Renewal Premises definition
Renewal Premises shall have the meaning assigned to such term in Section 1.4(c).
Renewal Premises means either the First Renewal Premises or the Second Renewal Premises.
Renewal Premises shall have the meaning set forth in Section 39.01C hereof.
Examples of Renewal Premises in a sentence
For thirty (30) days thereafter, Landlord and Tenant shall negotiate in good faith to reach agreement as to the Fair Market Rental Value for the Renewal Premises.
With respect to FMRV Space that is part of Renewal Premises, the Annual Basic Rent shall always be the Fair Market Rental Value of such FMRV Space.
Within seventy-five (75) days following the Renewal Option Notice Date (or, if later, within fifteen (15) days following the date on which either Landlord or Tenant notifies the other party in writing that such notifying party desires to have the Annual Basic Rent for a Renewal Term determined by appraisal), Landlord and Tenant shall each select and engage an Appraiser to determine the Fair Market Rental Value of the Renewal Premises.
Tenant’s leasing of the Renewal Premises shall be upon the same terms and conditions as set forth in this Lease, except (i) the Annual Basic Rent during the Renewal Term shall be determined as specified in Sections 1.4(c) and (e) and (ii) the leasehold improvements for the space in question will be provided in their existing condition, on an “AS-IS” basis at the time the Renewal Term commences.
If the higher of the two appraisals of Fair Market Rental Value does not exceed one hundred five percent (105%) of the lower of the two appraisals of Fair Market Rental Value, then the average of the two (2) appraisals shall be the Fair Market Rental Value for the Renewal Premises.
More Definitions of Renewal Premises
Renewal Premises shall have the meaning set forth in Section 3.2.2 below.
Renewal Premises means either (x) the entire Premises demised by the Lease as of the expiration of the initial term, or (y) a minimum of 234,150 rentable square feet of the Premises consisting of either (i) the lowest full floor of the Premises above the ground level of the Building and then including the next progressively then contiguous full floor(s) above the lowest full floor as Tenant shall elect to renew in accordance herewith together with so many of the then contiguous partial floors forming part of the Premises that Tenant shall elect to renew, together with so much of the Lower Level Premises as Tenant shall elect to renew; or (ii) the highest full floor of the Premises and then including the next then progressively contiguous full floor(s) below the highest full floor as Tenant shall elect to renew in accordance herewith together with so many of the then contiguous partial floors forming part of the Premises that Tenant shall elect to renew, together with so much of the Lower Level Premises as Tenant shall elect to renew. In no event may the Renewal Premises be comprised of a part of a full floor then leased to Tenant hereunder.
Renewal Premises the whole of 19th floor, the whole of 20th floor and the whole of 21st floor of Chubb Tower, Windsor House;
Renewal Premises means Renewal Premises as defined in Paragraph 5(b).
Renewal Premises. The Second Renewal Option shall be exercisable by Tenant giving notice to Landlord (the “Second Renewal Notice”; the First Renewal Notice and the Second Renewal Notice are each a “Renewal Notice”), which notice shall (A) be given by Tenant on or before the date that is 24 months prior to the expiration date of the First Renewal Term (the “Second Renewal Outside Date”) and (B) indicate whether Tenant is exercising the Second Renewal Option as to the entire Premises or a Renewal Portion, and, in the latter case, shall describe and delineate the Renewal Portion. Time is of the essence with respect to the giving of the Second Renewal Notice. If Tenant timely delivers a Second Renewal Notice which delineates a portion of the Premises which is not a Renewal Portion, then Landlord shall give notice thereof to Tenant (including reasonably sufficient detail regarding the reasons such portion of the Premises does not constitute a Renewal Portion) and if Tenant fails to correct such Second Renewal Notice (by giving a revised Second Renewal Notice which delineates a Renewal Portion or the entire then Premises) within 10 Business Days after the Second Renewal Outside Date, then Tenant shall be deemed to have waived the Second Renewal Option. If Tenant timely delivers the Second Renewal Notice but fails to indicate whether Tenant is exercising the Second Renewal Option with respect to the entire Premises or a Renewal Portion, then Tenant shall conclusively be deemed to have exercised the Second Renewal Option as to the entire Premises.
Renewal Premises means either the First Renewal Premises or the Third Renewal Premises.
Renewal Premises means all or such portions of the Premises as shall be specified by Tenant (in its sole discretion) in Tenant’s Exercise Notice (and in the absence of any such specific designation in the Exercise Notice, the Renewal Premises shall be the entire Premises); provided, however, that in all events, in order for the Exercise Notice to be valid, (i) the Renewal Premises must contain at least the Original Premises, (ii) to the extent the Renewal Premises includes space in either or both of Building 203 or Building 204, it must include either one-half (divided along an axis running north-south through the middle of such Building) or all, but no other division, of Building 203, and either all or none of Building 204, and (iii) to the extent the Renewal Premises includes any Spec Development Space, such Spec Development Space must be in full-floor increments. The following conditions precedent shall apply to Tenant’s exercise of the options: (a) no Default shall exist at the time of Landlord’s receipt of such notice and at the expiration of the Lease Term or first Option Term, as applicable; and (b) the original Tenant named herein and/or any Permitted Transferee (defined below) is itself occupying not less than seventy-five percent (75%) of the Renewal Premises both at the time of giving the Exercise Notice and at the commencement of the Option Term. If Landlord shall receive notice of the exercise of the applicable option in the manner and within the time provided aforesaid, the Lease Term shall be extended upon the receipt of the notice without the requirement of any action on the part of Landlord or Tenant, except as may be required in order to determine Base Rent as hereinafter provided. Except for the amount of Base Rent (which is to be determined as provided in Section 2.2.2 above), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be applicable to the Extension Period, except that there shall be no further options to extend the Lease Term after Tenant’s exercise of its options hereunder, nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature. Landlord hereby reserves the right, exercisable by Landlord in its sole discretion, to waive (in writing) any condition precedent set forth in clauses (a) or (b) above. Time is of the essence with respect to the exercise of the options contained herein. Tenant shall not have the right to give any...