date, without taking into consideration the attempted exercise of such Option. As used herein, the term "Fair Market Rental" for the Premises shall mean the base rental then being obtained for leases of space comparable in age, quality, location and amenities to the Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises. The Fair Market Rental shall specifically exclude any additional rental attributable to the value of the Tenant Improvements or Alterations paid for by Tenant and which may be removed by Tenant at the end of the term of the Lease and otherwise be adjusted to account for variations with respect to: (i) Tenant has not been in default hereunder at any time during the length of the Option Term compared to the lease term of this Lease (the "Original Ternr"), Comparison Leases; (ii) the creditworthiness of Tenant is then acceptable to Landlordrental structure, including, without limitation, rental rates per rentable square foot (including type, gross or net, and if gross, adjusting for base year or expense stop), additional rental, escalation provisions and all other payments and escalations; (iii) Tenant originally named herein remains in possession the size of and has been continuously operating in the entire Leased Premises throughout compared to the Original Term and size of the premises of the Comparison Leases; (iv) the current use location, floor levels and efficiencies of the Leased Premises floor(s) for which the determination is acceptable to Landlordbeing made; (v) free rent, Tenant shall have one (1) option to extend moving expenses and other cash payments, allowances or other monetary concessions affecting the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend rental rate; and (iivi) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice age and quality of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant construction of the Rent Adjustment no later than ninety Building (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease including compliance with applicable codes on the form then in use for the Building) reflecting the terms arid conditions of the Extension Termapplicable floors).

Appears in 1 contract

Samples: Lease (Komag Inc /De/)

Xxxxx and Exercise of Option. Provided that Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 19 two (i2) Tenant has not been options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of sixty (60) months and each Option shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise (or, in default hereunder at any the event of a damage or destruction of the Premises in the last twenty-four (24) months of the Lease Term, no earlier than twenty-four (24) months prior to the date the Lease Term would expire but for such exercise) but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time during being of the Term essence for the giving of such notice. Notwithstanding this Section 19.A above, in order for Tenant’s exercise of an Option under this Lease (to be effective, the "Original Ternr"), (ii) tenant under the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) Building A Lease must concurrently exercise its corresponding option to extend the Original Term term of the Building A Lease. If Tenant exercises an Option, all of the terms, covenants and conditions of this Lease shall apply except for one (1) the grant of additional period of three (3) years (Options pursuant to this Section 19 and except for tenant improvement, improvement allowances or relocation allowances or other leasing concessions and inducements, and provided that Base Monthly Rent for the "Extension Term"). The Extension Premises payable by Tenant during the Option Term shall be upon ninety-five percent (95%) of the same terms and conditions contained in Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the Lease for the Original Term except contrary, (i) if Tenant shall not have or the tenant under the Building A Lease is in monetary or material non-monetary event of default under any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days terms, covenants or conditions of this Lease or the Building A Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Extension Option Term. , or (ii) if the net worth of Tenant shall be deemed or the tenant under the Building A Lease as reported in its most recent financial statements shows insufficient financial worth to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Term.undertake

Appears in 1 contract

Samples: Lease Agreement (Palo Alto Networks Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original TernrTerm"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable a Permitted Use pursuant to LandlordSection 1.01.K., Tenant shall have one two (12) option options to extend the Original Term for one additional periods of five (1) additional period of three (35) years each (the "Extension TermTerms"). The Extension Term Terms shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option options to extend and (ii) the Minimum Annual Base Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000one hundred twenty (120) days prior to the expiration of the then current Term, written notice of Tenant's desire to extend the Original then current Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five ten (510) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension Term, within thirty (30) days after Tenant's acceptance of the Rent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Omniquip International Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has is not been in default hereunder beyond any applicable cure period at any the time during the Term of this Lease Tenant’s Extension notice (the "Original Ternr"), (iias hereinafter defined) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) the option to extend the Original Term for one two (12) additional period successive periods of three five (35) years each (the "Extension Term"Term(s)”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant this provision giving two (2) extension options shall not have be amended to reflect the remaining options to extend, if any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein below ("the “Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than October 31twelve (12) months prior to the expiration of the Original Term or, 2000if applicable, the Extension Term, written notice of Tenant's ’s desire to extend the Original TermTerm or, if applicable, the Extension Term (each, a “Tenant’s Extension Notice”). Unless Landlord otherwise agrees in writing, Tenant's ’s failure to properly timely exercise such option shall waive itit and any succeeding option. To prevent the inadvertent failure of Tenant to exercise any extension option provided for in this Lease within the time frames called for herein, it is agreed that Landlord may not terminate this Lease within the time frames called for herein, it is agreed that Landlord may not terminate this Lease until and unless Landlord notifies Tenant in writing and points out that the option to extend or to further extend, as the case may be, has not been exercised. Tenant’s ability to elect the extension option, in each instance, shall continue for a period of fifteen (15) days after receipt of such notice from Landlord; but if Tenant does not during such period send notice of the exercise to Landlord, Tenant’s extension option shall thereafter terminate. In the event Landlord fails to give Tenant the notice provided for in this paragraph prior to the expiration of the Original Term or of any Extension Term, as the case may be, and if Tenant shall remain in possession of the Property after the expiration of the then current term, then Tenant shall remain in possession as a Tenant from month to month. If Landlord then gives Tenant properly such notice and Tenant exercises its option to extend, Landlord extend then the effective date of such exercise shall notify Tenant be retroactive to the expiration date of the Rent Adjustment no later than ninety (90) days prior to the commencement of Original Term or the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Termwhichever is applicable.

Appears in 1 contract

Samples: Lease Agreement (Regis Corp)

Xxxxx and Exercise of Option. This Option to Extend applies to the Additional Space Lease only. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this the Additional Space Lease (the "Original TernrAdditional Space Term"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises Additional Space throughout the Original Additional Space Term and (iviii) the current Tenant's use of the Leased Premises is acceptable to LandlordAdditional Space remains the same as designated in Section XI of the Lease, Tenant shall have one (1) option to extend the Original Additional Space Term for one (1) additional period of three (3) years (the "Additional Space Extension Term"). The Additional Space Extension Term shall be upon the same terms and conditions contained in the Additional Space Lease for the Original Additional Space Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Base Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31April 1, 2000, written notice of Tenant's desire to extend the Original Additional Space Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety in writing, within twenty (9020) days prior to of receipt by Landlord of Tenant's said notice, of Landlord's proposed Effective Market Base Rent Rate (as hereinafter defined) and Landlord's proposed Minimum Annual Base Rent for the commencement of the Additional Space Extension Term. Tenant The Minimum Monthly Base Rent shall be deemed an amount equal to have accepted one-twelfth (1/12) of the Minimum Annual Base Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereoffor the Additional Space Extension Term and shall be paid at the same time and in the same manner as provided in the Additional Space Lease. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Additional Space Extension Term.

Appears in 1 contract

Samples: Lease Amendment (Express Scripts Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has is not been in default hereunder at any time during the Term of this Lease (the "Original Ternr")hereunder, (ii) the creditworthiness of Tenant is then acceptable to Landlordsubstantially similar or better than as of the Commencement Date, and (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlordthe same as the original Permitted Use, Tenant shall have one (1) the option to extend the original Lease Term ("Original Term Term") for one two (12) additional period successive periods of three five (35) years each (the "Extension TermTerm(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant this provision giving two (2) extension options shall not have be amended to reflect the remaining options to extend, if any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than October 31nine (9) months prior to the expiration of the Original Term or, 2000if applicable, the Extension Term, written notice of Tenant's desire to extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within ten (10) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant's failure to properly timely exercise such option shall waive itit and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days prior to the commencement of the applicable Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Buildingby Landlord) reflecting the terms arid and conditions of the Extension Term.

Appears in 1 contract

Samples: Lease Agreement (Homegrocer Com Inc)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, four (4) options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). The first two (2) Option Terms shall be for a period of thirty six (36) months each and the second two (2) Option Terms shall be for sixty (60) months each. All Option Terms shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section (all remaining options will, however, continue to be in effect), provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) Tenant has not been in default hereunder at any time during the Term of this Lease (Base Monthly Rent applicable to the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days immediately prior to the commencement of the Extension Option Term, and (ii) ninety percent (90%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (beyond any applicable notice or cure period) under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the same real estate submarket as the Building and on substantially the same terms and conditions as this Lease (e.g., triple net operating expenses). The appraisers shall be deemed instructed that the foregoing ten percent (10.0%) discount is intended to have accepted offset comparable rents that include the Rent Adjustment if it fails to deliver to following costs which Landlord a written objection thereto within five (5) business days after receipt thereof. If will not incur in the event Tenant properly exercises its option to extend(i) brokerage commissions, Landlord (ii) tenant improvement or relocation allowances, and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Buildingiii) reflecting the terms arid conditions of the Extension Termvacancy costs.

Appears in 1 contract

Samples: Lease Agreement (Netflix Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been Landlord grants to Tenant, subject to the terms and conditions set forth in default hereunder at any time during the Term of this Lease (the "Original Ternr")Section 18.A, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years options (the "Extension Options") to extend the Lease Term for an additional term (the "Option Term"). The Extension Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than twelve (12) months prior to the Expiration Date but no later than nine (9) months prior to the Expiration Date. So long as Tenant also is the tenant under the Adjacent Building Lease, Tenant's exercise of the Option under this Lease shall be conditioned upon Tenant's exercise of the same terms corresponding extension option under the Adjacent Building Lease. If Tenant exercises the Option, all of the terms, covenants and conditions contained in of this Lease except this Section shall apply during the Lease for Option Term as though the Original expiration date of the Option Term except (i) Tenant shall not have any further option to extend and (ii) was the Minimum Annual Rent shall be adjusted as date originally set forth herein ("as the Expiration Date, provided that Base Monthly Rent Adjustment"). for the Premises payable by Tenant during the Option Term shall exercise such option by delivering be the greater of either the Base Monthly Rent applicable to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days period immediately prior to the commencement of the Extension Option Term, or ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (after expiration of any applicable cure period) under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease shall be deemed and remain the Expiration Date. As used herein, the term "Fair Market Rental" is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to have accepted lease the Rent Adjustment if it fails Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to deliver to Landlord a written objection thereto within the Premises in the locality of the Building. The parties further agree that the appraisers shall be instructed that the foregoing five percent (5%) business days after receipt thereof. If discount is intended to reduce comparable rents which include (i) brokerage commissions and (ii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension TermOption.

Appears in 1 contract

Samples: Lease (Bea Systems Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant no default has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), occurred and is then continuing; (ii) the creditworthiness credit worthiness of Tenant is then reasonably acceptable to Landlord, Landlord using reasonably accepted business judgment and practices in determining such creditworthiness; and (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original term immediately preceding the Extension Term and (ivas defined below); however, this requirement will be waived by Landlord if Landlord has approved a sublease of less than fifty percent (50%) the current use of the Leased Premises is acceptable to Landlordas indicated in Paragraph 16 of the Lease, Tenant shall have one (1) the option to extend the Original Lease Term for one two (12) additional period periods of three five (35) years each (the "Extension Term"Term(s)”). The Each Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (ix) Tenant this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not have any further option apply to extend the Extension Term, and (iiz) the Minimum Annual Rent shall be adjusted as set forth herein below ("the “Rent Adjustment"). Tenant shall exercise such each option by (i) delivering to Landlord, no later than October 31, 2000six (6) months prior to the expiration of the preceding term, written notice of Tenant's ’s desire to extend the Original Lease Term. , Tenant's ’s failure to properly timely exercise such option shall waive itbe deemed a waiver of such option and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted rejected the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five ten (510) business days after receipt thereof. If Tenant properly exercises its option to extend, . Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's ’s option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension TermTerm within thirty (30) days after Tenant’s acceptance (or deemed acceptance) of the Rent Adjustment.

Appears in 1 contract

Samples: Sublease (Mannatech Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease beyond any applicable cure period (the "Original Ternr"Term”), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1I) additional period of either three (3) years or five (5) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no sooner than twelve (12) months and no later than October 31, 2000nine (9) months prior to the expiration of the Original Term, written notice of Tenant's ’s desire to extend the Original TermTerm and Tenant’s election to extend for either (3) years or five (5) years. Tenant's ’s failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety thirty (9030) days prior after Tenant’s exercise of its option to the commencement of the Extension Termextend. Tenant shall be deemed to have not accepted the Rent Adjustment if it fails to deliver to Landlord a written objection approval thereto within five ten (510) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's ’s option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension Term, within thirty (30) days after Tenant’s acceptance of the Rent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Eschelon Telecom Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has is not been in default hereunder at any the time during the Term of this Lease Tenant’s Extension Notice (the "Original Ternr"), (iias hereinafter defined) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use or as of the Leased Premises is acceptable to Landlordcommencement of the Extension Term, Tenant shall have one (1) the option to extend the Original Term for one two (12) additional period successive periods of three five (35) years each (the "Extension Term"Term(s)”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant this provision giving two (2) extension options shall not have be amended to reflect the remaining options to extend, if any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein below ("the “Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than October 31six (6) months prior to the expiration of the Original Term or, 2000if applicable, the Extension Term, written notice of Tenant's ’s desire to extend the Original TermTerm or, if applicable, the Extension Term (each, a “Tenant’s Extension Notice”). Unless Landlord otherwise agrees in writing, Tenant's ’s failure to properly timely exercise such option shall waive itit and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant (Landlord’s Notice”) of the amount of the Rent Adjustment no later than ninety within thirty (9030) days prior to the commencement of the Landlord’s receipt of Tenant’s Extension TermNotice. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five fifteen (515) business days after receipt thereofof Landlord’s Notice (“Acceptance Period”). If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension Term. In the event Tenant rejects the Rent Adjustment during the Acceptance Period, Tenant’s exercise of its option to extend shall be deemed canceled and this Lease shall terminate upon expiration of the term of the Lease (or the First Extension Terms, as applicable) except for those obligations which expressly survive termination of the Lease. Notwithstanding the foregoing, Landlord and Tenant may negotiate the Rent Adjustment during the Acceptance Period. In the event Tenant rejects the Adjustment Notice during the Acceptance Period, Tenant and Landlord shall each, at its cost and by giving notice to the other party, choose a qualified arbitrator. The two arbitrators selected by Landlord and Tenant shall then select a third qualified arbitrator. A qualified arbitrator shall be a real estate broker with at least ten (10) years full time commercial real estate experience in the Minneapolis northwest industrial market specializing in industrial space. The third arbitrator shall serve as the arbitrator (“Arbitrator”). Landlord and Tenant shall submit to the Arbitrator their position regarding the Minimum Annual Rent and the Arbitrator shall be required to select either Landlord’s position or Tenant’s position. The parties shall be bound by the decision of the Arbitrator. The costs of the Arbitrator shall be split equally between Landlord and Tenant. The Arbitrator shall be chosen within thirty (30) days after Tenant properly rejects the Adjustment Notice. The Arbitrator shall complete the arbitration within thirty (30) days after its selection.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Fund Xiv Lp)

Xxxxx and Exercise of Option. Provided that (i) Tenant has is not been in default hereunder at beyond any time during the Term of this Lease (the "Original Ternr")applicable cure period, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein or a Permitted Transferee remains in possession of and has been continuously operating in the entire Leased Premises throughout for the Original term immediately preceding the Extension Term (defined below), and (iv) the current use of the Leased Premises is acceptable to Landlordsubstantially the same as Tenant’s Permitted Use hereunder, Tenant shall have one (1) the option to extend the original Lease Term (“Original Term Term”) for one (1) additional period of three (3) successive periods of five (5) years each (the "Extension Term"Term(s)”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant this provision giving three (3) extension options shall not have be amended to reflect the remaining options to extend, if any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein below ("the “Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than October 31nine (9) months prior to the expiration of the Original Term or, 2000if applicable, the Extension Term, written notice of Tenant's ’s desire to extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within ten (10) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant's ’s failure to properly timely exercise such option shall waive itit and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days prior to the commencement of the applicable Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's ’s option, a new lease on the form then in use for the Buildingby Landlord) reflecting the terms arid and conditions of the Extension Term.

Appears in 1 contract

Samples: Lease Agreement (Xenogen Corp)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) concurrently exercises its option to extend the Original 3410 Lease, Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, the option (“Option”) to extend the Lease Term for one two (12) additional period terms of three five (35) years (the "Extension “Option Term"). The Extension Term Option shall be upon exercised, if at all, by written notice to Landlord on or before the same terms date that is nine (9) months prior to the Expiration Date. If Tenant exercises the Option, each of the terms, covenants and conditions contained in of this Lease except this paragraph shall apply during the Lease for Option Term as though the Original expiration date of the Option Term except was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid shall be the greater of (i) Tenant shall not have any further option the Base Monthly Rent applicable to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days period immediately prior to the commencement of the Extension Option Term, or (ii) ninety five percent (95%) of the Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in material default under any of the terms, covenants or conditions of this Lease beyond any applicable notice and cure period, and/or if Tenant is under monetary or material non-monetary default beyond any applicable notice and cure period under the 3410 Lease, either at the time Tenant exercises the Option, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease shall be deemed to have accepted and remain the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension TermExpiration Date.

Appears in 1 contract

Samples: Lease Agreement (Xenoport Inc)

Xxxxx and Exercise of Option. Provided that Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18 Two (i2) Tenant has not been options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of Sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Notwithstanding the foregoing, in default hereunder at any time during the Term order for Tenant’s exercise of an Option under this Lease (to be effective, the "Original Ternr"), (ii) tenant under the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) Adjacent Building Lease must concurrently exercise its corresponding option to extend the Original Term term of the Adjacent Building Lease. If Tenant exercises an Option, all of the terms, covenants and conditions of this Lease shall apply except for one (1) the grant of additional period of three (3) years (Options pursuant to this Section 18, provided that Base Monthly Rent for the "Extension Term"). The Extension Premises payable by Tenant during the Option Term shall be upon the same terms and conditions contained in the Lease for the Original Term except greater of (i) Tenant shall not have any further option the Base Monthly Rent applicable to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days period immediately prior to the commencement of the Extension Option Term, or (ii) one hundred percent (100%) of the Fair Market Rental as hereinafter defined. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment Notwithstanding anything herein to the contrary, (i) if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease (oror the tenant under the Adjacent Building Lease is in monetary or material non-monetary default under any of terms, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid covenants or conditions of the Extension Adjacent Building Lease, or (ii) if Tenant does not have the financial ability to meet its obligations under this Lease, or the tenant under the Adjacent Building Lease does not have the financial ability to meet its obligations under the Adjacent Building Lease, as reasonably determined by Landlord, either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term., then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “

Appears in 1 contract

Samples: Lease Agreement (Cavium, Inc.)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Lease Term of this Lease (the "Original TernrTerm"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout for the Original term immediately preceding the Extension Term (defined below), and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) the option to extend the Original Term for one two (12) additional period successive periods of three five (35) years each (the "Extension TermTerm(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant this provision giving two (2) extension options shall not have be amended to reflect the remaining options to extend, if any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than October 31six (6) months prior to the expiration of the Original Term or, 2000if applicable, the Extension Term, written notice of Tenant's desire to extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within ten (10) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant's failure to properly timely exercise such option shall waive itit and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days prior to the commencement of the applicable Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Buildingby Landlord) reflecting the terms arid and conditions of the Extension Term.

Appears in 1 contract

Samples: Industrial Lease Agreement (United Stationers Supply Co)

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Xxxxx and Exercise of Option. Provided that Landlord grants to Tenant, subject to the terms and conditions set forth in this Paragraph, an option (ithe “Option”) to extend the Lease Term for up to one additional ten (10) year term (the “Option Term”). The Option Term shall be for the period set forth in Subparagraph N of the Fundamental Lease Provisions above and shall be exercised, if at all, by written notice to Landlord not more than twelve (12) months or less than nine (9) months prior to the Expiration Date. If Tenant has not been in default hereunder at any time during exercises the Term Option, all of the terms, covenants and conditions of this Lease (except this Paragraph shall apply during the "Original Ternr"), (ii) Option Term as though the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use expiration date of the Leased Option Term was the date originally set forth herein as the Expiration Date, provided that Base Rent for the Premises is acceptable to Landlord, payable by Tenant shall have one (1) option to extend during the Original Term for one (1) additional period first twelve months of three (3) years (the "Extension Term"). The Extension Option Term shall be upon the same terms and conditions contained in greater of either three percent over the Lease for Base Rent applicable to the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days period immediately prior to the commencement of the Extension Option Term, or the Fair Market Rental as hereinafter defined; and the rent payable during the second twelve months of the Option Term shall be increased by three percent (3%) over the Base Rent at the beginning of the twelfth month in the Option Term. Tenant Base Rent shall be deemed adjusted annually thereafter by three percent (3%) on each anniversary of the Option Term. Notwithstanding anything herein to have accepted the Rent Adjustment contrary, if it fails Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extendthe commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and Tenant remedies provided in this Lease, the right to terminate the Options upon notice to Tenant, in which event the expiration date of this Lease shall execute an amendment be and remain the Expiration Date. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Lease (or, at Landlord's option, a new lease on Premises in the form then in use for the Building) reflecting the terms arid conditions locality of the Extension TermPremises. Fair Market Rental shall further take into account that Tenant is in occupancy and making functional use of the Premises in its then existing condition.

Appears in 1 contract

Samples: Lease Agreement (Circle Bancorp)

Xxxxx and Exercise of Option. Provided 40- Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 19 two (2) options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than twelve (12) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such written notice. Notwithstanding the foregoing, in order for Tenant’s exercise of an Option under this Lease to be effective, if any lease entered into by Tenant pursuant to Sections 19.E, 19.F or 19.G or any other lease entered into or assumed by Tenant for any other portion of the Project or Phase 2 (each of such other leases being an “Additional Lease”) has an expiration date that is within ten (i10) Tenant has not been in default hereunder at any time during months after the Term Expiration Date of this Lease (Lease, then the "Original Ternr"), (ii) tenants under such Additional Leases must concurrently with Tenant exercise their corresponding options to extend the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use term of the Leased Premises Additional Leases if there are any remaining unexercised options under such Additional Leases. In addition, if an Additional Lease has an expiration date that is acceptable to Landlordwithin ten (10) months before the Expiration Date of this Lease, Tenant shall have one (1) and the tenant under such Additional Lease did not exercise an available option to extend the Original term of the Additional Lease, then all Options under this Lease as to which an Option Term has not commenced shall terminate and be of no further force or effect. If Tenant exercises an Option, all of the terms, covenants and conditions of this Lease shall apply except for one (1) the grant of additional period Options pursuant to this Section 19, except for Tenant’s right with respect to the lease of three (3) years (additional space within the "Extension Term"). The Extension Project pursuant to Sections 19.E, 19.F and 19.G below and except for tenant improvements, improvement allowances, space planning allowance or relocation allowances, free rent or other leasing concessions and inducements, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be upon the same terms and conditions contained in Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the Lease for the Original Term except contrary, (i) if Tenant or the tenant under any Additional Lease is in monetary or material non-monetary default beyond any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option, or (ii) if the net worth of Tenant or the net worth or any other tenant under an Additional Lease, as reported in their most recent financial statements shows insufficient financial worth to undertake the financial obligations under this Lease or the Additional Lease, as applicable, determined in Landlord’s reasonable discretion, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not have be extended pursuant to this Section 19.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any further option escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to extend lease the Premises, based upon the (i) current use and other allowed uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the same real estate submarket as the Building and (ii) the Minimum Annual Rent credit standing and financial stature of the Tenant, and taking into account the quality or condition of the Premises (but only if the Premises has been maintained and repaired by Tenant in accordance with this Lease) and tenant improvement allowances. In setting Fair Market Rental, the appraisers shall be adjusted as set forth herein ("Rent Adjustment"). instructed that the following concessions obtainable for new space shall not be taken into account in determining Fair Market Rental, there shall be no offset or adjustment for the following costs which Landlord will not incur in the event Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extendoption, Landlord and that the appraisers’ determination shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior not be discounted due to the commencement of fact that such costs will not be incurred by Landlord in connection with the Extension Option Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five : (5i) business days after receipt thereof. If Tenant properly exercises its option to extendbrokerage commissions, Landlord and Tenant shall execute an amendment to the Lease (orii) relocation allowances, at Landlord's option, a new lease on the form then in use for the Buildingor (iii) reflecting the terms arid conditions of the Extension Termvacancy costs.

Appears in 1 contract

Samples: Lease Agreement (ServiceNow, Inc.)

Xxxxx and Exercise of Option. Provided Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"), each Option Term shall be for a period of sixty (60) months. Each such Option shall be exercised, if at all, by written notice to Landlord no earlier than the date that is thirty (36) months prior to the Expiration Date but no later than the date that is thirty (30) months prior to the Expiration Date. If Tenant exercises the Option, each of the terms, covenants and conditions of this Lease except this paragraph shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the greater of (i) Tenant has not been in default hereunder at any time during the Term of this Lease (Base Monthly Rent applicable to the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days immediately prior to the commencement of the Extension Option Term, or (ii) ninety five percent (95%) of the Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant shall be deemed is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease (after expiration of the applicable cure period) either at the time Tenant exercises the Option or at any time thereafter prior to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extendcommencement date of the Option Term, Landlord and Tenant shall execute an amendment to the Lease (orhave, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Term.addition to

Appears in 1 contract

Samples: Sublease (Annuncio Software Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been Landlord grants to Tenant, subject to the terms and conditions set forth in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have Section 19 one (1) option (the “Option”) to extend the Original Lease Term for one (1) an additional period of three (3) years term (the "Extension “Option Term"). The Extension Option Term shall be upon for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the same terms date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions contained in the of this Lease shall apply except for the Original grant of additional Options pursuant to this Section 19 and except for tenant improvements, improvement allowances or relocation allowances, free rent or other leasing concessions and inducements, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term except shall be the greater of (i) Tenant shall not have any further option the Base Monthly Rent applicable to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days period immediately prior to the commencement of the Extension TermOption Term (without regard to temporary reductions or abatements or reductions then in effect), or (ii) Fair Market Rental as hereinafter defined. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment Notwithstanding anything herein to the Lease contrary, if Tenant is in monetary or material non-monetary default (orbeyond applicable notice and cure periods) under any of the terms, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid covenants or conditions of this Lease either at the Extension time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term., then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 19.A. As used herein, the term “

Appears in 1 contract

Samples: Lease Agreement (Cutera Inc)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, an option (“Option”) to extend the Lease Term for an additional term (the “Option Term”) of sixty (60) months. The Option shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the initial Base Monthly Rent payable under this Lease, and (ii) ninety five percent (95%) of the Fair Market Rental, as hereinafter defined. Notwithstanding anything herein to the contrary, (i) if Tenant has not been is in monetary or material non-monetary default hereunder under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time during thereafter prior to the Term commencement date of this Lease (the "Original Ternr")Option Term, or (ii) if the creditworthiness net worth of Tenant as reported in Tenant’s most recent financial statements is then acceptable to Landlord, (iii) less than the net worth of Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use as of the Leased Premises is acceptable date of execution of this Lease, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, Tenant shall have one (1) option the right to extend terminate the Original Term for one (1) additional period of three (3) years (Option upon notice to Tenant, in which event the "Extension Term"). The Extension Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to extend the Premises in the same real estate submarket as the Building and (ii) the Minimum Annual Rent credit standing and financial stature of the Tenant. The appraisers shall be adjusted as set forth herein instructed that the foregoing five percent ("Rent Adjustment"). 5.0%) discount is intended to offset comparable rents that include the following costs which Landlord will not incur in the event Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend(i) brokerage commissions, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90ii) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five tenant improvement or relocation allowances, (5iii) business days after receipt thereof. If Tenant properly exercises its option to extendvacancy costs, Landlord and Tenant shall execute an amendment to the Lease or (or, at Landlord's option, a new lease on the form then in use for the Buildingiv) reflecting the terms arid conditions of the Extension Termother concessions or inducements.

Appears in 1 contract

Samples: Lease Agreement (Terayon Communication Systems)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the first Option or both of the Options, all of the terms, covenants and conditions of this Lease except this Section shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant dieing the Option Term shall be the greater of (i) the average amount of Base Monthly Rent paid during the initial Lease Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant has not been is in monetary or material non-monetary default hereunder after expiration of any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time during thereafter prior to the Term commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the "Original Ternr")Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the locality of the Building. The appraisers shall be instructed that the foregoing five percent (5%) discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) the creditworthiness of Tenant is then acceptable to Landlordtenant improvement allowances, and (iii) Tenant originally named herein remains in possession of and has been continuously operating vacancy costs, to account for the fact that Landlord will not suffer such costs in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, event Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension TermOption.

Appears in 1 contract

Samples: Sublease (NeurogesX Inc)

Xxxxx and Exercise of Option. Provided that (i) Tenant has is not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlordhereunder, Tenant shall have one (1) option to extend the original term of this Lease ("Original Term Term") for one (1) additional period of three five (35) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000six (6) months prior to the expiration of the Original Term, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid and conditions of the Extension Term.

Appears in 1 contract

Samples: Lease Agreement (Access Corp)

Xxxxx and Exercise of Option. Provided Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this Article 37 two (2) successive and sequential options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”), each additional Option Term shall be for a period of sixty (60) months. Each such Option shall be exercised, if at all, by written notice to Landlord no earlier than the date that is twenty four (24) months prior to the Expiration Date, as it may have been extended by the prior exercise of an Option, but no later than the date that is twelve (12) months prior to the Expiration Date, as it may have been extended. The due and valid exercise of the first such Option, shall be a condition to the exercise of the second such Option. Thirteen (13) months prior to the then applicable Expiration Date Landlord shall provide Tenant with a written notice of the fact that the Option will expire in thirty (30) days. If Tenant exercises any such Option, each of the terms, covenants and conditions of this Lease, except this Article 37, shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the Fair Market Rental, as hereinafter defined, for the Premises during the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon written notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date, without taking into consideration the attempted exercise of such Option. As used herein, the term “Fair Market Rental” for the Premises shall mean the base rental then being obtained for leases of space comparable in age, quality, location and amenities to the Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises. The Fair Market Rental shall specifically exclude any additional rental attributable to the value of the Tenant Improvements or Alterations paid for by Tenant and which may be removed by Tenant at the end of the term of the Lease and otherwise be adjusted to account for variations with respect to: (i) Tenant has not been in default hereunder at any time during the length of the Option Term compared to the lease term of this Lease (the "Original Ternr"), Comparison Leases; (ii) the creditworthiness of Tenant is then acceptable to Landlordrental structure, including, without limitation, rental rates per rentable square foot (including type, gross or net, and if gross, adjusting for base year or expense stop), additional rental, escalation provisions and all other payments and escalations; (iii) Tenant originally named herein remains in possession the size of and has been continuously operating in the entire Leased Premises throughout compared to the Original Term and size of the premises of the Comparison Leases; (iv) the current use location, floor levels and efficiencies of the Leased Premises floor(s) for which the determination is acceptable to Landlordbeing made; (v) free rent, Tenant shall have one (1) option to extend moving expenses and other cash payments, allowances or other monetary concessions affecting the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend rental rate; and (iivi) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice age and quality of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant construction of the Rent Adjustment no later than ninety Building (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease including compliance with applicable codes on the form then in use for the Building) reflecting the terms arid conditions of the Extension Termapplicable floors).

Appears in 1 contract

Samples: Lease (Western Digital Corp)

Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr")there is no current Default hereunder, and (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlordconsistent with the Permitted Use hereunder, Tenant shall have one (1) option (the "Extension Option") to extend the original Term of this Lease (the "Original Term Term") for one (1) additional period of three five (35) years (the "Extension Term")) commencing when the Original Term expires. The Extension Term shall be upon the same terms and conditions contained in this Lease (as amended from time to time by the Lease parties in accordance with the provisions of this Lease) for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted the Fair Market Rent (as set forth herein ("Rent Adjustment"defined below). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000nine (9) months prior to the expiration of the Original Term, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment rent adjustment no later than ninety that fifteen (9015) business days prior after receipt of Tenant's written notice of Tenant's desire to the commencement of exercise the Extension TermOption. Tenant shall be deemed to have accepted the Rent Adjustment rent adjustment if it fails to deliver to Landlord a written objection thereto within five fifteen (515) business days after receipt thereof; provided, however, that Tenant may rescind its notice to exercise the Extension Option by giving Landlord written notice of such election to rescind within such fifteen (15) day period. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions commencement and expiration dates of the Extension TermTerm and the agreed upon Fair Market Rent within thirty (30) days after Tenant's acceptance of the rent adjustment.

Appears in 1 contract

Samples: Lease Agreement (Catapult Communications Corp)

Xxxxx and Exercise of Option. Provided Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the first Option or both of the Options, all of the terms, covenants and conditions of this Lease except this Section shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the average amount of Base Monthly Rent paid during the initial Lease Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant has not been is in monetary or material non-monetary default hereunder after expiration of any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time during thereafter prior to the Term commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the "Original Ternr")Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the locality of the Building. The appraisers shall be instructed that the foregoing five percent (5%) discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) the creditworthiness of Tenant is then acceptable to Landlordtenant improvement allowances, and (iii) Tenant originally named herein remains in possession of and has been continuously operating vacancy costs, to account for the fact that Landlord will not suffer such costs in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, event Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension TermOption.

Appears in 1 contract

Samples: Sublease (Guidewire Software, Inc.)

Xxxxx and Exercise of Option. Provided that Landlord grants to Tenant an option to lease Building 3 (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"“Expansion Option”), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use . As a part of the Leased Premises is acceptable to Landlord, Tenant construction of the Building 3 Landlord shall have one (1) option to extend also complete the Original Term for one (1) additional period of final three (3) years levels of the above-grade parking structure within the Common Area so as to maintain a parking ratio of 3.45 spaces per 1,000 square feet. In order to exercise the Expansion Option, Tenant shall give Landlord written notice no later than twelve (12) months following the "Extension Term"Lease Commencement Date for Building 1, which commencement date is currently estimated at August 1, 2001 (“Option Expiration Date”). The Extension Term Tenant shall not be required to make any option payments prior to the Lease Commencement Date for Building 1, thereafter Tenant shall pay Landlord concurrently with and in addition to the Base Monthly Rent, the sum of Fifty Thousand and No/100 Dollars ($50,000.00) each month to preserve the Expansion Option. If Tenant fails to (i) exercise the Expansion Option by the Option Expiration Date, or (ii) make any option payment required hereunder, the Expansion Option shall terminate and Landlord shall be upon free any time thereafter to construct Building 3 for a third party, subject only to Tenant’s right of first offering provided in 19.C below. In the event Tenant exercises this Expansion Option, the Parties shall enter into a written lease agreement with a lease term of (12) twelve years on substantially the same terms and conditions contained of this Lease except as provided in Section 19.B below. Further, in the event that Tenant leases Building 3, this Lease and the lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent Building 1 shall be adjusted extended so as set forth herein ("to be coterminous with the lease for Building 3. Base Monthly Rent Adjustment"). Tenant under this Lease during such an extended term shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior be equal to the commencement Base Monthly Rent payable immediately preceding the extended term, subject to continued adjustment pursuant to Section 4.B of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Termthis Lease.

Appears in 1 contract

Samples: Sublease (Guidewire Software, Inc.)

Xxxxx and Exercise of Option. Provided that Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 19 two (i2) Tenant has not been options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of sixty (60) months and each Option shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise (or, in default hereunder at any the event of a damage or destruction of the Premises in the last twenty-four (24) months of the Lease Term, no earlier than twenty-four (24) months prior to the date the Lease Term would expire but for such exercise) but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time during being of the Term essence for the giving of such notice. Notwithstanding this Section 19.A above, in order for Tenant’s exercise of an Option under this Lease (to be effective, the "Original Ternr"), (ii) tenant under the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) Building B Lease must concurrently exercise its corresponding option to extend the Original Term term of the Building B Lease. If Tenant exercises an Option, all of the terms, covenants and conditions of this Lease shall apply except for one (1) the grant of additional period of three (3) years (Options pursuant to this Section 19 and except for tenant improvement, improvement allowances or relocation allowances or other leasing concessions and inducements, and provided that Base Monthly Rent for the "Extension Term"). The Extension Premises payable by Tenant during the Option Term shall be upon ninety-five percent (95%) of the same terms and conditions contained in Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the Lease for the Original Term except contrary, (i) if Tenant or the tenant under the Building B Lease is in monetary or material non-monetary event of default under any of the terms, covenants or conditions of this Lease or the Building B Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, or (ii) if the net worth of Tenant or the tenant under the Building B Lease as reported in its most recent financial statements shows insufficient financial worth to undertake the financial obligations under this Lease or the Building B Lease, respectively, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not have be extended pursuant to this Section 19.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any further option escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to extend lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the same real estate submarket as the Building and (ii) the Minimum Annual Rent credit standing and financial stature of the Tenant. The appraisers shall be adjusted as set forth herein instructed that the foregoing five percent ("Rent Adjustment"). 5.0%) discount is intended to offset comparable rents that include the following costs which Landlord will not incur in the event Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend(i) brokerage commissions, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90ii) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five tenant improvement or relocation allowances, (5iii) business days after receipt thereof. If Tenant properly exercises its option to extendvacancy costs, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Buildingiv) reflecting the terms arid conditions of the Extension Termother concessions or inducements.

Appears in 1 contract

Samples: Lease Agreement (Palo Alto Networks Inc)

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