OPTION TO EXTEND THE LEASE Clause Samples
The "Option to Extend the Lease" clause grants the tenant the right to continue occupying the leased premises beyond the original lease term, typically for a specified additional period. This clause usually outlines the conditions under which the extension can be exercised, such as providing written notice within a certain timeframe and agreeing to predetermined or market-based rent for the extension period. Its core practical function is to provide tenants with flexibility and security in their occupancy, while giving landlords predictability regarding future tenancy arrangements.
POPULAR SAMPLE Copied 3 times
OPTION TO EXTEND THE LEASE. This Addendum 1 ("Addendum") is incorporated as part of that certain Lease Agreement, dated for reference purposes as of December 16, 1998 (the "Lease"), by PHASE METRICS, INC., A DELAWARE CORPORATION ("Tenant"), and LEGACY-RECP SORRENTO OPCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY ("Landlord"), for the leasing of those certain premises located at 10260 (ALL) AND 10220 (SUITE MS), SORRENTO VALLEY ROAD, SAN DIEGO, CALIFORNIA as more particularly described in Exhibit A to the Lease (the "Premises"). Any capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms as set forth in the Lease.
OPTION TO EXTEND THE LEASE. This Addendum 1 is incorporated as a part of that certain Lease Agreement dated March 9, 1998 (the "Lease"), by and between PRI Automation, Inc., a Massachusetts corporation ("Tenant"), and LINCOLN-WHITEHALL REALTY, L.L.C., a Delaware limited liability company ("Landlord"), for the leasing of those certain premises located at ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Avenue, Mountain View, California 94043 as more particularly described in Exhibit A to the Lease (the "Premises"). Any capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms as set forth in the Lease.
OPTION TO EXTEND THE LEASE. The parties hereby acknowledge and agree that Tenant did not exercise the Option To Extend The Lease in accordance with the terms and conditions set forth in Addendum I of the Lease dated October 4, 1993 (the "First Option To Extend"). The parties further agree that this option is of no further force and effect, and the following option shall replace the First Option To Extend: Landlord shall grant Tenant one (1) five (5) year option to extend the Lease (the "Option to Extend") as set forth in Addendum 1, attached and incorporated herein by this reference.
OPTION TO EXTEND THE LEASE. Lessee has the right to five (5) one (1) year extensions of the Lease under the following terms and conditions: Lessee shall, provided Lessee is not in default or in any violation of this Lease herein, have the right to extend this Lease one (1) year from the date of the expiration. Lessee shall notify in writing the Lessor of its intent to exercise its option to extend, sixty (60) days prior to the expiration date of this Lease or any of its extensions. Lessor agrees to pay Buzz ▇▇▇▇▇ Real Estate a commission of 2.5% of the total consideration of each option to extend the lease that is exercised. Base rent for each option period shall be as follows: MONTHS $ PER MONTH 61- 72 $53,217.75 73- 84 $54,336.00 85- 96 $55,500.75 97-108 $56,711.75 109-120 $57,970.75
OPTION TO EXTEND THE LEASE. This Addendum 1 is incorporated as a part of that certain Lease Agreement dated May 29, 1997 (the "Lease"), by and between Nuance Communications, Inc., a California corporation ("Tenant"), and LINCOLN MENLO IV & V ASSOCIATES LIMITED, a California limited partnership ("Landlord"), for the leasing of those certain premises located at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ as more particularly described in Exhibit A to the Lease (the "Premises"). Any --------- capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms as set forth in the Lease.
OPTION TO EXTEND THE LEASE. (a) Lessor hereby grants to Lessee one (1) individual five (5) year option to extend the term of the Lease (the "Option") on the same terms and conditions contained in this Lease except the base rent, and said extension is to begin upon expiration of the original term (i.
OPTION TO EXTEND THE LEASE. Lessee shall have the right to five (5) two year extensions of the Lease under the following terms and conditions: Lessee shall, provided Lessee is not in default or in any violation of this Lease herein, give written notice of intent to extend one (1) year from the date of expiration. Lessor, and any subsequent Lessor, shall pay Buzz ▇▇▇▇▇ Real Estate a commission or 2.5 % of the total consideration of each option to extend the lease that is exercised Base Rent for each option shall be as follows: May 1,2006 to April 30,2007 $36,294.45 May 1,2007 to April 30,2008 $37,746.23 May 1,2008 to April 30,2009 $39,256.08 May 1,2009 to April 30,2010 $40,826.32 May 1,2010 to April 30,2011 $42,459.37 May 1,2011 to April 30,2012 $44,157.75 May 1,2012 to April 30,2013 $45,924.06 May 1,2013 to April 30,2014 $47,761.02 May 1,2014 to April 30,2015 $49,671.46 May 1,2015 to April 30, 2016 $51,658.32
OPTION TO EXTEND THE LEASE. Addendum Two of the Lease is hereby deleted in its entirety and replaced with Addendum Two attached hereto.
OPTION TO EXTEND THE LEASE. Lessee has the right to five (5) one (1) year extensions of the Lease under the following terms and conditions: Lessee shall, provided Lessee is not in default or in any violation of this Lease herein, have the right to extend this Lease one (1) year from the date of the expiration. Lessee shall notify in writing the Lessor of its intent to exercise its option to extend, sixty (60) days prior to the expiration date of this Lease or any of its extensions. Lessor agrees to pay Buzz ▇▇▇▇▇ Real Estate a commission of 2.5% of the total consideration of each option to extend the lease that is exercised. Base rent for each option period shall be as follows: MONTHS $ PER MONTH ------ ----------- 61 - 72 $27,983.00 73 - 84 $29,102.00 85 - 96 $30,266.00 97 - 108 $31,487.00 109- 120 $32,736.00 ADDENDUM TO STANDARD INDUSTRIAL COMMERCIAL MULTI-TENANT NET, DATED SEPTEMBER 15, 1995, BY AND BETWEEN BUZZ ▇▇▇▇▇ ENTERPRISES, II, A CALIFORNIA GENERAL PARTNERSHIP (LESSOR) AND ZYTEC CORPORATION, A MINNESOTA CORPORATION (LESSEE)
OPTION TO EXTEND THE LEASE. Provide this lease is not or has been otherwise in default, Lessee shall have the option to extend the lease for one (1) additional term of (2) years. Lessee’s option to extend the lease shall be exercised in writing and no later than three months (3) months prior to the termination of the initial term, more specifically on or before March 31st, 2023. If Lessee exercises this option, all terms, provisions, covenants and conditions of this lease shall continue in full force and effect with the exception of the base rent that shall continue to increase three (3%) percentage annually.