Initials: _________
Initials: _________
Option to Extend Term Lease Rider
This Rider is attached to and made part of that certain Lease
(the "Lease") dated June 21, 2001 between, EJM-Arizona
Commerceplex, L.L.C., a Delaware limited liability company
("Landlord"), and Arizona Furniture Company, Inc., a Nevada
corporation ("Tenant"), covering the Property commonly known as
00000 Xxxxx 00xx Xxxxxx, Xxxxx 00, Xxxxxxx, XX, (the "Property").
The terms used herein shall have the same definitions as set
forth in the Lease. The provisions of this Rider shall supersede
any inconsistent or conflicting provisions of the Lease.
A. Option(s) to Extend Term.
1. Grant of Option.
Landlord hereby grants to Tenant one (1) option (the
"Option") to extend the Lease Term for an additional term of
five (5) years (the "Extension"), on the same terms and
conditions as set forth in the Lease, but at an increased
rent as set forth below. Each Option shall be exercised
only by written notice delivered to Landlord at least one
hundred eighty (180) days before the expiration of the Lease
Term or the preceding Extension of the Lease Term,
respectively. If Tenant fails to deliver Landlord written
notice of exercise of an Option within the prescribed time
period, such Option and any succeeding Options shall lapse,
and there shall be no further right to extend the Lease
Term. Each Option shall be exercisable by Tenant on the
express conditions that (a) at the time of the exercise, and
at all time prior to the commencement of such Extension,
Tenant shall not be in default under any of the provisions
of the Lease and (b) Tenant has not been ten (10) or more
days late in the payment of rent more than a total of three
(3) times during the Lease Term and all preceding
Extensions.
2. Personal Options.
The Option is personal to the Tenant named in Section 1.03
of the Lease or any Tenant's Affiliate described in Section
9.02 of the Lease. If Tenant subleases any portion of the
Property or assigns or otherwise transfers any interest
under the Lease to any entity other than a Tenant Affiliate
prior to the exercise of an Option (whether with or without
Landlord's consent), such Option and any succeeding Options
shall lapse. If Tenant subleases any portion of the
Property or assigns or otherwise transfers any interest of
Tenant under the Lease to any entity other than a Tenant
Affiliate after the exercise of an Option but prior to the
commencement of the respective Extension (whether with or
without Landlord's consent), such Option and any succeeding
Options shall lapse and the Lease Term shall expire as if
such Option were not exercised. If Tenant subleases any
portion of the Property or assigns or otherwise transfers
any interest of Tenant under the Lease in accordance with
Article 9 of the Lease after the exercise of an Option and
after the commencement of the Extension related to such
Option, then the term of the Lease shall expire upon the
expiration of the Extension during which such sublease or
transfer occurred and only the succeeding Options shall
lapse.
B. Calculation of Rent.
The Base Rent during the Extension(s)shall be as follows:
Fixed Adjustment
The Base Rent shall be increased to the following
amounts (the "Adjusted Base Rent(s)") on the dates (the
"Rental Adjustment Date(s)") set forth below:
