Option to Extend. 6.18.1 Tenant shall have and is hereby granted the option to extend the Lease Term hereof for one (1) additional period of five (5) years (the “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate. 6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 2 contracts
Sources: Deed of Lease (Opower, Inc.), Deed of Lease (Opower, Inc.)
Option to Extend. 6.18.1 While this Lease is in full force and effect, provided that no Event of Default then exists and no Event of Default has occurred within the immediately preceding twelve (12) month period, and further provided that the Original Tenant has not assigned this Lease nor sublet more than twenty-five percent (25%) of the Premises then demised to Tenant under this Lease (excluding transfers to Permitted Transferees), in each case both as of the time of option exercise and as of the commencement of the herein additional term, Tenant shall have and is hereby granted the right or option (the “Extension Option”) to extend the original term of this Lease Term hereof for one (1) additional period of five (5) years (the “Extension Option Period”), provided . The Extension Option shall not apply to any ROFR Space that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months prior is added to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest Premises in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions connection with paragraph 6.20 of this Lease, including without limitation all provisions governing as any extension of the payment term of Additional Rent Tenant’s leasing of the ROFR Space shall be governed by the Offer. Such extension of the original term shall be on the same terms and annual increases covenants as provided for in Base Rent, shall remain in full force and effect during the Extension Period, provided original term except that (ia) Tenant shall have no further option to extend the Lease Term, (b) the Base Rent payable during for the Extension Option Period shall equal be one hundred percent (100%) of the then-current then Fair Market Rental Rate Rent for the Premises in AS IS condition for lease renewals as determined in accordance with subparagraph 2.2.3, and (hereinafter definedc) at Landlord shall have no obligation to prepare, refurbish or construct the time of Premises or any part thereof prior to the commencement of the Option Period, nor shall Landlord have any obligation to provide Tenant with any tenant improvement allowance or other allowance of any kind. Any exercise of such Extension Option by Tenant as provided herein shall be irrevocable. If the Fair Market Rent has not been determined as of the commencement date of the Option Period; , Tenant initially shall pay Base Rent plus escalations for the extended term at the Fair Market Rate designated by Landlord, with a retroactive adjustment to be made within ten (ii10) Landlord shall not Business Days after the determination of Fair Market Rent. Notice (the “Option Notice”) of Tenant’s intention to exercise the Extension Option must be obligated given to make any improvements or alterations Landlord, in or writing, at least twelve (12) months prior to the Premises; then current expiration of the Lease Term (time being of the essence) or the Extension Option shall lapse and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowancebe of no further force or effect. If Tenant exercises the Extension Option, rental abatement and brokerage commissions) then being provided to tenants renewing leases after the determination of similar space (including size, build-out and condition), in similar buildings the Fair Market Rent for similar length terms. As used in this Leasethe Premises as herein provided, the term “Fair Market Rental Rate” Landlord and Tenant shall meanexecute an amendment to this Lease confirming same.
Appears in 2 contracts
Sources: Gross Lease (Endurance International Group Holdings, Inc.), Gross Lease (Endurance International Group Holdings, Inc.)
Option to Extend. 6.18.1 If Tenant is not in default beyond applicable notice and cure periods on the date that Tenant exercises its Extension Option (as defined below), Tenant shall have and is hereby granted the option to extend the Lease Term hereof for one (1) option (the "Extension Option") to extend the initial Term for an additional period of five one (51) years year (the “Extension Period”"Extended Term"). To exercise Tenant's option with respect to the Extended Term, provided that (i) Tenant gives written shall give notice to Landlord of Tenant’s irrevocable exercise of such extension option not more than eighteen (the “Renewal Notice”18) no later months and not less than twelve (12), ) months prior to the expiration of the Lease Term; initial Term (ii) no Event of Default remains uncured at "Election Notice").
A. If Tenant properly and timely exercises Tenant's Extension Option pursuant to this Section 2.8, the time Extended Term shall be upon all of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premisessame terms, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms covenants and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, ; provided that the Base Monthly Rent applicable to the Premises for the Extended Term shall be the greater of: (i) the Base Monthly Rent payable during as of the Extension Period shall equal last month of the initial Term, or (ii) one hundred percent (100%) of the then-current "Fair Market Rental Rate (hereinafter defined) at Rent" for space comparable to the time Premises as of the commencement of the Extension Period; (ii) Landlord Extended Term. "Fair Market Rent" shall not be obligated mean the annual rental being charged for space comparable to make the Premises in buildings comparable to the Building located in the City of Fremont, County of Alameda, California, taking into account location, condition, existing improvements to the space, and any improvements or alterations in or to be made by Landlord to the Premises; Premises in connection with the Extended Term and (iii) that there will be no free rent, tenant improvement allowance or other concessions under this Lease during the Extension Tenn and no brokerage commissions paid by Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanExtension Term.
Appears in 2 contracts
Sources: Industrial Lease (Quantenna Communications Inc), Industrial Lease (Quantenna Communications Inc)
Option to Extend. 6.18.1 Provided that the Tenant: (i) is ▇▇▇▇▇▇.▇▇▇ Co. and/or Tucows (Delaware) Inc.; (ii) is in actual, physical possession of the whole of the Leased Premises; and (iii) pays the 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 this Lease, the Tenant shall have and is hereby granted the option right to extend the Lease Term hereof for one (1) additional further period of five (5) years (the “Extension PeriodTerm”), provided that (i) Tenant gives upon giving the Landlord written notice of its election to Landlord of Tenant’s irrevocable exercise of such extension option extend the Term (the “Renewal Extension Notice”) no later at least nine (9) months and not more than twelve (12), ) months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at . The Extension Term shall be upon the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All same terms and conditions of as this LeaseLease except that:
(a) There shall be no further right to extend;
(b) The Landlord shall have no obligation to pay to the Tenant any Tenant allowance, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension provide any Fixturing Period, provided that rent free period or any other period of early occupancy, do or perform any Landlord’s Work or provide any other inducement or incentive; and
(ic) Base The Basic Rent payable during the Extension Period Term shall equal one hundred percent (100%) be the Fair Market Rent for the Leased Premises as of the then-current Fair Market Rental Rate date which is six (hereinafter defined6) at months prior to the time expiry of the commencement Term as negotiated between the parties or as otherwise determined in accordance with the provisions of this Section, provided that the Basic Rent payable during the Extension Term, whether negotiated between the parties or determined as aforesaid, shall not, in any event, be less than the Basic Rent payable during the last year of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanimmediately preceding Term.
Appears in 2 contracts
Sources: Third Lease Extension and Amending Agreement (Tucows Inc /Pa/), Third Lease Extension and Amending Agreement (Tucows Inc /Pa/)
Option to Extend. 6.18.1 The Tenant shall have and is hereby granted the option to may extend the Lease Term hereof for one (1) an additional period of five (5) years (such extended period being called the “Extension PeriodExtended Term”), provided that the Tenant:
(i) Tenant gives written notice to Landlord has duly and punctually observed and performed all of the Tenant’s irrevocable exercise covenants and obligations under this Lease throughout the Term in accordance with the terms of such extension option this Lease;
(ii) is not in default of, and has not previously been in default of, any of the “Renewal Notice”Tenant’s covenants and obligations under this Lease;
(iii) no later is in possession of and is conducting its business in the whole of the Premises;
(iv) advises the Landlord in writing that it wishes to extend the Term not more than twelve (12), 12 months and not less than 6 months prior to the expiration of the original Term, failing which this right to extend shall be rendered null and void. If the Tenant exercises its right to extend the Term in accordance with the foregoing, the Lease Term; shall be read as if the original Term was for a period of ten (ii10) no Event of Default remains uncured at years commencing on the time Commencement Date and:
(v) the Base Rent during the Extended Term shall be the then current fair market rental value of the exercise by Tenant of its extension option; (iii) no Event of Default exists at Premises based on prevailing market rates for similar improved premises in similar buildings in the commencement area of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) Building, as established by the mutual agreement of the PremisesLandlord and the Tenant, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing but in no event shall the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) Extended Term be less than the Base Rent payable during the last year of the thenoriginal Term. If the Base Rent for the Extended Term has not been mutually agreed upon by the Landlord and the Tenant at least 3 months prior to the expiry of the original Term, the Base Rent for the Extended Term 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 the 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 Arbitration Act (British Columbia), as amended from time to time. The provisions of the Arbitration Act shall govern the arbitration and the decision of the arbitrator shall be final and binding upon the parties. Each party shall pay one-current Fair Market Rental Rate (hereinafter defined) at half of the time fees and expenses of the arbitrator. The arbitrator shall be instructed to render its decision no later than 15 days prior to the expiry of the original Term, but if the arbitrator fails to do so:
A. the Tenant shall pay the same Base Rent it was paying during the last 12 months of the original Term; and
B. upon the arbitrator rendering its decision, any adjustments in Base Rent shall be made effective the commencement of the Extension PeriodExtended Term and shall be paid by the relevant party within 15 days of the arbitrator rendering its decision. All documents and proceedings with respect to the arbitration are to be kept confidential by each of the parties; and
(iivi) the Landlord shall may require the Tenant to amend the Lease to bring it into conformity with the Landlord’s then-standard form of lease. For greater certainty, the parties acknowledge and agree that upon the Tenant exercising its within right to extend the Term:
(vii) the Tenant will not be obligated entitled to make further extend the Term;
(viii) 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; and
(ix) the Tenant will not be entitled to any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including leasehold improvement allowance, rental abatement tenant inducement or rent free period. The exercise of the within right to extend is solely within the control of the Tenant and brokerage commissions) then being provided nothing contained in the Lease obligates or requires the Landlord to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, remind the term “Fair Market Rental Rate” shall meanTenant to exercise the within right to extend.
Appears in 2 contracts
Sources: Lease of Office Space (Zymeworks Inc.), Lease of Office Space (Zymeworks Inc.)
Option to Extend. 6.18.1 Tenant shall have and If the LESSEE is not then in default, LESSOR does hereby granted grant to LESSEE the option to extend the this Lease Term hereof for one two (12) additional period of five (5) years (the “Extension Period”)year term, provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months prior to commencing on the expiration of the Lease Terminitial term and the expiration of the first extended term, as the case may be, upon the same terms and conditions as herein contained except the annual base rent set forth in paragraph 4 hereof shall 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) no Event of Default remains uncured at the time annual fair value of the exercise parking spaces made available to LESSEE, all to be reasonably determined by Tenant of its extension optionLESSOR ("Outdoor Parking"); it being expressly understood and agreed by the parties that the first five (iii5) spaces taken by LESSEE shall be at no Event of Default exists cost or charge to LESSEE. The annual rent for the second extended term (the "Second Extended Term") shall be adjusted at the commencement of the Extension Period; Second Extended Term and shall be ninety (iv90%) Tenant has not assigned its interest in this Lease or sublet more than twenty percent of the then fair market rental (20%the "Market Rent") of the Premises, except Leased Premises plus the annual fair value of LESSEE's Outdoor Parking spaces as part of a Permitted Transfer 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 a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of LESSEE. Market Rent shall be determined as set forth on Exhibit E to this Lease. Notwithstanding the foregoing, including without limitation all provisions governing in no event shall the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during base rent for the Extension Period, provided that (i) Base Rent payable during second extended term be less than the Extension Period shall equal one hundred percent (100%) annual base rent for the last year of the then-current Fair Market Rental Rate first extended term. The option shall be exercised by written notice from LESSEE and received by LESSOR at least four (hereinafter defined4) at months prior to the time -43- 57 expiration of the commencement of initial term or the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to first extended term, as the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meancase may be.
Appears in 1 contract
Sources: Sublease (Interliant Inc)
Option to Extend. 6.18.1 Provided Tenant is not in default under the terms of this Lease after all applicable grace and cure periods, at the time it gives notice of its intent to exercise its option and at the time the new extended Term begins, and provided Tenant is not in default beyond the applicable cure period on more than one occasion between the notice and the time the new extended Term begins, Tenant shall have and is hereby granted the option right to extend the Lease Initial Term hereof for three (3) additional five (5) year periods ("Extended Term(s)"). "Term", as used herein, shall also include the Initial Term and Extended Term(s), if exercised. Tenant shall provide Landlord not less than ten (10) months written notice prior to the first day of said Extended Term of its intent to exercise each option for an Extended Term. Rent for each Extended Term shall be calculated at ninety-five percent (95%) of fair market 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 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) additional period of five experienced commercial agent/broker familiar with comparable properties in the Albuquerque area (5) years (the “Extension Period”"Commercial Broker"), provided that (i) Tenant gives . Each party shall provide written notice to Landlord the other party within thirty (30) days after the impasse of Tenant’s irrevocable exercise of such extension option said party's designated Commercial Broker and the two (2) Commercial Brokers shall select a third Commercial Broker (the “Renewal Notice”"Third Commercial Broker") no later than twelve within fifteen (12), months prior to the expiration 15) days after selection of the Lease Term; other two (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition2), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Option to Extend. 6.18.1 The Tenant shall have and is hereby granted the option right to extend renew the within Lease Term hereof for one (1) additional 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 “Extension Period”), provided that terms of the within Lease;
(ib) The Tenant gives written notice to has given the Landlord of Tenant’s irrevocable exercise of such extension option at least six (the “Renewal Notice”6) no later 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 on the same terms and conditions as are contained in the within Lease, 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 shall be negotiated and agreed to by the Landlord and the Tenant no later than three (3) months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and extended term. The Minimum Rent during the extended term shall be the fair market rate for premises similar to the Demised Premises, used for a purpose similar to that of the Demised Premises, in properties similar to the Demised Premises, in the immediate vicinity of the building, 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.
(ive) Tenant If the Minimum Rent which shall be applicable during the renewal term has not assigned its interest in this Lease or sublet more than twenty percent (20%) been mutually agreed upon by the Landlord and the Tenant at least 3 months prior to the expiry of the PremisesTerm the Minimum Rent applicable during the renewal term shall be determined by arbitration by a single arbitrator chosen by the Landlord and the Tenant, except as part of a Permitted Transfer or 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 Qualified 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. 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 Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing shall continue to pay the payment of Additional Minimum Rent and annual increases in Base Rent, shall remain in full force and effect it was paying during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) last month of the then-current Fair Market Rental Rate (hereinafter defined) at Term until such time as the time arbitrator renders its decision, whereupon the appropriate adjustments shall be made between the parties. The rent payable for the 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 commencement 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 Extension Period; (ii) parties, such cost of arbitration shall be shared equally between the Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanTenant.
Appears in 1 contract
Option to Extend. 6.18.1 Tenant Provided that no Event of Default shall have occurred which remains uncured and is hereby granted the option to extend the Lease Term hereof for one (1) additional period of five (5) years (the “Extension Period”), provided that (i) Tenant gives Lessee shall be in possession of the leased property, Lessee shall have the right, exercisable by given written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “"First Renewal Notice”") no later than thereof to Lessor at least nine (9) months but not before twelve (12), ) months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions original term of this Lease, including without limitation to extend the term of this Lease for an additional term of thirty-six (36) calendar months ("First Renewal Period") upon all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; terms, covenants and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used conditions contained in this Lease, except that the annual fixed rent shall be Market Rent. Market Rent for the First Renewal Period shall be determined as follows:
(i) After timely receipt by Lessor of the First Renewal Notice, Lessor and Lessee shall have a period which will end sixty (60) days prior to the expiration of the original term “Fair of this Lease ("Initial Rent Determination Period") in which to agree on Market Rental Rate” Rent for the First Renewal Period. If Lessor and Lessee agree on Market Rent for the First Renewal Period, then they shall meanimmediately execute an amendment to this Lease stating and incorporating such agreed upon Market Rent.
(ii) If Lessor and Lessee are unable to agree on Market Rent for the First Renewal Period, subject to the limitation set forth in subsection (iv) below, Lessor and Lessee shall proceed as follows:
Appears in 1 contract
Sources: Lease (Spartan Stores Inc)
Option to Extend. 6.18.1 Provided that there is no then outstanding uncured Event of Default by Tenant and Tenant is still in possession of the Demised Premises, Tenant shall have and is hereby granted the option two (2) options to extend the Lease Term hereof Term, for one (1) additional a period of five (5) years each (an “Extended Term”). The notice to extend the Term (the “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve must be given by Tenant to Landlord in writing on or before two hundred seventy (12), months 270) days prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate Term (hereinafter definedfailure to give notice being an absolute bar to any rights on the part of Tenant to so extend). The Monthly Minimum Rent for the first year of each Extended Term will be the lower of:
(i) at the time Monthly Minimum Rent for the last month of the commencement Term, or
(ii) the fair market monthly rental value of the 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 similar size and rent credit as Tenant. With either (i) or (ii), the Monthly Minimum Rent for each succeeding year of an Extended Term shall be 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 then prevailing fair market rate as indicated in (ii) above, within thirty (30) days after Landlord’s receipt of the Extension Period; Notice, then Tenant shall have a further fifteen (ii15) days to either accept the Monthly Minimum Rents as determined by (i) above or withdraw its Extension Notice. If Landlord shall 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 obligated deemed to make any improvements or alterations have selected (i) and the Term will be extended for five (5) years at two and one half percent (2.5%) increases in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings Monthly Minimum Rent for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meaneach additional year.
Appears in 1 contract
Sources: Lease (Interpace Biosciences, Inc.)
Option to Extend. 6.18.1 Provided Tenant shall have and is hereby granted the option to not then in default of its ---------------- obligations under this Lease beyond any applicable grace periods, Tenant may extend the Term of this Lease Term hereof for one (1) additional period of five (5) years (the “Extension Period”), provided that (i) Tenant gives written year period by giving notice to Landlord of Tenant’s irrevocable exercise of such extension option its election to extend at least nine (the “Renewal Notice”9) no later than twelve (12), months prior to the expiration end of the Lease original Term; (ii) no Event of Default remains uncured at the time of the exercise . The Yearly Fixed Rent payable by Tenant of its with respect to such extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty period shall be equal to ninety-five percent (2095%) of the Premisesthen fair market rental value of the Demised Premises (taking into account comparable first-class office space in the East Cambridge area)
(1) as the same may be mutually agreed by Landlord and Tenant: provided, except as part however that (2) if they have not so agreed in writing within two (2) months following the exercise of the option then said fair market value shall be determined by appraisers, one to be chosen by Landlord. one to be chosen by Tenant, and a third to be selected by the two first chosen. The unanimous written decision of the two first chosen, without selection and participation of a Permitted Transfer third appraiser, or to otherwise the written decision of a Qualified Tenant Affiliate.
6.18.2 All terms majority of three appraisers chosen and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rentselected as aforesaid, shall remain in full force be conclusive and effect during binding upon Landlord and Tenant. Landlord and Tenant shall each notify the Extension Period, provided that other of its chosen appraiser within thirty (i30) Base Rent payable during the Extension Period shall equal one hundred percent (100%) days following expiration of the thenaforesaid two (2) month period and, unless such two appraisers shall have reached a unanimous decision within seventy-current Fair Market Rental Rate five (hereinafter defined75) at days from said expiration, they shall within a further fifteen (15) days elect a third appraiser and notify Landlord and Tenant thereof. Landlord and Tenant shall each bear the time expense of the commencement appraiser chosen by it and shall equally bear the expense of the Extension Period; third appraiser (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and conditionif any), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean.
Appears in 1 contract
Option to Extend. 6.18.1 Provided Tenant is not in default in its obligations hereunder beyond any applicable notice and cure period, Tenant shall have and is hereby granted the option to extend this Lease for one additional successive term (hereinafter referred to, as applicable, as the Lease " Extended Term") commencing immediately upon the expiration of the initial Term hereof and continuing for one (1) additional a period of five (5) years (the “Extension Period”)years, provided that Tenant proceeds strictly in accordance with the provisions of this Article 35. On or before the date that is one hundred twenty (i120) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months days prior to the expiration Expiration Date for the Term (the "Notice Date"), Tenant shall advise Landlord in writing that Tenant wishes to extend the term of the this Lease Term; (ii) no Event of Default remains uncured hereinafter referred to as “Tenant's Extension Notice”). If at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Landlord receives Tenant's Extension Period; and (iv) Tenant has not assigned its interest in Notice this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain is in full force and effect without default on the part of the Tenant beyond any applicable cure period, then, during the Extension Periodnext thirty (30) days, provided that (i) Landlord shall notify Tenant in writing of the Base Rent payable during pursuant to Article 3 of the Extension Period Lease which shall be due for the Extended Term. The Base Rent specified by Landlord shall be equal one hundred to the greater of: (a) the Base Rent scheduled to be paid for the last year of the Term without giving effect to any partial or complete abatements of Base Rent (the “Rent Notice”); or (b) ninety five percent (10095%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time Landlord’s projected fair market Base Rent as of the commencement of the Extension Period; Extended Term, for comparable space in comparable buildings in New Haven, with all relevant factors considered (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and conditionFMV Rent Notice”), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean.
Appears in 1 contract
Sources: Lease Agreement (Arvinas, Inc.)
Option to Extend. 6.18.1 Tenant shall have and is Lessor hereby granted grants to Lessee an option (the option “Option”) to extend the Lease Term hereof term of the Lease, for one (1) an additional period of three (3) years (the “Option Term”). The Option must be exercised, if at all, by written notice (an “Option Notice”) delivered by Lessee to Lessor not later than six (6) months prior to the end of the term then in effect. 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 term then in effect, Lessee (i) is in default under the Lease, which default has not been cured as of the date in question, (ii) has assigned all or any portion of this Lease or its interest therein except in a transaction that does not require Lessors consent, or (iii) has sublet fifty percent (50%) or more of the Premises except in a transaction that does not require Lessor’s consent. Provided Lessee has properly and timely exercised the Option, the term of the Lease shall be extended by the Option Term, and all terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except that (y) Lessee shall pay initial base rent determined as set forth below in this paragraph, and (z) after the exercise of the Option, Lessee shall have no options remaining. Lessor shall have no obligation whatsoever in connection with any extension of the term of this Lease to remodel, alter or improve the Premises for use by Lessee, to provide any improvement or construction allowance to Lessee, or to pay or reimburse Lessee for any remodeling, alterations or improvements to the Premises. The initial base rent during the Option Term shall be ninety-five percent (95%) of the fair market rental value of the Premises as of the commencement of the Option Term, determined as provided below. As used herein, “fair market rental value” shall mean the projected prevailing rental rate as of the first day of the Option Term for similar commercial space improved or presumed to be improved with Lessee improvements of substantially similar age, quality and layout as then existing in the Premises and situated in similar office buildings in the Sierra Point area of San Mateo County, including without limitation annual increases in the base rent, taking into account all relevant factors, including term, the presence or absence of leasing commissions, and the presence or absence of tenant concessions. Promptly after delivery of the Option Notice, Lessor and Lessee shall meet and confer and attempt to agree upon the fair market rental value of the Premises. If they are notable to agree, either party may give written notice to the other that the fair market rental value is to be determined by appraisal as provided herein. Within twenty (20) days following such notice, each party shall by written notice to the other appoint an independent and qualified appraiser. Each of such appraisers shall, within thirty (30) days, following appointment, give written notice to both parties of the appraiser’s determination of fair market rental value. If the determinations of such appraisers are in agreement, the initial base rent for the Option Term shall be ninety-five percent (95%) of the fair market rental value so determined. If the difference between such determinations is five percent (5%) of the higher appraisal or less, the average of the two determinations shall be the fair market rental value. If the difference is more than such percentage, then during the ten-day period following the appraisers’ determinations, Lessor and Lessee shall again meet and confer and attempt to agree upon the fair market rental value of the Premises. If they are not able to agree, the two appraisers shall appoint an independent M.A.I. appraiser with not less than five (5) years experience with office leases in the area in which the building is located. Within thirty (30) days following appointment, the “Extension Period”), provided that (i) Tenant gives third appraiser shall on written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12)parties determine the fair market rental value, months prior to which determination shall be binding upon the expiration parties. Each party shall pay the fees and expenses of the Lease Term; (ii) no Event of Default remains uncured at the time appraiser appointed by it and one-half of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement fees and expenses of the Extension Period; and (iv) Tenant third appraiser. If base rent has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except been determined as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord Option Term, Lessee shall not pay the Base Rent in the amount specified by Lessor until base rent is finally determined. Upon such determination any overpayment or underpayment of base rent shall be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanreconciled.
Appears in 1 contract
Sources: Office Lease (Ign Entertainment Inc)
Option to Extend. 6.18.1 (a) If the Tenant is (i) not in material default under the terms of this Lease throughout the Term and (ii) in occupation of the whole of the Premises, the Tenant shall have and is hereby granted the option exercisable upon no less than nine (9) months written notice to the Landlord prior to the expiry of the Term to extend the Term of the Lease Term hereof for one [●] (1[●]) additional period further period[s] of five [●] (5[●]) years year[s] (“Extended Term”) upon the “Extension Period”)same terms and conditions as contained herein, provided that save and except:
(i) Tenant gives written notice there will be no further right to Landlord extend the Term;
(ii) the Basic Rent for the Extended Term shall be the then fair market rental rate per square foot per annum (as at the date of the Tenant’s irrevocable exercise notice) for comparable premises located in the [●] Building and in comparable buildings in the vicinity of such extension option the [●] Building and leased for the same period as the Extended Term and shall be no less than the rate for the final year of the Term;
(iii) there shall be no leasehold improvement allowance, rent free period or other inducements;
(iv) if required by the “Renewal Notice”Landlord, the parties shall execute a commercially reasonable Lease Extension Agreement prepared by the Landlord to reflect the terms of the Extended Term.
(v) no later than twelve Tenant shall pay to the Landlord all costs and disbursements (12including, without limitation, all consulting and legal costs on a solicitor and own client basis) arising from or in connection with Tenant exercising its right under this Section 20.1 (including, without limitation any cost associated with the drafting of any Lease Extension Agreement and/or any Amendment Agreement), months .
(b) If the parties are unable to agree on the Basic Rent for the Extended Term on or before the date that is three (3) month prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at , then the time Basic Rent shall be determined by arbitration before a sole arbitrator in accordance with Schedule “E“ hereto. The cost of the exercise arbitrator shall be borne equally by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliateboth parties.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Sources: Lease Agreement
Option to Extend. 6.18.1 If,
(a) The Tenant shall have 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 hereby granted not in default under the option Lease;
(c) The Tenant gives the Landlord not less than Nine (9) months and not more than Eighteen (18) months written notice prior to the expiration of the Term of this Lease of the Tenant’s intention to extend the Term of the Lease; and
(d) So long as the Tenant is Eloqua Corporation or a permitted Transferee, defined as:
(i) A holding body corporate, a subsidiary body corporate or affiliated body corporate (as those terms are defined as of the date of this Offer pursuant to The Canada Business Corporations Act) of the Tenant;
(ii) A corporation formed as a result of a merger or amalgamation involving the Tenant with another corporation or corporations; or
(iii) A purchaser, whether by acquisition of shares or assets, of all or a majority of the Tenant’s business and/or assets. and itself in occupation and conducting business in 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 or a permitted Transferee, then the Landlord will grant to the Tenant the right to extend the Term of this Lease upon the expiry of the initial Term hereof for one (1) additional a period of five Five (5) years (the “Extended Term”) upon the same terms and conditions as set out in the Lease except that:
i) The Landlord may at its option require the Tenant to enter into an Extension Period”Agreement, as prepared by the Landlord at the Tenant’s expense to give effect to the Extended Term; and
ii) The Minimum Rent payable during each year of the Extended Term shall be based on the fair market rent, all economic factors considered, for comparable premises (including comparable leasehold improvements), provided that in comparable buildings, in the same neighbourhood, Nine (i9) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months prior to the expiration of the Lease Term; (ii) no Event . For the purpose of Default remains uncured at this clause 555 and ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ are deemed to be comparable buildings. Failing agreement as to the time fair market rent, such rent shall be determined by an arbitrator agreed on by the parties both acting reasonably, such arbitrator employing baseball style/final offer arbirtration whereby each party submits a final offer and the arbitrator selects one of the exercise by Tenant of its extension option; (iii) no Event of Default exists at two offers to which the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliateparties will be bound.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Sources: Lease Agreement (Eloqua, Inc.)
Option to Extend. 6.18.1 Subject to the provisions of Article XIX "Landlord's Sale or Transfer," and --------------------------- upon condition that Tenant shall have (i) is not then in default at the time of the exercise of any option beyond any applicable cure periods, (ii) has not been in default more than two (2) times during the Lease Term beyond any applicable cure periods, and (iii) is hereby granted not in default as of the commencement thereof beyond any applicable cure periods, Landlord grants to Tenant the option to extend the Lease Term hereof for one (1) additional period of five (5) years (the “Extension Period”"Extended Term"), provided all upon the same terms and conditions herein contained, except for Minimum Rent, and the extension option granted herein. During the Extended Term, the Minimum Rent for each year of the Extended Terms (12 consecutive months) shall, unless otherwise agreed in writing, be adjusted to the then prevailing market rate for premises of similar size, location, age and amenities to the Leased Premises, as mutually determined by Landlord and Tenant in each of their respective reasonable discretions, taking into consideration the Option Period Annual Increases described below, and the fact that this will be an extension or renewal of an existing lease and not a new lease, thereby relieving Landlord of the obligation to pay commissions, tenant improvement allowances and other such concessions and consideration typically required by a new lease (the "Fair Market Rent"). Thereafter, during each Lease Year of the Extended Term, the Minimum Rent payable by Tenant shall be increased by the greater of: (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12)4% per year, months prior to the expiration of the Lease Term; or (ii) no Event of Default remains uncured at the time percentage change in the Consumer Price Index (as defined below): For purposes of the exercise by Tenant of its extension option; (iii) no Event of Default exists at foregoing, changes in the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except Consumer Price Index shall be calculated as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanfollows:
Appears in 1 contract
Sources: Office and Industrial Building Lease (Rockshox Inc)
Option to Extend. 6.18.1 Provided no event of default by Tenant under the Lease has occurred and is continuing at the time of delivery of an Extension Notice, Tenant shall have and is hereby granted the option right to extend the Term of this Lease Term hereof for one two (12) additional period of five (5) years year terms (the “Extension Period”), provided that (ieach an "Extended Term") Tenant gives upon prior written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no given not later than twelve six (12), 6) months prior to the expiration of the Lease initial Term ("Extension Notice"); provided however that the Extension Notice must be given as to the second Extended Term not later than twenty-four (24) months prior to the expiration of the 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 on the same terms and conditions as provided in this Lease, except that (i) Tenant shall occupy the Premises in its then "AS IS" condition, (ii) no Event the Fixed Monthly Rent from January, 1, 2001 through December 31, 2001, shall be $1.58 per square foot of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) Rentable Area of the Premises, and (iii) thereafter, the Fixed Monthly Rent shall be $1.60 per square foot of Rentable Area of the Premises.
8. This Amendment shall be effective upon execution by Landlord and Tenant and, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Leaseamended herein, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, Lease shall remain in full force and effect during 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 Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meansame instrument.
Appears in 1 contract
Sources: Lease (QRS Corp)
Option to Extend. 6.18.1 Tenant Sublandlord and Subtenant acknowledge and agree that Subtenant shall have the right to extend the term of this Sublease through August 31, 2012 (which is the expiration of the term of the Prime Lease) upon the following terms and is hereby granted conditions: (i) Subtenant shall provide Sublandlord with prior written notice of Subtenant’s election to so extend the term of this Sublease not less than nine (9) months prior the expiration of the then current term of this Sublease, time being of the essence; (ii) all of the terms and conditions of such extension term shall be the same as during the initial term of this Sublease except that the Minimum Rent shall be equal to the then current fair market rental rate for the Premises as agreed to between Sublandlord and Subtenant in their reasonable and good faith determination (if Sublandlord and Subtenant are unable to agree upon the then current fair market rental rate for the Premises within thirty (30) days following Sublandlord’s receipt of Subtenant’s exercise of its option to extend the Lease Term hereof for one (1) additional period of five (5) years (Sublease term as set forth herein, then the “Extension Period”), provided that (i) Tenant gives written notice parties shall submit such dispute to Landlord of Tenant’s irrevocable exercise of such extension option (arbitration in accordance with the “Renewal Notice”) no later than twelve (12), months prior to the expiration then current rules of the Lease Term; American Arbitration Association in order to resolve such dispute, with each party bearing one-half (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%1/2) of the Premises, except as part cost of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premisessuch arbitration); and (iii) Landlord Subtenant shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided have no right to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, extend the term “Fair Market Rental Rate” shall meanof this Sublease (a) if upon the exercise thereof by Subtenant and/or on the date upon which such extended term is to begin Subtenant is in default under this Sublease and/or (b) if Subtenant has assigned this Sublease or sublet all or any portion of the Premises to any party other than an Affiliate (as defined in Section 6(c)(i) of this Sublease).
Appears in 1 contract
Sources: Sublease (Costar Group Inc)
Option to Extend. 6.18.1 So long as:
(a) the Tenant is not in uncured material default under the terms of this Lease;
(b) the Lease has not previously been terminated;
(c) the Tenant is itself occupying the entire Premises; and
(d) the Tenant gives to the Landlord written notice of its intention to extend the Term of the Lease not more than twelve (12) months nor less than nine (9) months prior to the termination of the current Term, The Tenant shall have and is hereby granted the option two (2) options to extend the Term of the Lease Term hereof for one (1) additional period of five (5) years year period(s) (the each, an “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal NoticeExtended Term”) on either:
i. the whole of the Premises;
ii. the First (1st) Floor and Second (2nd) Floor only;
iii. the First (1st) Floor, Second (2nd) Floor and Suite 330 only; and
iv. the First (1st) Floor, Second (2nd) Floor, Suite 330 and Suite 350 only; and shall be upon the same terms and conditions as contained in the Lease except as otherwise expressly provided herein and except that there shall be no later than twelve (12)further right of extension, months prior no rent concessions, no Landlord's Work required, no fixturing period and no tenant allowance or any other amount payable by Landlord to Tenant, the rates for any storage space and/or parking spaces used by Tenant shall be the Landlord's then applicable rates and annual Basic Rent shall be equal to the expiration greater of:
v. the annual Basic Rent payable during the last prior year of the Lease Term; (ii) no Event or
vi. the fair market annual Basic Rent for the Premises as agreed upon by the parties having regard to the finished condition of Default remains uncured the Premises at the time of extension but excluding the exercise by Tenant value of its extension option; (iii) no Event of Default exists any improvements that have been constructed at the commencement expense of the Extension Period; Tenant and having regard to then applicable basic rental levels for similar premises for a similar term in the Building. The parties shall make all reasonable efforts to reach agreement as to the fair market annual Basic Rent for the extension term not less than three (iv3) months from the Date of the Tenant’s exercise of such Option to Extend, and failing such agreement, fair market annual Basic Rent for the Extended Term shall be determined by a single arbitrator in accordance with the Commercial Arbitration Act (British Columbia). If the Landlord so elects, the Tenant has shall execute the Landlord's then current form of lease amending agreement or lease, as determined by the landlord, to give effect to such extension of the Term. Schedule “C” The Tenant shall observe the following Rules and Regulations (as amended, modified or supplemented from time to time by the Landlord as provided in the Lease):
1. The Tenant shall not assigned its interest use or permit the use of the Premises in this Lease such manner as to create any objectionable noises, odours or sublet more other nuisance or hazard, or breach any applicable provisions of municipal by‑law or other lawful requirements applicable thereto or any requirements of the Landlord's insurers, shall not permit the Premises to be used for cooking (except with the Landlord's prior written consent) or for sleeping, shall keep the Premises tidy and free from rubbish, shall deposit rubbish in receptacles which are either designated or clearly intended for waste and shall leave the Premises at the end of each business day in a condition such as to facilitate the performance of the Landlord's janitorial services in the Premises, if applicable.
2. The Tenant shall not abuse, misuse or damage the Premises or any of the improvements or facilities therein, and in particular shall not deposit rubbish in any plumbing apparatus or use it for other than twenty percent (20%) purposes for which it is intended, and shall not deface or mark any walls or other parts of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms 3. The Tenant shall not perform, patronize or (to the extent under its control) permit any canvassing, soliciting or peddling in the Building.
4. The entrances, lobbies, elevators, staircases and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) other facilities of the then-current Fair Market Rental Rate (hereinafter defined) at Building are for use only for access to the time Premises and other parts of the commencement Building and the Tenant shall not obstruct or misuse such facilities or permit them to be obstructed or misused by its agents, employees, invitees or others under its control.
5. No safe or heavy office equipment shall be moved into or about the Building by or for the Tenant unless the consent of the Extension Period; (ii) Landlord is first obtained and unless all due care is taken. Such equipment shall be moved upon the appropriate steelbearing plates, skids or platforms and subject to the Landlord's direction, and at such times, by such means and by such persons as the Landlord shall not have approved. No furniture, freight or bulky matter of any description shall be obligated to make any improvements or alterations moved in or to out of the Premises; and (iii) Premises or carried in the elevators except during such hours as the Landlord shall provide standard “market” tenant concessions (including improvement allowancehave approved. Hand trucks and similar appliances shall be equipped with rubber tires and other safeguards approved by the Landlord, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As shall be used in this Lease, only by prior arrangement with the term “Fair Market Rental Rate” shall meanLandlord.
Appears in 1 contract
Option to Extend. 6.18.1 The Tenant shall have and is hereby granted the option right to extend renew the within Lease Term hereof for one (1) additional period extended term of five (5) years years, subject to the following terms and conditions:
(a) The Tenant has not been in default under the “Extension Period”), provided that terms of the within Lease;
(ib) The Tenant gives written notice to has given the Landlord of Tenant’s irrevocable exercise of such extension option at least six (the “Renewal Notice”6) no later 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 on the same terms and conditions as are contained in the within Lease, 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 shall be negotiated and agreed to by the Landlord and the Tenant no later than three (3) months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and extended term. The Minimum Rent during the extended term shall be the fair market rate for premises similar to the Demised Premises, used for a purpose similar to that of the Demised Premises, in properties similar to the Demised Premises, in the immediate vicinity of the building, 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.
(ive) Tenant If the Minimum Rent which shall be applicable during the renewal term has not assigned its interest in this Lease or sublet more than twenty percent (20%) been mutually agreed upon by the Landlord and the Tenant at least 3 months prior to the expiry of the PremisesTerm the Minimum Rent applicable during the renewal term shall be determined by arbitration by a single arbitrator chosen by the Landlord and the Tenant, except as part of a Permitted Transfer or 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 Qualified 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. 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 Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing shall continue to pay the payment of Additional Minimum Rent and annual increases in Base Rent, shall remain in full force and effect it was paying during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) last month of the then-current Fair Market Rental Rate (hereinafter defined) at Term until such time as the time arbitrator renders its decision, whereupon the appropriate adjustments shall be made between the parties. The rent payable for the 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 commencement 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 Extension Period; (ii) parties, such cost of arbitration shall be shared equally between the Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanTenant.
Appears in 1 contract
Option to Extend. 6.18.1 21.1 Tenant shall have and is hereby granted the option right, to be exercised as hereinafter provided, to extend the term of this Lease Term hereof for one two (12) additional period periods of five (5) years each on the following terms and conditions and subject to the limitations hereinafter set forth, each such five (the “Extension Period”), provided that (i5) Tenant gives written notice year renewal period being in this Lease sometimes referred to Landlord of Tenant’s irrevocable exercise of such extension option (the as a “Renewal NoticeTerm.”
(a) no later than twelve (12), months prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured That at the time hereinafter set forth for the exercise of the exercise by Tenant of its applicable extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in , this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain be in full force and effect during and there shall be no pending Event of Default with respect to Tenant as of the Extension Perioddate of the exercise of the option, provided that but Landlord shall have the right, at its sole discretion, to waive the non-default conditions herein.
(ib) That the Renewal Term shall be upon the same terms, covenants and conditions as in this Lease provided; provided, however, the annual Base Rent payable during for the Extension Period applicable Renewal Term shall equal one hundred percent (100%) be 95% of the then-current Fair Market Rental Rate fair market Base Rent rate (hereinafter defined) at the time taking into account market concessions and financial credit of the Tenant) for such space on the date such Renewal Term shall commence in relation to comparable (in quality and location) space located in the Minneapolis – St. ▇▇▇▇ metropolitan area. The fair market Base Rent for the Premises shall be determined as of the date eight (8) months prior to commencement of the Extension Period; (ii) Landlord shall not be obligated Renewal Term. Provided Tenant has properly elected to make any improvements or alterations in or to renew the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases term of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanand if Landlord and Tenant fail to agree to least seven (7) months prior to commencement of the
Appears in 1 contract
Sources: Industrial/Warehouse Lease Agreement (Insignia Systems Inc/Mn)
Option to Extend. 6.18.1 Tenant shall have (a) The Borrower may at any time and is hereby granted from time to time request that all or a portion of the option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the Lease scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term hereof Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for one 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 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 Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of such request (each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an “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) additional period 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) years (the “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months Business Days prior to the expiration 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 Lease Term; 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 (iian “Extension Election”) no Event of Default remains uncured at on or prior to the time date specified in such Extension Request of the exercise by Tenant amount of its extension option; (iii) no Event of Default exists at the commencement 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 Period; and (iv) Tenant Request that it has not assigned its interest in this Lease elected to convert into Extended Term Loans or sublet more than twenty percent (20%) 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 PremisesExisting 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(d) 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 part the Swingline Lender has consented to such extensions in its sole discretion (it being understood that no consent of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions any other Lender shall be required in connection with any such extension). Notwithstanding the -73- foregoing, for the avoidance of this Leasedoubt, including without limitation all provisions governing the payment Letter of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord Credit Commitments shall not be obligated 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 make any improvements or alterations in or an amendment (an “Extension Amendment”) to this Agreement (which, except to the Premises; 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 scheduled amortization payments pursuant 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 Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of 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 (iiiy) Landlord may, but shall provide standard “market” tenant concessions not be required to, impose additional requirements (including improvement allowance, rental abatement not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and brokerage commissions) then being provided weighted average life to tenants renewing leases maturity of similar space 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 (including size, build-out and conditionas 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 other Credit Documents; provided that such Section 2.15 Additional Amendments comply with and do not conflict with the requirements of Section 2.15(a) or (b) and do not become effective prior to the time that such Section 2.15 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of New Term Loans or New Revolving Credit Commitments provided for in similar buildings any Joinder Agreement and (2) consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for similar length termsin any Extension Amendment) by such of the 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 13.1. As used 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 effective time thereof be deemed to consent to each amendment to this Agreement and the other Credit Documents authorized by this Section 2.15 and the arrangements described above in this Lease, connection therewith except that the term “Fair Market Rental Rate” foregoing shall meannot constitute a consent on behalf of any Lender to the terms of any Section 2.15
Appears in 1 contract
Option to Extend. 6.18.1 Provided that the Required Conditions have been satisfied and the Tenant gives the Landlord not less than twelve (12) months’ and not more than eighteen (18) months’ Notice prior to the expiration of the initial Term of the exercise of this option, then the Tenant shall have and is hereby granted the option to extend the Lease initial Term hereof in respect of the whole of the Premises for one two (12) additional period extension terms of five (5) years each (the each an “Extension PeriodTerm”) which will on the same terms and conditions as set out in the Lease (with no option to extend except as provided herein), provided that save for the Basic Rent, which shall be the then market rate for similar premises and similar comprehensive equipment put to similar use (ibeing the production of cannabis) Tenant gives written notice to Landlord and with similar availability of Tenant’s irrevocable exercise permits. Notwithstanding the foregoing, Basic Rent in an Extension Term will not be less than Basic Rent in the year of such extension option the Term (the “Renewal Notice”as extended, if applicable) no later than twelve (12), months immediately prior to the expiration of relevant Extension Term, and if less will be deemed to be such amount. In the Lease Term; (ii) no Event of Default remains uncured at event the time of parties are unable to agree on the exercise by Tenant of its extension option; (iii) no Event of Default exists at same prior to the commencement of the Extension Period; and (iv) Term, the Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) will pay Basic Rent at 150% of the Premises, except as part of a Permitted Transfer or previous rate and adjust on determination. In the event the parties fail to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing agree upon the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Basic Rent payable during by the Tenant for the relevant Extension Period Term, then such Basic Rent shall equal one hundred percent (100%) be determined by arbitration by a single arbitrator appointed by the parties pursuant to the provisions of the then-current Fair Market Rental Rate Arbitration Act (hereinafter definedAlberta) at applying the time of criteria set out above (including the requirement that the annual Minimum Rent payable by the Tenant not be less than the Basic Rent payable by the Tenant in the year prior to the commencement of the relevant Extension Period; (ii) Landlord Term. If the parties cannot agree on a single arbitrator, then, upon the application by either party, a justice of the Court of Queen’s Bench shall not appoint an arbitrator whose sole determination shall be obligated to make any improvements or alterations final. The arbitrator shall be a disinterested person of recognized competence in or to the Premises; commercial real estate business. The parties shall each pay one-half of the costs and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases expenses of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanarbitration unless the arbitrator otherwise determines.
Appears in 1 contract
Sources: Lease (Cannapharmarx, Inc.)
Option to Extend. 6.18.1 If,
(a) The Tenant shall have 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 hereby granted not in default under the option 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 Term of this Lease of the Tenant’s intention to extend the 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 hereof for one (1) additional a period of five (5) years (the “Extension PeriodExtended Term”), provided that ) upon the same terms and conditions as set out in the Lease except that:
(i) Tenant gives written notice There shall be no further right to Landlord of Tenant’s irrevocable exercise of such extension option (extend the “Renewal Notice”) no later than twelve (12), months prior to the expiration of the Lease Term; ;
(ii) no Event The Landlord may at its option require the Tenant to enter into an Extension Agreement, as prepared by the Landlord at the Tenant’s expense to give effect to the Extended Term; and
(iii) The Minimum Rent payable during each year of Default remains uncured the Extended Term shall be based on the fair market rent for similar premises in the Building at the time the Tenant exercises this Option to Extend, but in no event less than $10.31 per rentable square foot per annum in each year of the exercise by Tenant of its extension option; extended term. SIGNED, SEALED AND DELIVERED ) 674951 ONTARIO LIMITED in the presence of: ) (iiiLandlord) no Event of Default exists at the commencement of the Extension Period; ) Per: /s/ ▇▇▇▇ ▇▇▇▇▇▇ ) ▇▇▇▇ ▇▇▇▇▇▇ — Property Manager ) Per: ) ▇▇▇▇▇▇▇ ▇▇▇▇▇ — Vice President ) ELOQUA CORPORATION ) (Tenant) ) Per: /s/ ▇▇▇▇ Organ ▇▇▇▇ Organ, President ▇▇▇▇ ▇, ▇, ▇, ▇, ▇, ▇, ▇, ▇, 9, 10, 11, 12 and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises13, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms Block A, ▇▇▇ ▇▇, ▇▇▇▇ ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, 21, 22, 23, 24 and conditions of this Lease25, including without limitation all provisions governing the payment of Additional Rent Block D, Blocks B and annual increases in Base RentC, shall remain in full force The ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇-▇▇▇▇ and effect during the Extension Period▇▇▇ ▇▇, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance▇▇▇▇▇▇▇ ▇, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition)▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, in similar buildings for similar length termsthe City of Toronto Municipality of Metropolitan Toronto, designated as Part 1, on Plan 63R-3261 (as described in Instrument No. As used in this Lease, the term “Fair Market Rental Rate” shall meanCT-807031).
Appears in 1 contract
Sources: Lease Agreement (Eloqua, Inc.)
Option to Extend. 6.18.1 Provided that the Tenant shall have is in occupation of the whole of the Leased Property, is not in default and is hereby granted has not been in default during the option to extend the Lease Term hereof for one (1) additional period Term, then, upon delivery of five (5) years (the “Extension Period”), provided that (i) Tenant gives written notice exercising this right given to the Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later not more than twelve (12), ) months prior to and not less than six (6) months before the expiration of the Lease Term; (ii) no Event of Default remains uncured at , the time Tenant shall have the right to extend the Term of the exercise by Tenant Lease for the whole of its extension option; the Leased Property for a period of ten (iii10) years commencing May 1, 2030 and expiring April 30, 2040 (the “Extended Term”). The Extended Term shall be 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 Event of Default exists at 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 Extension PeriodExtended Term;
(c) there shall be no leasehold improvement allowance, Landlord's work, rent free period, or other inducements; and and
(ivd) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) the parties shall execute a lease extension agreement prepared by the Landlord to reflect the terms of the Premises, except as part of a Permitted Transfer Extended Term or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time 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 (60) days prior to the commencement of the Extension Period; (ii) Landlord Extended Term, then such Basic Rent shall not be obligated to make any improvements or alterations determined by arbitration in or to accordance with the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean.
Appears in 1 contract
Sources: Lease Agreement
Option to Extend. 6.18.1
(a) If the Tenant is (i) not in material default under the terms of this Lease throughout the Term and (ii) in occupation of the whole of the Premises, the Tenant shall have and is hereby granted the option exercisable upon no less than nine (9) months written notice to the Landlord prior to the expiry of the Term to extend the Term of the Lease Term hereof for one [●] (1[●]) additional period further period[s] of five [●] (5[●]) years year[s] (“Extended Term”) upon the “Extension Period”)same terms and conditions as contained herein, provided that save and except:
(i) Tenant gives written notice there will be no further right to Landlord extend the Term;
(ii) the Basic Rent for the Extended Term shall be the then fair market rental rate per square foot per annum (as at the date of the Tenant’s irrevocable exercise notice) for comparable premises located in the [●] Building and in comparable buildings in the vicinity of such extension option the [●] Building and leased for the same period as the Extended Term and shall be no less than the rate for the final year of the Term;
(iii) there shall be no leasehold improvement allowance, rent free period or other inducements;
(iv) if required by the “Renewal Notice”Landlord, the parties shall execute a commercially reasonable Lease Extension Agreement prepared by the Landlord to reflect the terms of the Extended Term.
(v) no later than twelve Tenant shall pay to the Landlord all costs and disbursements (12including, without limitation, all consulting and legal costs on a solicitor and own client basis) arising from or in connection with Tenant exercising its right under this Section 20.1 (including, without limitation any cost associated with the drafting of any Lease Extension Agreement and/or any Amendment Agreement), months .
(b) If the parties are unable to agree on the Basic Rent for the Extended Term on or before the date that is three (3) month prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at , then the time Basic Rent shall be determined by arbitration before a sole arbitrator in accordance with Schedule “E“ hereto. The cost of the exercise arbitrator shall be borne equally by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliateboth parties.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Sources: Lease Agreement
Option to Extend. 6.18.1 Provided that Tenant is not then in Default under this Lease beyond the expiration of applicable notice and cure periods, then Tenant shall have and is hereby granted the option right, at Tenant's option, to extend the Term of this Lease Term hereof for one two (12) additional period periods of five (5) years (each such additional period being herein referred to as the “Extension Period”"Option to Extend"). Each Option to Extend shall be exercised by Tenant giving written notice of the exercise thereof to Landlord at least nine (9) months before each such Expiration Date. The Option to Extend shall be upon the same terms, provided covenants, and conditions as set forth in this Lease with respect to the Term, except that (ia) Tenant gives written notice Landlord shall have no obligation whatsoever to Landlord alter, improve or remodel the Premises and (b) the Base Rent and Rent Adjustments payable during the Option to Extend, if exercised, shall equal 95% of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than then-prevailing Fair Market Rental· Rate for the Premises, as defined below. At any time within twelve (12), ) months prior to the expiration Expiration Date, Tenant may request in writing that Landlord provide Tenant with its determination of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at for this Premises which shall apply during the time of the commencement of the Extension Period; (ii) Option to Extend and Landlord shall not be obligated furnish same in writing to make any improvements or alterations in or to the Premises; and Tenant within thirty (iii30) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases days after such request. For purposes of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this LeaseArticle 35, the term “Fair Market Rental Rate” shall mean"
Appears in 1 contract
Option to Extend. 6.18.1 So long as:
a) the Lease has been executed and delivered by Tenant shall have in form acceptable to Landlord;
b) Tenant is not currently and has not continuously been in default under the Lease;
c) the Lease has not previously been terminated;
d) no Transfer affecting Tenant, the Premises or the Lease has occurred;
e) Tenant is hereby granted itself occupying the option entire Premises;
f) No prior rights of existing tenants in the Building exist; and
g) Tenant gives to Landlord written notice of its intention to extend the Term of the Lease Term hereof for one not more than nine (19) additional period of five months nor less than six (56) years (the “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months prior to the expiration expiry of the Term. Tenant shall have the right to extend the Term of the Lease Term; (ii) for a further 5 years upon the same terms and conditions as contained in the Lease except as otherwise expressly provided therein and except that there shall be no Event further right of Default remains uncured extension or renewal, no fixturing period and the rates for any storage space and/or parking spaces used by Tenant shall be the Landlord’s then applicable rates and annual Basic Rent shall be equal to the fair market annual Basic Rent for the Premises as agreed upon by the parties having regard to the finished condition of the Premises at the time of extension and having regard to then applicable basic rental levels for similar premises for a similar term in the exercise by Tenant of its Building. The parties shall make all reasonable efforts to reach agreement as to the fair market annual Basic Rent for the extension option; (iii) no Event of Default exists at term not less than three months prior to the commencement of the Extension Period; extension term, and (iv) failing such agreement, fair market annual Basic Rent for the extension term shall be fixed by an independent real estate appraiser appointed by Landlord and approved by Tenant has not assigned its interest in this Lease acting reasonably. If Landlord so elects, Tenant shall execute Landlord’s then current form of lease amending agreement or sublet more than twenty percent (20%) lease, as determined by Landlord, to give effect to such extension of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant AffiliateTerm.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Option to Extend. 6.18.1 Tenant Paragraph 3.4 of the Lease is hereby deleted in its entirety and replaced with the following: “Lessee shall have and is hereby granted the option right to extend renew the term of this Lease Term hereof for one (1) additional period of five three (53) years (the “Extension PeriodRenewal Term”), provided that ) subject to the following terms and conditions and the conditions outlined in Paragraphs 38.2 and 38.4 of the Lease:
(i) Tenant gives written notice Lessee shall exercise its right to Landlord extend the term of Tenant’s irrevocable this Lease, if at all, by notifying Lessor in writing of its election to exercise of such extension option its right to renew the term hereof (the “Renewal Notice”) no not later than twelve (12)December 31, months prior to the expiration of the Lease Term; 2007;
(ii) The Renewal Term shall be upon the same terms, covenants, and conditions as contained in this Lease; provided, however, that there shall be no Event improvements or allowance provided to Lessee and the Base Rent for the Renewal Term shall be determined by mutual agreement between Lessor and Lessee based upon the then fair market rental rate for comparable space in buildings of Default remains uncured at like quality in the time same rental market as the Premises as of the exercise by Tenant of its extension option; date the Renewal Term is to commence;
(iii) no Event of Default exists at In the commencement event Lessor and Lessee are unable to agree upon the Base Rent for the Renewal Term prior to February 1, 2008, either party may elect to have the determination of the Extension PeriodBase Rent be governed by an arbitration procedure, as follows: two (2) qualified appraisers (each a member of the American Institute of Real Estate Appraisers (each, an “MAI”), one chosen by Lessor and one chosen by Lessee, shall mutually agree thereupon, provided that if either party shall fail to choose an MAI within fifteen (15) days after notification by the other party of the selection of its MAI, then the appraisal by such single MAI shall be binding on the Lessor and the Lessee. If the two MAIs cannot agree within fifteen (15) days after both have been appointed, then a third MAI shall be selected by the two MAIs or failing agreement as to such third MAI within thirty (30) days after both have been appointed, by the American Arbitration Association. The third MAI shall only select one or the other of the two appraisals, which selected appraisal shall then be binding on Lessor and Lessee except as provided below. The MAIs shall use their best efforts to determine the Base Rent by March 31, 2008 and the parties shall enter into an amendment to this Lease memorializing same and the extension of the Term. The fees and expenses of the MAI appointed by the Lessee shall be paid by the Lessee, the fees and expenses of the MAI appointed by the Lessor shall be paid by the Lessor and the fees and expenses of the third MAI shall be divided equally between the Lessor and Lessee; and and
(iv) Tenant has In the event the Base Rent for the Renewal Term is not assigned its interest in this Lease agreed upon by the parties or sublet more than twenty percent (20%) determined by the MAIs by May 31, 2008, Lessee’s exercise of the Premises, except as part of a Permitted Transfer or Option to a Qualified Tenant AffiliateExtend shall be deemed null and void.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Option to Extend. 6.18.1 Tenant The Tenant, provided, that it is not in default shall have and is hereby granted the option to extend the Term of the Lease Term hereof for one (1) additional period of five (5) years year term. The Basic Rent for the extended term shall at the then prevailing market rent for like premises as at the first day of the extended term. If the parties are unable to agree as to the then prevailing market rent for like premises to be used as Basic Rent for the extended term then the same shall be determined by arbitration. In the case of any dispute between the Landlord and the Tenant as to the then prevailing market rent for like premises to be used as Basic Rent for the extended term, the matter shall be referred to a single arbitrator appointed by the parties for determination. If the parties cannot agree on a single arbitrator, each party shall appoint an arbitrator within fifteen (15) days after notice of failure to agree served by one party on the “Extension Period”other. Each party shall advise the other party in writing of its arbitrator so appointed. In the event a party shall fail to appoint an arbitrator, and notify the other party in writing of his identity within the said 15 days limit, the arbitrator appointed by the other party shall act as a sole arbitrator. Upon the appointment of an arbitrator by each of the parties, the two arbitrators shall then appoint a third arbitrator (and failing their agreement on a third, the same shall be appointed by a Justice of the Court of Queen’s Bench of Alberta on application by either party hereto) and the three arbitrators shall then proceed to determine the matters in dispute. The dispute shall be determined by majority decision of the arbitrators (or the sole arbitrator, if one is agreed upon or applicable) and such determination shall be final. Each arbitrator shall be a disinterested person of recognized competence in the real estate business in the City of Calgary. The expenses of such arbitration shall be shared equally by the Landlord and the Tenant, unless otherwise determined by the arbitrator(s). Except as otherwise herein provided, provided that (i) the arbitration shall be conducted in accordance with the provisions of the Arbitration Act of Alberta and any amendments thereto or successors to such statute, which provisions shall apply mutatis mutandis. The Tenant gives shall provide a written notice to the Landlord of Tenant’s irrevocable its intention to exercise its option of such extension option (the “Renewal Notice”) no later than at least twelve (12), ) months prior to the expiration end of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All . The same terms and conditions of this Leasethe Lease will apply during the extended term except for: tenant inducements, including without limitation all provisions governing but not limited to: improvement allowances, moving allowances, free rent periods, fixturing periods and any extension beyond the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanextended term.
Appears in 1 contract
Sources: Office Lease (Telvent Git S A)
Option to Extend. 6.18.1 Provided that Tenant is not then in Default under this Lease beyond the expiration of applicable notice and cure periods, then Tenant shall have and is hereby granted the option right, at Tenant’s option, to extend the Term of this Lease Term hereof for one two (12) additional period periods of five (5) years (each such additional period being herein referred to as the “Optional Extension PeriodTerm”), provided that (i) Tenant gives written notice . Such options to Landlord of Tenant’s irrevocable exercise of such extension option extend (the “Renewal NoticeOptions to Extend”) shall be exercised by Tenant giving written notice of the exercise thereof to Landlord at least nine (9) months before each such Expiration Date. The Optional Extension Terms shall be upon the same terms, covenants, and conditions as set forth in this Lease with respect to the Term, except that (a) Landlord shall have no later than obligation whatsoever to alter, improve or remodel the Premises and (b) the Base Rent and Rent Adjustments payable during the Optional Extension Term, if exercised, shall equal 95% of the then-prevailing Fair Market Rental· Rate for the Premises, as defined below. At any time within twelve (12), ) months prior to the expiration Expiration Date, Tenant may request in writing that Landlord provide Tenant with its determination of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at for this Premises which shall apply during the time of the commencement of the Optional Extension Period; (ii) Term and Landlord shall not be obligated furnish same in writing to make any improvements or alterations in or to the Premises; and Tenant within thirty (iii30) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases days after such request. For purposes of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this LeaseArticle 35, the term “Fair Market Rental Rate” shall mean
Appears in 1 contract
Option to Extend. 6.18.1 Tenant shall have (a) The Borrower may at any time and is hereby granted from time to time request that all or a portion of the option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the Lease scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term hereof Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for one 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 (1who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) additional period of five (5) years (the an “Extension PeriodRequest”)) setting forth the proposed terms of the Extended Term Loans to be established, provided that which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (i) Tenant gives written notice 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 Landlord later dates than the scheduled amortization of Tenant’s irrevocable exercise principal of the Term Loans of such extension option Existing Term Loan Class (with any such delay resulting in a corresponding reduction to the “Renewal Notice”) no later than twelve (12scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, 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)), months (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 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 shall provide the applicable Extension Request at least five Business Days (or such later date as the Administrative Agent may agree to in its sole discretion) 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 Lease 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 the 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 the 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 Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans in an aggregate principal amount that is less than $250,000,000. In addition to any terms and changes required or permitted by Sections 2.15(a) and 2.15(b), each Extension Amendment (i) 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 Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of 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 (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premisesmay, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord but shall not be obligated to make any improvements or alterations required to, impose additional requirements (not inconsistent with the provisions of this Agreement in or effect at such time) with respect to the Premisesfinal maturity and weighted average life to maturity of New Term Loans incurred following the date of such Extension Amendment; provided that any changes to the 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 date earlier than such date under the Existing Term Loans as was in effect prior to such 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 other Credit Documents; provided that such Section 2.15 Additional Amendments comply with and do not conflict with the requirements of Section 2.15(a) and do not become effective prior to the time that such Section 2.15 Additional Amendments have been consented to (including, without limitation, pursuant to (A) consents applicable to holders of New Term Loans provided for in any Joinder Agreement and (iiiB) Landlord consents applicable to holders of any Extended Term Loans provided for in any Extension Amendment) by such of the 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 provide standard “market” tenant concessions (including improvement allowance, rental abatement at the effective time thereof be deemed to consent to each amendment to this Agreement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out the other Credit Documents authorized by this Section 2.15 and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanarrangements described above
Appears in 1 contract
Option to Extend. 6.18.1 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 then default, beyond any applicable notice or cure periods, of any of the terms, conditions and covenants of this Lease Agreement and any Amendment made thereto during the term hereof, Landlord shall have and is hereby granted grant Tenant the option right to extend the Lease Term hereof for one (1) additional period of five (5) years year period (the “Extension Period”), provided that at a Fixed Minimum Rent equal to the greater of (i) the last Base Rent paid for the Premises or (ii) then Current Market Rent and otherwise on the same terms and conditions as this Lease, except that there will be no further rights to extend the 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 gives shall exercise this option by written notice to Landlord of Tenant’s irrevocable exercise of such extension option not more than fifteen (the “Renewal Notice”15) no later months not less than twelve (12), ) months prior to before the expiration of the Lease Term; . Thereupon, this Lease shall be deemed extended for an additional period of five (ii5) no Event of Default remains uncured at the time years, upon all of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All same terms and conditions of this Lease, including without limitation all provisions governing Lease and any Amendments made thereto with the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) exception of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanannual rent as stipulated hereinabove.
Appears in 1 contract
Sources: Lease Agreement (Icad Inc)
Option to Extend. 6.18.1 Tenant shall have (a) The Borrower may at any time and is hereby granted from time to time request that all or a portion of the option Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the Lease scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term hereof Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for one 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 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 Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of such request (each, an “Existing US-DOCS\144294102.18 Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an “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) additional period 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) years (the “Extension Period”), provided that (i) Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (the “Renewal Notice”) no later than twelve (12), months Business Days prior to the expiration 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 Lease Term; 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 (iian “Extension Election”) no Event of Default remains uncured at on or prior to the time date specified in such Extension Request of the exercise by Tenant amount of its extension option; (iii) no Event of Default exists at the commencement 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 Period; and (iv) Tenant Request that it has not assigned its interest in this Lease elected to convert into Extended Term Loans or sublet more than twenty percent (20%) 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 PremisesExisting Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, except as part 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 Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions Revolving Credit Lender in respect of this LeaseLetters of Credit under Article 3. Notwithstanding the foregoing, including without limitation all provisions governing for the payment avoidance of Additional Rent and annual increases in Base Rentdoubt, shall remain in full force and effect during the Extension Period, provided that (i) Base Rent payable during the Extension Period shall equal one hundred percent (100%) Letter of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord Credit Commitments shall not be obligated 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 make any improvements or alterations in or an amendment (an “Extension Amendment”) to this Agreement (which, except to the Premises; 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 scheduled amortization payments pursuant 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 Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of 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 (iiiy) Landlord may, but shall provide standard “market” tenant concessions not be required to, impose additional requirements (including improvement allowance, rental abatement not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and brokerage commissions) then being provided weighted average life to tenants renewing leases maturity of similar space 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 (including size, build-out and conditionas 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 other Credit Documents; provided that such Section 2.15 Additional Amendments comply with and do not conflict with the requirements of Section 2.15(a) or (b) and do not become effective prior to the time that such Section 2.15 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of New Term Loans or New Revolving Credit Commitments provided for in similar buildings any Joinder Agreement and (2) consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for similar length terms. As used in this Leaseany Extension Amendment) by such of the Lenders, the term “Fair Market Rental Rate” shall meanCredit 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
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Option to Extend. 6.18.1 Tenant shall have and (a) Provided that there is no Breach by Lessee of the Lease at the time of either Lessee's delivery of the "Option Notice" (as hereinafter defined) or the commencement date of the Option Term, lessor hereby granted grants to Lessee one (1) option ("the option Option") to extend the Lease Term hereof for one (1) an additional period of five (5) years ("the “Extension Period”Option Term"). The Option must be exercised, provided that (i) Tenant gives if at all, by written notice to Landlord of Tenant’s irrevocable exercise of such extension option delivered by Lessee at Lessor (the “Renewal "Option Notice”") no not earlier than six (6) months, nor later than twelve four (12)4) months, months prior to the expiration end of the Original Term. Provided Lessee has properly and timely delivered the Option Notice, the Original Term shall be extended by the Option Term, and all of the terms, covenants and conditions of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the Premises, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain unmodified and in full force and effect effect, except that the Base Rent Payable by Lessee during the Extension PeriodOption Term shall be increased at the then "Market Rate". The "Market Rate" will be determined by Lessor, provided that who will use the U.S. Labor Department , Bureau of Labor Statistics, plus the local Industrial/Commercial Real Estate rates as a determinate for the increase.
(ib) Lessor and Lessee shall execute an amendment to the lease promptly after Lessee's exercise of the Option in order to incorporate the Option Term and any other lease terms thereof into the Lease.
(c) Notwithstanding anything to the contrary set forth in this Paragraph 50, in no event shall the Base Rent payable by Lessee for the Premises during the Extension Period shall equal one hundred percent (100%) Option Term ever be less than the Base Rent payable by Lessee to Lessor for the last month of the then-current Fair Market Rental Rate (hereinafter defined) at the time of the commencement of the Extension Period; (ii) Landlord shall not be obligated to make any improvements or alterations in or to the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement allowance, rental abatement and brokerage commissions) then being provided to tenants renewing leases of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanOriginal Term.
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Option to Extend. 6.18.1 Provided that the Required Conditions have been satisfied and the Tenant gives the Landlord not less than six (6) months’ and not more than twelve (12) months’ written notice prior to the expiration of the initial Term of the exercise of this option, then the Tenant shall have and is hereby granted the option to extend the Lease Term hereof in respect of the whole of the Premises for one (1) a single additional period of five (5) years year term (the “Extension PeriodTerm”) on the same terms and conditions as set out in the Lease (hereinafter referred to as the “Extension Option”) except:
(a) the Basic Rent shall be fair market rental for similar premises in the area (the “Extension Rate”), provided that (i) in no event shall the Extension Rate be less than the rate of Basic Rent payable in the immediately preceding year. If the Landlord and the Tenant gives written notice to Landlord of Tenant’s irrevocable exercise of such extension option (do not agree on the “Renewal Notice”) no later than twelve (12), months Extension Rate at least 90 days prior to the expiration of the Lease Term; (ii) no Event of Default remains uncured at the time of the exercise by Tenant of its extension option; (iii) no Event of Default exists at the commencement start of the Extension Period; and (iv) Tenant has not assigned its interest in this Lease or sublet more than twenty percent (20%) of the PremisesTerm, except as part of a Permitted Transfer or to a Qualified Tenant Affiliate.
6.18.2 All terms and conditions of this Lease, including without limitation all provisions governing the payment of Additional Rent and annual increases in Base Rent, shall remain in full force and effect during the Extension PeriodRate shall be determined by an independent real estate appraisal firm to be agreed upon by the Landlord and the Tenant or, provided that (i) Base Rent payable during if the Extension Period shall equal one hundred percent (100%) of Landlord and the then-current Fair Market Rental Rate (hereinafter defined) Tenant cannot agree on a mutually acceptable independent real estate appraisal firm at least 75 days prior to the time of the commencement start of the Extension Period; Term, then the Landlord and the Tenant shall each promptly select a reputable independent real estate appraisal firm , those two firms shall together promptly select a third reputable independent real estate appraisal firm, each of the three firms shall promptly determine the fair market rental rate for the Premises and the Extension Rate shall be the average of the three rates determined by the three firms;
(iib) Landlord the Tenant shall not be obligated to make any improvements or alterations in or to accept the Premises; and (iii) Landlord shall provide standard “market” tenant concessions (including improvement Premises consistent with the terms of the existing Lease, with no allowance, rental abatement rent free period or other inducements of any nature; and
(c) there shall be no further right to extend the Term. If the Tenant fails to give the appropriate notice within the time limit required for extending the Term, then this option to extend shall be null and brokerage commissions) then being provided to tenants renewing leases void and of similar space (including size, build-out and condition), in similar buildings for similar length terms. As used in this Lease, the term “Fair Market Rental Rate” shall meanno further force or effect.
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