Grant of Option to Lease Clause Samples

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Grant of Option to Lease. In consideration of the Option Fee paid by Lessee to Lessor upon Lessee’s execution of this Agreement, Lessor hereby grants to Lessee the Option during the Option Period to lease, on the terms and conditions set forth in this Agreement, the Leased Premises.
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Grant of Option to Lease. Provided that Optionee is not in material default of its obligations (i) under the Building 6 Lease or if in material default has received written notice of default from Optionor and such default has not been cured within the period provided for in the Building 6 Lease (provided, however, if a non-monetary default by Optionee under the Building 6 Lease cannot be cured, and if Optionor does not elect to terminate the Building 6 Lease as a result of such nonmonetary and non-curable default, Optionee may exercise the option provided for herein), or (ii) under any provision of this Agreement or if in material default has received written notice from Optionor of its intent to terminate this Agreement because of such default and Optionee has failed to cure a default in the payment of money within three (3) days after such notice or any other default within ten (10) days after such notice, and subject to the provisions of Article II, Optionor hereby grants to Optionee the exclusive right to lease that certain real property consisting of approximately 12.297 acres of land, more or less, located in the City of Milpitas, County of Santa ▇▇▇▇▇, State of California, and contained within the area outlined in Green on "Exhibit A" attached hereto, and by reference made a part hereof (hereinafter referred to as "Option Property"), on which Optionee shall have the option to lease additional facilities from Optionor on the following terms and conditions: A. OPTION PROPERTY: Said Option Property, consisting of approximately 12.297 acres, more or less, shall consist of one (1) separate (but not legally subdivided) parcel of property, (APN 086-02-038) as shown on Exhibit "A", on which a building (Building 7) of approximately 208,096+/- square feet shall be constructed.
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Grant of Option to Lease. Landlord hereby grants to Tenant an option ------------------------ to lease all (but not less than all) that certain real property owned by Landlord and commonly known as ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ (collectively the "Option Parcels") on the terms and conditions set forth below. (a) The Option Parcels currently are subject to option granted by Landlord to IBM pursuant to existing leases (the "Existing Leases") to extend the term of the Existing Leases on the Option Parcels. Tenant's rights under this section are condition upon IBM not exercising its rights to extend the Existing Leases pursuant to IBM's option rights in the Existing Leases. If IBM properly exercises its rights to extend the term of the Existing Leases, this grant of option to lease the Option Parcels shall automatically terminate and be of no further force and effect. (b) If IBM fails to exercise its option to extend the term of the Existing Leases, Tenant's option rights shall commence on March 1, 1996 and shall terminate on May 15, 1996 at 5 o'clock p.m. (the "Option Term"). If Tenant fails to exercise its option during the Option Term, Tenant's option rights with regard to the Option Parcels shall automatically terminate and be of no further force and effect. (c) If the condition to Tenant's option rights hereunder is met, Tenant may exercise its option to lease the Option Parcels by, and only by, delivering to Landlord during the Option Term written notice of exercise of Tenant's option. Tenant shall bear the risk of delivery and the Tenant's option rights hereunder shall automatically terminate if Landlord does not receive Tenant's notice of exercise during the Option Term, notwithstanding that Tenant may have mailed, or otherwise attempted, to deliver a notice of exercise within the Option Term. (d) If Tenant properly exercises its option to lease Option Parcels, Tenant's occupancy of the option Parcels shall on substantially all the terms and conditions of the L Agreement (Single Tenant Industrial) for ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ (the "4600 Lease") , except as changed reflect the three building campus and other differences in properties and except for the following: (i) The term for each parcel shall commence on following (with the occupancy date for each occurring sequentially): For the first parcel, on the first to occur (a) the fifteenth (15th) day following vacation of such par by the curre...
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Grant of Option to Lease. Lessor hereby grants to Lessee the right and ------------------------ option (herein called the "Option") to lease from Lessor a maximum aggregate amount of approximately 114,000 rentable square feet (herein called the "Maximum Expansion Amount") of space in a building (herein called the "Building") to be constructed by Lessor on the Land of a quality and type consistent with the Other Building in accordance with the terms and conditions set forth herein. Lessor hereby represents and warrants to Lessee that Lessor owns fee simple title to the Land and that there exists no mortgage, deed to secure debt or ground lease encumbering the Land other than that certain deed to secure debt held by Lloyds Bank Plc. Lessor shall provide Lessee with a non-disturbance agreement from Lloyds Bank Plc meeting the requirements set forth in the other Lease, on or before the date that is thirty (30) days after such non-disturbance agreement has been delivered to Lloyds Bank Plc. 2.1 On or before the date (herein called the "Option Exercise Deadline") that is four and one-half (4 1/2) years after the Commencement Date (as defined in the other Lease), and provided that (i) Lessee is not in default under the terms of the Other Lease at the time of Lessee's exercise of the Option, (ii) Lessee is in possession of the "Premises" (as defined in the Other Lease), (iii) the Other Lease is then in full force and effect and (iv) Lessee has exercised the Option to Extend (as defined in the Other Lease) if so required under the terms of Section 2.5 hereof, Lessee shall have right to exercise the Option, on one or more occasions, by delivering written notice to Lessor of such exercise together with a specification of the amount of space Lessee desires to lease, which shall be in increments of at least 30,000 rentable square feet and shall be of such a configuration and design so that the remainder of the Land is, in Lessor's reasonable judgment, marketable for sale to third parties. 2.2 Lessor shall as quickly as reasonably possible after receipt of Lessee's notice of its exercise of the Option in accordance with Section 2.1 hereof, prepare preliminary drawings, plans, and specifications of the Building and the Premises, including, without limitation, landscaping. Lessor and Lessee shall cooperate in good faith to resolve any reasonable objections Lessee may have to such preliminary plans and specifications and to cause final Plans acceptable to Lessor and Lessee to be created within a re...
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Related to Grant of Option to Lease

  • Option to Lease The Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to cause the Receiver to assign to the Assuming Institution any or all leases for leased Bank Premises, if any, which have been continuously occupied by the Assuming Institution from Bank Closing to the date it elects to accept an assignment of the leases with respect thereto to the extent such leases can be assigned; provided, that the exercise of this option with respect to any lease must be as to all premises or other property subject to the lease. If an assignment cannot be made of any such leases, the Receiver may, in its discretion, enter into subleases with the Assuming Institution containing the same terms and conditions provided under such existing leases for such leased Bank Premises or other property. The Assuming Institution shall give notice to the Receiver within the option period of its election to accept or not to accept an assignment of any or all leases (or enter into subleases or new leases in lieu thereof). The Assuming Institution agrees to assume all leases assigned (or enter into subleases or new leases in lieu thereof) pursuant to this Section 4.6. If the Assuming Institution gives notice of its election not to accept an assignment of a lease for one or more of the leased Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for the Fixtures, Furniture and Equipment located on such leased Bank Premises.

  • Grant of Option The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

  • Grant of Options Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to ___________ shares of Common Stock of the Company.

  • Option to Extend Lease Term Landlord hereby grants to Tenant an option to extend the Lease Term for either a) a one (1) year period; b) a two (2) year period; or c) a three (3) year period (“Option Period”), on the following terms and conditions: A. Tenant must give Landlord notice in writing of its exercise of the option in question, and the length of the Option Period, no earlier than 270 days before the date the Lease Term would end, but for the exercise of the said option, and no later than 180 days before the date the Lease Term would end, but for the exercise of the said option. B. Tenant may not extend the Lease Term pursuant to any option granted by this paragraph if Tenant is in Default beyond any applicable notice and cure period as of the date of exercise of the option, or as of the date this Lease would have been terminated but for said exercise. C. All terms, covenants and conditions of this Lease shall apply during the option period, except that the Base Monthly Rent for the Option Period shall be determined as provided in section D below. D. The Base Monthly Rent for the Option Period shall be the greater of: (i) the Base Monthly Rent payable for the last month of the Premises Lease Term, or (ii) ninety-five (95%) percent of the then fair market monthly rent determined as of the commencement of the Option Period, based upon a lease for premises of like size, quality and location in the Menlo Park area. If the parties are unable to agree upon the fair market monthly rent for the Premises for the Option Period within 30 days from Tenant’s delivery of notice of exercise of the option, then the fair market monthly rent shall be determined by appraisal conducted pursuant to subsection E of this paragraph. E. In the event it becomes necessary to determine by appraisal the fair market rent of the Premises for the purpose of establishing the Base Monthly Rent during the Option Period, then such fair market monthly rent shall be determined by three real estate appraisers, all of whom shall be members of the American Institute of Real Estate Appraisers, with not less than five years’ experience appraising real property (other than residential or agricultural property) located in San Mateo County, California, in accordance with the following procedures: (i) The party demanding an appraisal (the “Notifying Party”) shall notify the other party (the “Non-Notifying Party”) thereof by delivering a written demand for appraisal, which demand, to be effective, must give the name, address, and qualifications of an appraiser selected by the Notifying Party. Within 10 days of receipt of said demand, the Non-Notifying Party shall select its appraiser and notify the Notifying Party, in writing, of the name, address, and qualifications of an appraiser selected by it. Failure by the Non-Notifying Party to select a qualified appraiser within said 10 business day period shall be deemed a waiver of its right to select a second appraiser on its own behalf; and the Notifying Party shall select a second appraiser on behalf of the Non-Notifying Party within five days after the expiration of said 10 business day period. Within 10 business days from the date the second appraiser shall have been appointed, the two appraisers so selected shall appoint a third appraiser. If the two appraisers fail to select a third qualified appraiser, the third appraiser shall be selected by the American Arbitration Association or if it shall refuse to perform this function, then at the request of either Landlord or Tenant, such third appraiser shall be promptly appointed by the American Arbitration Association or, if it shall refuse to perform this function then, at the request of either Landlord or Tenant, such third appraiser shall be promptly appointed by the then Presiding Judge of the Superior Court of the State of California, County of San Mateo. (ii) The three appraisers so selected shall meet in Menlo Park, California, not later than 20 days following the selection of the third appraiser. At said meeting the appraisers so selected shall attempt to determine the fair market monthly rent of the Premises for the Option Period. (iii) If the appraisers so selected are unable to complete their determinations in one meeting, they may continue to consult at such times as they deem necessary for a 15 day period from the date of the first meeting, in an attempt to have at least two of them agree. If, at the initial meeting or at any time during said 15 day period, two or more of the appraisers so selected agree on the fair market rent of the Leased Premises, such agreement shall be determinative and binding on the parties hereto, and the agreeing appraisers shall, in simple letter form executed by the agreeing appraisers, forthwith notify both Landlord and Tenant of the amount set by such agreement. (iv) If two or more appraisers do not so agree within said 15 day period, then each appraiser shall, within five days after the expiration of said 15 day period, submit his independent appraisal in simple letter form to Landlord and Tenant stating his determination of the fair market rent of the Premises for the Option Period. The parties shall then determine the fair market rent for the Premises by determining the average of the fair market rent set by each of the appraisers. However, if the lowest appraisal is less than eighty-five percent (85%) of the middle appraisal then such lowest appraisal shall be disregarded and/or if the highest appraisal is greater than one hundred fifteen percent (115%) of the middle appraisal then such highest appraisal shall be disregarded. If the fair market rent set by any appraisal is so disregarded, then the average shall be determined by computing the average set by the other appraisals that have not been disregarded. (v) Nothing contained herein shall prevent Landlord and Tenant from jointly selecting a single appraiser to determine the fair market rent of the Premises, in which event the determination of such appraisal shall be conclusively deemed the fair market rent of the Premises. (vi) Each party shall bear the fees and expenses of the appraiser selected by or for it, and the fees and expenses of the third appraiser (or the joint appraiser if one joint appraiser if one joint appraiser is used) shall be borne fifty percent (50%) by Landlord and fifty percent (50%) by Tenant. F. The option rights of Tenant under the within article 20 of this Lease, and the extended term thereunder, are granted solely and exclusively for Tenants’ personal benefit and may not be assigned or transferred by Tenant other than as part of a Voluntary Permitted Transfer. G. The Base Monthly Rent for the remainder of the Option Period, if any, shall be adjusted by annual CPI increases.

  • OPTION TO RENEW Landlord grants to Tenant an option to extend the Lease Term for three (3) additional terms of five (5) years each (the “Extended Term”), commencing on the expiration date of the original Lease Term, upon the same terms and conditions as set forth in this Lease, except as provided in this Section with respect to Base Rent; provided, however, that no Event of Default by Tenant has occurred that has not been cured at any time such option is to be exercised. The Base Rent for the Extended Term shall equal the Market Rate for the Premises in “as is” condition, which shall be determined within thirty (30) days after Tenant exercises its option to extend the Lease Term. The Base Rent shall be determined for the entire Premises, including the Expansion Premises, if applicable. The Base Rent may be adjusted upwards, but in no event shall be adjusted downwards from the preceding year’s Base Rent, based on the determination of the Market Rate applicable to the Premises. The Base Rent for the entire Premises, including the Expansion Premises if applicable, during any Extended Term shall increase in accordance with the amount determined at the time the Market Rate is set, which shall be at least [***] per twelve (12) month period. If Landlord and Tenant cannot agree [***]: Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. on a Market Rate for the Extended Term within the above-stated thirty (30) day period, then Tenant shall provide Landlord with written notice of the name of an appraiser selected by Tenant to determine the Market Rate for the Premises. Within fifteen (15) days after Tenant provides such notice, Landlord shall provide written notice to Tenant of the name of an appraiser selected by Landlord to determine the Market Rate for the Premises. The two appraisers shall then jointly determine the Market Rate for the Premises for the Extended Term and provide a written report of same to Landlord and Tenant. If the two appraisers cannot agree on a Market Rate for the Premises within fifteen (15) days after Tenant receives notice from Landlord identifying its appraiser, then the two appraisers shall jointly select a third appraiser, which third appraiser shall solely determine the Market Rate for the Extended Term and provide a written report of same to Landlord and Tenant within thirty (30) days of his or selection. Such determination of the Market Rate by the third appraiser shall be binding on Landlord and Tenant. Each party shall pay the cost of its appraiser and one-half (1/2) the cost of the third appraiser. The appraisers shall be M.A.I. appraisers unless Landlord and Tenant otherwise agree in writing. If Landlord fails to choose an appraiser as provided above, then the appraiser chosen by Tenant shall be deemed to be acceptable to Landlord. If Tenant fails to choose an appraiser as provided above, then the appraiser chosen by Landlord shall be deemed to be acceptable to Tenant. Should Tenant elect to exercise any option for an Extended Term, Tenant shall do so by providing written notice to Landlord at least twelve (12) months before the expiration of the Lease Term or the then current Extended Term for which an option has been exercised. If Tenant does not exercise an option to extend the Lease Term or the then Extended Term within the period allowed, all unexercised options to renew shall be null, void and of no further force or effect. No later than fifteen (15) months prior to the date Tenant desires to exercise the option to extend the Lease Term or the then Extended Term, Tenant may (but is not obligated to) make a written request to Landlord to provide Tenant with Landlord’s proposed Market Rate (as that term is defined below) for the Extended Term. If Tenant makes such a request, Landlord shall furnish Tenant with Landlord’s proposed Market Rate (as well as copy of any third party, non-confidential information Landlord used in determining the proposed Market Rate) no later than thirty (30) days after Landlord’s receipt of Tenant’s written request. If Tenant properly exercises the option to extend the Lease Term or the then Extended Term, then prior to the date Tenant is required to identify an appraiser (as set forth in this Section) Tenant may (but is not obligated to) provide Landlord with written notice that Tenant accepts the proposed Market Rate as the Market Rate for the Extended Term, in which case that shall be the Market Rate. If Tenant does not provide Landlord with a written notice that Tenant accepts the proposed Market Rate as the Market Rate for the Extended Term during the time period specified in the foregoing sentence, the parties shall either negotiate a mutually agreeable Market Rate, or if they are unable to do so, the parties shall pursue the appraisal process outlined in this Section. The Market Rate and related information provided by Landlord to Tenant under this paragraph shall be treated as confidential by Tenant, shall not be disclosed by Tenant to any third party and shall not be used by Tenant or any appraiser to advocate for or set the Market Rate.