Common use of OPTION TO EXTEND THE TERM Clause in Contracts

OPTION TO EXTEND THE TERM. Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, the option (the "Option") to extend the term of this Lease for an additional term (the "Option Term"), which option Term shall be a period of Sixty (60) months. The Option Term shall be exercised, if at all, by written notice to Landlord on or before the date that is six (6) months prior to the expiration date of the initial term of the Lease. If Tenant exercises the Option, each of the terms, covenants and conditions of this Lease except this paragraph shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the expiration date of the initial term, provided that the rent to be paid shall be the greater of (i) the rent applicable to the period immediately prior to the commencement of the Option Term, or (ii) the Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in

OPTION TO EXTEND THE TERM. Landlord hereby grants Provided that Tenant is not in Default at the time of its exercise of this option, Tenant shall have the option, during the initial Term only, to Tenant, upon and subject to extend the terms and conditions set forth in this paragraph, Term of the option Lease (the "Extension Option") to extend the term of this Lease for an additional term a five (the 5) year period only ("Option Extension Term"), which option Term ) upon all of the following conditions: (a) Tenant shall be a period of Sixty (60) months. The exercise this Extension Option Term shall be exercised, if at all, by written notice to Landlord which must be received by Landlord no later than 5:00 p.m. on or before the date that is six nine (69) months days prior to the expiration Expiration Date; and (b) Within thirty (30) days after the date of Tena▇▇'▇ ▇otice Landlord shall compute the initial term "Extension Rate" which shall be Market Rent as provided below and notify Tenant in writing of the Leaseresulting amount ("Determination Date"). If Tenant exercises the Option, each of the terms, covenants and conditions All other terms of this Lease Lease, except this paragraph Extension Option and any obligations of Landlord to provide allowances or leasehold improvements shall apply during the Option Term as though the expiration date Extension Term. (c) Time is of the Option Term was the date originally set forth herein as the expiration date essence of the initial termExtension Option. This Extension Option applies only to an extension of the Lease for the Extension Term only. Except for the above modifications, provided that all other provisions and conditions of the rent to be paid Lease shall apply in the Extension Term. This Extension Option shall be the greater of (i) the rent applicable void if Tenant fails to the period immediately prior exercise it precisely according to the commencement each and all of the Option Termconditions stated above, or (ii) if Tenant assigns the Fair Market Rental, as hereinafter defined, for Lease or sublets more than 15% of the Premises in the aggregate or otherwise transfers all or part of its interest in the Lease or the Premises, except for the Option Term. Anything contained herein such permitted subletting of up to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default under any 15% of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date Premises and except as allowed under Section 15.7 of the Option Term, Landlord shall have, inLease.