Common use of Option Procedure Clause in Contracts

Option Procedure. Tenant shall have the one-time option (the “Option”) with respect to each of the 9th Floor Option Space and the 8th Floor Option Space to lease the Applicable Option Space for a term (the “Option Term”) commencing on the Option Space Commencement Date and expiring on the Expiration Date by giving notice thereof (the “Option Response Notice”) to Landlord not later than the fifteenth (15th) Business Day after the date that Landlord gives the Option Notice to Tenant. Time shall be of the essence as to the date by which Tenant must give the Option Response Notice to Landlord to exercise the Option. If Tenant does not give the Option Response Notice to Landlord on or prior to the fifteenth (15th) Business Day after the date that Landlord gives the Option Notice to Tenant, then Landlord shall thereafter have the right to lease the Applicable Option Space (or any part thereof) to any other Person on terms acceptable to Landlord in Landlord’s sole discretion without being required to make any other offer to Tenant regarding the Applicable Option Space under this Article 18 (and, accordingly, such Applicable Option Space shall not thereafter constitute Option Space). Tenant shall not have the right to revoke an Option Response Notice given to Landlord pursuant to this Article 18.

Option Procedure. (A) Tenant shall have the one-time option (the “"Option”") with respect to each of the 9th Floor Option Space and the 8th Floor Option Space to lease the Applicable Option Space for a term (the “"Option Term”") commencing on the Option Space Commencement Date and expiring on the Expiration Date by giving notice thereof (the “"Option Response Notice”") to Landlord not later than the fifteenth thirtieth (15th30th) Business Day day after the date that Landlord gives the Option Notice to Tenant. Time shall be of the essence as to the date by which Tenant must give the Option Response Notice to Landlord to exercise the Option. Tenant shall not be entitled to exercise the Option with respect to less than all of the Applicable Option Space. If Tenant does not give the Option Response Notice to Landlord on or prior to the fifteenth thirtieth (15th30th) Business Day day after the date that Landlord gives the Option Notice to Tenant, then then, subject to the provisions of Section 18.3(B) hereof and Section 18.3(C) hereof, Landlord shall thereafter have the right to lease the Applicable Option Space (or any part thereof) to any other Person on terms acceptable to Landlord in Landlord’s 's sole discretion without being required to make any other offer to Tenant regarding the Applicable Option Space under this Article 18 Section 18.3 (and, accordingly, such Applicable Option Space shall not thereafter constitute Option Space). Tenant shall not have the right to revoke an Option Response Notice given to Landlord pursuant to this Article 18. (B) If Tenant does not give the Option Response Notice to Landlord on or prior to the thirtieth (30th) day after the date that Landlord gives the Option Notice to Tenant, or if Tenant delivers an Option Response Notice waiving its Option as to the Applicable Option Space within such thirty (30) day period, then, in either case, if Landlord, on the date that is three hundred sixty-five (365) days after the expiration of such thirty (30) day period without Tenant having given the Option Response Notice or Tenant having waived such Option, (x) has not entered into a binding agreement with another Person to lease the Applicable Option Space (or a portion thereof), (y) is not actively engaged in negotiations with another Person to enter into a binding agreement to lease the Applicable Option Space (or a portion thereof) or (z) has not entered into a bona fide term sheet with another Person (or a broker on its behalf) to lease the Applicable Option Space (or a portion thereof) with respect to which negotiations have not terminated (it being understood that such term sheet shall not be disqualified as constituting a bona fide term sheet merely by reason of such term sheet not being legally binding), then Landlord shall not lease the Applicable Option Space (or a portion thereof) to another Person without complying once again with all of the provisions of Section 18.2 hereof and Section 18.3(A) hereof. (C) If Tenant does not give the Option Response Notice to Landlord on or prior to the thirtieth (30th) day after the date that Landlord gives the Option Notice to Tenant, or if Tenant delivers an Option Response Notice waiving its Option as to the Applicable Option Space within such thirty (30) day period, and Landlord leases a portion (but not all) of the Applicable Option Space to another Person (after Tenant does not timely exercise the Option with respect thereto), then Landlord shall not lease the remaining portion of the Applicable Option Space to another Person without complying once again with all of the provisions of Section 18.2 hereof and Section 18.3(A) hereof.