Common use of Option Right Clause in Contracts

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and has not previously been in default under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default under this Lease, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).

Appears in 2 contracts

Sources: Lease (Sorrento Therapeutics, Inc.), Lease (Sorrento Therapeutics, Inc.)

Option Right. Landlord hereby grants the Tenant named in this Lease (the “Original Tenant, and any Permitted Assignee”), one (1) option to extend the Lease Term for a period of five ten (510) years (the “Option Term”). Such , which option to extend shall may be exercisable irrevocably exercised only by Tenant by written notice (the “Option Exercise Notice”) delivered by Tenant to Landlord not more earlier than fifteen (15) months nor less and not later than twelve (12) months prior to the expiration of the initial Lease Term, stating that provided that, as of the date of delivery of such notice, Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Termnot in Default under this Lease and Tenant has not previously been in default under this Lease more than once. Upon the proper exercise of the such option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and has not previously been in default under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default Default under this Lease, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five ten (510) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any or a Permitted Transferee Assignee (and not by any other assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1, below14.1 of this Lease, of Tenant’s interest in this Lease)) if Original Tenant or a Permitted Transferee Assignee occupies the entire Premises.

Appears in 2 contracts

Sources: Sublease Agreement (Oportun Financial Corp), Sublease Agreement (Oportun Financial Corp)

Option Right. So long as Tenant has not subleased more than one (1) floor of the Premises to another tenant, Landlord hereby grants the Original Tenant, and originally named Tenant herein (or any Affiliate to whom this Lease has been assigned pursuant to Section 14.7 above (a "Permitted Assignee")), one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during once in the preceding twelve prior twenty-four (1224) month periodmonths. Upon the proper exercise of such option to extend, and provided that, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease more than once in the prior twenty-four (24) months, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 29 shall be personal to Original Tenant or a Permitted Assignee and any may only be exercised by Tenant or a Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease)) if Tenant or such Permitted Assignee occupies at least four (4) floors of the Premises.

Appears in 1 contract

Sources: Lease (E Greetings Network)

Option Right. Landlord hereby grants the Tenant originally named in this Lease (the “Original Tenant”), and any assignee of Original Tenant's entire interest in the Lease that has been approved in accordance with the terms of Article 14, below (a “Permitted Assignee”), one (1) option to extend the Lease Term for a period of five ten (510) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen twelve (1512) months nor less than twelve nine (129) months prior to the expiration of the initial Lease Term (or initial Option Term, as the case may be), stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the applicable Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease Lease, after the expiration of any applicable notice and has not previously been in default under this Lease more than twice during the preceding twelve (12) month cure period, and as of the end of the initial Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period, the Lease Term shall be extended for a period of five ten (510) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).. 4864-7268-1728.5183307.00004/2-27-24/ejs/ejs -6- [Nexus on Grand][Myriad Genetics, Inc.]

Appears in 1 contract

Sources: Lease (Myriad Genetics Inc)

Option Right. Landlord hereby grants the Tenant named in this Lease (the "Original Tenant, and any Permitted Assignee"), one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of such option to extend the initial Lease Term, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease more than once, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease)) if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Sources: Office Lease (Team Communication Group Inc)

Option Right. Landlord hereby grants the Tenant named in this Lease (the "Original Tenant, and any Permitted Assignee"), one (1) option to extend the Lease Term for a period of five ten (510) years (the "Option Term"). Such , which option to extend shall may be exercisable irrevocably exercised only by Tenant by written notice (the "Option Exercise Notice") delivered by Tenant to Landlord not more earlier than fifteen (15) months nor less and not later than twelve (12) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default Default under this Lease and Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default Default under this Lease, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five ten (510) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any or a Permitted Transferee Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14.1, below14.1 of this Lease, of Tenant’s 's interest in this Lease)) if Original Tenant or a Permitted Transferee Assignee occupies the entire Premises.

Appears in 1 contract

Sources: Lease Agreement (Rovi Corp)

Option Right. Landlord hereby grants the ‘Tenant named in this Lease (the “Original Tenant, and any Permitted Assignee”), one (1) option to extend (“Extension Option”) the Lease Term for For a period of five three (53) years (the “Option Term”). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during Lease. Upon the preceding twelve (12) month periodproper exercise of such Extension Option, and provided that, at Landlord’s option, as of the end of the initial Lease Term, . Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease, the Lease Term Term, as it applies to the Premises, shall be extended for For a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and may only be exercised by the Original Tenant or any Permitted Assignee (and not any other assignee, sublessee or “Transferee,Assignee.” as that term is defined in Section 14.114.8 below (but not any other assignee, below, sublessee or other transferee of Tenant’s interest in this Lease)) if the Original Tenant and/or such Permitted Assignee occupies the entire Premises.

Appears in 1 contract

Sources: Office Lease (KAYAK SOFTWARE Corp)

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, Tenant one (1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease Lease, beyond any applicable notice and cure period set forth in this Lease, and Tenant has not previously been in default under this Lease Lease, beyond any applicable notice and cure period set forth in this Lease, more than twice during two (2) times. Upon the preceding twelve (12) month periodproper exercise of such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease, beyond any applicable notice and cure period set forth in this Lease, and Tenant has not previously been in default under this Lease, beyond any applicable notice and cure period set forth in this Lease, more than two (2) times, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 2.3 shall be personal to the Original Tenant, and may only be exercised by the Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease)if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Sources: Lease (VistaGen Therapeutics, Inc.)

Option Right. Landlord hereby grants the Tenant named in the preamble to this Lease (the "Original Tenant, and any Permitted Assignee, ") one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve nine (129) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease beyond the applicable cure period and Tenant has not previously been in material default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of the option to extend, and provided that, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease beyond the applicable cure period and Tenant has not previously been in material default under this Lease more than once, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant except for any assignee permitted under Section 14.7 and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of the Original Tenant’s 's interest in this Lease)Lease except for any assignee permitted under Section 14.7) if the Original Tenant occupies at least 60% of the Premises.

Appears in 1 contract

Sources: Office Lease (Ticketmaster)

Option Right. Landlord hereby grants the Tenant originally named in this Lease (the “Original Tenant”), and any assignee of Original Tenant’s entire interest in the Lease that has been approved in accordance with the terms of Article 14, below (a “Permitted Assignee”), one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen twelve (1512) months nor less than twelve nine (129) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and has not previously been in default under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default under this Lease, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).

Appears in 1 contract

Sources: Lease Agreement (Sorrento Therapeutics, Inc.)

Option Right. Landlord hereby grants the Tenant originally ------------ named in this Lease (the "Original Tenant, and any Permitted Assignee, ") one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of such option to extend, and provided that, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease more than once, the Lease Term Term, it applies the Premises, shall be extended for a period of five (5) years. The rights contained in this Section ------- 2.2 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the --- Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of the Original Tenant’s 's interest in this Lease)) if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Sources: Temporary Space Agreement (Ecommercial Com Inc)

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, Tenant one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in monetary default under this Lease and Tenant has not previously been in monetary default under this Lease more than twice during once. Upon the preceding twelve proper exercise of such option to extend (12) month periodand provided that, and as of the end of the initial Lease Term, Tenant is not in monetary default under this LeaseLease and Tenant has not previously been in monetary default under this Lease more than once), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights right contained in this Section 2.2 shall be personal to the original Tenant executing this Lease (“Original Tenant”) and any Affiliate (as defined in Section 14.8 hereof) of the Original Tenant’s entire interest in this Lease and may only be exercised by the Original Tenant and any Permitted Assignee or such Affiliate (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of the Original Tenant’s interest in this Lease)) if the Original Tenant or such Affiliate occupies the entire Premises.

Appears in 1 contract

Sources: Assignment and Assumption of Lease (Pacific Mercantile Bancorp)

Option Right. Landlord hereby grants the Tenant named in this Lease (the "Original Tenant, and any ") or an assignee permitted or approved pursuant to the terms of Section 14.6 of this Lease (a "Permitted Assignee"), one (1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of such option to extend, and provided that, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease more than once, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant or a Permitted Assignee and any may only be exercised by the Original Tenant or a Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of the Original Tenant’s 's interest in this Lease)) if the Original Tenant or a Permitted Assignee occupies the entire Premises.

Appears in 1 contract

Sources: Office Lease (Pacific Crest Capital Inc)

Option Right. Landlord hereby grants the Tenant originally named in this Lease (the “Original Tenant”), and any assignee of Original Tenant's entire interest in the Lease that has been approved in accordance with the terms of Article 14, below, including any assignee pursuant to an assignment referred to in Section 14.8 below (a “Permitted Assignee”), one (1) option to extend the Lease Term for a period of five eight (5) 8) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen twelve (1512) months nor less than twelve nine (129) months prior to the expiration of the initial Lease Term, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the applicable notice and cure period) and has not previously been in economic or material non-economic default under this Lease (beyond the applicable notice and cure period) more than twice during the preceding twelve (12) month periodtwice, and as of the end of the initial Lease Term, Tenant is not in default (beyond the applicable notice and cure period) under this Lease, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal extended, subject to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).the provisions of

Appears in 1 contract

Sources: Sublease (Pulmonx Corp)

Option Right. Landlord hereby grants the Original Tenant, Tenant named in the Summary and any Permitted Assigneetransferee permitted pursuant to Section 14.7, one below (1collectively, the "ORIGINAL TENANT"), two (2) option options to extend the Lease Term for a period of five (5) years each (the “Option Term”each, an "OPTION TERM"). Such option to extend , each of which options shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of any such notice, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice one (1) times during the preceding twelve last twenty-four (1224) month periodmonths of the Lease Term. Upon the proper exercise of any such option to extend, and provided that, as of the end of the initial Lease Term or initial Option Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease more than one (1) time during the last twenty-four (24) months of the Lease Term, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease) if Original Tenant occupies the entire Premises (except for the occupancy of any permitted Customers [as defined in Section 14.6 below]).

Appears in 1 contract

Sources: Office Lease (Universal Access Inc)