Common use of Extension Option Clause in Contracts

Extension Option. Landlord hereby grants Tenant one (1) option (the “Extension Option”) to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below. Upon the proper exercise of the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall not be deemed properly exercised if as of the date of delivery of the Exercise Notice (as defined below) by Tenant: (i) Tenant has previously been in default under the Lease beyond all applicable notice and cure periods; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve of the terms for the Option Term, including, without limitation, the Option Rent (as those terms are defined below). The Extension Option is personal to the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as of the date of Tenant’s delivery of the Exercise Notice.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for one (1) option (the “Extension Option”) to extend the Lease Term for a period of five (5) years (the “Option TermExtension Period”). If Tenant desires to exercise the extension option, Tenant shall notify Landlord on or before the date which is nine (9) months prior to the expiration of the original Term. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to the Extension Period, except that the Basic Rent for the Extension Period will an amount determined pursuant to Section 31.2. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant shall not have the right to exercise the extension option shall be exercisable only by written Exercise Notice (as defined below) delivered by if on the date Tenant to Landlord as provided below. Upon exercises the proper exercise extension option and the commencement date of the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall not be deemed properly exercised if as of the date of delivery of the Exercise Notice (as defined below) by TenantPeriod: (i) Tenant has previously been is in default under the Lease default, beyond all applicable notice and cure periods, of any monetary obligation or any material non-monetary obligation under this Lease; and/or (ii) Landlord does not approve Tenant must be in occupancy of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve at least 75% of the terms for Premises; and (iii) Tenant must not have sublet more than 25% of the Option Term, including, without limitation, Premises. If all of the Option Rent (as those terms foregoing conditions are defined below). The not satisfied on both the date Tenant exercises the Extension Option is personal to and the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as commencement date of the date of Tenant’s delivery of Extension Period, then any notice exercising the Exercise Noticeextension option will be automatically null and void.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant one (1) option (the “Extension Option”) right to extend the Lease original Term for a period two (2) periods of five (5) years each (the each an “Option TermExtension Period”). If Tenant desires to exercise an extension option, Tenant shall notify Landlord on or before the date which option shall is twelve (12) months prior to the expiration of the original Term or first Extension Period, as applicable. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be exercisable only by written Exercise Notice (as defined below) delivered by Tenant deemed to Landlord as provided below. Upon have waived its right to extend the proper term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each Extension OptionPeriod, except that (i) the Lease Term shall Basic Rent for each year of the applicable Extension Period will be extended determined pursuant to Section 31.2, and (ii) the Base Period for the Option applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall will not be deemed properly exercised if as obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such extension option and the commencement date of delivery of the Exercise Notice (as defined below) by Tenantapplicable Extension Period: (i) Tenant has previously been must not be in default of any monetary obligation or any material non-monetary obligation under the Lease beyond all applicable notice and cure periodsthis Lease; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve Tenant must be in occupancy of the terms for entire Premises; and (iii) Tenant must not have sublet any part of the Option Term, including, without limitation, Premises. If all of the Option Rent (as those terms foregoing conditions are defined below). The not satisfied on both the date Tenant exercises the applicable Extension Option is personal to and the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as of the commencement date of Tenant’s delivery of such Extension Period, any notice exercising the Exercise Noticeextension option will be automatically null and void.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for one (1) option (the “Extension Option”) to extend the Lease Term for a period of five (5) years (the “Option TermExtension Period”). If Tenant desires to exercise the extension option, Tenant shall notify Landlord on or before the date which is twelve (12) months prior to the expiration of the original Term. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to the Extension Period, except that the Basic Rent for the Extension Period will equal an amount determined pursuant to Section 31.2. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise the extension option shall be exercisable only by written Exercise Notice (as defined below) delivered by is expressly subject to the satisfaction of all of the following conditions on both the date Tenant to Landlord as provided below. Upon exercises the proper exercise extension option and the commencement date of the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall not be deemed properly exercised if as of the date of delivery of the Exercise Notice (as defined below) by TenantPeriod: (i) Tenant has previously been must not be in default of any monetary obligation or any material non-monetary obligation under the Lease beyond all applicable notice and cure periodsthis Lease; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve Tenant must be in occupancy of the terms for entire Premises; and (iii) Tenant must not have sublet any part of the Option Term, including, without limitation, Premises. If all of the Option Rent (as those terms foregoing conditions are defined below). The not satisfied on both the date Tenant exercises the Extension Option is personal to and the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as commencement date of the date of Tenant’s delivery of Extension Period, then any notice exercising the Exercise Noticeextension option will be automatically null and void.

Extension Option. Subject to the terms and conditions below, Tenant shall have the option to extend the Term for two (2) additional five (5) year extension terms (each an "Extension Term") by notice given to Landlord hereby grants Tenant at least one (1) year before the then applicable Expiration Date (any such notice, "Tenant's Option Exercise Notice"). Tenant's election shall be exercised, and Annual Base Rent for the Extension Term determined, as set forth below. If Tenant fails timely to exercise its option (the “for any Extension Option”) Term, Tenant shall have no further extension rights hereunder. Tenant's option so to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below. Upon the proper exercise of the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding the foregoingvoid, at Landlord’s option's election, if Tenant is in addition monetary or other material default at the time Tenant elects to any other remedies available to Landlord under extend the Lease, Term or at law or in equity, the Extension Option shall not be deemed properly exercised if as time the Term would expire but for such extension. The extension of the date of delivery of the Exercise Notice (as defined below) by Tenant: (i) Tenant has previously been in default under the Lease beyond all Term shall be applicable notice and cure periods; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve of the terms for the Option Term, including, without limitation, the Option Rent (as those terms are defined below). The Extension Option is personal to the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as and Tenant shall have no right to extend the Term for only a portion of the date Premises. During the Extension Term, all provisions of Tenant’s delivery this Lease shall apply except that Tenant shall have no further option to extend the Term after the last Extension Term. For each Lease Year during each Extension Term, Tenant shall pay Annual Base Rent equal to One Hundred Two and One-Half Percent (102.5%) of the Exercise NoticeAnnual Base Rent for the immediately preceding Lease Year.

Extension Option. Provided that Tenant is not then in default under this Lease beyond any applicable cure period, and provided Tenant has not exercised its Expansion Option, Tenant shall have the option to extend the Initial Term of this Lease by ONE PERIOD OF TWO YEARS (the "Renewal Term") by written notice given to Landlord hereby grants not less than 120 days before the expiration of the Initial Term. If the option is not exercised in a timely, manner, then the Lease shall automatically expire at the end of the Initial Term, and Tenant one shall surrender possession of the Premises in accordance with the terms of this Lease. All of the terms and conditions of this Lease shall continue to apply during the Renewal Term. Tenant also is granted an Expansion Option (in Article 26) in this Lease. SHOULD THE EXPANSION OPTION BE EXERCISED, THE INITIAL TERM HEREOF IS AUTOMATICALLY EXTENDED (SEE ARTICLE 26). Further, should the Expansion Option be exercised, Tenant shall have the option to extend the Initial Term of this Lease by UP TO THREE (3) ONE (1) option (YEAR LEASE TERMS by written notice given to Landlord not less than 180 days before the “Extension Option”) to extend expiration of the Lease Term for a period of five (5) years (the “Option Term”), which option current term. The three one year options shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below. Upon the proper exercise in lieu of the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall not be deemed properly exercised if as of the date of delivery of the Exercise Notice (as defined below) by Tenant: (i) Tenant has previously been in default under the Lease beyond all applicable notice and cure periods; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve of the terms for the Option Term, including, without limitation, the Option Rent (as those terms are defined below). The Extension Option is personal to the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as of the date of Tenant’s delivery of the Exercise Noticesingle two year option described above.

Extension Option. Landlord All extension and renewal options provided in the Lease are hereby grants deleted in their entirety and replaced with the provisions of this paragraph 8. Provided that the Lease is then in full force and effect and there exists no uncured default by Tenant, Tenant one (1) shall have the right and option (the “Extension Option”) to extend the this Lease Term for a one (1) additional period of five three (53) years (the “Option Term”), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided belowherein. Upon Tenant must exercise the proper exercise Extension Option, if at all, by providing Landlord with written notice thereof at least nine (9) months prior to last day of the Extension Term (the “Extension Notice”). If Tenant does not provide Landlord with the Extension Notice as and when herein specified, the Extension Option shall terminate and be of no further force or effect. If Tenant exercises the Extension Option, the Lease Term shall be extended for the Option Term. Notwithstanding Term upon the foregoing, at Landlord’s option, same terms and conditions as set forth in addition to any other remedies available to Landlord under the Lease, at law or in equityas amended hereby, except that the Extension Option shall not be deemed properly exercised if as Base Rent hereunder for the first year of the date of delivery of Option Term and the Exercise Notice annual escalations thereof shall be the then current Market Rate (as defined below) by Tenant: (i) Tenant has previously been in default under the Lease beyond all applicable notice and cure periods; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve of the terms for the Option Term, including, without limitation, the Option Rent (as those terms are defined below). The Extension Option is personal shall apply to the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises and may not be exercised only as to a portion thereof. If Tenant is in default of its obligations under the Lease beyond all applicable grace periods at either the time it exercises the Extension Option or the date upon which the Option Term is to commence, then Landlord at its option may elect to treat the exercise of the date of Tenant’s delivery Extension Option as ineffective, in which case this Lease shall expire at the end of the Exercise NoticeExtension Term.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant one (1) option (the “Extension Option”) right to extend the Lease original Term for a period two (2) successive periods of five (5) years each (each an "Extension Period"). If Tenant desires to exercise the “Option extension option, Tenant shall notify Landlord on or before the date which is fifteen (15) months prior to the expiration of the original Term or the first Extension Period, as the case may be. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any extension option. If Tenant exercises an extension option, all of the terms and conditions of this Lease will apply to the applicable Extension Period, except that the Basic Rent for each Extension Period will an amount determined pursuant to Section 31.2. In connection with any extension of the Term”), which Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant's right to exercise the extension option shall be exercisable only by written Exercise Notice (as defined below) delivered by is expressly subject to the condition that, on both the date Tenant to Landlord as provided below. Upon exercises the proper exercise extension option and the commencement date of the Extension OptionPeriod, Tenant is not in default of any monetary obligation or any material non-monetary obligation under this Lease beyond any applicable cure period. If the Lease Term shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available to Landlord under the Lease, at law or in equity, the Extension Option shall foregoing condition is not be deemed properly exercised if as of satisfied on both the date of delivery of Tenant exercises an extension option and the Exercise Notice (as defined below) by Tenant: (i) Tenant has previously been in default under the Lease beyond all applicable notice and cure periods; and/or (ii) Landlord does not approve of Tenant’s then-existing financial condition and/or Landlord’s lender does not approve of the terms for the Option Term, including, without limitation, the Option Rent (as those terms are defined below). The Extension Option is personal to the original Tenant executing the Lease (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant’s interest in the Lease) if the Original Tenant occupies the entire Premises as of the commencement date of Tenant’s delivery of an Extension Period, then any notice exercising the Exercise Noticeextension option will be automatically null and void.