Grant of Option; Conditions Clause Samples
Grant of Option; Conditions. Tenant shall have a continuing right of first offer (the “Right of First Offer”) with respect to the following space in the Office Section:
(i) Commencing on the date hereof, all space in Tower IV other than on the first floor;
(ii) Commencing on the date hereof, any space in Tower Ill that is contiguous to the then Premises, whether on a floor above or below the Premises (including SSB Expansion Space and Early Expansion Space not added under Section 41.01 and any expansion space under Section 41.02) or on the same floor as a portion of the Premises, but in Tower Ill;
(iii) Commencing July 1, 2019, any space in Tower I, but subject to the rights, existing as of the date of this Lease, of other tenants of the Building. Any such space that becomes available as hereinafter described is referred to herein as the “Offering Space”. If during the Term Landlord determines (in Landlord’s sole judgment) that Offering Space is available to lease to a third party other than the existing tenant or licensee of the Offering Space, then Landlord shall so advise Tenant (the “Advice”). Tenant may lease such Offering Space in its entirety only, under the applicable terms described below, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within ten business (10) days after the date of the Advice. In any event, Tenant’s delivery of a Notice of Exercise shall be deemed to be the irrevocable exercise by Tenant of its Right of First Offer subject to and in accordance with the provisions of this ARTICLE 43. Any reference to the Advice below shall be a reference to the Advice with respect to which a Notice of Exercise was given. Notwithstanding the foregoing, Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:
(a) A material default is then continuing at the time that Landlord would otherwise deliver the Advice; or
(b) Tenant herein named (or a transferee pursuant to a Related Party Transfer, as defined in ARTICLE 17 of this Lease) is not in occupancy of at least 70% of the Premises initially leased at the time Landlord would otherwise deliver the Advice; or
(c) This Lease has been assigned (other than pursuant to a Related Party Transfer) prior to the date Landlord would otherwise deliver the Advice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the term of the Lease for one (1) additional period of three (3) years beginning on the Modified Expiration Date and ending on the 3rd anniversary of the Modified Expiration Date (the “Extension Term”), if:
(a) not less than 12 and not more than 15 full calendar months before the Modified Expiration Date. Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 7.5 below) rate for the Extension Term;
(b) no Default exists when Tenant delivers the Extension Notice;
(c) no part of the Premises is sublet (other than to an Affiliate of Tenant) when Tenant delivers the Extension Notice; and
(d) the Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the "RENEWAL OPTION") for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and ending on the 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) Tenant is not in default under the Lease beyond any applicable notice and cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
(3) No part of the Premises is sublet (other than pursuant to a Permitted Transfer or Ownership Change, as defined in Section 11.04 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 or Ownership Change, as defined in Section 11.04 of the Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one (1) additional period of five (5) years beginning on the day immediately following the expiration date of the Lease and ending on the fifth anniversary of such expiration date (the “Extension Term”), if:
(a) not less than 9 and not more than 12 full calendar months before the expiration date of the Lease, Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option;
(b) no Default exists when Tenant delivers the Extension Notice;
(c) no part of the Premises is sublet when Tenant delivers the Extension Notice; and
(d) the Lease has not been assigned before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one additional period of three (3) years commencing on the day following the Expiration Date and ending on the third anniversary of the Expiration Date (the “Extension Term”), if:
A. Not less than 9 and not more than 12 full calendar months before the Expiration Date, Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 3.5 below) rate for the Extension Term;
B. Tenant is not in default under the Lease beyond any applicable cure period when Tenant delivers the Extension Notice;
C. No part of the Premises is sublet when Tenant delivers the Extension Notice; and
D. The Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant acknowledges that the space located on the third floor of the Building containing approximately 4,114 square feet of rentable area and currently designated as Suite 310 (the “Suite 310”) is currently leased by Landlord (as successor-in-interest to EOP-Bay Park Plaza, L.L.C.) to Softscape, Inc. (“Softscape”) pursuant to the terms of that certain lease between Landlord and Softscape dated June 24, 2005, as the same may be amended from time to time (the “Softscape Existing Lease”). The parties hereby acknowledge that Tenant is currently, and shall remain, in possession of Suite 310 pursuant to that certain sublease dated March 27, 2008, between Tenant and Softscape, which sublease is scheduled to expire on July 31, 2010 (“Sublease Expiration Date”). The parties further acknowledge that the Softscape Existing Lease is scheduled to expire on October 2, 2010 (“Softscape Expiration Date”). Tenant shall have the option, but not the obligation (the “Suite 310 Expansion Option”), to lease Suite 310 for a term commencing on the date immediately following the date which is the earlier to occur of (i) the Softscape Expiration Date, and (ii) the early termination of the Softscape Existing Lease (or Softscape’s right to possession) (such date, the “Suite 310 Commencement Date”), and ending, unless sooner terminated pursuant to the terms of the Lease, as amended, on the Extended Expiration Date, if:
12.1.1 Landlord receives written notice (the “Suite 310 Expansion Notice”) from Tenant of the exercise of its Suite 310 Expansion Option prior to the Suite 310 Commencement Date; and
12.1.2 Tenant is not in default under the Lease, as amended, beyond any applicable cure periods at the time that Landlord receives the Suite 310 Expansion Notice; and
12.1.3 No more than twenty-five percent (25%) of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time Landlord receives the Suite 310 Expansion Notice; and
12.1.4 Tenant is in occupancy of Suite 310 at the time that Landlord receives the Suite 310 Expansion Notice, Tenant hereby acknowledging that its occupancy of Suite 310 after the Sublease Expiration Date shall be subject to Softscape’s consent; provided, however, that Landlord hereby agrees that Landlord shall not withhold its consent under the Softscape Existing Lease to such continued occupancy of Suite 310 by Tenant; and
12.1.5 Tenant has not abandoned the Premises at the time Landlord receives the Suite 310 Expansion Notice.
Grant of Option; Conditions. Tenant shall have the option (the "Building C Expansion Option") to lease the entirety of the building located at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ("Building C"), containing approximately 68,025 rentable square feet of space (the "Building C Expansion Space") subject to the terms and conditions set fo1ih below in this Section 15. The Building C Expansion Space is currently leased by Landlord to SolarCity Corporation, a Delaware corporation ("SolarCity"), pursuant to the terms of a lease dated July 30, 2010, as the same may be amended from time to time (the "Solar City Lease"). The SolarCity Lease is scheduled to expire on July 31, 2017. Tenant may exercise the Building C Expansion Option if:
15.1.1 SolarCity has not exercised its option to extend the term of the SolarCity Lease, which SolarCity option must be exercised no later than July 31, 2016; and,
15.1.2 Landlord receives written notice (the "Building C Expansion Notice") from Tenant of the exercise of its Building C Expansion Option on or before January 31, 2017 (i.e., the date that is six (6) months following the expiration of the period during which SolarCity can exercise its option to extend the term of the SolarCity Lease); and,
15.1.3 Tenant is not in default under the Lease, as amended hereby, beyond any applicable cure periods at the time that Landlord receives the Building C Expansion Notice; and,
15.1.4 Other than in connection with a Permitted Transfer, the Lease, as amended hereby, has not been assigned and no more than 50% of the Premises (including The Campus and the Building D Expansion Space) is sublet (other than pursuant to a Permitted Transfer) at the time Landlord receives the Building C Expansion Notice; and,
15.1.5 The Building C Expansion Space is intended for the exclusive use of Tenant only during the Original Premises Extended Te1m; and
15.1.6 Tenant has not vacated or abandoned any portion of the Premises at the time Landlord receives the Building C Expansion Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the “Renewal Option”) for one (1) additional period of five (5) years (the “Renewal Term”), if:
(a) Landlord receives notice of exercise (“Initial Renewal Notice”) not less than twelve (12) full calendar months prior to the expiration of the initial Term; and
(b) Tenant is not in Default under the Lease at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
(c) No part of the Premises is sublet (other than as permitted under the Lease) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and
(d) The Lease has not been assigned (other than as permitted under the Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the “Extension Option”) for one (1) additional period of five (5) years, commencing on October 1, 2019, and ending on September 30, 2024 (the “Fourth Extended Term”), if:”
Grant of Option; Conditions. Tenant shall have the right to extend the Term of the Lease (the “Renewal Option”) for one (1) additional period of five (5) years commencing on the day following the Termination Date and ending on the fifth (5th) anniversary of the Termination Date (the “Renewal Term”), if:
(i) Landlord receives irrevocable notice of exercise (“Initial Renewal Notice”) not less than twelve (12) full calendar months prior to the Termination Date and not more than eighteen (18) full calendar months prior to the Termination Date; and
(ii) Tenant is not in Default under the Lease at the time that Tenant delivers its Initial Renewal Notice or as of the Termination Date; and
(iii) No more than twenty-five percent (25%) of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or as of the as of the Termination Date; and
(iv) Tenant’s interest in the Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or as of the Termination Date.