Common use of Grant of Option; Conditions Clause in Contracts

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.

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 three (53) years (the "Renewal Term"), commencing on the day following the Termination Date of the Initial Term and ending on the fifth third (5th3rd) anniversary of the Termination Date (the “Date. Such Renewal Term”), Option shall be personal to Tenant and to any Affiliated Transferee and shall be exercisable if: (ia) Landlord receives irrevocable notice of exercise (“"Initial Renewal Notice”") not less than twelve six (126) full calendar months prior to the Termination Date and not more than eighteen twelve (1812) full calendar months prior to the Termination Date; and (iib) Tenant is not in Default under the this Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as of the Termination Datedefined below); and (iiic) No more than twenty-five percent The original Tenant named under this Lease or an Affiliated Transferee (25%"Original Tenant") is occupying at least 13,000 rentable square feet 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 and at 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 time Tenant delivers its Initial Renewal Notice or as of the Termination DateBinding Notice.

Grant of Option; Conditions. Tenant shall have the right to extend the Term of the Lease (the ““ Renewal OptionOption ”) ), for one two (12) additional period periods of five (5) years each (each, a “ Renewal Term ”), commencing on the day following the Termination Date of the Initial Term, or on the day following the last day of the prior Renewal Term, as applicable (the “ Applicable Expiration Date ”), and ending on the fifth (5th) anniversary of the Termination Date (or on the “last day of the prior Renewal Term”), as applicable. Such Renewal Options shall be personal to Tenant and to any Permitted Transferee and shall be exercisable if: (ia) Landlord receives irrevocable notice of exercise (““ Initial Renewal NoticeNotice ”) not less than twelve (12) full calendar months prior to the Termination Applicable Expiration Date and not more than eighteen fifteen (1815) full calendar months prior to the Termination Applicable Expiration Date; and (iib) Tenant is not in Default under the this Lease at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as of the Termination Datedefined below); and (iiic) No more than twenty-five percent The original Tenant named under this Lease or any Permitted Transferee (25%“ Original Tenant ”) is occupying at least 100,000 rentable square feet of the Leased Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or as of and at 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 time Tenant delivers its Initial Renewal Notice or as of the Termination DateBinding Notice.