Common use of Xxxxx of Option; Conditions Clause in Contracts

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 to extend the Term (the "“Renewal Option"”) for one up to two (2) additional period periods of five (5) years each commencing on the day following the Termination Date of (as the initial Term same may have been extended) and ending on the fifth (5th) anniversary of the Termination Date (as the "same may have been extended) (each, a “Renewal Term"”), if: 1. Landlord receives will deliver written notice to Tenant of exercise Landlord’s determination of applicable Base Rent rate for the Premises for the applicable Renewal Term ("Initial Renewal the “Prevailing Market Notice"”) not less than 12 thirteen (13) full calendar months prior to the expiration of the initial Term (as the same may have been extended) and not more than 15 full calendar months prior to Tenant may exercise the expiration of Renewal Option, if: 1. There is no Monetary Default or Material Non-Monetary Default under the initial Term; and 2. No Material Default exists Lease beyond any applicable cure periods at the time that Landlord delivers the Prevailing Market Notice to 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 32. No part Not more than fifty (50%) of the Premises is sublet (other than pursuant to a Permitted TransferTransfer or an Approved User, as each are defined in Article 11 XII of the Lease) at the time that Landlord delivers the Prevailing Market Notice to Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 43. The Lease has not been assigned (other than pursuant to a Permitted TransferTransfer or an Approved User, as each are defined in Article 11 XII of the Lease) prior to the date that Landlord delivers the Prevailing Market Notice to 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 have, subject to the following terms and conditions, the right to extend the Term of the Lease with respect to the entirety of the Premises for two (2) additional periods (the "Renewal Option"“First Extension Term” and “Second Extension Term”, respectively; each an “Extension Term”) 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")each, if: 1. (i) Landlord receives notice of exercise ("Initial Renewal “Extension Notice"”) not less than 12 eighteen (18) full calendar months prior to the expiration of the initial Term or the First Extension Term, as the case may be, and not more than 15 twenty-one (21) full calendar months prior to the expiration of the initial Term or the First Extension Term, as the case may be; and 2. No Material (ii) Tenant is not in Default exists under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice Extension 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 (iii) Not more than fifty percent (50%) 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 Extension Notice, or at the time Tenant delivers its Binding Notice; and 4. (iv) 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 Extension 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 to extend the Extended Term (the "“Renewal Option"”) with respect to all of the Premises (as then defined under the Lease) that are coterminous with the Initial Premises for one additional period of five (5) 5 years commencing on the day following the Extended Termination Date of the initial Term and ending on the fifth (5th) 5th anniversary of the Extended Termination Date (the "“Renewal Term"”), if: 1. Landlord receives notice of exercise ("“Initial Renewal Notice"”) not less than 12 9 full calendar months prior to the expiration of the initial Extended Term and not more than 15 full calendar months prior to the expiration of the initial Extended Term; and 2. No Material Default exists 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). 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 Section 24 of the Lease, as amended by this Fourth Amendment) 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 Section 24 of the Lease, as amended by this Fourth Amendment) 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 to extend the Term (the "“Renewal Option"”) for one additional period of five (5) 5 years commencing on the day following the Extended Termination Date of the initial Term and ending on the fifth (5th) 5th anniversary of the Extended 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 Extended Term and not more 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 Extended Term; and 2. No Material Tenant is not in Default exists under the Lease, as amended, 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). unless Landlord, in its sole and absolute discretion, otherwise agrees in writing; and 3. No part more than 50% 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, but only if the same entity remains the “Tenant” under the Lease, the ROFO Agreement and each ROFO Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice; and 5. Concurrently with Tenant’s exercise of the Renewal Option, Tenant exercises every other Renewal Option then existing under a ROFO Lease (as defined below) then in existence for a Term concurrent with the Premises. The Lease term “ROFO Lease” is as defined in full force that certain Right of First Offer Agreement entered into by Landlord and effect Tenant approximately concurrently herewith with respect to space in the building located at the time that Tenant delivers its Initial Renewal Notice 0000 Xxxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxxxx and at the time Tenant delivers its Binding Noticecommonly known as Peninsula Office Park Building 8 (“ROFO Agreement”).

Xxxxx of Option; Conditions. Tenant shall have the right to extend the Term (the "“First Renewal Option"”) for one additional period of five (5) 5 years commencing on the day following the Termination Date of the initial Term and ending on the fifth (5th) 5th anniversary of the Termination Date (the "“First Renewal Term"”), if: 1. Landlord receives notice of exercise ("for purposes of this First Renewal Option, “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 Tenant is not in 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 Not more than 50% of the Rentable Square Footage 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.