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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease term.
Appears in 1 contract
Sources: Standard Industrial Lease (Net Net Net) (Brightpoint Inc)
Options to Extend Lease Term. 41.01 Tenant is hereby granted two (2) the options (each, an "Extension Option," and collectively, the "Extension Options") to extend the Lease Term for an two (2) additional term periods of five (5) years each (each, an "Extension Term," and collectively, the "ExtensionsExtension Terms"), each beginning on the day after expiration of the Initial Lease Term or the first beginning on March 1Extension Term, 2002as the case may be, and expiring on February 28, 2007, the date five (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, 5) years thereafter (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 Base Monthly Rent as set forth in Section 41.02 below (and without any additional options option to extend the Lease Term after the expiration of the Extensionssecond Extension Term). The Extension Options may be exercised by Tenant only by delivery of written notice of such exercise (the "Extension Notice") to Landlord, which notice Extension Notice must be received by Landlord at least one two hundred eighty twenty-five (180225) days before the expiration of the original Initial Lease Term or the first Option term set forth in Section 1.06 aboveExtension Term, as applicable. If Tenant fails to timely deliver such written noticethe Extension Notice, or if this Lease is terminated pursuant to any of its other terms or provision of this Lease provisions prior to the expiration of the original Initial Lease Term or the first Option termExtension Term, the as applicable, all remaining Extension Options shall lapse, and Tenant shall have no right to extend or further extend the Lease Term. The Extension 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, Extension Notice and at all times thereafter and prior to the commencement of the Extensionapplicable Extension Term, Tenant shall not be in monetary default under this Lease, (ii) Tenant has not previously been in monetary 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) except for a Permitted Assignment, Tenant has not assigned this Lease nor Lease, sublet all or any part of the Premises, or otherwise Transferred this Lease, it being understood that that, except in the Option is case of a Permitted Assignment, the Extension Options are personal to the original named Tenant under this Lease. In the event of any such assignment or assignment, sublease, the Option or other Transfer other than a Permitted Assignment, all unexercised Extension Options shall lapse and shall be null and void and of no further force or effect. After agreement by Landlord and Tenant on the Base Monthly Rent as provided in Section 41.02 below, Tenant's obligation to renew shall be irrevocable by Tenant.
41.02 The rental at the beginning of Base Monthly Rent during each of these Option periods Extension Term, including any interim increases thereof, shall be at the then "Fair MarketMarket Rent" 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 IndexPremises, hereafter called CPI, over the preceding thirty (30) month periodas hereinafter provided. The CPI term "Market Rent" for the Premises during the applicable Extension Term shall mean the average rent, including all escalations, at which an unrelated landlord and tenant, with neither being under undue influence or duress, would be willing to lease the Project based upon its highest and best use and for a five-year term. Tenant and Landlord agree to negotiate the amount of Market Rent for the Project in good faith for a period of forty-five (45) days after exercise by Tenant of each Extension Option as provided in Section 41.01 above (the "all items" shown Negotiation Period"). In the event Landlord and Tenant agree upon the Base Monthly Rent pursuant to the foregoing provisions within the Negotiation Period, then Tenant's obligation to renew for the applicable Extension Term shall become irrevocable. In the event Tenant and Landlord are unable to agree upon the Base Monthly Rent within the Negotiation Period, then at any time after expiration of the Negotiation Period, and prior to any subsequent agreement on the U. S. City Average amount of Base Monthly Rent, Landlord or Tenant may terminate Tenant's right to lease the Premises for Urban Wage Earners and Clerical Workers the applicable Extension Term (including Single Workers), all items, groups, sub-groups and special groups of items as promulgated by but not the Bureau of Labor Statistics remaining portion of the U. S. Department of Laborthen existing Lease Term) by delivering written notice to the other. In no event, however, Landlord's and Tenant's agreement on Base Monthly Rent for the applicable Extension Term shall the rental during the Option period be less than the Base Rent due during the previous lease termevidenced by a written amendment to this Lease Agreement executed by Landlord and Tenant.
Appears in 1 contract
Sources: Standard Industrial Lease (Igo Corp)
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 So long as Lessee has performed all obligations of the Lease)current term and no delinquency remains outstanding, 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 Lessee shall have no right two consecutive Options 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 Extend the Lease Term, and (iiisubject to the following:
a.) Tenant has not assigned this Lease nor sublet Lessee shall retain all or any part of the Premises, it being understood space in Building 81;
b.) The space shall be taken on an “As Is” basis without further allowance for Tenant Improvements;
c.) Each party shall bear the cost of any commission incurred by that the party in relation to these Options to Extend;
d.) Options are exclusive to Lessee and may not be transferred or assigned;
e.) Option is personal periods are consecutive to the original named Tenant under then expiring Term;
f.) Lessee shall provide Lessor with not less than six months advance written notification of intent to exercise each Option period. Should Lessor not receive notice as herein described, both Options shall expire.
g.) The first Option shall commence on January 1, 2021, and shall extend to be co-terminous with the then current Term for other Buildings within the Park occupied by Lessee. Currently, these Buildings are 52, 60, and ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇. If the first Option for the Buildings on ▇▇▇▇▇▇▇▇ Court is extended through the Initial Term of this Lease, the then current expiration of those Leases is projected to be April 30, 2024.
h.) Base Monthly Rent for the period January 1, 2021 to April 30, 2021 shall be at the same rate as the expiring Term. In Thereafter, Base Monthly Rent shall be subject to the event annual escalation per Section 8 of any this Lease.
i.) The Term of the second Option to Extend the Term would be May 1, 2024 to April 30, 2029 (five years). Notification to exercise this Option would be due to Lessor not later than October 31, 2023. Should Lessor not receive such assignment or subleasenotice as herein described, the Option shall lapse and shall be null and void and of no further force or effectexpire.
41.02 j.) The rental at Base Monthly Rent for the beginning first year of each of these the second Option periods shall (5/1/24-4/30/25) would be at the same rate as the then "Fair Market" rateexpiring Term. Thereafter, and said rental rates the Base Monthly Rent shall be adjusted at subject to the end annual escalation per Section 8 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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease termthis Lease.
Appears in 1 contract
Options to Extend Lease Term. 41.01 Provided (i) Tenant is hereby granted not in default under the terms of this Lease at the time each renewal option is exercised beyond applicable cure periods, and (ii) Tenant or a Permitted Transferee (as defined in Section 18.06 above) is occupying the entire Premises, including any expansion space, Tenant shall have two (2) options (the "Options") to extend the renew this Lease Term for an additional term period of five sixty (560) years months each (individually, the "ExtensionsFIRST EXTENSION TERM" and "SECOND EXTENSION TERM"; or an "EXTENSION TERM"; and collectively, the "EXTENSION TERMS"), 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), . The Extension Terms shall be on all of the same terms and conditions of this Lease, except that Landlord shall have no additional obligation for free rent, leasehold improvements or for any other tenant inducements for the Extension Terms and, effective as of the first day of each Extension Term, the Base Rent in effect immediately before each such extension period shall be increased (but not decreased) to an amount equal to ninety-five percent (95%) of the fair market rental rate as (hereinafter defined) for each Extension Term. There shall be no additional extension terms beyond the Extension Terms set forth in the Lease, but at an adjusted rent as set forth in Section 41.02 below (and without any additional herein. Tenant must exercise its options to extend the this Lease Term after the expiration of the Extensions). The Options may be exercised by Tenant only by delivery of giving Landlord written notice of its election to Landlord, which notice must be received by Landlord at least do so no later than 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 nor earlier than three hundred sixty (360) days prior to the expiration end of the original Lease Term initial Term, or the first Option termFirst Extension Term, the Options as applicable. Any notice not given in a timely manner shall lapsebe void, and Tenant shall be deemed to have no right to extend the Lease Termwaived its extension rights. The Extension 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 set forth herein are personal to the original named Tenant under executing this Lease. In the event of any such assignment or sublease, the Option shall lapse Lease ("ORIGINAL TENANT") and shall not be null and void and included in any assignment of no further force or effectthis Lease (other than an assignment to a Permitted Transferee).
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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease term.
Appears in 1 contract
Sources: Standard Industrial Lease (Daisytek International Corporation /De/)
Options to Extend Lease Term. 41.01 Tenant is hereby granted two (2) options (shall have the "Options") right to extend the Lease Term for an two separate consecutive additional term periods of five (5) years each (the each an "ExtensionsEXTENSION OPTION"), subject to the first beginning on March 1, 2002, following terms and expiring on February 28, 2007, conditions:
(unless terminated sooner pursuant to any other terms or provisions a) Tenant shall give Landlord written notice exercising the Extension Option (an "EXERCISE NOTICE") not less than 12 months before the then-applicable Expiration Date. Time is absolutely of the Lease)essence.
(b) Tenant may not exercise an Extension Option if there is a then-uncured Event of Default. If there is an uncured Event of Default on the date that the extended term is scheduled to commence, then Landlord may elect to terminate this Lease notwithstanding Tenant's Exercise Notice and the second beginning on March 1, 2007, and expiring on February 28, 2012, parties' agreement as to Base Rent.
(unless terminated sooner pursuant to any other terms or provisions of the Lease), on all of the same c) All terms and conditions as set forth of this Lease shall apply during the extended term, except that the Base Rent shall be determined in accordance with Section 3.4 below.
(d) If Tenant fails to timely exercise the Lease, but at an adjusted rent as set forth in Section 41.02 below (and without any additional options Extension Option 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 for a 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 termfive-year period, the Options shall lapse, and Tenant shall have no right Extension Option to extend the Lease Term. The Options Term for a second five-year period shall automatically terminate and 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 (e) Upon extension of the beginning of each of these Option periods Lease Term pursuant to this Section, the Expiration Date thereafter shall be at the then "Fair Market" rate, and said rental rates shall be adjusted at the end fifth anniversary 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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease termExpiration Date.
Appears in 1 contract
Options to Extend Lease Term. 41.01 Provided no Default by Tenant is (as defined in Paragraph 13.1) exists as of Tenant’s exercise of any option granted to Tenant under this Paragraph 3.2, Landlord hereby granted grants to Tenant 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 (beyond December 31, 2006) for a period of three (3) consecutive months each (each such three (3) month extension term being referred to herein as an “Extension Term”), on the expiration following terms and conditions:
(a) Tenant shall give Landlord written notice of its exercise of the Extensions). The Options may be exercised by Tenant only by delivery of written notice applicable option to Landlord, which notice must be received by Landlord at least one hundred eighty extend the Lease Term no later than forty-five (18045) days before the expiration of date the original Lease Term or the first Option term set forth in Section 1.06 abovewould end but for said exercise. If Tenant fails to timely deliver such written notice, or if is in default under this Lease is terminated pursuant beyond any applicable notice and cure period on the date that it exercises an option to extend the Lease Term, then such exercise of the option to extend shall be void and Landlord may elect to terminate this Lease, notwithstanding any other notice given by Tenant of an exercise of its option to extend.
(b) All terms or provision and conditions of this Lease prior shall apply during the applicable Extension Term, except that the Rent for the Extension Term shall be equal to the expiration of the original Lease Term or the first Option term, the Options shall lapse$38,511.20 per month as provided in Paragraph 1.8 above, and Tenant shall have no right further options to extend the Lease Term beyond the Extension Terms described in this Paragraph 3.2.
(c) Upon the extension of the Lease Term pursuant to this Paragraph 3.2, the term “Lease Term. The Options ” as used in this Lease shall thereafter include the applicable Extension Term and the Lease Termination date shall be exercisable by Tenant on the express conditions that (i) at expiration date of the time of delivery of Tenant's notice of its election to exercise the Option, and at all times prior applicable Extension Term unless sooner terminated pursuant 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 effectterms hereof.
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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease term.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Borland Software Corp)
Options to Extend Lease Term. 41.01 Tenant is hereby granted two (2) options (each, an "Extension Option," and collectively, the "Extension Options,") to extend the Lease Term for an additional term of five (5) years each (each, an "Extension Term" and collectively, the "ExtensionsExtension Terms"), ) each beginning on the day after expiration of the Initial Lease Term or the first beginning on March 1Extension Term, 2002as the case may be, and expiring on February 28, 2007, the date five (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, 5) years thereafter (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 Base Monthly Rent as set forth in Section 41.02 below (and without any additional options option to extend the Lease Term after the expiration of the Extensionssecond Extension Term). The Extension Options may be exercised by Tenant only by delivery of written notice of such exercise (the "Extension Notice") to Landlord, which notice Extension Notice must be received by Landlord at least one hundred eighty (180) days before the expiration of the original Initial Lease Term Term, or the first Option term set forth in Section 1.06 aboveextension Term, as applicable. If Tenant fails to timely deliver such written noticethe Extension Notice, or if this Lease is terminated pursuant to any of its other terms or provision of this Lease provisions prior to the expiration of the original Initial Lease Term or the first Option termExtension Term, as the case may be, all remaining Extension Options shall lapse, and Tenant shall have no right to extend or further extend the Lease Term. The Options Each Extension Option 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, Extension Notice and at all times thereafter and prior to the commencement of the Extensionapplicable Extension Term, 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 exercised the Premises, it being understood that concurrent "Extension Option" as defined in and provided under the Option is personal to the original named Tenant under this Adjacent Premises Lease. In After exercise of each Extension Option by Tenant in accordance with the event of any such assignment or subleaseforegoing provisions, the Option shall lapse and Tenant's obligation to renew shall be null and void and of no further force or effectirrevocable by Tenant.
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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease term.
Appears in 1 contract
Options to Extend Lease Term. 41.01 3.2.1 Provided that the Tenant is hereby shall keep, observe and perform all of the terms, covenants and conditions of this Lease on Tenant's part to be kept, observed and performed, and provided further, that at the time of the exercise of any option granted pursuant to this Section 3.2, or the commencement of any extension term, Tenant shall not be in default of any of the terms, covenants and conditions of this Lease after any applicable notice and/or cure periods, Tenant may extend the Lease Term for two (2) options additional successive ten (the "Options"10) year periods. Tenant may exercise each option 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 giving written notice to Landlord, which notice must be received by Landlord at least not less than 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 and not more than two hundred forty (240) days prior to the expiration of the original Lease Term or the first Option termapplicable option period, as the case may be.
3.2.2 Should Tenant properly and timely exercise any option to extend the Lease Term granted hereunder, the Options shall lapseTenant's use and occupation of the Demised Premises shall, during each extended Lease Term, be upon the same terms, covenants and conditions contained herein, except that Tenant shall be required to pay Minimum Annual Rent in the amounts set forth in Section 3.2.4 below.
3.2.3 In the event that Tenant fails to timely and properly exercise any option to extend the Lease Term as described herein, then Tenant shall be deemed to have no right irrevocably waived and forfeited any and all rights to extend the Lease Term. The Options , and the provisions of this Section 3.2 shall, at such time, be automatically deemed null and void, of no further force and effect, and 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 deemed deleted from this Lease, (ii) .
3.2.4 If Tenant has not previously been in default (whether or not any such default has been properly and timely cured) under this Lease on more than three (3) occasions during exercises each option to extend the Lease Term, then in addition to all other obligations and (iii) covenants of Tenant has not assigned contained in this Lease, Tenant shall pay Minimum Annual Rent during each extended term in the following amounts: FIRST OPTION MINIMUM ANNUAL RENT MONTHLY RENT Lease nor sublet Year 21 $1,822,461.21 $151,871.77 Lease Year 22 $1,868,022.74 $155,668.56 Lease Year 23 $1,914,723.31 $159,560.28 Lease Year 24 $1,962,591.39 $163,549.28 Lease Year 25 $2,011,656.18 $167,638.01 Lease Year 26 $2,061,947.58 $171,828.97 Lease Year 27 $2,113,496.27 $176,124.69 Lease Year 28 $2,166,333.68 $180,527.81 Lease Year 29 $2,220,492.02 $185,041.00 5 Lease Year 30 $2,276,004.32 $189,667.03 SECOND OPTION MINIMUM ANNUAL RENT MONTHLY RENT Lease Year 31 $2,332,904.43 $194,408.70 Lease Year 32 $2,391,227.04 $199,268.92 Lease Year 33 $2,451,007.72 $204,250.64 Lease Year 34 $2,512,282.91 $209,356.91 Lease Year 35 $2,575,089.98 $214,590.83 Lease Year 36 $2,639,467.23 $219,955.60 Lease Year 37 $2,705,453.91 $225,454.49 Lease Year 38 $2,773,090.26 $231,090.85 Lease Year 39 $2,842,417.52 $236,868.13 Lease Year 40 $2,913,477.95 $242,789.83 Any and all or Additional Rent that becomes due and payable during any part extension of the Premises, it being understood that the Option is personal Lease Term shall continue to be paid in addition to the original named Tenant under this Lease. In Minimum Annual Rent as calculated herein during any extended Lease Term, as well as any other sums that become due and payable in accordance with the event of any such assignment or sublease, the Option shall lapse and shall be null and void and of no further force or effectterms hereof.
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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics of the U. S. Department of Labor. In no event, however, shall the rental during the Option period be less than the Base Rent due during the previous lease term.
Appears in 1 contract
Sources: Lease Agreement (Access Integrated Technologies Inc)
Options to Extend Lease Term. 41.01 Tenant is hereby granted two (2) the options (each, an “Extension Option,” and collectively, the "“Extension Options"”) to extend the Lease Term for an two (2) additional term periods of five (5) years each (each, an “Extension Term,” and collectively, the "Extensions"“Extension Terms”), each beginning on the day after expiration of the Initial Lease Term or the first beginning on March 1Extension Term, 2002as the case may be, and expiring on February 28, 2007, the date five (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, 5) years thereafter (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 Base Monthly Rent as set forth in Section 41.02 below (and without any additional options option to extend the Lease Term after the expiration of the Extensionssecond Extension Term). The Extension Options may be exercised by Tenant only by delivery the giving of written notice of such exercise (the “Extension Notice”) to Landlord, which notice must be received by Landlord at least one hundred eighty (180) days before the expiration of the original Initial Lease Term or the first Option term set forth in Section 1.06 aboveExtension Term, as applicable. If Tenant fails to timely deliver such written noticethe Extension Notice, or if this Lease is terminated pursuant to any of its other terms or provision of this Lease provisions prior to the expiration of the original Initial Lease Term or the first Option termExtension Term, the as applicable, all remaining Extension Options shall lapse, and Tenant shall have no right to extend or further extend the Lease Term. The Extension Options shall be exercisable by Tenant on the express conditions condition that (i) at the time of delivery of Tenant's notice of its election to exercise the Option, ’s Extension Notice and at all times thereafter and prior to the commencement of the Extensionapplicable Extension Term, Tenant shall not be in default under this Lease, (ii) Tenant has not previously been in default (whether or not Lease beyond 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 Leaseapplicable cure period(s). In the event of the failure of any such assignment or subleaseconditions, the Option all unexercised Extension Options shall lapse and shall be null and void and of no further force or effect. After exercise of each Extension Option by Tenant in accordance with the foregoing provisions, ▇▇▇▇▇▇’s obligation to renew shall be irrevocable by Tenant.
41.02 The rental at the beginning Base Monthly Rent during each twelve (12) month period of each of these Option periods Extension Term shall be at computed as follows. As used herein, the then "Fair Market" rateterm, 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 “Extension Adjustment Month,” shall mean the average for "all items" shown on the U. S. City Average for Urban Wage Earners first (1st) month of each Extension Term and Clerical Workers (each month including Single Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics each anniversary of the U. S. Department commencement of Laboreach Extension Term, the term, “Extension Comparison Index,” shall mean the Index published and which is in effect the third month preceding the commencement of each Extension Adjustment Month, and the term, “Beginning Index,” shall be the Index in effect during the fifty-seventh (57th) month of the Initial Lease Term. Base Monthly Rent for each twelve (12) month period of each Extension Term shall be the product of the Base Monthly Rent as specified in Section 1.07 above for the second five (5) year period of the Initial Lease Term, multiplied by a 29 .. fraction, the numerator being the applicable Extension Comparison Index and the denominator being the Beginning Index. In no event, however, shall the rental Base Monthly Rent during the Option any twelve (12) month period of any Extension Term be less than one hundred two percent (102%) or greater than one hundred six percent (106%) of the Base Monthly Rent due during the previous lease termimmediately preceding period of the Lease Term. Landlord will give Tenant notice of each increase by written invoice; however, failure of Landlord to give such notice shall not be construed as a waiver of the increase and any such increased amount shall accrue as Rent. If the Index is discontinued or revised during any Extension Term, Landlord reserves the right to use a conversion factor, formula or table or substitute Index as may be published by the Bureau of Labor Statistics or, if none, a different Index in order to obtain substantially the same result.
Appears in 1 contract
Options to Extend Lease Term. 41.01 (a) Landlord hereby grants to Tenant is hereby granted two three (23) options (the "Options") to extend the Lease Term for an additional term term(s) of five either ten (510) years each or twenty (20) years (the "ExtensionsExtension(s)"), 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 this Lease, but at an adjusted rent increased Base Rent as set forth below and without any additional Option(s) other than those granted in this Section 2.05, and except that the obligations of Landlord set forth in Section 41.02 below (7.02 of this Lease shall not be applicable and without shall not be in force for any additional options to extend the Lease Term after the expiration of the Extensions). The Options may Each Option shall be exercised by Tenant only by delivery of written notice delivered to Landlord, which notice must be received by Landlord at least one not less than three hundred eighty sixty five (180365) days before the expiration of the original initial Lease Term or the first Option term set forth in Section 1.06 abovepreceding Extension of the Lease Term, respectively, which notice shall also state the duration of the subject Extension. If Tenant fails to timely deliver such Landlord written notice, or if this Lease is terminated pursuant to any other terms or provision of this Lease prior to the expiration notice of the original Lease Term or exercise of an Option within the first prescribed time period, such Option term, the and any succeeding Options shall lapse, and Tenant there shall have be no further right to extend the Lease Term. The Options Each Option 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 Optionexercise, and at all times thereafter and prior to the commencement of the such Extension, Tenant shall not be in default under any of the provisions of this Lease beyond the expiration of any applicable notice and/or cure periods. Following Tenant's timely and valid exercise of an Option, Landlord shall prepare and Tenant shall execute and deliver to Landlord an amendment to this Lease confirming the term of the Extension and the amount of Base Rent payable by Tenant during such Extension. Time is of the essence with respect to Tenant's exercise of the Option(s) granted in this Section 2.05.
(b) The Base Rent during each of any first, second and third Extension shall be ninety five (95%) percent of the fair rental value of the Leased Premises on the date that Tenant shall exercise such option. For the purposes of such calculation, the term "fair rental value" shall mean the price that a ready and willing tenant would pay, as of the applicable expiration date, as a monthly Base Rent to a ready and willing landlord of property comparable to the Lease Premises if such property were exposed for lease on the open market for a reasonable period of time and taking into account all of the purposes for which such property may be used, and that the Landlord shall have no further obligations under Section 7.02 of this Lease, . The Base Rent for each of these Extensions shall increase by seven & one-half (ii7.5%) Tenant has not previously been in default (whether or not any such default has been timely cured) under this Lease percent on more than three (3) occasions during the Lease Term, and (iii) Tenant has not assigned this Lease nor sublet all or any part each of the Premisesfifth and, it being understood that if applicable, tenth and fifteenth anniversaries of the Option is personal to the original named Tenant under this LeaseCommencement Date of such Extension. In the event that Landlord and Tenant cannot agree on the fair rental value within sixty (60) days of any such assignment or subleaseTenant's exercise of the subject option, the Option shall lapse and fair rental value shall be null determined by an arbitration, using a broker (as provided below.)
(i) If Landlord and void Tenant are not able to agree upon the fair rental value of the Leased Premises within the prescribed time period, then not later than ten (10) days thereafter, each party shall appoint a broker qualified under the terms of this Lease and notify the other party of no further force such appointment, identifying the appointee. Each party hereto agrees to select as its respective appointee a licensed real estate broker, who is an individual of substantial experience with respect to industrial building ownership, management and marketing in the Jackson County, Georgia industrial market, which person shal▇ ▇▇▇▇ at least five (5) years experience in sales and leasing of industrial real property and who shall not be regularly employed or effect.
41.02 have been retained during the last two (2) years as a broker by the party selecting such person. Neither party may consult directly or indirectly with any broker regarding the fair rental value prior to appointment, or after appointment, outside the presence of the other party. The rental at the beginning of each of these Option periods arbitration shall be at conducted in Atlanta, Georgia, under the then "Fair Market" rate, and said rental rates shall be adjusted at the end provisions 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 Workers), all items, groups, sub-groups and special groups of items as promulgated by the Bureau of Labor Statistics commercial arbitration rules of the U. S. Department American Arbitration Association and the applicable Laws of Labor. In no event, however, shall the rental during State of Georgia governing the Option period be less than the Base Rent due during the previous lease termarbitrator.
Appears in 1 contract