Options to Extend Lease Term Sample Clauses
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Options to Extend Lease Term. 41.01 Tenant is hereby granted two (2) options (the "Options") to extend the Lease Term for an additional term of five (5) years each (the "Extensions"), the first beginning on March 1, 2002, and expiring on February 28, 2007, (unless terminated sooner pursuant to any other terms or provisions of the Lease), and the second beginning on March 1, 2007, and expiring on February 28, 2012, (unless terminated sooner pursuant to any other terms or provisions of the Lease), on all of the same terms and conditions as set forth in the Lease, but at an adjusted rent as set forth in Section 41.02 below (and without any additional options to extend the Lease Term after the expiration of the Extensions). The Options may be exercised by Tenant only by delivery of written notice to Landlord, which notice must be received by Landlord at least one hundred eighty (180) days before the expiration of the original Lease Term or the first Option term set forth in Section 1.06 above. If Tenant fails to timely deliver such written notice, or if this Lease is terminated pursuant to any other terms or provision of this Lease prior to the expiration of the original Lease Term or the first Option term, the Options shall lapse, and Tenant shall have no right to extend the Lease Term. The Options shall be exercisable by Tenant on the express conditions that (i) at the time of delivery of Tenant's notice of its election to exercise the Option, and at all times prior to the commencement of the Extension, Tenant shall not be in default under this Lease, (ii) Tenant has not previously been in default (whether or not any such default has been timely cured) under this Lease on more than three (3) occasions during the Lease Term, and (iii) Tenant has not assigned this Lease nor sublet all or any part of the Premises, it being understood that the Option is personal to the original named Tenant under this Lease. In the event of any such assignment or sublease, the Option shall lapse and shall be null and void and of no further force or effect.
41.02 The rental at the beginning of each of these Option periods shall be at the then "Fair Market" rate, and said rental rates shall be adjusted at the end of the first 30 months of each Option period by the increase in the Consumer Price Index, hereafter called CPI, over the preceding thirty (30) month period. The CPI shall mean the average for "all items" shown on the U. S. City Average for Urban Wage Earners and Clerical Workers (including Single Work...
Options to Extend Lease Term. Landlord hereby grants to Tenant two (2) options to extend the Lease Term for a period of five (5) years each (each such period being referred to herein as an "Extended Term" and together referred to herein as the "Extended Terms"), on the following terms and conditions:
(1) Tenant shall give Landlord written notice of its exercise of the applicable option to extend the Lease Term no earlier than nine (9) months nor later than six (6) months before expiration of the initial Lease Term, or the first Extended Term, as the case may be. Time is of the essence Tenant shall have no right to exercise the option applicable to the second Extended Term if it fails to timely and properly exercise the option applicable to the first Extended Term.
(2) Tenant may not extend the Lease Term pursuant to this Paragraph 4.C if Tenant is in material default of any of its obligations under this Lease as of the date of Tenant's notice of exercise of this option, or if Tenant shall have assigned, sublet or otherwise transferred its interest in this Lease and/or the Premises, or any portion thereof, whether or not Landlord's consent to such assignment or transfer has been given. The preceding sentence to the contrary notwithstanding, Tenant shall not be precluded from extending the Lease Term as provided herein solely because Tenant may have assigned this Lease to an affiliate of Tenant or to an entity that acquires all or substantially all of the assets of Tenant, by merger or otherwise. If Tenant is in default under this Lease on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease, notwithstanding any notice given by Tenant of an exercise of its option to extend and such exercise of Tenant's option to extend the Lease Term shall be void and of no force or effect.
(3) All terms and conditions of this Lease shall apply during the applicable Extended Term, except that the Rent for the Extended Term shall be determined in accordance with Paragraph 5.G below, Tenant shall have no further options to extend the Lease Term beyond the Extended Terms described in this Paragraph 4.C and Landlord shall have no obligation to construct or install any building shell improvements (as described in Exhibit C attached hereto) or leasehold improvements within such building shell improvements.
(4) Once Tenant delivers notice of its exercise of the applicable option to extend the Lease Term, Tenant may not withdraw such exercise and, subject to the provisi...
Options to Extend Lease Term. Landlord grants to Tenant one (1) ---------------------------- option (the "Option") to extend the Lease Term for an additional term of one (1) year, commencing when the initial Lease Term expires. To exercise the Option, Tenant must give Landlord notice in writing by United States Certified Mail, return receipt requested, of its intention to exercise the Option at least ninety (90) days prior to the expiration of the initial Lease Term; provided, however, that Tenant may not exercise the Option at any time that Tenant is in material default under this Lease. If the Option is not so exercised by Tenant, Landlord shall give Tenant written notice of the Tenant's failure to exercise the Option and Tenant shall have a grace period within which to exercise the Option of ten (10) days from Tenant's receipt of Landlord's notice. Tenant shall be deemed to have waived its Option rights if it fails to provide written notice of its exercise of the Option to Landlord prior to the expiration of the grace period. All terms and conditions of this Lease shall continue to apply during the term of the Option, except that the payment of Monthly Rent during the Option term shall be determined pursuant to paragraph 3.2 below. 3 RENT: ----
Options to Extend Lease Term. Landlord hereby grants to Tenant two (2) options (each referred to as the "Option") to extend the Lease Term each for a five (5) year period (the "Option Term"), on the following terms and conditions:
A. Tenant must give Landlord notice in writing of its exercise of the Option before the later to occur of (i) the two hundred fortieth (240th) day before the date the initial Lease Term (or then extended Lease Term as the case may be) would end but for said exercise, or (ii) the seventh (7th) day following the establishment of the fair market rent for the Premises by appraisal pursuant to subparagraph 2.4F if such appraisal process is commenced pursuant to subparagraphs 2.4E and 2.4F.
B. Tenant may not exercise the Option at any time that either of the following is true: (i) a Continuing Tenant Default exists under this Lease (unless caused by a subtenant of the original Tenant under this Lease and such original Tenant is using reasonable efforts to cause such default to be cured) or (ii) a Continuing Tenant Default exists under the Building A Lease (unless caused by a subtenant or assignee of the original Tenant under this Lease and such original Tenant is using reasonable efforts to cause such default to be cured) and the same person or entity is the owner of record of both the Premises and the real property leased pursuant to the Building A Lease.
C. All the terms and conditions of this Lease shall apply during the Option Term, except that the Base Monthly Rent for the Option Term shall be determined as provided in subparagraph 2.4D below.
Options to Extend Lease Term. (a) Tenant shall have one (1) option (the "Extension Option") to extend the Lease Term for five (5) years ("Option Period") for the Premises in their entirety by giving Landlord prior written notice of Tenant's election to exercise this option not less than six (6) months before the expiration of the Lease Term as the same may have been extended. However, if there exists an Event of Default on Tenant's part either at the time of the exercise of any Extension Option or at the time that any Option Period would commence, Landlord may cancel Tenant's exercise of such Extension Option, in which case the Extension Option shall be of no further force or effect and all subsequent Extension Options shall be deemed canceled. Each Extension Option shall be on all the same terms of this Lease provided that the Monthly Rent for each such Option Period shall be increased in accordance with Section 42 of this Lease and in any case shall not be less than the Monthly Rent due under this Lease for the final month of the initial Lease Term.
(b) The Extension Option is personal to the named tenant herein and any Transfer of such tenant's interest in the Lease (other than a Permitted Transfer), whether or not consented to by Landlord, shall cause such Extension Option to terminate and be of no further force or effect.
Options to Extend Lease Term. Lessee shall have two options to extend the Lease Term each for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During the first such five year extension period, Lessee shall pay fixed rent at the rate of $450,000 per annum and shall pay all other items of Rent during the first extension period. If the aforesaid first option has been duly exercised, Lessee shall have a second option to extend the Lease Term for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During said second extension of the Lease Term, Lessee shall pay Fixed Rent at the greater of (i) the Fixed Rent in effect on the last day of the first extension period or (ii) the fair market value rent at the time of the exercise of the second option and shall pay all other items of Rent during the second extension period. To be effective, Lessee must give Lessor written notice of Lessee’s election to extend the Lease Term not less than 180 DAYS prior to the expiration of the then existing Lease Term. Lessee’s right to extend the Lease Term pursuant to this Article 36 shall be conditioned upon there being no default by Lessee in the observance or performance of any of the terms, covenants and conditions of this Lease either at the time of the exercise of the option or on the expiration of the then existing Lease Term.
Options to Extend Lease Term. Provided Tenant is not in default at the time of each exercise, Tenant shall have two (2) options to extend the term of the Lease, each for a period of five (5) years, upon all of the terms and conditions herein stated. Landlord shall give written notice to Tenant no later than two hundred seventy (270) days prior to the end of the initial term and the then current term of the Lease that Tenant’s option to extend will expire if not exercised and the date of expiration. Tenant shall provide written notice to Landlord no later than one hundred eighty (180) days prior to the expiration of the initial term or the then current term of the Lease of Tenant’s option to extend the initial term or the then current term.
Options to Extend Lease Term. Lessee shall have the option pursuant to paragraph 3.2 to extend the term of this Lease for two (2) additional terms at Market Rate rent as set forth in paragraph 4.3 of this Lease. Paragraph 4.3 of Lease shall be amended to two (2) options.
Options to Extend Lease Term. A. Prior to the expiration of the initial term of this lease, Lessee shall have the option to extend the term of this lease for five (5) additional one (1) year terms by providing Lessors with written notice of Lessee's intent to extend the term of the lease for the next up-coming one-year term. Such notice to extend will be provided by Lessee to Lessor not later than 60 days prior to the expiration of the then-current lease term.
B. If Lessee elects to exercise its option(s) to extend the term of this lease, Lessor and Lessee agree that the financial terms of the extended lease agreement will remain the same as enumerated in Article II, A and B.
Options to Extend Lease Term. Provided Tenant is not in default of its obligations to Landlord pursuant to this Lease beyond any applicable cure period at the time of exercising its option to extend the Term, Tenant shall have the option to extend the Initial Term of this Lease for all or any portion of the Premises for two (2) additional periods of five (5) years each (the "First Renewal Term", the "Second Renewal Term" or collectively the "Renewal Terms") to commence immediately upon the expiration of the Initial Term or the First Renewal Term, as applicable. Tenant shall be required to extend the Term for at least one (1) full floor of the Premises; provided, however, that if the data center comprises less than one (1) full floor and Tenant desires to extend the Term for only the area where the data center is located, Tenant shall have the right to extend the Term for an area which is less than a full floor.