Common use of Option to Extend Clause in Contracts

Option to Extend. A. Provided that Tenant is not in default under this lease at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:

Appears in 1 contract

Sources: Lease Agreement (Oplink Communications Inc)

Option to Extend. A. Provided Landlord hereby grants Tenant an option to extend the term of the Lease for one (1) additional period of five (5) years, commencing immediately after the expiration of the term of the Lease, upon the same terms and conditions contained therein, except that (i) the Base Rent for the Premises shall be the greater of (a) the then current monthly rental rate increased by the CPI or (b) the fair market value of the Property determined pursuant to Section 2.04 (ii) Tenant is shal1 accept the Premises in an ''as is" condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises, and (iii) there shall be no further options to extend the term of the Lease. Tenant's election to exercise the option granted herein must be given to Landlord in writing no less than six (6) months prior to the expiration of the term. If Tenant properly exercises the option granted herein, references in the Lease to the term of the Lease shall be deemed to mean the option term unless the context clearly provides otherwise. Notwithstanding, anything to the contrary contained herein, all option rights of Tenant pursuant to this Paragraph shall automatically terminate without notice and shall be of no further force and effect, whether or not in Tenant has timely exercised the option granted herein, if (a) a default on the part of Tenant exists under this lease the Lease at the time of exercise of the hereinafter described tile option or at the time of termination commencement of the then existing term of this Leaseoption term, as or (b) Tenant has assigned its interest in the case may be, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later or subleased in aggregate greater than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five fifty percent (9550%) of the fair market rental for the premises as floor area of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:Premises.

Appears in 1 contract

Sources: Lease Agreement (FNB Bancorp/Ca/)

Option to Extend. A. Provided that The Tenant is has the option to extend this Lease for two (2) successive five (5) year terms (each, an “Extended Term”), the exercise of which shall automatically extend the Term of this Lease without the necessity of additional documentation. So long as there does not in exist any continuing, uncured material default under this lease the Lease at the time of exercise, the option to extend shall be deemed to have been exercised by Tenant’s written notification to Landlord that it elects to exercise its option to extend at least eight (8) months but not more than eighteen (18) months prior to the end of the hereinafter described option initial Term hereunder or at the time of termination of the then existing term of this LeaseExtended Term, as the case may be. The Extended Terms shall be upon the same terms and conditions as are set forth in this Lease, Tenant including, without limitation, the Tenant’s obligations to pay Operating Cost Escalation as set forth in Section 4.2, except that, without the mutual agreement of the parties (i) there shall have one he no additional option to extend after the term termination of this Lease the second Extended Term or the failure to exercise the applicable option, whichever shall first occur, and (if) the annual Fixed Rent for a period of five (5) years (the "Option Term"). Said option Extended Terms shall be exercised only by written notice delivered equal to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental then Market Rent (as defined in and determined in accordance with Exhibit “H”). Notwithstanding the foregoing, in no event, however, shah the annual Fixed Rent for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term Extended Terms be less than the Monthly Installment of annual Fixed Rent and additional rent payable during the last calendar month year of the original Lease initial Term or immediately preceding Extended Term. Commencing , as of applicable, unless the first day of then Market Rent is more than ten percent (10%) lower than the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), applicable Fixed Rent in which case the Monthly Installment of rent shall be increased he reduced to the greater of: (i) one hundred eight and sixteen hundredths within five percent (108.165%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:rate.

Appears in 1 contract

Sources: Sublease (Demandware Inc)

Option to Extend. A. Provided that Tenant is not in default under this lease at Subject to the time of exercise of the hereinafter described option or at the time of termination of the then existing term provisions of this LeaseSection 2.2, as the case may be, Tenant Lessee shall have one option three (3) consecutive options to extend the term of this Lease for a period of five (5) years each. (the Such additional terms may hereinafter be called "Option TermTerms").) Such options shall be personal to United Merchandising Corp., or its Affiliate, as that term is defined in Section 14.2 hereof, and may not be exercised by an assignee or sublessee under the Lease, unless said assignee or sublessee is an Affiliate of United Merchandising Corp., nor may Lessee exercise an option as provided herein for the purpose of subletting or assigning the Demised Premises during such Option Term to any party who is not an Affiliate. Said The first Option Term shall commence on the day following the expiration of the Primary Term and end at midnight five (5) years thereafter. Each succeeding Option Term shall commence on the day following the preceding Option Term and end at midnight five (5) years thereafter. Each option shall be exercised only by written giving notice delivered to Landlord not later than one hundred eight Lessor in writing of the exercise thereof at least twelve (18012) days months prior to the expiration date commencement of each Option Term, which notice shall be irrevocable by Lessee. All Option Terms shall be on the then existing term of same terms and conditions as otherwise provided in this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent rents payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term Terms shall be increased adjusted as set forth below. Notwithstanding the foregoing, in accordance wit Subparagraph B belowthe event an Event of Default (as defined in Section 13.1, and except that there shall be no further hereof) exists under this Lease at the time Lessee exercises its option to extend the term of this Lease at Lease, or if an Event of Default pursuant to the end provisions of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24Section 13.1.1(a) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises hereof exists as of the first day commencement of the respective Option Term (Term, then Lessor shall have, in addition to all of Lessor's other rights and remedies under this Lease, the "Fair Market Rental"); but right to terminate such option and to cancel Lessee's exercise of such option, in no which event this Lease shall expire at the Monthly Installment of rent payable during the first twenty-four (24) months expiration of the Primary Term or any then existing Option Term be less than Term, as the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:case may be.

Appears in 1 contract

Sources: Lease (Big 5 Sporting Goods Corp)

Option to Extend. A. Provided that Tenant If the LESSEE is not then in default under default, LESSOR does hereby grant to LESSEE the option to extend this lease at Lease for 39 -39- two (2) additional five (5) year term, commencing on the time of exercise expiration of the hereinafter described option or at initial term and the time of termination expiration of the then existing term of this Leasefirst extended term, as the case may be, Tenant upon the same terms and conditions as herein contained except the annual base rent set forth in paragraph 4 hereof shall have one option be at the rate set forth below. The annual rent for the first extended term shall be the sum of the following: (i) $317,484.00 per year (calculated as 24,268 square feet of space on the first and second floors at $13.00 per square foot plus 200 square feet of space in the basement at $10.00 per square foot); plus (ii) the annual fair value of the parking spaces made available to extend LESSEE, all to be reasonably determine by LESSOR ("Outdoor Parking"); it being expressly understood and agreed by the term of this Lease for a period of parties that the first five (5) years spaces taken by LESSEE shall be at no cost or charge to LESSEE. The annual rent for the second extended term (the "Option Second Extended Term"). Said option ) shall be exercised only by written notice delivered to Landlord not later than one hundred eight adjusted at the commencement of the Second Extended Term and shall be ninety (18090k) days prior to the expiration date percent of the then existing term fair market rental (the "Market Rent") of the Leased Premises plus the annual fair value of LESSEE's Outdoor Parking spaces as reasonably determined by LESSOR; it being expressly understood and agreed by the parties that the first five (5) spaces taken by LESSEE shall be at no cost or charge to LESSEE. Market Rent shall be determined as set forth on Exhibit E to this Lease. In all respects40 -40- Notwithstanding the foregoing, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of annual base rent payable during for the first twenty-four (24) months of the Option Term second extended term be less than the Monthly Installment of annual base rent payable during for the last calendar month of the original Lease Term. Commencing as year of the first day extended term. The option shall be exercised by written notice from LESSEE and received by LESSOR at least four (4) months prior to the expiration of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; initial term or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of extended term, as the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:case may be.

Appears in 1 contract

Sources: Lease Agreement (Leukosite Inc)

Option to Extend. A. Provided (a) The Borrower may at any time and from time to time request that Tenant is not in default under this lease at the time of exercise all or a portion of the hereinafter described option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or at a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the time Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of termination such notice to each of the then existing term Lenders of this Leasethe applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) (A) the scheduled final maturity date shall be extended and (B) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, Tenant shall have one option with respect to extend the term Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Lease Section 2.15 below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for a period the Term Loans of five such Existing Term Loan Class and/or (5B) years additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the "Option Term"). Said option shall extent provided in the applicable Extension Amendment and (z) notwithstanding anything to the contrary in this Section 2.15 or otherwise, Extended Term Loans may be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days optionally prepaid prior to the expiration date on which the Existing Term Loan Class from which they were converted is repaid in full. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (b) The Borrower may at any time and from time to time request that all or a portion of the then Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end time of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four such request (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental")each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) each Existing Revolving Credit Commitment and forty-ninth (49th) months of Option Term (with each such date related Existing Revolving Credit Loans together being referred to as an "Option Adjustment Date")“Existing Revolving Credit Class”) be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving Credit Commitments, the Monthly Installment Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of rent such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments) (a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms shall be increased identical to those applicable to the greater of: Existing Revolving Credit Commitments from which they are to be extended (ithe “Specified Existing Revolving Credit Commitment”) one hundred eight except (x) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than the final maturity dates of the Specified Existing Revolving Credit Commitments, (y) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest margins for the Specified Existing Revolving Credit Commitments and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding clause (A) and sixteen hundredths percent (108.16%z) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment, in each case, to the extent provided in the applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Existing Revolving Credit Commitments shall be made on a pro rata basis with all other Extended Revolving Credit Commitments and (2) assignments and participations of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the Monthly Installment same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in Section 14.6. Any Extended Revolving Credit Commitments of rent payable any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date). (c) The Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the applicable Existing Class or Existing Classes are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment, as applicable, of the Existing Class or Existing Classes subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, New Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Swingline Loans under Section 2.1(e) and Letters of Credit under Article 3, except that the applicable Extension Amendment may provide that the Swingline Maturity Date may be extended and the related obligations to make Swingline Loans may be continued so long as the Swingline Lender has consented to such extensions in its sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension). Notwithstanding the foregoing, for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to avoidance of doubt, the Monthly Installment Letter of rent payable during Credit Commitments shall not be extended unless the first twenty-four (24) months prior written consent of the Option term multiplied by a fraction, the numerator applicable Letter of which Credit Issuer is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:obtained.

Appears in 1 contract

Sources: Credit Agreement (Laureate Education, Inc.)

Option to Extend. A. Provided Landlord grants to Tenant the options (each, an “Option”) to extend the Term of this Lease for three (3) additional terms of three (3) years each (each, an “Option Term”). The Option applies to the Premises, including the “Expansion Space” (pursuant to Section 41 below) or the “Potential Offering Space” (pursuant to Section 42 below), if applicable, and is expressly made subject to the following conditions: (1) Notice of Tenant’s election to exercise an Option must be given to Landlord no earlier than eighteen (18) months and no later than nine (9) months prior to the Expiration Date of the Initial Term, the first Option Term or the second Option Term, as applicable. If Tenant does not timely notify Landlord, it shall be conclusively presumed that Tenant is not in default under this has waived its right to exercise the respective Option and Landlord may thereafter lease at the time of exercise Premises to any third parties upon such terms and conditions as Landlord shall elect and Tenant shall have no further rights with respect to the Premises following the expiration of the hereinafter described option Initial Term, the first Option Term or at the time of termination of the then existing term of this Leasesecond Option Term, as applicable. (2) In the case may beevent Tenant shall fail to exercise the respective Option in the manner set forth in this section, Tenant shall have one option no further rights to extend the term of this Lease for a period of five Initial Term (5) years (the "or first Option Term or second Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180, as applicable) days prior to the expiration date of the then existing term of this Lease. In all respects, . (3) Each Option granted hereunder shall be upon the terms, covenants same terms and conditions of as are set forth in this Lease shall remain unchanged during the Option Term, except that the Monthly Installment annual Base Rent during each year of rent payable during the any one (1) or more Option Term, except that the Monthly Installment of rent payable during the Option Term Terms shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option equal to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental Fair Market Rent for comparable space in a comparable building within the master-planned community known as “Centerra” or in any other comparable master-planned community situated in northern Colorado. The methodology for determining the Fair Market Rent during each Option Term shall be the same as the methodology for determining the Fair Market Rent for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred “Expansion Space” pursuant to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:Section 41.2 below.

Appears in 1 contract

Sources: Lease (Constant Contact, Inc.)

Option to Extend. A. Provided that (a) If (i) Tenant is not then in default under this lease at Default hereunder, and (ii) Tenant has simultaneously exercised its option to extend the time of exercise term of the hereinafter described 3333 Lease, then Tenant shall have the option or at to extend the time of termination Term for an additional five (5) year period commencing on the day next following the Expiration Date and ending on the fifth (5th) anniversary of the Expiration Date ("First Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the Expiration Date, time being of the essence. (b) If (i) Tenant is not then existing in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the First Extended Term and has simultaneously exercised its option to extend the term of the 3333 Lease for a like period, then Tenant shall have the option to extend the Term for an additional five (5) year period commencing on the day next following the fifth (5th) anniversary of the Expiration Date and ending on the tenth (10th) anniversary of the Expiration Date ("Second Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the First Extended Term, time being of the essence. (c) If (i) Tenant is not then in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the Second Extended Term and has simultaneously exercised its option to extend the term of the 3333 Lease for a like period, then Tenant shall have the option to extend the Term for an additional five (5) year period commencing on the day next following the tenth (10th) anniversary of the Expiration Date and ending on the fifteenth (15th) anniversary of the Expiration Date ("Third Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the Second Extended Term, time being of the essence. The First Extended Term, Second Extended Term and Third Extended Term are hereinafter individually and collectively referred to as the "Extended Term". (d) If the Term is extended it shall be so extended on the same terms and conditions then set forth in this Lease, including the annual Base Rent as set forth in Rider A. (e) Landlord and Tenant shall enter into a written supplement to this Lease confirming the terms, conditions and provisions applicable during the Extended Term as determined in accordance with the provisions of this Section S.2. If Tenant fails to timely exercise its option to extend the Term for the applicable Extended Term, then this Lease shall expire by its terms on the expiration of the Term or the First Extended Term or the Second Extended Term, as the case may be, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:

Appears in 1 contract

Sources: Office Lease (May & Speh Inc)

Option to Extend. A. (a) Provided that Landlord has not given Tenant notice of default more than two (2) times during any twelve (12)‑month period, and provided that there then exists no uncured Event of Default by Tenant under this Lease, nor any event that with the giving of notice and/or the passage of time would constitute an Event of Default, and provided that Tenant is not in default under this lease at the time of exercise sole 18 QB\129138.00037\24864053.9 occupant of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may bePremises, Tenant shall have one the right and option to extend the term Term of this Lease for two (2) additional periods of sixty (60) months each, exercisable by giving Landlord prior written notice, on or before that date that is nine (9) months prior to the then current Expiration Date, but not prior to the date that is 18 months prior to the then current Expiration Date, of Tenant’s election to extend the Term of this Lease; it being agreed that time is of the essence and that this option may be exercised by and any successor to Tenant’s entire interest in the Premises through a period of Transfer permitted under Section 18. (b) Such extensions shall be under the same terms and conditions as provided in this Lease except as follows: (i) each additional term shall begin on the day after the then current Expiration Date and thereafter the Expiration Date shall be deemed to be the date that is five (5) years after the then current Expiration Date; (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180ii) days prior all references to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of Term in this Lease shall remain unchanged during be deemed to mean the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that as extended pursuant to this Section; (iii) there shall be only one (1) further option to extend following the first renewal, and no further option to extend after the term of this Lease at second renewal; (iv) the end Minimum Annual Rent for each year of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term additional term shall be ninety-five percent (95%) of equal to the fair market rental for the premises as value of the first day of Premises and annual increases in fair market rental value as determined based on comparable buildings in the Option Term surrounding market (including rent, concessions, tenant improvements, free rent and broker commissions) (collectively, the "Fair Market Rental"); “FMR”) applicable at the time Tenant exercises such option (but in no event shall prior to the Monthly Installment of rent payable during the first twenty-four date that is six (246) months before the then current Expiration Date). (c) Within thirty (30) days after Landlord receives notice of Tenant’s exercise of the Option option to extend the Term be less than of this Lease, Landlord will give notice to Tenant (the Monthly Installment “Rent Notice”) of rent payable during the last calendar month Landlord’s opinion of the original Lease TermFMR. Commencing as If Tenant does not respond to the Rent Notice in writing within thirty (30) days after receiving it, Landlord’s opinion of the first day FMR shall be deemed accepted as the Minimum Annual Rent due for each Lease Year of the twenty-fifth extension period. If, during such thirty (25th30) and forty-ninth day period, Tenant gives Landlord notice that Tenant contests Landlord’s determination of the FMR (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"“Objection Notice”), which notice must contain therein Tenant’s opinion of the Monthly Installment FMR, the parties will attempt to arrive at a mutually agreeable Minimum Annual Rent for each Lease Year of rent the extension period. When the parties come to an agreement, they will both execute an amendment to this Lease establishing the Minimum Annual Rent for each Lease Year of the extension period. (d) If Landlord and Tenant cannot agree as to the FMR within fifteen (15) days after Landlord’s receipt of the Objection Notice, the FMR shall be increased determined by appraisal. Within ten (10) days after the expiration of such fifteen (15) day period, Landlord and Tenant shall give written notice to the greater of: (i) one hundred eight other setting forth the name and sixteen hundredths percent (108.16%) address of an appraiser designated by the party giving notice. All appraisers shall be independent brokers, who are a member in good standing of the Monthly Installment Society of rent payable for Industrial and Office Realtors (“SIOR”) with experience in real estate activities, including at least ten (10) years’ experience in valuing similar space in the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fractionPhoenix, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:19 QB\129138.00037\24864053.9

Appears in 1 contract

Sources: Lease Agreement (Wageworks, Inc.)

Option to Extend. A. Provided that Tenant is not in default under (a) Lessor hereby grants to Lessee one (1) option to extend the Term of this lease at Lease (the time “Option to Extend”) for a period of sixty (60) months (the “Extended Term”) immediately following the expiration of the Term. Lessee may exercise the Option to Extend by giving written notice of exercise to Lessor at least twelve (12) months but no more than fifteen (15) months prior to the expiration of the hereinafter described option or at initial Term of this Lease (the “Option Exercise Period”), time of termination being of the essence; provided that if (i) at any time between the date of delivery of the exercise notice by ▇▇▇▇▇▇ and the end of the initial Term there is an uncured default continuing beyond any applicable notice and cure periods, or (ii) Lessee is then existing term occupying and conducting operations for the Use permitted in Paragraph 9 in less than fifty-one percent (51%) of the Premises, then such notice shall be void and of no force or effect. The Extended Term, if the Option to Extend is exercised, shall be upon the same terms and conditions as the initial Term of this Lease, including the payment by Lessee of the Additional Rent pursuant to Paragraph 6, except that (1) Lessee shall pay Monthly Base Rent, as determined as set forth in this Paragraph 3, during the case may beExtended Term, Tenant (2) there shall have one be no additional option to extend extend, and (3) Lessee shall accept the term Premises in their then “as is” condition. If ▇▇▇▇▇▇ does not exercise the Option to Extend in a timely manner the Option to Extend shall lapse, time being of the essence. (b) The Option to Extend granted to Lessee by this Paragraph 3 is granted for the personal benefit of the named ▇▇▇▇▇▇ and any Permitted Transferees only, and shall be exercisable only by the herein named ▇▇▇▇▇▇ and any Permitted Transferees. The Option to Extend may not be exercised by any assignee or transferred to or exercised by any sublessee (nor exercised by Lessee on behalf of any sublessee (except to the extent that Lessee is then subleasing not more than forty-nine percent (49%) of the Premises)) other than any Permitted Transferee. (c) The Monthly Base Rent for the Premises during the Extended Term shall be determined pursuant to the provisions of this Lease Paragraph 3(c) and shall equal the then current fair market rental for a the Premises on the commencement date of the Extended Term as determined by agreement between the Lessor and Lessee reached prior to the expiration of the Option Exercise Period, if possible, and by the process of broker appraisal if the parties cannot reach agreement. (d) Upon the written request by Lessee to Lessor received by Lessor at any time during the thirty (30) day period prior to the expiration of five (5) years (the "Option Term"). Said option Exercise Period and prior to the exercise by ▇▇▇▇▇▇ of the Option to Extend, Lessor shall be exercised only by give Lessee written notice delivered of Lessor’s good faith opinion of the amount equal to Landlord not later than one hundred eight the fair market rental value of the Premises for the Extended Term. Thereafter, upon the request of ▇▇▇▇▇▇, Lessor and ▇▇▇▇▇▇ shall enter into good faith negotiations during the remainder of the thirty (18030) days prior to the expiration of the Option Exercise Period in an effort to reach agreement on the initial Monthly Base Rent for the Premises during the Extended Term. If Lessor and Lessee are unable to agree upon the amount equal to the fair market rental value of the Premises for the Extended Term, and thereafter, prior to the expiration of the Option Exercise Period, Lessee exercises the Option to Extend, said amount shall be determined by a licensed commercial real estate broker with at least ten (10) years of experience in the Menlo Park office/R&D/manufacturing rental market, (hereinafter the “Arbitrator”). The fair market rental determination shall be performed by one Arbitrator if the parties are able to agree upon one Arbitrator. If the parties are unable to agree upon one Arbitrator, then each party shall appoint an Arbitrator and the two Arbitrators shall select a third Arbitrator. If only one Arbitrator is selected, that Arbitrator shall notify the parties in simple letter form of its determination of the amount equal to the fair market Monthly Base Rent for the Premises on the commencement date of the then existing term Extended Term within fifteen (15) days following its selection. Said appraisal shall be binding on the parties as the appraised current “fair market rental” for the Premises which shall be based upon what a willing new lessee would pay and a willing lessor would accept at arm’s length for comparable premises in Menlo Park of similar age, size, quality of construction and specifications (excluding the value of any improvements to the Premises made at Lessee’s cost with ▇▇▇▇▇▇’s prior written consent except as otherwise permitted herein) for a lease similar to this LeaseLease and taking into consideration that there will be no free rent, improvement allowance, period of vacancy or other rent concessions, taken as a whole. In all respectsIf multiple Arbitrators are selected, each Arbitrator shall within ten (10) days of being selected make its determination of the amount equal to the fair market Monthly Base Rent for the Premises on the commencement date of the Extended Term in simple letter form. If two (2) or more of the Arbitrators agree on said amount, such agreement shall be binding upon the parties. If multiple Arbitrators are selected and two (2) Arbitrators are unable to agree on said amount, the terms, covenants and conditions amount equal to the fair market Monthly Base Rent for the Premises on the commencement date of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Extended Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend determined by taking the term of this Lease at the end mean average of the Option Term. B. The Monthly Installment of rent payable during appraisals; provided, that any high or low appraisal, differing from the first twenty-four (24) months of the Option Term shall be ninety-five middle appraisal by more than ten percent (9510%) of the fair market rental for middle appraisal, shall be disregarded in calculating the premises as average. If only one Arbitrator is selected, then each party shall pay one-half of the first day fees and expenses of that Arbitrator. If three Arbitrators are selected, each party shall bear the fees and expenses of the Arbitrator it selects and one-half of the fees and expenses of the third Arbitrator. (e) Thereafter, provided that ▇▇▇▇▇▇ has previously given timely notice to Lessor of the exercise by Lessee of the Option Term (to Extend, Lessor and Lessee shall execute an amendment to this Lease stating that the "Fair Market Rental"); but in no event shall initial Monthly Base Rent for the Monthly Installment of rent payable Premises during the first twenty-four (24) months of the Option Extended Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied determination by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:appraisal.

Appears in 1 contract

Sources: Lease Agreement (Pacific Biosciences of California, Inc.)

Option to Extend. A. Provided that the Tenant is in occupation of the whole of the Leased Property, is not in default under and has not been in default during the Term, then, upon delivery of written notice exercising this lease at right given to the time of exercise Landlord not more than twelve (12) months and not less than six (6) months before the expiration of the hereinafter described option or at Term, the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one option the right to extend the term Term of this the Lease for the whole of the Leased Property for a period of five ten (510) years commencing May 1, 2030 and expiring April 30, 2040 (the "Option “Extended Term"). Said option The Extended Term shall be exercised only on the same terms and conditions as the Term, including, without limitation, the obligation to pay Percentage Rent, save and except: (a) there will be no further right to extend the Extended Term; (b) the Basic Rent for the Extended Term shall be the then fair market basic rent rate for comparable premises in the area, provided that in no event shall such rate be less than the Basic Rent payable during the last twelve (12) month period immediately preceding the commencement of the Extended Term; (c) there shall be no leasehold improvement allowance, Landlord's work, rent free period, or other inducements; and (d) the parties shall execute a lease extension agreement prepared by written notice delivered the Landlord to Landlord not later than one hundred eight reflect the terms of the Extended Term or at the Landlord's option, the Tenant shall execute the Landlord's then standard form of lease. If the parties are unable to agree on the Basic Rent for the Extended Term on or before the date that is sixty (18060) days prior to the expiration date commencement of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Extended Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term then such Basic Rent shall be increased determined by arbitration in accordance wit Subparagraph B below, and except that there shall be no further option to extend with the term of this Lease at the end of the Option TermLease. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:

Appears in 1 contract

Sources: Lease Agreement

Option to Extend. A. Provided (a) The Parent Borrower may at any time and from time to time request that Tenant is not in default under this lease at the time of exercise all or a portion of the hereinafter described option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or at a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the time Parent Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of termination such notice to each of the then existing term Lenders of this Leasethe applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, Tenant shall have one option with respect to extend the term Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Lease Section 2.15 below) and (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for a period the Term Loans of five such Existing Term Loan Class and/or (5B) years additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the "Option Term"). Said option shall extent provided in the applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, no Extended Term Loans may be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days optionally prepaid prior to the expiration date on which the Existing Term Loan Class from which they were converted is repaid in full except in accordance with the last sentence of Section 5.1(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (b) The Parent Borrower or the Foreign Subsidiary Borrower may at any time and from time to time request that all or a portion of the then Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end time of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four such request (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental")each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) each Existing Revolving Credit Commitment and forty-ninth (49th) months of Option Term (with each such date related Existing Revolving Credit Loans together being referred to as an "Option Adjustment Date")“Existing Revolving Credit Class”) be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving Credit Commitments, the Monthly Installment Parent Borrower or the Foreign Subsidiary Borrower shall provide a notice to the Administrative Agent (who shall (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest margins for the Specified Existing Revolving Credit Commitments and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of rent any increased margins contemplated by the preceding clause (A) and (z) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment, in each case, to the extent provided in the applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Existing Revolving Credit Commitments shall be increased made on a pro rata basis with all other Extended Revolving Credit Commitments and (2) assignments and participations of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in Section 14.6. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date). (c) The Parent Borrower or the Foreign Subsidiary Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the greater of: date on which Lenders under the applicable Existing Class or Existing Classes are requested to respond. Any Lender (ian “Extending Lender”) one hundred eight and sixteen hundredths percent (108.16%) wishing to have all or a portion of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment, as applicable, of the Monthly Installment Existing Class or Existing Classes subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of rent payable the amount of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, New Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Swingline Loans under Section 2.1(e) and Letters of Credit under Article 3, except that the applicable Extension Amendment may provide that the Swingline Maturity Date may be extended and the related obligations to make Swingline Loans may be continued so long as the Swingline Lender has consented to such extensions in its sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension). Notwithstanding the foregoing, for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to avoidance of doubt, neither the Monthly Installment U.S. Letter of rent payable during Credit Commitments nor the first twenty-four (24) months Spanish Letter of Credit Commitments shall be extended unless the prior written consent of the Option term multiplied by a fraction, the numerator applicable Letter of which Credit Issuer is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:obtained.

Appears in 1 contract

Sources: Credit Agreement (Laureate Education, Inc.)

Option to Extend. A. Provided that that: (i) Tenant is not in default under this lease either at the time of exercise Exercise of the hereinafter described option this Option or at the time Commencement Date of termination any Extended Term; (ii) this Lease has not otherwise been terminated or cancelled; (iii) this Lease has not been assigned, except with the permission of the then existing Landlord, nor have more than fifty percent (50%) of the rentable square feet of the Premises been sublet, which subletting will remain in effect as of the date the extended term shall commence. Tenant shall have the Option to Extend the Term of this LeaseLease for two (2) periods of five (5) years each, commencing upon the expiration of the Term hereof (or First Extended Term hereof, as the case may be, Tenant shall have one option to extend the term ) and continuing for sixty (60) months thereafter by giving written notice of its Exercise of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight twelve (18012) days months prior to the expiration date of the then existing term of this LeaseTerm hereof (or First Extended Term, as the case may be). In all respects, Each Extended Term shall be upon the terms, covenants provisions and conditions of this Lease shall remain unchanged during the Option Termherein set forth, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend right of extension and the term rate of this Lease Annual Rent shall be at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair then market rental for the premises rate as of the first day of the Option Term (the "Fair Market Rental"); its commencement, as determined by Landlord, but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be not less than the Monthly Installment of rent payable during Annual Rent, paid for the last calendar month year of the original Lease Original Term. Commencing as If Tenant shall fail to exercise an Option to Extend at least twelve (12) months prior to the expiration of the first day of the twenty-fifth (25th) then current term, such options shall lapse and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight void and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:without effect.

Appears in 1 contract

Sources: Lease Agreement (Safety Insurance Group Inc)

Option to Extend. A. Provided that If, (a) The Tenant pays the rent (including Minimum Rent and Additional Rent) as and when due and punctually observes and performs the terms, covenants and conditions to be observed and performed by it in accordance with the terms of the Lease; (b) The Tenant is not in default under this lease at the time of exercise Lease; (c) The Tenant gives the Landlord not less than six (6) months and not more then twelve (12) months written notice prior to the expiration of the hereinafter described option or at the time Term of termination this Lease of the then existing term of this Lease, as the case may be, Tenant shall have one option Tenant’s intention to extend the term Term of the Lease; and (d) So long as the Tenant is Eloqua Corporation and itself in occupation and conducting business in the whole of the Leased Premises in accordance with the terms of the Lease, the Tenant expressly acknowledging and agreeing that the provisions of this section are personal to the Tenant, then the Landlord will grant to the Tenant the right to extend the Term of this Lease upon the expiry of the initial Term for a period of five (5) years (the "Option “Extended Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to upon the expiration date of the then existing term of this Lease. In all respects, the terms, covenants same terms and conditions of this as set out in the Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there that: (i) There shall be no further option right to extend the term of this Lease Term; (ii) The Landlord may at its option require the Tenant to enter into an Extension Agreement, as prepared by the Landlord at the end Tenant’s expense to give effect to the Extended Term; and (iii) The Minimum Rent payable during each year of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Extended Term shall be ninety-five percent (95%) of based on the fair market rental rent for similar premises in the premises as of Building at the first day of time the Tenant exercises this Option Term (the "Fair Market Rental"); to Extend, but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months less than $10.31 per rentable square foot per annum in each year of the Option Term be less than extended term. SIGNED, SEALED AND DELIVERED ) 674951 ONTARIO LIMITED in the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater presence of: ) (iLandlord) one hundred eight ) Per: /s/ ▇▇▇▇ ▇▇▇▇▇▇ ) ▇▇▇▇ ▇▇▇▇▇▇ — Property Manager ) Per: ) ▇▇▇▇▇▇▇ ▇▇▇▇▇ — Vice President ) ELOQUA CORPORATION ) (Tenant) ) Per: /s/ ▇▇▇▇ Organ ▇▇▇▇ Organ, President ▇▇▇▇ ▇, ▇, ▇, ▇, ▇, ▇, ▇, ▇, 9, 10, 11, 12 and sixteen hundredths percent 13, Block A, ▇▇▇ ▇▇, ▇▇▇▇ ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, 21, 22, 23, 24 and 25, Block D, Blocks B and C, The ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇-▇▇▇▇ and ▇▇▇ ▇▇, ▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, in the City of Toronto Municipality of Metropolitan Toronto, designated as Part 1, on Plan 63R-3261 (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that as described in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment DateInstrument No. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:CT-807031).

Appears in 1 contract

Sources: Lease Agreement (Eloqua, Inc.)

Option to Extend. A. Provided that Tenant is not in default under this lease at the time of such exercise (i) there then exists no Default of LESSEE, (ii) this Lease is then in full force and effect, and (iii) LESSEE is in actual occupancy of all or substantially all of the hereinafter described option or at the time of termination of the then existing term of this LeasePremises, as the case may be, Tenant LESSEE shall have one the right and option to extend the term of this Lease for a period one (1) extended term of five (5) years (the "Option Extended Term"'). Said The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. LESSEE shall exercise such option shall be exercised only to extend by giving written notice delivered to Landlord LESSOR of its desire to do so not earlier than twelve (12) months and not later than one hundred eight nine (1809) days months prior to the expiration date of the then existing term Initial Term. Provided the conditions of clauses (i), (ii) and (iii) of this Lease. In all respectssection shall have been satisfied, the terms, covenants and conditions giving of such notice by LESSEE shall automatically extend the Term of this Lease shall remain unchanged during for the Option Extended Term, except and no instrument of renewal need be executed. In the event that LESSEE fails to give such notice to LESSOR, this Lease shall automatically terminate at the Monthly Installment end of rent payable during the Option Initial Term, except that the Monthly Installment of rent payable during the Option Term and LESSEE shall be increased in accordance wit Subparagraph B below, and except that there shall be have no further option to extend the term Term of this Lease. It is agreed that time is of the essence with respect to the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that (I) option to extend that Term of this Lease at shall be deleted, and (II) the end of Basic Rent for the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Extended Term shall be ninety-five percent (95%) at Fair Market Value, not less than the sum of the fair market rental for rent and all additional rent being paid by LESSEE during the premises as final year of the first day of the Option Term Initial Term. LESSOR shall designate Fair Market Value, (the "Fair Market RentalValue"); but in no event shall ) by written notice to LESSEE within sixty (60) days of receipt of notice from LESSEE. If LESSEE disagrees with such designation, (the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment DateDesignation"), LESSEE shall by written notice, advise LESSOR of such disagreement; otherwise LESSEE shall conclusively be deemed to have agreed to such Designation. In the Monthly Installment of rent event that the Parties are unable to agree, each Party shall appoint an appraiser. Each appraiser so appointed shall be increased instructed to determine independently the greater of: (i) one hundred eight Fair Market Value and sixteen hundredths percent (108.16%) of then confer. If the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) two appraisers are unable to determine a sum equal Designation acceptable to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by both parties, they shall appoint a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Datethird appraiser. The Monthly Installment Designation of rent as adjusted on any Option Adjustment Date this appraiser shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:be considered final.

Appears in 1 contract

Sources: Commercial Lease (Exchange Applications Inc)

Option to Extend. A. Provided that (i) the Premises are not then subject to a sublease of more than fifty percent (50%) of the Premises (whether the term of the sublease has commenced or is to be commenced thereafter) and Tenant will not be exercising the rights hereinafter set forth with the intent of assigning the Lease or subleasing any portion of the Premises, and (ii) Tenant is not in default under this lease at the time then default, beyond any applicable notice or cure periods, of exercise any of the hereinafter described option terms, conditions and covenants of this Lease Agreement and any Amendment made thereto during the term hereof, Landlord shall grant Tenant the right to extend the Lease Term for one (1) five (5) year period (the “Extension Period”), at a Fixed Minimum Rent equal to the greater of (i) the last Base Rent paid for the Premises or at (ii) then Current Market Rent and otherwise on the time of termination of the then existing term of same terms and conditions as this Lease, as the case may be, Tenant shall have one option except that there will be no further rights to extend the term term. Rent for any fraction of a month at the commencement or expiration of each year of the Lease Term shall be prorated on a per diem basis. The rental, as determined, shall be paid in equal monthly installments. Tenant shall exercise this option by written notice to Landlord not more than fifteen (15) months not less than twelve (12) months before the expiration of the Lease Term. Thereupon, this Lease shall be deemed extended for a an additional period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date years, upon all of the then existing term of this Lease. In all respects, the terms, covenants same terms and conditions of this Lease shall remain unchanged during and any Amendments made thereto with the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end exception of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of annual rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:stipulated hereinabove.

Appears in 1 contract

Sources: Lease Agreement (Icad Inc)

Option to Extend. A. Provided (a) The Borrower may at any time and from time to time request that Tenant all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) (A) the scheduled final maturity date shall be extended and (B) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in the applicable Joinder Agreement with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Section 2.15 below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment and (z) notwithstanding anything to the contrary in this Section 2.15 or otherwise, Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is not repaid in default under this lease full. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (b) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Leasesuch request (each, as the case may bean “Existing US-DOCS\144294102.18 Revolving Credit Commitment” and any related revolving credit loans thereunder, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date related Existing Revolving Credit Loans together being referred to as an "Option Adjustment Date"“Existing Revolving Credit Class”) be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments) (a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms shall be identical to those applicable to the Existing Revolving Credit Commitments from which they are to be extended (the “Specified Existing Revolving Credit Commitment”) except (x) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than the final maturity dates of the Specified Existing Revolving Credit Commitments, (y) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest margins for the Specified Existing Revolving Credit Commitments and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding clause (A) and (z) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment, in each case, to the extent provided in the applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Existing Revolving Credit Commitments shall be made on a pro rata basis with all other Extended Revolving Credit Commitments and (2) assignments and participations of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in Section 13.6. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date). (c) The Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the applicable Existing Class or Existing Classes are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment, as applicable, of the Existing Class or Existing Classes subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, New Revolving Credit Commitments or Extended US-DOCS\144294102.18 Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Article 3. Notwithstanding the foregoing, for the avoidance of doubt, the Letter of Credit Commitments shall not be extended unless the prior written consent of the applicable Letter of Credit Issuer is obtained. (d) Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.15(c) and notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans or Extended Revolving Credit Commitments in an aggregate principal amount that is less than $75,000,000. In addition to any terms and changes required or permitted by Section 2.15(a) or Section 2.15(b), each Extension Amendment (x) shall amend the Monthly Installment of rent shall be increased scheduled amortization payments pursuant the applicable Joinder Agreement with respect to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) Existing Term Loan Class from which the Extended Term Loans were converted to reduce each scheduled Repayment Amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the Monthly Installment Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of rent any Repayment Amount payable with respect to any individual Term Loan of such Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (y) may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and weighted average life to maturity of New Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this Section 2.15 and without limiting the generality or applicability of Section 13.1 to any Section 2.15 Additional Amendments (as defined below), any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, a “Section 2.15 Additional Amendment”) to this Agreement and the calendar month immediately preceding other Credit Documents; provided that such Option Adjustment Date; Section 2.15 Additional Amendments comply with and do not conflict with the requirements of Section 2.15(a) or (iib) a sum equal and do not become effective prior to the Monthly Installment time that such Section 2.15 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of rent payable during the first twenty-four New Term Loans or New Revolving Credit Commitments provided for in any Joinder Agreement and (242) months consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for in any Extension Amendment) by such of the Option term multiplied by a fractionLenders, the numerator of which is the New Option Index last published prior Credit Parties and other parties (if any) as may be required in order for such Section 2.15 Additional Amendments to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that become effective in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:accordance with Section

Appears in 1 contract

Sources: Credit Agreement (Laureate Education, Inc.)

Option to Extend. A. Provided that Tenant is not in default under this lease at the time of such exercise (i) there then exists no Default of LESSEE beyond applicable notice and cure periods, (ii) this Lease is then in full force and effect, and (iii) LESSEE is in actual occupancy in excess of 75% of the hereinafter described option or at the time of termination of the then existing term of this LeasePremises, as the case may be, Tenant LESSEE shall have one the right and option to extend the term of this Lease for a period one (1) extended term of five (5) years (the "Option Extended Term"). Said The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. LESSEE shall exercise such option shall be exercised only to extend by giving written notice delivered to Landlord LESSOR of its desire to do so not later than one hundred eight twelve (18012) days months prior to the expiration date of the then existing term Initial Term. Provided the conditions of clauses (i), (ii) and (iii) of this Lease. In all respectssection shall have been satisfied, the terms, covenants and conditions giving of such notice by LESSEE shall automatically extend the Term of this Lease shall remain unchanged during for the Option Extended Term, except and no instrument of renewal need be executed. In the event that LESSEE fails to give such notice to LESSOR, this Lease shall automatically terminate at the Monthly Installment end of rent payable during the Option Initial Term, except that the Monthly Installment of rent payable during the Option Term and LESSEE shall be increased in accordance wit Subparagraph B below, and except that there shall be have no further option to extend the term Term of this Lease at the end Lease, it being agreed that time is of the Option Term. B. essence with respect to the giving of such notice. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Extended Term shall be ninety-five percent on all the terms and conditions of this Lease, except that (95%I) option to extend that Term of this Lease, and (II) the fair market rental Basic Rent for the premises as of the first day of the Option Extended Term shall be at Fair Market Value. LESSOR shall designate Fair Market Value, (the "Fair Market RentalValue"); but in no event shall the Monthly Installment ) by written notice to LESSEE within sixty (60) days of rent payable during the first twenty-four receipt of notice from LESSEE. If LESSEE disagrees with such designation, (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:the

Appears in 1 contract

Sources: Commercial Lease (Viant Corp)

Option to Extend. A. Provided that Tenant is not in default under the terms of this lease Lease after all applicable grace and cure periods, at the time it gives notice of its intent to exercise of the hereinafter described its option or and at the time of termination of the then existing term of this Leasenew extended Term begins, as and provided Tenant is not in default beyond the case may beapplicable cure period on more than one occasion between the notice and the time the new extended Term begins, Tenant shall have one option the right to extend the term of this Lease Initial Term for a period of three (3) additional five (5) years year periods (the "Option TermExtended Term(s)"). Said option "Term", as used herein, shall be exercised only by also include the Initial Term and Extended Term(s), if exercised. Tenant shall provide Landlord not less than ten (10) months written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date first day of the then existing term said Extended Term of this Leaseits intent to exercise each option for an Extended Term. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Rent for each Extended Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease calculated at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental rent for comparable space, including applicable tenant improvement allowances, rent escalations, rent concessions or rent abatements, then being offered in similar type buildings in the premises Albuquerque market, but such fair market rent for comparable space shall exclude real property taxes as long as the IRB is in place. In the event Landlord and Tenant cannot agree upon rent for an Extended Term, within three (3) months after Tenant exercises the option therefor, each party shall select one (1) experienced commercial agent/broker familiar with comparable properties in the Albuquerque area ("Commercial Broker"). Each party shall provide written notice to the other party within thirty (30) days after the impasse of said party's designated Commercial Broker and the first day of the Option Term two (2) Commercial Brokers shall select a third Commercial Broker (the "Fair Market RentalThird Commercial Broker"); but in no event shall the Monthly Installment of rent payable during the first twenty-four ) within fifteen (2415) months days after selection of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth other two (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"2), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:

Appears in 1 contract

Sources: Lease Agreement (SBS Technologies Inc)

Option to Extend. A. Provided that Tenant is not The Option to Extend in default under this lease at the time of exercise Paragraph 60 of the hereinafter described option or at Lease shall be deleted in its entity and shall be replaced with the time of termination of following: Lessor hereby grants to Lessee the then existing term of this Lease, as the case may be, Tenant shall have one option to extend the term of this Lease for a period two (2) additional twelve (12) month period(s) commencing when the prior term expires upon each and all of the following terms and conditions: (a) In order to exercise an option to extend, Lessee must give written notice of such election to Lessor and Lessor must receive the same at least five (5) years but not more than nine (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (1809) days months prior to the expiration date that the option period would commence, time being of the then existing term essence. If proper notification of the exercise of an option is not given and/or received, such option shall automatically expire. Options (if there are more than one) may only be exercised consecutively. (b) The provisions of paragraph 39, including those relating to Lessee’s Default set forth in paragraph 39.4 of this Lease. In , are conditions of this Option. (c) Except for the provisions of this Lease granting an option or options to extend the term, all respects, of the terms, covenants terms and conditions of this Lease except where specifically modified by this option shall remain unchanged during apply. (d) This Option is personal to the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B beloworiginal Lessee, and except that there shall cannot be no further option to extend assigned or exercised by anyone other than said original Lessee (or in the term event of this Lease at a merger, acquisition, sale of all or substantially all of Lessee’s assets, or similar transaction, Lessee’s successors) and only while the end original Lessee is in full possession of the Option TermPremises and without the intention of thereafter assigning or subletting. B. The Monthly Installment of rent payable during (e) In the first twenty-four (24) months of event Lessee exercises the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date")option herein, the Monthly Installment of rent monthly Base Rental shall be increased to the greater offollowing amounts on the dates set forth below. On: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fractionThe new Base Rental shall be: July 1, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided2004 $7,467.50 April 1, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:2005 $7,692.00

Appears in 1 contract

Sources: Standard Industrial/Commercial Multi Tenant Lease Gross (Specialty Laboratories)

Option to Extend. A. Provided that (i) no Event of Default shall have occurred in the past twelve (12) months preceding the date on which Tenant gives timely notice that it is not in default exercising its option to extend the Term, and (ii) there then exists no uncured Event of Default by Tenant under this lease Lease at the time of exercise Tenant’s exercise, Tenant shall have the right and option to extend the Term for that period of time which, when added to the hereinafter described option or at the time of termination of the then existing term initial Term of this Lease, as shall cause the case may beoverall Term of this Lease to be twenty-nine (29) years and eleven (11) months (the “Extension Term”), Tenant shall have one option exercisable by giving Landlord prior written notice thereof at least eighteen (18) months in advance of the Expiration Date, it being agreed that time is of the essence. For the avoidance of doubt, the right to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option hereunder shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior inure to the expiration date benefit of any Permitted Transferee who is the then existing term legal successor to, or the assignee of, all of Tenant’s rights under this Lease. In all respects, The Extension Term shall be under the terms, covenants same terms and conditions as provided in this Lease except as follows: (a) The Extension Term shall begin on the Expiration Date, and thereafter the Expiration Date shall be deemed to be the last day of the Extension Term; (b) All references to the Term in this Lease shall remain unchanged during be deemed to mean the Option Term, except that the Monthly Installment of rent Term as extended pursuant to this Section 29; and (c) The Minimum Annual Rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Extension Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Minimum Annual Rent for the last Lease at the end Year of the Option initial Term. B. The Monthly Installment of rent payable during , increased (commencing on the first twenty-four (24) months year of the Option Term shall be ninetyExtension Term) by the same annual percentage increases for Lease Years 10-five percent (95%) 20 of the fair market rental for the premises as of the first day of the Option initial Term (the "Fair Market Rental"as determined pursuant to Section 1(m) above); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:.

Appears in 1 contract

Sources: Lease Agreement (Iovance Biotherapeutics, Inc.)

Option to Extend. A. (a) Provided that Tenant is has not become bankrupt or insolvent or has not made an assignment for the benefit of creditors or has not taken the benefit of any statute in default under this lease at force for bankrupt or insolvent debtors, or a petition in bankruptcy has not been filed against the time Tenant or a receiving order has not been made against the Tenant, Primerica Life Insurance Company of exercise of the hereinafter described option Canada or at the time of termination of the then existing term of this Lease, as the case may be, Tenant its Permitted Transferee shall have one an option to extend the term Term of this Lease for a period two (2) further periods of five (5) years each (the "Option Term"). Said option each of which shall be exercised only by written notice delivered herein referred to Landlord not later than one hundred eight (180as an “Extension Term”) days prior to on the expiration date of the then existing term of this Lease. In all respects, the terms, covenants same terms and conditions of as contained in this Lease shall remain unchanged during for the Option initial Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, save and except that except: (i) there shall be no further option right to extend after the term of this Lease at the end expiry of the Option second Extension Term. B. The Monthly Installment of rent payable during ; (ii) the first twenty-four (24) months of the Option Basic Rent for each Extension Term shall be ninety-five percent the Market Rent; (95%iii) of parking spaces shall be made available to Tenant at the fair market rental ratios provided for herein for the premises initial Term and at the rates (if any) then in effect for the Project; (iv) there shall be no tenant’s allowance or rent-free period for either Extension Term; and (v) the Premises shall be accepted by Tenant in “as is” condition at the commencement of each Extension Term without Landlord being required to perform any work. (b) Such right to extend shall be exercisable by Tenant, provided Tenant is not in receipt of a written notice of default from Landlord or is not then in default for which no notice is required pursuant to the first day applicable provisions of this Lease, by delivering written notice to Landlord by not later than nine (9) months, and not earlier than twelve (12) months, prior to the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month expiry of the original Lease Term hereof or the first Extension Term. Commencing as , in respect of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each second Extension Term, failing which such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent right shall be increased to the greater of: (i) one hundred eight null and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date void and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:forever extinguished.

Appears in 1 contract

Sources: Multi Tenant Office Lease (Primerica, Inc.)

Option to Extend. A. Provided that there is no then outstanding uncured Event of Default by Tenant and Tenant is not still in default under this lease at the time of exercise possession of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may beDemised Premises, Tenant shall have one option two (2) options to extend the term of this Lease Term, for a period of five (5) years each (an “Extended Term”). The notice to extend the Term (the "Option Term"). Said option shall “Extension Notice”) must be exercised only given by written notice delivered Tenant to Landlord not later than one in writing on or before two hundred eight seventy (180270) days prior to the expiration date of the then existing term then-current Term (failure to give notice being an absolute bar to any rights on the part of this LeaseTenant to so extend). In all respects, The Monthly Minimum Rent for the terms, covenants and conditions first year of this Lease shall remain unchanged during each Extended Term will be the Option lower of: (i) the Monthly Minimum Rent for the last month of the Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term.or B. The Monthly Installment of rent payable during the first twenty-four (24ii) months of the Option Term shall be ninety-five percent (95%) of the fair market monthly rental for the premises as value of the first day Demised Premises as compared to similar flex buildings in the Raleigh - Durham market, taking into account the existing improvements in the Demised Premises and the tenant improvement allowances, rent concessions, and rent abatements given to tenants of the Option Term similar size and rent credit as Tenant. With either (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four i) or (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"ii), the Monthly Installment Minimum Rent for each succeeding year of rent an Extended Term shall be increased two and one half percent (2.5%) higher than the last month of the previous year. If Landlord and Tenant are unable to agree upon the greater of: then prevailing fair market rate as indicated in (ii) above, within thirty (30) days after Landlord’s receipt of the Extension Notice, then Tenant shall have a further fifteen (15) days to either accept the Monthly Minimum Rents as determined by (i) above or withdraw its Extension Notice. If Landlord and Tenant do not agree on a fair market rate within thirty (30) days and Tenant does not withdraw its Extension Notice within fifteen days, Tenant will be deemed to have selected (i) and the Term will be extended for five (5) years at two and one hundred eight and sixteen hundredths half percent (108.162.5%) of the increases in Monthly Installment of rent payable Minimum Rent for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:each additional year.

Appears in 1 contract

Sources: Lease (Interpace Biosciences, Inc.)

Option to Extend. A. Provided Tenant shall have the option, to be exercised ------------------------------ hereinafter provided, to extend the original Lease Term for one Five (5) year period, commencing on the day following the original Lease Expiration Date and expiring on the Fifth anniversary of the original Lease Expiration Date (the "Extension Term"), provided that Tenant (i) there is not in default under this lease at the time of exercise of the hereinafter described option or at the time of termination of the no then existing term Event of Default on the part of Tenant, and (ii) that this Lease otherwise remains in full force and effect. The Extension Term shall be upon the same terms and conditions as provided in this Lease, except that (A) the Annual Basic Rent shall be determined as the case may beprovided in Subsection 2.5.1, and (B) Tenant shall have one option no further right to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said Tenant's option shall be exercised only is exercisable by written notice delivered to notifying Landlord in writing at least 365 days but not later more than one hundred eight (180) 455 days prior to the expiration date of the then existing term of this Leaseoriginal Lease Expiration Date. In all respectsUpon such exercise, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term Expiration Date shall be increased in accordance wit Subparagraph B below, and except that there shall deemed to be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental extended for the premises as Extension Term without the execution of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; any further lease or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Indexother instrument; provided, however, that the Annual Basic Rent is established in no event accordance with Subsection 2.5.1 or Subsection 2.5.2; and provided, further, that if there is an outstanding Event of Default on the date when the Extension Term is scheduled to commence, at Landlord's election, Tenant's exercise of its option to extend the Lease Term shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve null and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used hereinvoid, the following terms Lease Term shall have terminate on the following meanings:original Lease Expiration Date, and Landlord shall be free to lease the Premises or put the Premises to such other use as Landlord sees fit.

Appears in 1 contract

Sources: Lease Agreement (Yurie Systems Inc)

Option to Extend. A. Provided that Tenant is not in default under this lease at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may be, The Tenant shall have one option the right to extend renew the term of this within Lease for a period oneextended term of five (5) years years, subject to the following terms and conditions: (a) The Tenant has not been in default under the "Option Term"). Said terms of the within Lease; (b) The Tenant has given the Landlord at least six (6) months and not more than twelve (12) months prior written notice of its intention to exercise the option in this paragraph contained; (c) The tenancy of the Tenant in the Demised Premises shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to on the expiration date of the then existing term of this Lease. In all respects, the terms, covenants same terms and conditions of this Lease shall remain unchanged during as are contained in the Option Termwithin Lease, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend and except that the Minimum Rent will be as provided in this paragraph; (d) The Minimum Rent during the aforesaid extended term of this Lease at shall be negotiated and agreed to by the end Landlord and the Tenant no later than three (3) months prior to the commencement of the Option Term. B. extended term. The Monthly Installment of rent payable Minimum Rent during the first twenty-four (24) months of the Option Term extended term shall be ninety-five percent (95%) of the fair market rental rate for premises similar to the premises as Demised Premises, used for a purpose similar to that of the first day Demised Premises, in properties similar to the Demised Premises, in the immediate vicinity of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date")building, the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event will such Minimum Rent be less than the Minimum Rent payable in the last year of the term immediately proceeding the said extended term. (e) If the Minimum Rent which shall be applicable during the Monthly Installment renewal term has not been mutually agreed upon by the Landlord and the Tenant at least 3 months prior to the expiry of rent the Term the Minimum Rent applicable during the renewal term shall be increased on any Option Adjustment Date determined by arbitration by a single arbitrator chosen by the Landlord and the Tenant, and if they cannot agree upon the arbitrator within 5 days after written request for arbitration by either party to the other, either party may apply to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) judge for the appointment of an arbitrator in accordance with the provisions of the Monthly Installment Arbitrations Act (Ontario). The provisions of the Arbitrations Act shall govern the arbitration and the decision of the arbitrator shall be final and binding upon the parties. The arbitrator shall be instructed to render its decision no later than 15 days prior to the expiry of the Term. If, however, the arbitrator has not rendered its decision by the end of the Term, the Tenant shall continue to pay the Minimum Rent it was paying during the last month of the Term until such time as the arbitrator renders its decision, whereupon the appropriate adjustments shall be made between the parties. The rent payable for the calendar month renewal term shall be the fair market value rent as determined by the arbitrator, but in no event will such minimum rent be less than the minimum rent payable in the last year of the term immediately preceding the said renewal term. All documents and proceedings with respect to the arbitration are to be kept confidential by each of the parties, such Option Adjustment Date. The Monthly Installment cost of rent as adjusted on any Option Adjustment Date arbitration shall remain in effect until be shared equally between the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:Landlord and Tenant.

Appears in 1 contract

Sources: Lease (Methes Energies International LTD)

Option to Extend. A. Provided that 9.1 The Tenant is not in default under this lease at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one option to extend the term of this Lease for a one period of five (5) years (which period is called the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to commencing on the expiration day following the date of expiration of the then existing initial term of this Lease. In all respects, provided that the terms, Tenant shall only be entitled to extend this Lease in the event that it: (a) has duly and regularly paid the Rent and has observed and performed each and every one of the covenants and conditions agreements herein to be performed by the Tenant, on a timely basis, until the time that the option is exercised and thereafter until the Extension takes effect; (b) is the original tenant under this Lease and is itself in possession of the whole of the Premises; (c) advises the Landlord in writing (the "Notice") that it wishes to extend this Lease not more than 12 months and not less than 6 months prior to commencement of the Extension, failing which this right of Extension shall be rendered null and void. 9.2 if the Tenant exercises its right to extend in accordance with the foregoing, this Lease shall remain unchanged during be extended upon the Option Termsame terms and conditions herein contained, save and except as follows: (a) the Tenant shall only be entitled to one Extension for the period referred to above so that there will be no further right to extend following the Monthly Installment expiry of rent the right to extend granted herein. For greater certainty, it is hereby stipulated that if the Tenant exercises the within right of Extension in accordance with this Lease, the Tenant shall be entitled to lease the Premises for a total of five (5) years following the expiration of the initial term of this Lease, unless this Lease is sooner terminated; (b) the Landlord will not be required to perform the Landlord's Work, if any, and the Tenant will not be required to perform the Tenant's Work, if any, and the Tenant will riot be entitled to any leasehold improvement allowance, tenant inducement or Rent free period; (c) the Net Rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term Extension shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the current fair market rental for value of the premises Premises as of the first day of date that the Option Term (Notice is given to the "Fair Market Rental"); but Landlord, provided that, in no event shall the Monthly Installment of rent payable Net Rent during the first twenty-four (24) months any year of the Option Term Extension be less than the Monthly Installment Net Rent which was payable by the Tenant during the last year of rent the initial term. In the event that the Net Rent which shall be applicable during the Extension has not been mutually agreed upon by the Landlord and the Tenant, by reason of the parties' inability to agree upon the current fair market rental of the Premises within one month after the Notice is received by the Landlord, the Tenant shall be entitled to revoke the Notice by writing to the Landlord with such one month period (in which case the Notice shall be deemed to have never been sent), failing which the said fair market rental shall be determined by arbitration by a single arbitrator chosen by the Landlord and the Tenant, and if they cannot agree upon the arbitrator within 5 days after a written request for arbitration by either party to the other, either party may apply to a judge for the appointment of an arbitrator in accordance with the provisions of the Arbitrations Act (Ontario). The provisions of the Arbitrations Act shall govern the arbitration and the decision of the arbitrator shall be final and binding upon the parties and there shall be no appeal therefrom. The arbitrator shall be Instructed to render its decision no later than 15 days prior to the commencement of the Extension. All documents and proceedings with respect to the arbitration are to be kept confidential by each of the parties. (d) the maintenance fee which shall apply during the Extension shall increase by an amount equal to the amount determined by multiplying the maintenance fee payable during the last calendar month original term of the original Lease Term. Commencing as by the cumulative C.P.I. from the commencement of the first day Term to the date of the twenty-fifth commencement of the Extension; (25the) the Landlord may require the Tenant to execute and forty-ninth (49th) months deliver to the Landlord prior to the commencement of Option Term (with each such date being referred to as an "Option Adjustment Date")the Extension, the Monthly Installment Landlord's then standard form of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) extension agreement. 9.3 The exercise of the Monthly Installment within right of rent payable for Extension is solely within the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months control of the Option term multiplied by a fractionTenant and nothing contained in this Lease, including, without limitation, this Schedule, obligates or requires the numerator Landlord to remind the Tenant to exercise the within right of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:Extension.

Appears in 1 contract

Sources: Lease Agreement (Lower Road Associates LLC)

Option to Extend. A. Provided Tenant shall have two (2) options to extend (the "Extension Option") the Term for periods of five (5) years each (the foregoing option terms {or either of them) shall be referred to hereinafter sometimes individually or collectively as the "Option Term"), by delivering a binding written notice of exercise to Landlord ("Extension Notice"), so that Landlord receives the Extension Notice with respect to the first Option Term at least three hundred sixty (360) days prior to the commencement of the first Option Term and so that Landlord receives the Extension Notice with respect to the second Option Term at least one hundred eighty (180) days prior to the commencement of the second Option Term. Tenant may exercise the Extension Option only if this Lease is not in default under this lease full force and effect and there is no uncured Event of Default, or any event the occurrence or existence which, with the passage of time or the giving of notice, or both, would constitute an Event of Default (an "Incipient Default"), at the time of exercise of the hereinafter described option or right of renewal and at the time of termination the commencement of the then existing term of this Lease, as the case may be, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that but Landlord shall have the Monthly Installment of rent payable during right at its sole discretion to waive the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Indexnondefault conditions herein; provided, however, that in no event if an Event of Default or Incipient Default exists at the time Tenant exercises the Extension option and Landlord does not elect to waive, Landlord shall the Monthly Installment of rent be increased on any Option Adjustment Date provide written notice to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) Tenant of the Monthly Installment existence and nature of rent payable such Event of Default or Incipient Default and Tenant shall be allowed an amount of time to cure such Event of Default or Incipient Default as is otherwise provided for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:curing

Appears in 1 contract

Sources: Lease (Inspire Insurance Solutions Inc)

Option to Extend. A. (a) Provided that that, at the time of each such exercise, (i) this Lease is in full force and effect, (ii) no Default of Tenant is not in default under this lease shall have occurred and be continuing (either at the time of exercise of the hereinafter described option or at the commencement of an Extended Term), and (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time of termination of the then existing term of this Lease, as the case may bein Landlord’s sole discretion), Tenant shall have one the right and option to extend the term Term of this Lease with respect to either the entire Premises, or only the portion of the Premises on the second floor, or only the portion of the Premises on the third floor, for a period two extended terms (each an “Extended Term”) of five (5) years (the "Option Term"). Said option shall be exercised only each by giving written notice delivered to Landlord not later than one hundred eight twelve (18012) days months prior to the expiration date of the then existing term current Term. The effective giving of this Lease. In all respects, such notice of extension by Tenant shall automatically extend the terms, covenants and conditions Term of this Lease shall remain unchanged during for the Option applicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, or if Tenant shall elect to extend the Monthly Installment Term solely with respect to the second floor space or the third floor space, then this Lease shall automatically terminate with respect to the remainder of rent payable during the Option Premises at the end of the Initial Term, except that or the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B belowfirst Extended Term, as applicable, and except that there Tenant shall be have no further option to extend the term Term of this Lease at the end with respect to such portion of the Option Premises. Each Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term. B. , or the expiration of the first Extended Term, as applicable, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Monthly Installment Extended Terms shall be on all the terms and conditions of rent payable this Lease, except: (i) during the first twenty-four second Extended Term, Tenant shall have no further option to extend the Term, (24ii) months of the Option Basic Rent for each Extended Term shall be ninety-five percent (95%) of the fair market rental for Fair Market Rental Value of the premises Premises as of the first day commencement of the Option Extended Term, taking into account all relevant factors, determined pursuant to paragraph (b) below; and (iii) if Tenant shall elect in such notice of extension to extend the Term for only the second floor space or the third floor space, the Premises thereafter shall solely refer to such space. (b) Promptly after receiving Tenant’s notice extending the "Fair Market Rental"); Term of this Lease pursuant to paragraph (a) above, but in no event shall sooner than eleven months prior to the Monthly Installment of rent payable during the first twenty-four (24) months end of the Option then current Term, Landlord shall provide Tenant with Landlord’s good faith estimate of the Fair Market Rental Value of the Premises for the upcoming Extended Term based upon rents being paid by tenants entering into leases for first-class office similar in size, build-out, amenities and term in the Medford/Charlestown area. If Tenant is unwilling to accept Landlord’s estimate of the Fair Market Rental Value as set forth in Landlord’s notice referred to above, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Landlord, then either party may submit the determination of the Fair Market Rental Value of the Premises to arbitration by giving notice to the other party naming the initiating party’s arbitrator within ten (10) days after the expiration of such thirty (30) day period. Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying the initiating party of the responding party’s arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Premises shall be determined by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, then the two arbitrators thus appointed shall make their own determination of Fair Market Rental Value and shall meet and confer in an effort to reconcile their respective determinations. If, within thirty (30) days after the appointment of the second arbitrator, the two arbitrators have not reached agreement, and if the difference between the two (2) determinations is less than ten percent (10%), then the Monthly Installment of rent payable during the last calendar month average of the original Lease Termtwo determinations shall be the Fair Market Rental Value. Commencing as If, however, the difference between the two (2) determinations is ten percent (10%) or more, then the two arbitrators shall, within ten (10) days after the expiration of such thirty (30) day period, appoint a third arbitrator; in the event the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf of both, request such appointment by the American Arbitration Association, or its successor, or, on its failure, refusal or inability to act, by a court of competent jurisdiction. In such event, the third arbitrator shall conduct its own independent investigation of the first day applicable Fair Market Rental Value within fifteen (15) days of his/her appointment; neither Landlord’s arbitrator nor Tenant’s arbitrator shall notify the third arbitrator of its determination. After the third arbitrator has completed its determination, the third arbitrator shall notify Landlord and Tenant of the twenty-fifth date on which said arbitrator will discloses its determination, which date shall be at least five (25th5) and forty-ninth (49th) months days after the giving of Option Term (with each such date being referred to as an "Option Adjustment Date")notice. Such disclosure shall take place in Landlord’s office unless otherwise mutually agreed by the parties. In such case, the Monthly Installment of rent Fair Market Rental Value shall be increased the rent proposed by either Landlord’s arbitrator or Tenant’s arbitrator, whichever value is closer to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) determination of the Monthly Installment of rent payable for third arbitrator; if the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum two are equidistant from the third arbitrator, the Fair Market Rental Value shall be equal to the Monthly Installment third arbitrator’s determination. All arbitrators shall be appraisers or other qualified real estate professionals who are independent from the parties who have had at least ten (10) years commercial real estate experience in the greater Boston area. Each party shall pay the fees of rent payable during its own arbitrator, and the first twenty-four (24) months fees of the Option term multiplied third arbitrator shall be shared equally by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:parties.

Appears in 1 contract

Sources: Lease Agreement (First Marblehead Corp)

Option to Extend. A. Provided that (a) If (i) Tenant is not then in default under this lease at Default hereunder, and (ii) Tenant has simultaneously exercised its option to extend the time of exercise term of the hereinafter described 1501 Lease, then Tenant shall have the option or at to extend the time of termination Term for an additional five (5) year period commencing on the day next following the Expiration Date and ending on the fifth (5th) anniversary of the Expiration Date ("First Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the Expiration Date, time being of the essence. (b) If (i) Tenant is not then existing in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the First Extended Term and has simultaneously exercised its option to extend the term of the 1501 Lease for a like period, then Tenant shall have the option to extend the Term for an additional five (5) year period commencing on the day next following the fifth (5th) anniversary of the Expiration Date and ending on the tenth (10th) anniversary of the Expiration Date ("Second Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the First Extended Term, time being of the essence. (c) If (i) Tenant is not then in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the Second Extended Term and has simultaneously exercised its option to extend the term of the 1501 Lease for a like period, then Tenant shall have the option to extend the Term for an additional five (5) year period commencing on the day next following the tenth (10th) anniversary of the Expiration Date and ending on the fifteenth (15th) anniversary of the Expiration Date ("Third Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the Second Extended Term, time being of the essence. The First Extended Term, Second Extended Term and Third Extended Term are hereinafter individually and collectively referred to as the "Extended Term". (d) If the Term is extended it shall be so extended on the same terms and conditions then set forth in this Lease, including the annual Base Rent as set forth in Rider A. (e) Landlord and Tenant shall enter into a written supplement to this Lease confirming the terms, conditions and provisions applicable during the Extended Term as determined in accordance with the provisions of this Section S.2. If Tenant fails to timely exercise its option to extend the Term for the applicable Extended Term, then this Lease shall expire by its terms on the expiration of the Term or the First Extended Term or the Second Extended Term, as the case may be, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:

Appears in 1 contract

Sources: Office Lease (May & Speh Inc)

Option to Extend. A. Provided that (a) Landlord hereby grants Tenant is not in default under this lease at two (2) consecutive options (individually an "Option" and collectively the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one option "Options") to extend the term initial Term of this the Lease for a an additional period of five (5) years per Option (such period may be referred to as the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior , as to the expiration date of entire Premises as it may then exist, upon and subject to the then existing term of this Lease. In all respects, the terms, covenants terms and conditions of this Lease Section (the "Option To Extend"), and provided that at the time of exercise of each option: (i) Tenant must be in occupancy of seventy-five percent (75%) of the Premises; and (ii) there has been no material adverse change in Tenant's financial position from such position as of the date of execution of the Lease. Tenant shall remain unchanged during deliver to Landlord with ▇▇▇▇▇▇'s written notice exercising its right hereunder ▇▇▇▇▇▇'s most recent annual audited financial statements certified by Tenant's independent certified public accountant, and the most recent publicly-filed financial statements and documents showing ▇▇▇▇▇▇'s financial position. (b) ▇▇▇▇▇▇'s election (the "Election Notice") to exercise the Option To Extend must be given to Landlord in writing no earlier than the date which is fifteen (15) months prior to, and no later than the date which is nine (9) months prior to, the then applicable Expiration Date of the initial Term or the Option Term, except that as applicable. If Tenant either fails or elects not to exercise the Monthly Installment of rent payable during the then applicable Option Termto Extend by not timely giving its Election Notice, except that the Monthly Installment of rent payable during the then such Option Term to Extend shall be increased in accordance wit Subparagraph B belownull and void. Further, and except that there the second Option shall be void and of no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during force or effect if the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises is not validly exercised or is waived, revoked or terminated as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on provided below after any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:exercise.

Appears in 1 contract

Sources: Lease Agreement

Option to Extend. A. Provided that (a) Landlord hereby grants Tenant is not in default under this lease at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one a single option to extend the term Term of this the Lease for a an additional period of five (5) years (such period may be referred to as the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior as to the expiration date of entire Premises as it then exists, upon and subject to the then existing term of this Lease. In all respects, the terms, covenants terms and conditions of this Lease Section (the “Option To Extend”), provided, however, that at the time of its Election Notice (as defined below) Tenant shall remain unchanged during have the right to remove from the Premises, effective as of the commencement of the Option Term, except any the following: (x) all of the space leased by Tenant in Building with the addresses of 995 and 997 E. Arques Avenue, Sunnyvale, California, or (y) all of the space leased by Tenant in Building with the address of ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇. At the time of exercise of such option: (i) Tenant must be conducting regular, active, ongoing business in, and be in occupancy (and occupancy by any subtenant, licensee or other party that is not an affiliate but permitted or suffered by Tenant shall not satisfy such condition) of the Monthly Installment of rent payable during entire Premises; and (ii) Tenant has a positive net worth and no less than Ten Million Dollars ($10,000,000.00) in cash or cash equivalents. (b) Tenant’s election (the “Election Notice”) to exercise the Option TermTo Extend must be given to Landlord in writing no earlier than the date which is twelve (12) months prior to the Expiration Date and no later than the date which is nine (9) months prior to the Expiration Date. If Tenant either fails or elects not to exercise the Option to Extend by not timely giving its Election Notice, except that then the Monthly Installment Option to Extend shall be null and void, including, if more than one Option is granted, the then applicable Option to Extend and all further Options to Extend. (c) The Option Term shall commence immediately after the expiration of rent payable the preceding Term of the Lease. Tenant’s leasing of the Premises during the Option Term shall be increased upon and subject to the same terms and conditions contained in accordance wit Subparagraph B below, and the Lease except that there (i) Tenant shall pay the “Option Term Rent”, defined and determined in the manner set forth in the immediately following Subsection; and (ii) Tenant shall accept the Premises in its “as is” condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises or to provide Tenant any allowance therefor, except to the extent tenants leasing space in Comparable Transactions receive an allowance pursuant to the definition of Fair Market Rental Rate defined in Exhibit B hereto, provided, however, Landlord by notice given to Tenant within thirty (30) days after final determination of the Fair Market Rental Rate, may elect to provide, in lieu of such allowance for alterations to the Premises, a rent credit equal to the amount of the allowance that would have otherwise been given, credited toward the rents applicable only to the Premises and due starting after such rent obligation commences. If Tenant timely and properly exercises the Option To Extend, references in the Lease to the Term shall be no further option deemed to extend mean the term of this Lease at preceding Term as extended by the end Option Term unless the context clearly requires otherwise. (d) The Option Term Rent shall mean the sum of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be at ninety-five percent (95%) of the fair market rental for Fair Market Rental Rate (as defined in Exhibit B) plus other charges pursuant to the premises as Lease payable to Landlord. The determination of Fair Market Rental Rate and Option Term Rent shall be made by Landlord, in the first day good faith exercise of Landlord’s business judgment. Within forty-five (45) days after Tenant’s exercise of the Option Term (To Extend, Landlord shall notify Tenant of Landlord’s determination of the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Rental Rate and Option Term be less than Rent for the Monthly Installment of rent payable during the last calendar month of the original Lease TermPremises. Commencing as of the first day of the twenty-fifth Tenant may, within fifteen (25th15) and forty-ninth (49th) months of Option Term (with each such date being referred business days after receipt thereof, deliver to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater ofLandlord a written notice either: (i) one hundred eight accepting Landlord’s determination, in which case the extension shall be effective and sixteen hundredths percent binding (108.16%subject to Subsection (f) of below) at the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Dateaccepted rate; or (ii) setting forth Tenant’s good faith estimate, in which case Landlord and Tenant will promptly confer and attempt to agree upon the Fair Market Rental Rate and Option Term Rent. Tenant’s failure to timely deliver such notice within such fifteen (15) business day period shall be deemed its cancellation of the Option. In the event Tenant has delivered notice setting forth Tenant’s different estimate, but no agreement in writing between Tenant and Landlord on Fair Market Rental Rate and Option Term Rent is reached within thirty (30) days after Landlord’s receipt of Tenant’s estimate, the Fair Market Rental Rate shall be determined in accordance with the terms of Exhibit B. (e) Promptly after final determination of the Fair Market Rental Rate, Landlord shall prepare a sum equal memorandum confirming the specific dates, amounts and terms of the extension for the Option Term in accordance with the terms and conditions of this Option to Extend, in the form of an amendment to the Monthly Installment Lease, and Tenant shall execute such amendment within twenty (20) days after Landlord and Tenant agree to the form of rent payable during the first twenty-four proposed amendment and Landlord shall execute it promptly after Tenant. Notwithstanding any of the foregoing to the contrary, the failure of Landlord to prepare such amendment or of either party to execute an amendment shall not affect the validity and effectiveness of the extension for the Option Term in accordance with the terms and conditions of this Option to Extend. (24f) months Upon the occurrence of any of the following events, Landlord shall have the option, exercisable at any time prior to commencement of the Option term multiplied by Term, to terminate all of the provisions of this Section with respect to the Option to Extend, whereupon any prior or subsequent exercise of this Option to Extend shall be of no force or effect: (i) Tenant’s failure to timely exercise or timely to perform the Option to Extend in strict accordance with the provisions of this Section. (ii) The existence at the time Tenant exercises the Option to Extend or at the commencement of the Option Term of an Event of Default on the part of Tenant under the Lease or of any state of facts which with the passage of time or the giving of notice, or both, would constitute such an Event of Default. (iii) Tenant’s third Event of Default under the Lease prior to the commencement of the Option Term, notwithstanding that all such Events of Default may subsequently be cured. (g) Without limiting the generality of any provision of the Lease, time shall be of the essence with respect to all of the provisions of this Section. (h) This Option to Extend is personal to Pharmacyclics and may not be used by, and shall not be transferable or assignable (voluntarily or involuntarily) to any person or entity other than a fraction, the numerator of Tenant Affiliate which is an assignee of the Lease and which has satisfied the requirements of Section 25.C. of the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:Lease.

Appears in 1 contract

Sources: New Lease (Pharmacyclics Inc)

Option to Extend. A. Provided that no event of default by Tenant under the Lease has occurred and is not in default under this lease continuing at the time of exercise delivery of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may bean Extension Notice, Tenant shall have one option the right to extend the term Term of this Lease for a period of two (2) five (5) years year terms (the each an "Option Extended Term"). Said option shall be exercised only by ) upon prior written notice delivered to Landlord given not later than one hundred eight six (1806) days months prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except initial Term ("Extension Notice"); provided however that the Monthly Installment of rent payable during Extension Notice must be given as to the Option Term, except that the Monthly Installment of rent payable during the Option second Extended Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first not later than twenty-four (24) months prior to the expiration of the Option first Extended Term. It is understood and agreed that Tenant's submittal of each Extension Notice shall bind Tenant to a five (5) year extension of this Lease. Each Extended Term shall be ninety-five percent (95%) of on the fair market rental for the premises same terms and conditions as of the first day of the Option Term (the "Fair Market Rental"); but provided in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date")this Lease, the Monthly Installment of rent shall be increased to the greater of: except that (i) one hundred eight and sixteen hundredths percent (108.16%) of Tenant shall occupy the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or Premises in its then "AS IS" condition, (ii) a sum equal to the Fixed Monthly Installment Rent from January, 1, 2001 through December 31, 2001, shall be $1.58 per square foot of rent payable during the first twenty-four (24) months Rentable Area of the Option term multiplied by a fractionPremises, and (iii) thereafter, the numerator Fixed Monthly Rent shall be $1.60 per square foot of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) Rentable Area of the Monthly Installment of rent payable for Premises. 8. This Amendment shall be effective upon execution by Landlord and Tenant and, except as amended herein, the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date Lease shall remain in effect until full force and effect. 9. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:same instrument.

Appears in 1 contract

Sources: Lease (QRS Corp)

Option to Extend. A. Provided that Tenant is not in default under this lease at the time of exercise of the hereinafter described (a) Lessor hereby grants Lessee one (1) option or at the time of termination of the then existing term of this Lease, as the case may be, Tenant shall have one option ("Option") to extend the term of this Lease for a period of five (5) years (the "years. The Option Term"). Said option shall must be exercised only exercised, if at all, by written notice ("Option Notice") delivered by Lessee to Landlord Lessor not later than one hundred eight twenty (180120) days prior to the expiration end of the then current term. Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the end of the then existing term current term, Lessee is in default of this the Lease. In the event the Lease Term is timely and properly extended, then all respects, of the terms, covenants and conditions of this the Lease shall remain unchanged during the Option Termunmodified in full force and effect, except that the Monthly Installment of rent payable during the Option Termexcepting Annual Basic Rent, except that the Monthly Installment of rent payable during the Option Term which shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option adjusted to extend the term of this Lease at the end one hundred percent of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the then prevailing "Fair Market Rental"); but in no event shall Rental Value" less for the Monthly Installment of rent payable during the first twenty-four (24) months of Premises for the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth period. (25thb) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms term "Fair Market Rental Value" shall have mean the following meaningsthen prevailing rental rate for similar space, improved or presumed with tenant improvements of substantially similar age, quality and layout as improvements then existing in the Premises and located within a three (3) mile radius of the Building. In the event Lessor and Lessee are unable to agree on the "Fair Market Rental Value", after good-faith deliberations, by that date which is thirty (30) days after Landlord receives the Option Notice, (the "Specified Date"), then such figures shall be calculated as follows:

Appears in 1 contract

Sources: Lease Agreement (Intuit Inc)

Option to Extend. A. Provided that (i) the Premises are not then subject to a sublease of more than fifty percent (50%) of the Premises (whether the term of the sublease has commenced or is to be commenced thereafter) and Tenant will not be exercising the rights hereinafter set forth with the intent of assigning the Lease or subleasing any portion of the Premises, and (ii) Tenant is not in default under this lease at the time then default, beyond any applicable notice or cure periods, of exercise any of the hereinafter described option or at the time of termination of the then existing term terms, conditions and covenants of this LeaseLease Agreement and any Amendment made thereto during the term hereof, as Landlord shall grant Tenant the case may be, Tenant shall have one option right to extend the term of this Lease Term for a one (1) three (3) year period of five (5) years (the "Option Term"“Extension Period”). Said option , at 95% then Current Market Rent and otherwise on the same terms and conditions as this Lease.. Rent for any fraction of a month at the commencement or expiration of each year of the Lease Term shall be exercised only prorated on a per diem basis. The rental, as determined, shall be paid in equal monthly installments. Tenant shall exercise this option by written notice delivered to Landlord not later more than one hundred eight fifteen (18015) days prior to months not less than twelve (12) months before the expiration date of the then existing term Lease Term. Thereupon, this Lease shall be deemed extended for an additional period of this Lease. In three (3) years, upon all respects, of the terms, covenants same terms and conditions of this Lease shall remain unchanged during and any Amendments made thereto with the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end exception of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of annual rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:stipulated hereinabove.

Appears in 1 contract

Sources: Lease Agreement (Icad Inc)

Option to Extend. A. Provided (a) The Borrower may at any time and from time to time request that Tenant all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) (A) the scheduled final maturity date shall be extended and (B) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in the applicable Joinder Agreement with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Section 2.15 below), (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment and (z) notwithstanding anything to the contrary in this Section 2.15 or otherwise, Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is not repaid in default under this lease full. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (b) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of exercise of the hereinafter described option or at the time of termination of the then existing term of this Leasesuch request (each, as the case may bean “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, Tenant shall have one option to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing term of this Lease. In all respects, the terms, covenants “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:related -95-

Appears in 1 contract

Sources: Credit Agreement (Laureate Education, Inc.)

Option to Extend. A. Provided that Tenant If the LESSEE is not then in default under default, LESSOR does hereby grant to LESSEE the option to extend this lease at Lease for two (2) additional five (5) year term, commencing on the time of exercise expiration of the hereinafter described option or at initial term and the time of termination expiration of the then existing term of this Leasefirst extended term, as the case may be, Tenant upon the same terms and conditions as herein contained except the annual base rent set forth in paragraph 4 hereof shall have one option be at the rate set forth below. The annual rent for the first-extended term shall be the sum of the following: (i) $317,484.00 per year (calculated as 24,268 square feet of space on the first and second floors at $13.00 per square foot plus 200 square feet of space in the basement at $10.00 per square foot); plus (ii) the annual fair value of the parking spaces made available to extend LESSEE, all to be reasonably determined by LESSOR ("Outdoor Parking"); it being expressly understood and agreed by the term of this Lease for a period of parties that the first five (5) years spaces taken by LESSEE shall be at no cost or charge to LESSEE. The annual rent for the second extended term (the "Option Second Extended Term"). Said option ) shall be exercised only by written notice delivered to Landlord not later than one hundred eight adjusted at the commencement of the Second Extended Term and shall be ninety (18090%) days prior to the expiration date percent of the then existing term fair market rental (the "Market Rent") of the Leased Premises plus the annual fair value of LESSEE's Outdoor Parking spaces as reasonably determined by LESSOR; it being expressly understood and agreed by the parties that the first five (5) spaces taken by LESSEE shall be at no cost or charge to LESSEE. Market Rent shall be determined as set forth on Exhibit E to this Lease. In all respectsNotwithstanding the foregoing, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of annual base rent payable during for the first twenty-four (24) months of the Option Term second extended term be less than the Monthly Installment of annual base rent payable during for the last calendar month of the original Lease Term. Commencing as year of the first day extended term. The option shall be exercised by written notice from LESSEE and received by LESSOR at least four (4) months prior to the -43- 57 expiration of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; initial term or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of extended term, as the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:case may be.

Appears in 1 contract

Sources: Sublease (Interliant Inc)

Option to Extend. A. Provided that Subject to the rights of existing tenants in the Building as of the date of this Amendment and so long as the Lease, as amended herein, is in full force and effect and Tenant is not in default under this lease beyond applicable notice and cure periods in the performance of any of the covenants or terms and conditions of the Lease, as amended, at the time of exercise of the hereinafter described option notification to Landlord or at the time of termination commencement of the then existing term of this LeaseSeventh Extension Term, as the case may bethat term is hereinafter defined, Tenant shall have one the option (the “7th Amendment Extension Option”) to extend the term of this Lease Term, as extended herein by the Sixth Extension Term, for a the entire Premises, as expanded herein by the Expansion Space, for one (1) additional period of five (5) years (the "Option “Extension Term"), at the Prevailing Market Rate, as that term is hereinafter defined, subject to the terms and conditions set forth in this Paragraph 11. Said option Tenant shall be exercised only by provide Landlord with written notice delivered to Landlord not later than one hundred eight (180) days prior to on or before the expiration date of the then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term, except that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first last day of the Option Term seventy-fifth (75th) full calendar month of the "Fair Market Rental"); Sixth Extension Term, but in no event shall before the Monthly Installment of rent payable during the first twenty-four (24) months last day of the Option Term be less than the Monthly Installment of rent payable during the last seventy-second (72nd) full calendar month of the original Lease Sixth Extension Term. Commencing as , of its exercise of the first day 7th Amendment Extension Option (the “Extension Notice”). Landlord shall provide Tenant with a written proposal setting forth its determination of the twenty-fifth Prevailing Market Rate to extend the Term within thirty (25th30) and forty-ninth (49th) months days of Option Term (with each receipt of such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment DateExtension Notice. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms Tenant shall have the following meanings:ten (10) days from its receipt of Landlord’s proposal

Appears in 1 contract

Sources: Office Lease (Alimera Sciences Inc)

Option to Extend. A. (a) Provided that that, at the time of each such exercise, (i) this Lease is in full force and effect, (ii) no Default of Tenant is not in default under this lease shall have occurred and be continuing (either at the time of exercise of the hereinafter described option or at the commencement of an Extended Term), and (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord's consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time of termination of the then existing term of this Lease, as the case may bein Landlord's sole discretion), Tenant shall have one the right and option to extend the term Term of this Lease with respect to either the entire Premises, or only the portion of the Premises on the second floor, or only the portion of the Premises on the third floor, for a period two extended terms (each an "Extended Term") of five (5) years (the "Option Term"). Said option shall be exercised only each by giving written notice delivered to Landlord not later than one hundred eight twelve (18012) days months prior to the expiration date of the then existing term current Term. The effective giving of this Lease. In all respects, such notice of extension by Tenant shall automatically extend the terms, covenants and conditions Term of this Lease shall remain unchanged during for the Option applicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, or if Tenant shall elect to extend the Monthly Installment Term solely with respect to the second floor space or the third floor space, then this Lease shall automatically terminate with respect to the remainder of rent payable during the Option Premises at the end of the Initial Term, except that or the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B belowfirst Extended Term, as applicable, and except that there Tenant shall be have no further option to extend the term Term of this Lease at the end with respect to such portion of the Option Premises. Each Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term. B. , or the expiration of the first Extended Term, as applicable, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Monthly Installment Extended Terms shall be on all the terms and conditions of rent payable this Lease, except: (i) during the first twenty-four second Extended Term, Tenant shall have no further option to extend the Term, (24ii) months of the Option Basic Rent for each Extended Term shall be ninety-five percent (95%) of the fair market rental for Fair Market Rental Value of the premises Premises as of the first day commencement of the Option Extended Term, taking into account all relevant factors, determined pursuant to paragraph (b) below; and (iii) if Tenant shall elect in such notice of extension to extend the Term for only the second floor space or the third floor space, the Premises thereafter shall solely refer to such space. (b) Promptly after receiving Tenant's notice extending the "Fair Market Rental"); Term of this Lease pursuant to paragraph (a) above, but in no event shall sooner than eleven months prior to the Monthly Installment of rent payable during the first twenty-four (24) months end of the Option then current Term, Landlord shall provide Tenant with Landlord's good faith estimate of the Fair Market Rental Value of the Premises for the upcoming Extended Term based upon rents being paid by tenants entering into leases for first-class office similar in size, build-out, amenities and term in the Medford/Charlestown area. If Tenant is unwilling to accept Landlord's estimate of the Fair Market Rental Value as set forth in Landlord's notice referred to above, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Landlord, then either party may submit the determination of the Fair Market Rental Value of the Premises to arbitration by giving notice to the other party naming the initiating party's arbitrator within ten (10) days after the expiration of such thirty (30) day period. Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying the initiating party of the responding party's arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Premises shall be determined by the initiating party's arbitrator. If the second arbitrator shall have been so appointed, then the two arbitrators thus appointed shall make their own determination of Fair Market Rental Value and shall meet and confer in an effort to reconcile their respective determinations. If, within thirty (30) days after the appointment of the second arbitrator, the two arbitrators have not reached agreement, and if the difference between the two (2) determinations is less than ten percent (10%), then the Monthly Installment of rent payable during the last calendar month average of the original Lease Termtwo determinations shall be the Fair Market Rental Value. Commencing as If, however, the difference between the two (2) determinations is ten percent (10%) or more, then the two arbitrators shall, within ten (10) days after the expiration of such thirty (30) day period, appoint a third arbitrator; in the event the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf of both, request such appointment by the American Arbitration Association, or its successor, or, on its failure, refusal or inability to act, by a court of competent jurisdiction. In such event, the third arbitrator shall conduct its own independent investigation of the first day applicable Fair Market Rental Value within fifteen (15) days of his/her appointment; neither Landlord's arbitrator nor Tenant's arbitrator shall notify the third arbitrator of its determination. After the third arbitrator has completed its determination, the third arbitrator shall notify Landlord and Tenant of the twenty-fifth date on which said arbitrator will discloses its determination, which date shall be at least five (25th5) and forty-ninth (49th) months days after the giving of Option Term (with each such date being referred to as an "Option Adjustment Date")notice. Such disclosure shall take place in Landlord's office unless otherwise mutually agreed by the parties. In such case, the Monthly Installment of rent Fair Market Rental Value shall be increased the rent proposed by either Landlord's arbitrator or Tenant's arbitrator, whichever value is closer to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) determination of the Monthly Installment of rent payable for third arbitrator; if the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum two are equidistant from the third arbitrator, the Fair Market Rental Value shall be equal to the Monthly Installment third arbitrator's determination. All arbitrators shall be appraisers or other qualified real estate professionals who are independent from the parties who have had at least ten (10) years commercial real estate experience in the greater Boston area. Each party shall pay the fees of rent payable during its own arbitrator, and the first twenty-four (24) months fees of the Option term multiplied third arbitrator shall be shared equally by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meanings:parties.

Appears in 1 contract

Sources: Lease Agreement (First Marblehead Corp)

Option to Extend. A. (a) Provided that no Event of Default shall have occurred which remains uncured and further provided that Tenant is not or any permitted assignee or sublessee shall be in default under this lease at the time of exercise possession of the hereinafter described option or at the time of termination of the then existing term of this Lease, as the case may beLeased Premises, Tenant shall have one option the right, exercisable by giving written notice ("First Renewal Notice") thereof to Landlord at least nine (9) months but not before twelve (12) months prior to the expiration of the original Term of this Lease to extend the Term of this Lease for an additional term of sixty (60) calendar months ("First Renewal Period") upon all of the terms, covenants and conditions contained in this Lease, except that the Annual Base Rent for the First Renewal Period shall be as follows: 3/1 13 - the last day of $408,822.33 $34,068.53 February 2014 3/1/14 - the last day of $421,087.00 $35,090.58 February 2015 3/1/16 - the last day of $446,731.19 $37,227.60 February 2017 3/1/17 - the last day of $460,133.13 $38,344.43 February 2018 (b) Provided that no Event of Default shall have occurred which remains uncured, and further provided that Tenant or any permitted assignee or sublessee shall be in possession of the Leased Premises, and further provided the Term of this Lease has been extended for the First Renewal Period, Tenant shall have the right, exercisable by giving notice ("Second Renewal Notice") thereof to Landlord at least nine (9) months but not before twelve (12) months prior to the expiration of the First Renewal Period, to extend the term of this Lease for a period of five (5) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date of the then existing an additional term of this Lease. In all respects, sixty (60) calendar months ("Second Renewal Period") upon the terms, covenants and conditions of contained in this Lease shall remain unchanged during the Option TermLease, except that the Monthly Installment of rent payable during Annual Base Rent for the Option Term, except that the Monthly Installment of rent payable during the Option Term Second Renewal Period shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"), the Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the Monthly Installment of rent payable for the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the next Option Adjustment Date. As used herein, the following terms shall have the following meaningsfollows:

Appears in 1 contract

Sources: Industrial Building Lease (American Coin Merchandising Inc)

Option to Extend. A. Provided (a) The Borrower may at any time and from time to time request that Tenant is not in default under this lease at the time of exercise all or a portion of the hereinafter described option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or at a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the time Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of termination such notice to each of the then existing term Lenders of this Leasethe applicable Existing Term Loan Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (i) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding reduction to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, Tenant with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in Section 2.15(d)), (ii)(A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) the Extended Term Loans may (A) so long as Term Loans of the Existing Term Loan Class are outstanding, have covenants, events of default, guarantees and other terms which are different from the covenants, events of default, guarantees and other terms with respect to the Existing Term Loan Class so long as such covenants, events of default, guarantees and other terms are not more restrictive to the Borrower and the Restricted Subsidiaries than those applicable to such Existing Term Loan Class and (B) beginning with the first full quarter after the quarter in which all Term Loans of the Existing Term Loan Class have been paid off in full, have such covenants, events of default, guarantees and other terms as agreed to by the Borrower and the Extending Lenders. No Lender shall have one option any obligation to extend agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the term of this Lease for a period of Existing Term Loan Class from which they were converted. (b) The Borrower shall provide the applicable Extension Request at least five Business Days (5or such later date as the Administrative Agent may agree to in its sole discretion) years (the "Option Term"). Said option shall be exercised only by written notice delivered to Landlord not later than one hundred eight (180) days prior to the expiration date on which Lenders under the applicable Existing Term Loan Class or Existing Term Loan Classes are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the then existing term Existing Term Loan Class or Existing Term Loan Classes subject to such Extension Request converted into Extended Term Loans shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of this Leasethe amount of its Term Loans of the Existing Term Loan Class or Existing Term Loan Classes subject to such Extension Request that it has elected to convert into Extended Term Loans. In all respectsthe event that the aggregate amount of Term Loans of the Existing Term Loan Class or Existing Term Loan Classes subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans of the Existing Term Loan Class or Existing Term Loan Classes subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election. (c) Extended Term Loans shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except with respect to Section 2.15 Additional Amendments which shall be subject to the requirements of Sections 2.1(a)(iii)(3) and 13.1 as provided for below, notwithstanding anything to the contrary set forth in Section 2.1(a)(iii)(3) or 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans established thereby) executed by the Credit Parties, the terms, covenants Administrative Agent and conditions the Extending Lenders. No Extension Amendment shall provide for any tranche of this Lease shall remain unchanged during the Option Term, except Extended Term Loans in an aggregate principal amount that the Monthly Installment of rent payable during the Option Term, except that the Monthly Installment of rent payable during the Option Term shall be increased in accordance wit Subparagraph B below, and except that there shall be no further option to extend the term of this Lease at the end of the Option Term. B. The Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term shall be ninety-five percent (95%) of the fair market rental for the premises as of the first day of the Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be is less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term$250,000,000. Commencing as of the first day of the twenty-fifth (25thIn addition to any terms and changes required or permitted by Sections 2.15(a) and forty-ninth (49th) months of Option Term (with each such date being referred to as an "Option Adjustment Date"2.15(b), the Monthly Installment of rent shall be increased to the greater of: each Extension Amendment (i) one hundred eight and sixteen hundredths percent (108.16%) shall amend the scheduled amortization payments pursuant to Section 2.5 or the applicable Joinder Agreement with respect to the Existing Term Loan Class from which the Extended Term Loans were converted to reduce each scheduled Repayment Amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the Monthly Installment Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of rent any Repayment Amount payable for the calendar month immediately preceding with respect to any individual Term Loan of such Option Adjustment Date; or Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (ii) a sum equal may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the Monthly Installment final maturity and weighted average life to maturity of rent payable during New Term Loans incurred following the first twenty-four (24) months date of such Extension Amendment; provided that any changes to the Option term multiplied by requirements with respect to the final maturity date and weighted average life to maturity of New Term Loans shall neither reduce the minimum weighted average life to maturity nor shorten the earliest permitted final maturity date to a fraction, date earlier than such date under the numerator of which is the New Option Index last published Existing Term Loans as was in effect prior to such Rental Adjustment Date Extension Amendment. Notwithstanding anything to the contrary in this Section 2.15 and without limiting the generality or applicability of Section 2.1(a)(iii)(3) or 13.1 to any Section 2.15 Additional Amendments (as defined below), any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, a “Section 2.15 Additional Amendment”) to this Agreement and the denominator other Credit Documents; provided that such Section 2.15 Additional Amendments comply with and do not conflict with the requirements of which is Section 2.15(a) and do not become effective prior to the Initial Option Index; providedtime that such Section 2.15 Additional Amendments have been consented to (including, howeverwithout limitation, that pursuant to (A) consents applicable to holders of New Term Loans provided for in no event shall the Monthly Installment any Joinder Agreement and (B) consents applicable to holders of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%Extended Term Loans provided for in any Extension Amendment) by such of the Monthly Installment of rent payable Lenders, Credit Parties and other parties (if any) as may be required in order for such Section 2.15 Additional Amendments to become effective in accordance with Section 2.1(a)(iii)(3) and 13. 1. It is understood and agreed that each Lender that has consented to an Extension Amendment will consent for all purposes requiring its consent, and shall at the calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until effective time thereof be deemed to consent to each amendment to this Agreement and the next Option Adjustment Date. As used herein, other Credit Documents authorized by this Section 2.15 and the following terms shall have the following meanings:arrangements described above

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Sources: Credit Agreement (Dollar General Corp)