Common use of First Extension Option Clause in Contracts

First Extension Option. Subject to the provisions hereinafter set forth, ---------------------- Landlord hereby grants to Tenant an option to extend the Term of this lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one period of five (5) years (the "First Extension Period") after the expiration of the Term, which First Extension Period shall commence on January 1, 2021 ("First Extension Period Commencement Date") and end on December 31, 2025. ▇. ▇▇▇▇ option shall be exercisable by written notice from Tenant to Landlord of Tenant's election to exercise said option given not later than the date which is eighteen (18) months prior to the First Extension Period Commencement Date. If ▇▇▇▇▇▇'s option is not so exercised, then except as otherwise provided in Paragraph D of this Section 41, said option shall thereunder expire. B. Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant's exercise of said option and on the First Extension Period Commencement Date this Lease is in full force and effect and Tenant is not in Default in payment of Rent or any other monetary obligation under this Lease. C. Rent per square foot of Rentable Area of the Premises payable during the First Extension Period with respect to all space included in the Premises as of the First Extension Period Commencement Date shall be equal to ninety five percent (95%) of the Market Rental Rate (as hereinafter defined in Section 43). Landlord shall give Tenant written notice of the Market Rental Rate and the Rent for the First Extension Period within thirty (30) days following written request by ▇▇▇▇▇▇ made not earlier than twenty four (24) months prior to the First Extension Period Commencement Date. If Tenant disagrees with ▇▇▇▇▇▇▇▇'s determination, then Tenant shall notify Landlord as provided in Section 43C, and such dispute shall be determined in accordance with the provisions of Section 43C. D. If for any reason other than Tenant's failure to timely request Market Rental Rate or otherwise comply with provisions of this Section on a timely basis, the arbitrators fail to arrive at a determination of Market Rental Rate by a date which is 90 days prior to the date on which Tenant must elect to exercise its option to extend the Term, then the date for Tenant's exercise of its option and the Term shall be extended day for day by each day after such 90th day until such arbitrators' determination is made (but by not more than 90 days in the aggregate). No such extension shall affect the date on which the First Extension Period is to end. Until determination of the Market Rental Rate, Rent shall be payable for the limited extension period at a rate equal to the greater of the last rate of Rent payable under the Lease and Tenant's determination of Market Rental Rate. Once Market Rental Rate is determined, if different from the rate theretofore paid by Tenant, it shall be payable retroactive to the expiration of the Term at the Market Rental Rate, and the parties shall promptly refund or pay the excess or difference as necessary. If the option is exercised, the First Extension Period shall be deemed to have commenced on the date stated in this Lease. E. If Tenant has validly exercised said option, then once Rent has been determined, Landlord and Tenant shall enter into a written supplement to this lease confirming the Rent for the First Extension Period.

First Extension Option. Subject to the provisions hereinafter set forth, ---------------------- Landlord hereby grants to If Tenant an option to extend the Term of this lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one period of five (5) years (the "First Extension Period") after the expiration of the Term, which First Extension Period shall commence on January 1, 2021 ("First Extension Period Commencement Date") and end on December 31, 2025. ▇. ▇▇▇▇ option shall be exercisable by written notice from Tenant to Landlord of Tenant's election to exercise said option given not later than the date which is eighteen (18) months prior to exercises the First Extension Period Commencement Date. If ▇▇▇▇▇▇'s option is not so exercisedOption, then except as otherwise provided in Paragraph D all terms and conditions of this Section 41, said option Lease shall thereunder expire. B. Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant's exercise of said option and on the applicable to such First Extension Period Commencement Date this Lease is in full force and effect and Tenant is not in Default in payment of Rent or any other monetary obligation under this Lease. C. Rent per square foot of Rentable Area of Option, except that the Premises payable during the First Extension Period with respect to all space included in the Premises as of the First Extension Period Commencement Date shall be equal to ninety five percent (95%) of the Market Rental Rate (as hereinafter defined in Section 43). Landlord shall give Tenant written notice of the Market Rental Rate and the Base Rent for the First Extension Period within thirty (30) days following written request by ▇▇▇▇▇▇ made not earlier than twenty four (24) months prior to the First Extension Period Commencement Date. If Tenant disagrees with ▇▇▇▇▇▇▇▇'s determination, then Tenant shall notify Landlord as provided in Section 43C, and such dispute Option shall be determined increased by the increase in accordance with the provisions CPI-U, as hereinafter defined, from the date of Section 43C. D. If for any reason other than Tenant's failure to timely request Market Rental Rate or otherwise comply with provisions the commencement of this Section on a timely basis, the arbitrators fail to arrive at a determination of Market Rental Rate by a date which is 90 days prior Extended Term to the date on which Tenant must elect to exercise its option to extend of the expiration of said Extended Term. The CPI-U shall be defined as the Consumer Price Index seasonally adjusted U.S. City Average for all Items for all Urban Consumers published in the "Monthly Labor Review" of the Bureau of Labor and Statistics of the United States Department of Labor (the "CPI-U"). When the percentage increase in the CPI-U has been determined for such period, then the date Base Rent for Tenant's exercise of its option and the Extension Term shall be extended day for day multiplied by each day after such 90th day until such arbitrators' determination is made (but by not more than 90 days in that figure and the aggregate). No such extension shall affect the date on which the First Extension Period is to end. Until determination of the Market Rental Rate, Rent product shall be payable for the limited extension period at a rate equal added to the greater of the last rate of Base Rent payable under during the Lease and Tenant's determination of Market Rental RateExtended Term. Once Market Rental Rate is determined, if different from That sum will constitute the rate theretofore paid by Tenant, it shall be Base Rent payable retroactive to the expiration of the Term at the Market Rental Rate, and the parties shall promptly refund or pay the excess or difference as necessary. If the option is exercised, the First Extension Period shall be deemed to have commenced on the date stated in this Lease. E. If Tenant has validly exercised said option, then once Rent has been determined, Landlord and Tenant shall enter into a written supplement to this lease confirming the Rent for the First Extension PeriodOption. In no event, however, shall the Base Rent be less than the Base Rent paid during the preceding Lease Term or greater than Three Dollars and 19/100 ($3.19) per square foot annually. Landlord shall notify Tenant in writing of the increase in the Base Rent within a reasonable time after the applicable CPI-U figures become publicly available (the "Rental Notice"). The Rental Notice may be delivered to Tenant after the commencement of the First Extension Option and Tenant shall continue to pay Base Rent in the amount payable during the Extended Term until the first day of the month following Tenant's receipt of such Rental Notice. Within ten (10) days following receipt of the Rental Notice, Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the commencement of the First Extension Term and the first day of the month following receipt of the Rental Notice.