Common use of Options to Extend Lease Term Clause in Contracts

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 provisions of this Paragraph 4.C, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Paragraph 4.C, the term "Lease Term" as used in this Lease shall thereafter include the applicable Extended Term for which the option is exercised and the Lease Termination date shall be the expiration date of the applicable Extended Term unless sooner terminated pursuant to the terms hereof.

Options to Extend Lease Term. Landlord hereby grants to Provided Tenant two (2) options to extend the is not then in default of any term, covenant or condition of this 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")beyond any applicable notice and/or cure periods , on the following terms and conditions: (1) Tenant shall give Landlord written notice of its exercise of have the applicable option to extend the term of this Lease Term no earlier than nine (9) months nor later than six (6) months before for the Renewal Terms, to commence immediately upon the expiration of the initial Lease Term, Initial Term or the first Extended First Renewal 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 applicable; provided, however, 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 placed in default hereunder by Landlord and Tenant has disputed such default in good faith by written notice to the contrary notwithstandingLandlord, Tenant shall not be precluded from extending continue to have 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 option described hereinabove. Tenant's rental of the assets of TenantPremises during each Renewal Term shall be upon the same terms, by merger or otherwise. If Tenant is covenants and conditions contained 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 except that Tenant shall pay to Landlord as Base Rent that amount equal to the then "Prevailing Market Rate" for the Premises for the applicable Renewal Term, as hereinafter defined (including annual adjustments). Landlord acknowledges that the inclusion of this Section 3.3 granting Tenant an exercise of its option to extend this Lease was a material inducement to Tenant in entering this Lease. Accordingly, Landlord agrees that, for purposes of this Section 3.3, Tenant may in good faith dispute a default on the ground that the economic detriment of the default on the Landlord is de minimis and such exercise grossly disproportionate to a forfeiture of the Tenant's option to extend the Lease. For purposes of this Section 3.3, the term "Prevailing Market Rate" shall mean the then prevailing market renewal rate (i) Tenant shall fail to respond to Landlord's Notice as provided above, (ii) Tenant shall fail to deliver the requisite notice exercising its option to extend by the date prescribed above, (iii) Tenant does not respond within ten (10) days following receipt of Landlord's Notice or (iv) Tenant does not accept the Prevailing Market Rate within ten (10) days following Landlord's notification of the Prevailing Market Rate, as determined either by the average of the two Appraisers or from all three Appraisers, as applicable, then Tenant's option to extend this Lease for the Renewal Term shall be void and inoperable. Landlord and Tenant shall each pay the fee of no force the appraiser designated by them originally and shall split the fees of the Third Appraiser. If Tenant shall fail to respond to Landlord's Notice as provided above, or effect. (3) All terms and conditions of if Tenant shall fail to deliver the requisite notice exercising its option to extend by the date prescribed above, then Tenant's option to extend this Lease shall apply during for the applicable Extended Term, except that the Rent for the Extended Renewal Term shall be determined void and inoperable. Notwithstanding anything to the contrary contained herein, in accordance with Paragraph 5.G belowthe event Tenant elects not to renew this Lease as provided hereinabove, Tenant shall have no further options the option to extend remain in possession of the Lease Premises for a period of three (3) months following the expiration of the then current Term beyond or applicable Renewal Term (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 "3 Month Holdover Period"), by providing written notice of its exercise such election to Landlord on or before ninety (90) days prior to upcoming expiration of the Term or applicable option to extend the Lease Term, Tenant may not withdraw such exercise and, subject to the provisions of this Paragraph 4.C, such notice shall operate to extend the Lease Renewal Term. Upon In the extension event of the Lease Term pursuant to this Paragraph 4.Csuch an election by Tenant, the term "Lease Term" as used in this Lease shall thereafter include the applicable Extended Term automatically extend for which the option is exercised such period and the Lease Termination date in consideration thereof, Tenant shall be the expiration date pay, as Base Rent due for each month of the applicable Extended Term unless sooner terminated pursuant 3 Month Holdover Period, an amount equal to the terms hereofMonthly Installment Base Rent for the final calendar month of the Term, plus Twenty-Five cents ($0.25) per square foot of Rentable Floor Area of the Premises.

Options to Extend Lease Term. So long as no Event of Default exists at the time Tenant delivers the applicable Extension Notice (as defined below), Landlord hereby grants to Tenant two (2) options the right, exercisable at Tenant’s option, to extend renew the term of this Lease Term for a period three successive terms of five (5) 10 years each (each such period being referred to herein as an "Extended each, a “Extension Term" and together referred to herein as ”; collectively, the "Extended “Extension Terms"”), on the following terms and conditions: (1) . Tenant shall give exercise its right of renewal with respect to an Extension Term by giving Landlord written notice of its exercise (an “Extension Notice”) at least 12 months prior to the commencement date 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 Extension Term; provided, or the first Extended Termhowever, as the case may be. Time is of the essence if Tenant shall have no right to exercise the option applicable to the second Extended Term if it fails to timely and properly provide an exercise the option applicable notice with respect to the first Extended an Extension 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 forfeit or be precluded from extending the Lease Term as provided herein solely because deemed to have waived its right to exercise such Extension Period unless and until Tenant may have assigned this Lease to an affiliate of Tenant or to an entity that acquires all or substantially all of the assets has received written notice of Tenant’s failure to exercise the Extension Period during the initial notice period and thereafter failed, by merger or otherwisewithin 10 days after receipt of such notice, to exercise such Extension Period in writing. All terms and conditions of this Lease, including, without limitation, all provisions governing the payment of Base Rent and Additional Rent, shall remain in full force and effect during any exercised Extension Term(s). If Tenant is in default there exists an Event of Default under this Lease on the date that Tenant sends a Renewal Notice or any time thereafter until the Extended proposed Renewal Term is commences, at Landlord’s election, such Renewal Term shall not commence. If Tenant’s right of renewal with respect to commencea Renewal Term lapses for any reason (including without limitation, Tenant’s failure to timely provide a renewal notice), then Landlord may elect Tenant’s right of renewal with respect 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 subsequent Renewal Term shall automatically lapse and be void and of no further 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 provisions of this Paragraph 4.C, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Paragraph 4.C, the term "Lease Term" as used in this Lease shall thereafter include the applicable Extended Term for which the option is exercised and the Lease Termination date shall be the expiration date of the applicable Extended Term unless sooner terminated pursuant to the terms hereof.