Xxxxx of Option; Conditions. Tenant shall have the right to extend the Term (the “Renewal Option”) for one additional period of 5 years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date (the "Renewal Term"), if:
1. Landlord receives notice of exercise ("Initial Renewal Notice") not less than 9 full calendar months prior to the expiration of the Term and not more than 12 full calendar months prior to the expiration of the Term; and
2. Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
3. No more than 50% of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in the Lease) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in the Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Xxxxx of Option; Conditions. Tenant shall have the one time right of first offer (the “Right of First Offer”) with respect to any available space in the Building. Tenant’s Right of First Offer shall be exercised as follows: at any time after Landlord has determined that available space (the “Offering Space”) exists, then, before leasing such Offering Space to a party other than the existing tenant thereof or any party holding existing rights in such Offering Space as of the date of this Amendment. Landlord shall give Tenant written notice (the “Advice”) of the terms under which Landlord is prepared to lease the Offering Space to Tenant. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 5 Business Days after the date of the Advice, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:
(i) Tenant is in default under the Lease beyond any applicable cure periods at the time that Landlord would otherwise deliver the Advice; or
(ii) the Premises, or any portion thereof, is sublet at the time Landlord would otherwise deliver the Advice (except pursuant to Section 6.1(b)); or
(iii) the Lease has been assigned prior to the date Landlord would otherwise deliver the Advice (except pursuant to Section 6.1(b)); or
(iv) Tenant is not occupying the Premises on the date Landlord would otherwise deliver the Advice; or
(v) the Offering Space is not intended for the exclusive use of Tenant during the Term; or
(vi) the existing tenant in the Offering Space is interested in extending or renewing its lease for the Offering Space or entering into a new lease for such Offering Space; or
(vii) Tenant has previously leased Offering Space pursuant to this Right of First Offer; or
(viii) Landlord has previously delivered an Advice to Tenant and Tenant has not timely delivered a Notice of Exercise with respect thereto (subject, however, to the provisions of Section C below).
Xxxxx of Option; Conditions. 1. Subject to the terms of this Section 7.3, Tenant shall have a one-time right of first offer (for purposes of this Section 7.3, “Additional Right of First Offer”) with respect to each of the following suites (and with respect to each portion of each such suite) (for purposes of this Section 7.3, each such suite or portion thereof, a “Potential Additional Offering Space”): (i) the 3,133 rentable square feet known as Suite 545 on the fifth floor of the Building shown on the demising plan attached to the Amendment as Exhibit D, (ii) the 2,827 rentable square feet known as Suite 565 on the fifth floor of the Building shown on the demising plan attached to the Amendment as Exhibit E, and (iii) the 2,903 rentable square feet known as Suite 595 on the fifth floor of the Building shown on the demising plan attached to the Amendment as Exhibit F. Tenant’s Additional Right of First Offer shall be exercised as follows: At any time after Landlord has determined that a Potential Additional Offering Space has become Available (defined below), but before leasing such Potential Additional Offering Space to a third party, Landlord shall provide Tenant with written notice (for purposes of this Section 7.3, the “Advice”) advising Tenant of the terms under which Landlord is prepared to lease such Potential Additional Offering Space (for purposes of this Section 7.3, an “Additional Offering Space”) to Tenant for the remainder of the Term, which terms shall reflect the Prevailing Market (hereinafter defined) rate for such Additional Offering Space as reasonably determined by Landlord. For purposes hereof, a Potential Additional Offering Space shall be deemed to become “Available” as follows: (i) if such Potential Additional Offering Space is not under lease to a third party as of the date of mutual execution and delivery of this Amendment, such Potential Additional Offering Space shall be deemed to become Available when Landlord has received from (or delivered to) a prospective tenant a written proposal to lease such Potential Additional Offering Space; and (ii) if such Potential Additional Offering Space is under lease to a third party as of the date of mutual execution and delivery of this Amendment, such Potential Additional Offering Space shall be deemed to become Available when Landlord has determined that the third-party tenant of such Potential Additional Offering Space, and any occupant of such Potential Additional Offering Space claiming under such third-party tenant...
Xxxxx of Option; Conditions. Tenant shall have the right to extend the Term (the "Renewal Option") for one additional period of five (5) years commencing on the day following the Termination Date of the initial Term and ending on the fifth (5th) anniversary of the Termination Date (the "Renewal Term"), if:
1. Landlord receives notice of exercise ("Initial Renewal Notice") not less than 12 full calendar months prior to the expiration of the initial Term and not more than 15 full calendar months prior to the expiration of the initial Term; and
2. No Material Default exists at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below). unless Landlord, in its sole and absolute discretion, otherwise agrees in writing; and
3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice; and
5. The Lease is in full force and effect at the time that Tenant delivers its Initial Renewal Notice and at the time Tenant delivers its Binding Notice.
Xxxxx of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one additional period of six (6) months commencing on the day following the Expiration Date and ending on the sixth (6th) month anniversary of the Expiration Date (the “Extension Term”), if:
1. Landlord receives notice of exercise (“Extension Notice”) not less than 90 days and not more than 120 days before the Expiration Date.
2. Tenant is not in default under the Lease beyond any applicable cure period when Tenant delivers its Extension Notice or when the Prevailing Market (defined below) rate for the Extension Term is determined pursuant to Subsection C below;
3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer) when Tenant delivers its Extension Notice or when the Prevailing Market rate for the Extension Term is determined pursuant to Subsection C below; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer) before the Prevailing Market rate for the Extension Term is determined pursuant to Subsection C below.
Xxxxx of Option; Conditions. Tenant shall have the right (the “Second Extension Option”) to extend the Extended Term for the Existing Premises and the Suite 350 Expansion Space for one additional period of one (1) year commencing on the day following the Extended Expiration Date and ending on the first anniversary of the Extended Expiration Date (the “Second Extension Term”), if:
1. Not less than 9 and not more than 12 full calendar months before the Extended Expiration Date, Tenant delivers written notice to Landlord (for purposes of this Section 8.3, the “Extension Notice”) electing to exercise the Second Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 8.3.E below) rate for the Second Extension Term;
2. Tenant is not in default under the Lease, as amended, beyond any applicable cure period when Tenant delivers the Extension Notice;
3. No more than 50% of the Premises is sublet when Tenant delivers the Extension Notice; and
4. The Lease, as amended, has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Extension Notice.
Xxxxx of Option; Conditions. Tenant shall have the one time right of first refusal (the “Right of First Refusal”) with respect to any space on the second (2nd) floor of the Building which is adjacent to the Premises (the “Refusal Space”). Tenant’s Right of First Refusal shall be exercised as follows: when Landlord has a prospective tenant, other than the existing tenant in the Refusal Space, (the “Prospect”) interested in leasing the Refusal Space, Landlord shall advise Tenant (the “Advice”) of the terms under which Landlord is prepared to lease the Refusal Space to such Prospect and Tenant may lease the Refusal Space, under such terms, by providing Landlord with written notice of exercise (the “Notice of Exercise”) within five (5) Business Days after the date of the Advice, except that Tenant shall have no such Right of First Refusal and Landlord need not provide Tenant with an Advice if:
(i) Tenant is in Default under the Lease at the time that Landlord would otherwise deliver the Advice; or
(ii) More than 25% of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) at the time Landlord would otherwise deliver the Advice; or
(iii) the Refusal Space is not intended for the exclusive use of Tenant during the Term.
Xxxxx of Option; Conditions. Tenant shall have the right to extend the Term (the “One-Year Extension Option”) for the entire Premises only (both the Original Premises and the Expansion Space) for one additional period of one (1) year commencing on the day following the Termination Date of the initial Term and ending on the first anniversary of the Termination Date (the “One-Year Extension Term”), if:
1. Landlord receives notice of exercise (“One-Year Extension Notice”) not less than 9 full calendar months prior to the expiration of the initial Term; and
2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers One-Year Extension Notice; and
3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) at the time that Tenant delivers its One-Year Extension Notice; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) prior to the date that Tenant delivers its One-Year Extension Notice.
Xxxxx of Option; Conditions. If Tenant validly exercises its First Renewal Option, Tenant shall have the right to extend the Term (the “Second Renewal Option”) for one additional period of 5 years commencing on the day following the expiration date of the First Renewal Term and ending on the 5th anniversary of such expiration date (the “Second Renewal Term”), if:
1. Landlord receives notice of exercise (for purposes of this Second Renewal Option, “Initial Renewal Notice”) not less than 12 full calendar months prior to the expiration of the First Renewal Term and not more than 15 full calendar months prior to the expiration of the First Renewal Term; and
2. Tenant is not in Default at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
3. Not more than 50% of the Rentable Square Footage of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Xxxxx of Option; Conditions. Tenant shall have the right to extend the Term (the "Second Renewal Option") for one additional period of 5 years commencing on the day following the Termination Date of the First Renewal Term and ending on the 5th anniversary of the Termination Date of the First Renewal Term (the "Second Renewal Term"), if:
1. Landlord receives notice of exercise ("Second Initial Renewal Notice") not less than 9 full calendar months prior to the expiration of the First Renewal Term and not more than 12 full calendar months prior to the expiration of the First Renewal Term; and
2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Second Initial Renewal Notice or at the time Tenant delivers its Second Binding Notice (as defined below); and
3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) at the time that Tenant delivers its Second Initial Renewal Notice or at the time Tenant delivers its Second Binding Notice; and
4. The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) prior to the date that Tenant delivers its Second Initial Renewal Notice or prior to the date Tenant delivers its Second Binding Notice; and
5. The First Renewal Option has been properly exercised by Tenant.
