Common use of Renewal Option Clause in Contracts

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 5 contracts

Sources: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (ViewRay, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have the right and option to extend the Term term of this Lease for one (1) period renewal term, of five (5) years (the “Renewal Term”)duration. The Renewal Term renewal term, if exercised, shall commence upon on the day next immediately following the last day expiration of the initial TermTerm hereof, April 1, 2013. The option to extend, as well as the commencement of the renewal term, shall be conditioned on no uncured events of default by Tenant then existing. (b) Tenant shall notify exercise its renewal option only by delivering written notice of same to Landlord in writing of its election to extend this Lease for the Renewal Term not less later than six one (61) months year prior to the expiration of the initial Termthen current term, which notice shall be due on or before March 31, 2012, time being of the essence with respect essence. Tenant’s failure to such notification. Notice thereof timely exercise an option shall be deemed sufficient if given a waiver of all rights under this Section, in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and which event this Lease shall expire as terminate upon expiration or earlier termination of the then-scheduled expiration date. then current term. (c) The Renewal Term renewal term, if exercised, shall be upon all of the terms, covenants terms and conditions of this Lease, except that for the Fixed change in Minimum Annual Rent which, if exercised, shall be increased by adding calculated as follows: For the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last initial year of the initial Term by a ratiorenewal term, the numerator Base Index shall be the CPI U for March, 2012, and for each subsequent year, the Base Index shall be the CPI U for the month of which is March one year prior to the Consumer Price Comparison Index. The Base Rent for Adjustment Purposes shall mean, for the each year of the renewal term, the Minimum Annual Rent under this Lease in effect for the immediately preceding year. The Base Index and Comparison Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date each year of the Renewal Term, and the denominator of which is the Index as Term shall be: 4/1/13-3/31/14 March 2012 March 2013 4/1/14-3/31/15 March 2013 March 2014 4/1/15-3/31/16 March 2014 March 2015 4/1/16-3/31/17 March 2015 March 2016 4/1/17-3/31/18 March 2016 March 2017 During each year of the first day renewal term, Minimum Annual Rent shall increase to a sum equal to the Base Rent for Adjustment Purposes, increased by one half the CPI Adjustment, but in no event shall such Minimum Annual Rent be less than the Base Rent for Adjustment Purposes for such year. Upon the commencement of the third Lease Year. Ifrenewal term, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose Landlord shall notify Tenant of the Index shall be used Minimum Annual Rent in determining effect for such year; in the amount event of any such adjustment. Notwithstanding delay in calculation because of a delay in publication of the foregoingapplicable Comparison Index, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or pay rent on account based upon the commencement date of Minimum Annual Rent previously in effect, to be adjusted when the Renewal Term, Tenant Comparison Index is in default hereunder beyond any applicable grace or cure periodpublished.

Appears in 3 contracts

Sources: Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Isolagen Inc)

Renewal Option. Landlord hereby grants to TenantSo long as Sublessee is not in default after any applicable notice and cure period and has not been in default after any applicable notice and cure period hereunder on more than two (2) occasions during the Term, Sublessee physically occupies the entire Premises, and Tenant Sublessee has not assigned or further sublet the Premises, then subject to the terms of the Master Lease and the receipt of any consent required from Lessor, Sublessee shall have, the right and have one (1) option to extend the Term of this Lease for one (1) period of five (5) years (Sublease through the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day expiration date of the initial Term. Tenant shall notify Landlord in writing Term of its election the Master Lease at a Base Rent equal to extend this Lease for the Renewal Term Fair Market Rent (as defined below), but not less than six the Base Rent payable under the Sublease as of the last month of the then-current Term. The “Fair Market Rent” shall be the rental rate, including all escalations, at which tenants, as of the commencement of the option Term, are leasing office and laboratory space comparable in size, location and quality to the Premises for a term comparable to the option term, which comparable space is located in comparable office/lab buildings in the ▇▇▇▇▇▇ ▇▇▇▇▇ submarket of San Diego County. (6A) The option contained in this Section shall be exercised by Sublessee, if at all, only in the following manner: (i) Sublessee shall deliver written notice (“Interest Notice”) to Sublessor no later than twelve (12) months prior to the expiration of the initial then current Term, time being stating that Sublessee is interested in exercising its option; (ii) Sublessor, after receipt of the essence with respect Interest Notice, shall deliver notice (the “Option Rent Notice”) to Sublessee setting forth Sublessor’s determination of the Fair Market Rent; and (iii) if Sublessee wishes to exercise such notificationoption, Sublessee shall, within thirty (30) days after Sublessee’s receipt of the Option Rent Notice, exercise the option by delivering the Option Notice to Sublessor and upon, and concurrent with, such exercise, Sublessee may, at its option, object to the Option Rent determined by Sublessor. If Sublessee exercises the option to extend but objects to the Fair Market Rent contained in the Option Rent Notice, then the Fair Market Rent shall be determined as set forth in Section (B) below. Failure of Sublessee to deliver the Interest Notice thereof to Sublessor on or before the date specified in (i) above or to deliver the Option Notice to Sublessor on or before the date specified in (iii) above shall be deemed sufficient if given in the manner hereinafter providedto constitute Sublessee’s failure to exercise its option to extend. If Landlord does not receive such written notice as Sublessee timely and when required hereinproperly exercises its option to extend, the Renewal Term shall terminate and be of no further force or effectTerm, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term subject to Section (B) below, shall be extended for the upon all of the terms, covenants terms and conditions of set forth in this LeaseSublease, except that the Fixed Base Rent shall be increased by adding as indicated in the CPI Adjustment Amount Option Rent Notice or as determined in accordance with Section (defined below) B), as applicable, and all references herein to the then-current Fixed Term shall include the option term. (B) In the event Sublessee exercises its option to extend but objects to Sublessor’s determination of the Fair Market Rent concurrently with its exercise of the option to extend, Sublessor and Sublessee shall attempt to agree in good faith upon the Fair Market Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If Sublessor and Sublessee fail to reach agreement within twenty (20) days following Sublessee’s delivery of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor Option Notice (the “IndexOutside Agreement Date) on the date nearest the commencement date ), Sublessee’s exercise of the Renewal Termoption to extend shall be rescinded and the Term shall not be extended. (C) The exercise of the option is expressly contingent upon the receipt of Lessor’s consent to the extension of the Term of this Sublease pursuant to the terms of the Master Lease. (D) Except for the option specifically set forth above, nothing herein shall be construed as permitting Sublessee to exercise any extension or renewal rights or to exercise any right of first refusal or expansion, if any such rights exist, and in no event shall Sublessor be obligated to extend the denominator of which is the Index as term of the first day Master Lease for any reason. In addition, in the event the Master Lease allows Sublessor the option to terminate the Master Lease early, Sublessor’s exercise of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index that option shall not be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew a default under this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodSublease.

Appears in 3 contracts

Sources: Sublease, Sublease (Gossamer Bio, Inc.), Sublease (Gossamer Bio, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Sources: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notices under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the Other Units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Lease Agreement (TRLI 2001-1C) Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Sources: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord (a) Tenant is hereby grants granted two (2) options to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one (1) period an additional term of five (5) years each, subject to the terms of this Paragraph 24. In the event that Tenant desires to renew the Lease it shall give notice in writing to Landlord of its intention to renew the Lease at least twelve (12) months prior the Expiration Date. All of the terms and conditions of this Lease shall remain in effect during the Renewal Term, except that the annual Fixed Rent payable during the Renewal Term shall be the annual fair market rental value of the Demised Premises based on renewal lease for Class “A” office space in the Liberty Corner/I-78 area of Somerset County (the “Fair Market Value”) as of the date which is sixty (60) days prior to the commencement date of such Renewal Term”), but in no event shall the annual Fixed Rent be less than the annual Rent payable during the year preceding the first year of the Renewal Term. (b) The Fair Market Value of the Demised Premises for purposes of Subparagraph (a) of this Paragraph 24 shall take into account the provisions of this Lease and shall be set forth by Landlord in a notice to Tenant at least sixty (60) days prior to the commencement of the applicable renewal term. The Renewal Term Fair Market Value set forth in such notice shall commence be binding upon the day next following the last day of the initial Term. both parties unless Tenant shall notify Landlord of its objection within twenty (20) days after receipt of such notice. In the event of such an objection which is not resolved within twenty (20) days thereafter, Tenant, at its own expense, shall designate an MAI appraiser in the Bernards Township/Bedminster area of Somerset County. Tenant’s designated appraiser shall then determine and promptly report to both parties in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration Fair Market Value of the initial TermDemised Premises, time being of the essence with respect to such notification. Notice thereof which report shall be deemed sufficient if given in the manner hereinafter providedbinding upon both parties unless Landlord shall object to same within twenty (20) days after receipt of said report. If Landlord does shall so object, both parties shall jointly appoint a separate MAI appraiser who shall determine the Fair Market Value. The costs of such appraisal shall be shared equally by Landlord and Tenant. If Landlord and Tenant cannot receive agree on an independent appraiser acceptable to both, either party may request the American Arbitration Association of Somerset, New Jersey to appoint such written notice as independent appraiser who shall be a member of MAI familiar with office buildings in the Somerset County, New Jersey area and when required herein, in such event the Renewal Term shall terminate and be judgment of no further force or effect, and this Lease shall expire as a majority of the then-scheduled expiration date. The Renewal Term two appraisers and Landlord shall be final and binding upon all the parties. (c) It shall be a condition of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year exercise of the initial Term by a ratiooption set forth in this Paragraph 24, that at the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics time of the United States Department exercise of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingsaid option, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is not be in default hereunder beyond any applicable grace or cure periodunder this Lease.

Appears in 3 contracts

Sources: Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.)

Renewal Option. Landlord Tenant is hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for granted one (1) period option (“Extension Option”) to extend the term of the Lease for the entire Premises then under Lease for five (5) years (the Renewal Extension Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Extension Option may be exercised only by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less irrevocable and unconditional written notice thereof no earlier than six fifteen (615) months and no later than twelve (12) months prior to the commencement of the Extension Term. Tenant may not exercise the Extension Option if Tenant is in Monetary Default under the Lease beyond the expiration of any applicable cure period either at the initial Term, time being date of said notice or at the commencement of the essence with respect Extension Term. Upon exercise of the Extension Option, all references in the Lease to such notification. Notice thereof the Term shall be deemed sufficient if given in to be references to the manner hereinafter provided. If Landlord does not receive such written notice Term as and when required herein, extended pursuant to the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateExtension Option. The Renewal Extension Term shall be upon all of on the same terms, covenants and conditions of this as are contained in the Lease, except that the Fixed Rent (i) no additional extension option shall be increased conferred by adding the CPI Adjustment Amount exercise of the Extension Option, (defined belowii) Base Rent applicable to the thenPremises for the Extension Term shall be determined as provided below, (iii) any rent abatement, concession or allowance (including, without limitation, the Construction Allowance) which are in the nature of economic concessions or inducements contained in the Lease shall not be again applicable to any Extension Term because new concessions shall be determined in connection with determination of the Current Market Rate, and (iv) Tenant shall accept the Premises in its “as-current Fixed is, where is” condition. In addition to Base Rent, Tenant shall pay Additional Rent and other Rent during the Extension Term as provided in this Lease. Base Rent per annum per rentable square foot of the Premises for the Extension Term shall be one hundred percent (100%) of the Current Market Rate for lease terms commencing on or about the date of commencement of the Extension Term. The term CPI Adjustment AmountCurrent Market Ratemeans the prevailing rental rate per rentable square foot and concession package for comparable renewals recently executed for comparable space in the Building and in buildings of comparable age and quality in the Building’s submarket for renewing tenants of similar size, credit quality and stature. The determination of Current Market Rate shall take into consideration net versus gross lease; differing base years if applicable; any differences in the size of space being leased, the location of space in the applicable building and the length of lease terms; the use of the applicable premises; any differences in definitions of rentable square feet or rentable area with respect to which rental rates are computed; the value of rent abatements, allowances (for demolition, space planning, architectural and engineering fees, construction, moving expenses, commissions, or other purposes), leasing commissions, the creditworthiness of Tenant; the location and condition of the building, the location and condition of the applicable premises within the applicable building, and other pertinent factors. The Current Market Rate may include an escalation of a fixed base rental rate (based on a fixed step or index) then prevailing in the market. Within thirty (30) days after receipt of Tenant’s notice to extend Landlord shall deliver to Tenant written notice of the Current Market Rate and shall advise Tenant of the required adjustment to Base Rent, if any. Tenant shall, within thirty (30) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant (a) accepts Landlord’s determination of the Current Market Rate; or (b) requests that the Current Market Rate be determined by brokers (“Arbitration Request”). If Tenant requests that the Current Market Rate be determined by brokers, Landlord and Tenant, within ten (10) days after the date of the Arbitration Request, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Current Market Rate (collectively referred to as the “Estimates”). If the higher of such Estimates is calculated not more than one hundred five percent (105%) of the lower of such Estimates, then Current Market Rate shall be the average of the two Estimates. If the Current Market Rate is not resolved by multiplying the Fixed Rent payable exchange of Estimates, Landlord and Tenant, within seven (7) days after the exchange of Estimates, shall each select a commercial real estate broker to determine which of the two Estimates most closely reflects the Current Market Rate. Each commercial real estate broker selected pursuant hereto shall (a) be a licensed commercial real estate broker in good standing, (b) have had at least ten (10) years’ experience within the previous fifteen (15) years as a commercial real estate broker working in the Building’s particular marketplace, (c) have working knowledge of current office rental rates and practices, and (d) not be affiliated with either Landlord or Tenant. Upon selection, Landlord’s and Tenant’s brokers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Current Market Rate. The Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the Current Market Rate. If either Landlord or Tenant fails to appoint a broker within the seven day period referred to above, the broker appointed by the other party shall be the sole broker for the last year purposes hereof. If the two brokers cannot agree upon which of the initial Term by a ratiotwo Estimates most closely reflects the Current Market Rate within the twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the numerator two (2) brokers shall select a third broker meeting the aforementioned criteria. Once the third broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the third broker shall make his determination of which is of the Consumer Price Index for All Urban Consumerstwo Estimates most closely reflects the Current Market Rate and such Estimate shall be binding on both Landlord and Tenant as the Current Market Rate. The parties shall share equally in the costs of the third broker. Any fees of any broker, Cleveland-Akroncounsel or experts engaged directly by Landlord or Tenant, All Items (1982-1984=100) published however, shall be borne by the Bureau of Labor Statistics of party retaining such broker, counsel or expert. In the United States Department of Labor (event that the “Index”) on the date nearest Current Market Rate has not been determined by the commencement date of the Renewal TermExtension Term at issue, and Tenant shall pay the denominator of which is the Index as of the first day of the third Lease Year. If, during most recent Base Rent set forth in the Lease Term until such time as the Bureau of Labor Statistics ceases to maintain the IndexCurrent Market Rate has been determined. Upon such determination, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Base Rent shall be used retroactively adjusted. If such adjustment results in determining an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such adjustmentoverpayment has been credited against Base Rent. Notwithstanding Tenant must timely exercise the foregoingExtension Option or the Extension Option shall terminate. Tenant’s exercise of the Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. If the Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have no right subleased (other than to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date an Affiliate) more than twenty five percent (25%) of the Renewal TermPremises, then immediately upon such termination or sublease of more than 25%, the Extension Option shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant, Tenant’s Affiliates, and any successor Tenant is after any Business Transfer in default hereunder beyond any applicable grace or cure periodaccordance with Section 11.04 of the Lease.

Appears in 3 contracts

Sources: Office Lease Agreement, Office Lease Agreement (Xeris Pharmaceuticals Inc), Office Lease Agreement (Xeris Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option have two successive options to extend the Term of renew this Lease (each a “Renewal Option”) with respect to the entirety of the Premises for one (1) period the term of five (5) years each (the each a “Renewal Term”). The Renewal Term shall commence , commencing upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being or if the first Renewal Option is exercised, upon the expiration of the essence with respect to such notificationfirst Renewal Term. Notice thereof shall Each Renewal Option must be deemed sufficient exercised, if given in the manner hereinafter provided. If Landlord does not receive such at all, by written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled given by Tenant to Landlord not earlier than twelve (12) months nor later than nine (9) months prior to expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by (or the first Renewal Term, as applicable). If Tenant properly exercises a ratioRenewal Option, then references in the numerator of which is Lease to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of Term shall be deemed to include the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index The Renewal Option shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, null and void and Tenant shall have no right to renew this Lease if, either at if on the time date Tenant notifies Landlord of its election to extend this Lease exercises the Renewal Option or upon on the date immediately preceding the commencement date of the Renewal Term (i) a Default beyond the applicable cure period shall have occurred and be continuing hereunder, or (ii) Tenant (A) is then subletting more than fifty percent (50%) of the rentable square footage of the Premises other than in connection with a Permitted Transfer (as defined in Section 10.1(e) below) or (B) has assigned this Lease other than in connection with a Permitted Transfer. (b) If Tenant properly exercises the Renewal Option, then during the Renewal Term all of the terms and conditions set forth in this Lease as applicable to the Premises during the initial Term shall apply during the Renewal Term, including without limitation the obligation to pay Rent Adjustments, except that (i) Tenant is shall accept the Premises in default hereunder beyond their then “as-is” state and condition and Landlord shall have no obligation to make or pay for any improvements to the Premises (except as determined as part of the Fair Market Rent), and (ii) during the Renewal Term the Monthly Base Rent payable by Tenant shall be ninety-five percent (95%) of the Fair Market Rent during the Renewal Term as hereinafter set forth, except that in no event shall Monthly Base Rent during the Renewal Term be less than ninety-five percent (95%) of the Monthly Base Rent in effect during the last month of the initial Term, or first Renewal Term, as applicable, and shall increase by an annually compounded three percent (3%) during each year of the Renewal Term. (c) For purposes of this Section, the term “Fair Market Rent” shall mean the rental rate, additional rent adjustment and other charges and increases, if any, for space comparable in size, location and quality of the Premises under primary lease (and not sublease) to new or renewing tenants, for a comparable term with a tenant improvement allowance, if applicable grace and taking into consideration any concessions and such amenities as existing improvements, parking ratio, view, floor on which the Premises are situated and the like, situated in comparable buildings in Berkeley and Emeryville. The Fair Market Rent shall not take into account any Tenant Alterations or cure periodother improvements paid for by Tenant.

Appears in 3 contracts

Sources: Office Lease (XOMA Corp), Lease Agreement (XOMA Corp), Lease Agreement (XOMA Corp)

Renewal Option. Landlord hereby grants to Tenant, and a. Tenant shall have, the right and option to extend the Term of this Lease for have one (1) personal and non-transferable option to renew the term of the Lease for a period of five (5) years (the “Renewal Term”)years. The Renewal Term renewal term shall commence upon the day next following the last day of the initial Termbegin June 15, 2012. Tenant shall notify have the right to exercise the renewal option conferred herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term notice at least one hundred eighty (180) days, but not less more than six two hundred seventy (6270) months days, prior to the expiration of the initial TermExtension Period; provided that, at the time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as exercise and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. commencement of the renewal term (i) no default has occurred; and (ii) Tenant has not sublet any portion of the Premises or assigned all or any portion of the Lease. b. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions of this contained in the Lease, except that rent during each renewal term shall be Market Rent. “Market Rent” shall be the Fixed anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in effect for new leases of space in the area in which the building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. In no event shall the Market Rent be less than the rent in effect for the immediately preceding term. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements, except Landlord shall provide a refurbishment allowance of $5.00 per rentable square foot. In the event that Tenant shall exercise an option to renew the Lease, then the Market Rent shall be increased by adding agreed upon in a meeting of the CPI Adjustment Amount parties hereto held at least ninety (defined below90) days prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year expiration of the initial Term by a ratio, Extension Period. If the numerator parties are able to agree on an amount of which rent that is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexmutually satisfactory, then such other index or standard as will most nearly accomplish agreements shall be placed in writing and shall be signed by the aim or purpose parties hereto and shall thereupon become a part of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 2 contracts

Sources: Lease (Eschelon Telecom Inc), Lease (Eschelon Telecom Inc)

Renewal Option. Landlord hereby grants to Tenant, and 43.1 Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period time right to renew the term of this Lease, for all of the Premises for a renewal term (the “Renewal Term”) of five (5) years by written notice (the “Renewal TermNotice) given to Landlord not less than eighteen (18) months prior to the Expiration Date; provided, however, that Tenant shall be current in the payment of rent and additional rent and not then be in default under any of the other terms, covenants or conditions of this Lease after written notice and beyond the expiration of any applicable notice and cure periods, on Tenant’s part to observe or perform either on the date of the giving of the Renewal Notice or on the Renewal Term Commencement Date (as hereinafter defined). Upon the giving of such notice this Lease shall thereupon be deemed renewed for the Renewal Term with the same force and effect as if the Renewal Term had originally been included in the term of this Lease, subject, however, to the provisions of Section 43.3. The Renewal Term shall commence upon (the “Renewal Term Commencement Date”) on the day next following after the last day Expiration Date and shall terminate on the fifth (5th) anniversary of the initial TermExpiration Date. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, giving of the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all Notice. 43.2 All of the terms, covenants and conditions of this Lease, except that the Fixed Rent Lease shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of continue in full force and effect during the Renewal Term, and except that (i) the denominator Rent for the Renewal Term shall be the greater of which is (x) the Index then Rent (as escalated); or (y) an amount equal to the fair market rental value (“FMV”) of the first day Premises taking into account all relevant factors, including the then condition of the third Lease Year. IfPremises, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingrent concessions and work and expenses incurred in connection with similar leases, and (ii) Tenant shall have no further right to renew the Term of this Lease. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease if, either at any time during the time Term hereof shall terminate any right of renewal of Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodhereunder.

Appears in 2 contracts

Sources: Lease Agreement (Panacea Acquisition Corp), Lease Agreement (Panacea Acquisition Corp)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not then in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 39.1 If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six date which is fifteen (615) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is nine (9) months prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 39.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within fifteen percent (15%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 39.3 This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 2 contracts

Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)

Renewal Option. Landlord hereby grants If the Lessee is not in default in regard to Tenantthe terms and provisions of this Real Estate Lease Agreement at the time the option is exercised or at the time the renewal term is to commence, and Tenant Lessee shall have, have the right and option to extend renew this Real Estate Lease Agreement subject to all the Term terms and provisions as follows: (a) For TWO (2) Successive term(s) of this Lease for one (1) period of five FIVE (5) years year(s) each with each renewal term commencing on the day following the expiration of the preceding term. (b) The first renewal term shall commence on the “Renewal Term”)1st day of September 2019. The Renewal Term option regarding a renewal term shall commence upon be exercised by written notice sent by Lessee to Lessor not less than one hundred twenty (120) days prior to September 1, 2019 in regard to the day next following first renewal term. The giving of such notice shall be sufficient to make the Lease binding for the renewal term provided that each of the parties shall promptly execute prior to the last day of the initial Term. Tenant preceding term a further written amendment to the Lease in which the parties agree to extend the lease term, provided that under all circumstances the rent for any renewal term shall notify Landlord in writing continue to increase at the rate of 2% per year commencing on the lst of September of each year of each renewal term; and therefore, the base monthly rent for the first year of the first renewal term shall be $7 955.00 per month. (d) In the event Lessee exercises either or both of its election conditional options to extend this renew the Real Estate Lease Agreement for one or two additional renewal terms, then as a condition thereto, the Renewal Term Personal Guaranties of Lessee(s), if any shall be attached hereto as continuing Guaranties and said Guaranties shall not less than six (6) months prior terminate until such time as Lessee has fully performed all of its duties and obligations, and made all payments to Lessor pursuant to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Real Estate Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodAgreement without exception.

Appears in 2 contracts

Sources: Lease Agreement, Real Estate Lease Agreement (Diego Pellicer Worldwide, Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent for each Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord, within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 2 contracts

Sources: Standard Lease (1997 Corp), Standard Lease (Andrx Corp)

Renewal Option. Landlord hereby grants to Tenant, (a) Provided this Lease is in effect and Tenant is not in default hereunder beyond the expiration of any applicable grace, notice and/or cure periods, either at the time of the exercise of this option or at the time of the commencement of the Renewal Term, Tenant shall have, have the right and option to extend renew the Term of this Lease initial term for one (1) period of ), five (5) years year renewal term (the “Renewal Term”) upon the same terms as in this Lease (including items of Additional Rent and escalations). The , except that (i) the Minimum Rent during the Renewal Term shall commence upon be determined as provided below, (ii) the day next following Base Operating Factor for the last day entire Premises (ie., the 10th and 11th Floors and the Fifth Amendment Current Premises) shall mean the Operating Expenses for the 2025 calendar year, (iii) the Base Tax Amount for the entire Premises (ie., the 10th and 11th Floors and the Fifth Amendment Current Premises) shall mean the Taxes due for the New York City fiscal tax year commencing July 1, 2025 and ending June 30, 2026 and (iv) Tenant shall have no right to renew the Term of the initial Lease for any period beyond the Renewal Term. Tenant shall notify exercise its option with respect to the Renewal Term, if at all, by giving written notice to Landlord in writing on or before February 28, 2024. The failure by Tenant to duly give notice of its election exercise of its right to extend renew the Term shall be deemed a waiver of such right. Upon Landlord’s receipt of such notice from Tenant, this Lease Lease, subject to the provisions of this Article, shall be automatically extended for the Renewal Term not less than six (6) months prior with the same force and effect as if the Renewal Term had been originally included in the Term. The Minimum Rent during the Renewal Term shall be the fair market Minimum Rent as determined pursuant to the expiration provisions hereof, by arbitration or by agreement of Landlord and Tenant as of the initial commencement of the Renewal Term. Landlord shall not be responsible for any fees or commissions due to any broker or other agent with which Tenant has had dealings in connection with the Renewal Term unless otherwise agreed to in writing by Landlord and Tenant shall indemnify, defend and hold Landlord harmless from and against any and all loss, cost, liability and expense arising out of any claim made by any of such brokers or agents. The renewal option set forth herein may only be exercised by the Named Tenant. (b) Provided that Tenant has exercised the option as provided in Section 9(a) above, on or before February 28, 2024, Landlord shall send a notice (the “Landlord’s Notice”) to Tenant of Landlord’s estimate of the fair market Minimum Rent for the Premises for the Renewal Term (the “Landlord’s Estimate”). If Tenant does not object to the Landlord’s Estimate by written notice to Landlord within thirty (30) days following Landlord’s Notice, then Tenant shall be deemed to have accepted Landlord’s Estimate and such amount shall be deemed to be the Minimum Rent for the Renewal Term. If Tenant objects to Landlord’s Estimate within the required thirty (30) day period, Landlord and Tenant shall attempt to agree upon the Minimum Rent to be paid during the Renewal Term. In the event that by January 31, 2025, Landlord and Tenant shall not have agreed upon the Minimum Rent for the Renewal Term, such dispute shall be submitted to arbitration in accordance with the provisions of Section 9(f) below, and the arbitrators shall determine the Minimum Rent for the Renewal Term. (c) If upon the commencement of the Renewal Term the Minimum Rent to be paid by Tenant during such Renewal Term shall not have been determined, Tenant shall, effective as of the commencement of the Renewal Term, pay as Minimum Rent the amount estimated by Landlord as the appropriate Minimum Rent for the Premises during the Renewal Term as set forth in Landlord’s Notice, subject to adjustment upon determination of such Minimum Rent. Upon the determination of the Minimum Rent, Tenant shall promptly pay to Landlord any underpayment of Minimum Rent by Tenant since the beginning of the Renewal Term. In the event of any overpayment of such Minimum Rent by Tenant since the beginning of the Renewal Term, Tenant shall receive a credit against the Minimum Rent next due under this Lease in the amount of such overpayment. (d) Nothing contained herein shall affect Tenant’s obligation to pay Additional Rent under this Lease. In determining the Minimum Rent, the Base Tax Amount and the Base Operating Factor for the Renewal Term, all relevant factors (whether favorable to Landlord or Tenant), including the amount of Additional Rent then being paid by Tenant on account of any escalations shall be taken into account. (e) Any termination, cancellation or surrender of this Lease shall terminate any right of renewal for the Renewal Term. Neither the option granted to Tenant in this Lease to renew the Term nor the exercise of any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or that Landlord may otherwise have to terminate this Lease. Any termination of this Lease shall serve to terminate any renewal of the Term and any right of Tenant to any such renewal, whether or not Tenant shall have exercised such option to renew. No option granted to Tenant to renew the Term shall be deemed to give Tenant any further option to renew or extend beyond the Renewal Term. (f) This Section (f) shall apply only to the determination of Minimum Rent for the Renewal Term and shall not be deemed to apply to any other determination or dispute arising out of this Lease. In determining the Minimum Rent for the Renewal Term by arbitration, the following procedures shall apply: (i) The party invoking the arbitration procedure shall give a notice (the “Arbitration Notice”) to the other party, stating that the party sending the Arbitration Notice desires to meet within ten (10) days to attempt to agree on a single arbitrator to determine the matter in dispute (the “Arbitrator”). If Landlord and Tenant have not agreed on the Arbitrator within twenty (20) days after the giving of the Arbitration Notice, then either Landlord or Tenant, on behalf of both, may apply to the local office of the American Arbitration Association or any organization which is the successor thereof (the “AAA”) for appointment of the Arbitrator, or, if the AAA shall not then exist or shall fail, refuse or be unable to act such that the Arbitrator is not appointed by the AAA within thirty (30) days after application therefor, then either party may apply to the appropriate court having jurisdiction over the matter (the “Court”) for the appointment of the Arbitrator and the other party shall not raise any question as to the Court’s full power and jurisdiction to entertain the application and make the appointment. The date on which the Arbitrator is appointed, by the agreement of the parties, by appointment by the AAA or by appointment by the Court, is referred to herein as the “Appointment Date”. If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or to continue to serve, a replacement arbitrator shall be appointed in the same manner as the original Arbitrator. (ii) The arbitration shall be conducted in accordance with the then prevailing commercial arbitration rules of the AAA, modified as follows: (a) The Arbitrator shall be disinterested and impartial, shall not be affiliated with Landlord or Tenant (and shall not have previously been employed by Landlord or Tenant) and shall be an MAI appraiser with at least ten (10) years’ experience in the determination of fair market rentals in first class office buildings located in the borough of Manhattan, City of New York. (b) Before hearing any testimony or receiving any evidence, the Arbitrator shall be sworn to hear and decide the controversy faithfully and fairly by an officer authorized to administer an oath and a written copy thereof shall be delivered to Landlord and Tenant. (c) Within thirty (30) days after the Appointment Date, Landlord and Tenant shall deliver to the Arbitrator a copy of their respective written determinations of the Minimum Rent (each, a “Determination”), together with such affidavits, appraisals, reports and other written evidence relating thereto as the submitting party deems appropriate. After the submission of the Determination, the submitting party may not make any additions to or deletions from, or otherwise change, the Determination or the affidavits, appraisals, reports and other written evidence delivered therewith. If either party fails to so deliver its Determination within such time period, time being of the essence with respect to thereto, such notification. Notice thereof party shall be deemed sufficient if given in to have irrevocably waived its right to deliver a Determination and the manner hereinafter providedArbitrator shall accept the Determination of the submitting party. If Landlord does not receive such written notice as and when required hereineach party submits a Determination within the thirty (30) day period described above, the Renewal Term shall terminate and be of no further force or effectArbitrator shall, and this Lease shall expire as promptly after its receipt of the then-scheduled second Determination, deliver a copy of each party’s Determination to the other party. (d) If the matter in dispute has not been determined pursuant to subparagraph (c) above, then not less than three (3) days nor more than fifteen (15) days after the earlier to occur of (A) the expiration date. The Renewal Term shall be upon all of the termsthirty (30) day period provided for in subparagraph (c) above, covenants and conditions or (B) the Arbitrator’s receipt of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year both of the initial Term by a ratioDeterminations from the parties, THE ARBITRATOR SHALL BE INSTRUCTED, AND SHALL BE EMPOWERED ONLY, TO SELECT AS THE RESOLUTION TO THE DISPUTE THAT ONE OF THE DETERMINATIONS WHICH THE ARBITRATOR BELIEVES IS THE MORE ACCURATE DETERMINATION OF SUCH AMOUNT. Without limiting the numerator generality of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant in rendering his or her decision, the Arbitrator shall have no right to renew this Lease ifnot add to, either at subtract from or otherwise modify the time Tenant notifies Landlord provisions of its election to extend this Lease or upon the commencement date either of the Renewal TermDeterminations. (e) The Arbitrator shall render his or her determination as to the selection of a Determination in a signed and acknowledged written instrument which sets forth the rationale for the conclusion reached with respect to such determination, Tenant is in default hereunder beyond any applicable grace original counterparts of which shall be sent simultaneously to Landlord and Tenant, within ten (10) days after his or cure periodher determination of the dispute. (iii) Each party shall pay its own fees and expenses relating to the arbitration. Each party shall pay one half (1⁄2) of the fees and expenses of the AAA and of the Arbitrator.

Appears in 2 contracts

Sources: Lease Agreement (Compass, Inc.), Lease Agreement (Urban Compass, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Sources: Lease Agreement (Biolife Solutions Inc), Lease Agreement (Biolife Solutions Inc)

Renewal Option. Provided (i) there has been no more than two (2) monetary Events of Default as set forth in Section 19.9 of the Original Lease, in which Tenant fails to pay Landlord hereby grants to an amount exceeding $2,500.00 during the twelve (12) month period immediately preceding Tenant’s exercise of the renewal option under this Paragraph 12, (ii) Tenant is not then in default at the time of exercise of the renewal option hereunder permitted, and (iii) Tenant is then in occupation of at least fifty percent (50%) of the Premises as leased by this Amendment, namely, not less than 31,524 rentable square feet, provided that Landlord has in fact delivered possession of Suite 180, Tenant shall have, have the right and option to extend renew the Term of this Lease for one (1) period additional term of five (5) years commencing as of November 1, 2018 , on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (the “Renewal Term”). The Renewal Term a) If Tenant elects to exercise said option, then Tenant shall commence upon the day next following the last day provide Landlord with an irrevocable written notice of exercise of the initial Termoption no earlier than August 1, 2017 and no later than November 1, 2017. Time shall be of the essence herein so that if Tenant fails to provide such notice, Tenant shall notify Landlord in writing of its election have no further or additional right to extend this Lease for or renew the Renewal Term not less than six term of the Lease. (6b) months prior to The Annual Rent in effect at the expiration of the initial Term, time being then Term of the essence Lease shall be adjusted to reflect the then current fair market rental for comparable space in other comparable buildings in the submarket in which the Building is located, having regard to all allowances and leasing concessions including the availability of parking and any parking charges therefor as of the date the renewal term is to commence and taking into account the specific provisions of the Lease except to the extent hereunder provided. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment of Rent for the Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the date on which Tenant may exercise its option under this Paragraph 12. Tenant shall have twenty (20) days from said notification to provide Landlord with respect written notice that Tenant accepts or rejects the revised Annual Rent and Monthly Installment of Rent for the renewal Term. If Tenant fails to provide such notification. Notice thereof notice, then Tenant shall be deemed sufficient if given in to have waived its option to renew the manner hereinafter providedLease, and Tenant shall have no further or additional right to extend the Term of the Lease. If Tenant accepts in writing Landlord’s determination of the revised Annual Rent and Monthly Installment of Rent for the renewal Term then such acceptance shall be irrevocable. If Tenant, within the 20-day period, notifies Landlord does in writing that it rejects Landlord’s determination of the Annual Rent and Monthly Installment of Rent for the renewal Term and if the parties do not receive such written notice as agree upon the new revised Annual Rent and when required hereinMonthly Installment of Rent for the renewal Term within thirty (30) days of Landlord’s receipt of Tenant’s notice, the Renewal Term then this option shall terminate and be of no further force or effect, effect and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no further or additional right to renew this Lease if, either at extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Term of the Renewal Lease. (c) The Premises shall be taken by Tenant during the renewal Term, in its “AS-IS” condition and Landlord shall have no liability to perform any renovation work nor to provide any improvement allowances therefor unless otherwise agreed upon in the determination of fair market rental. (d) Upon exercise of this option, Tenant shall execute an amendment to the Lease prepared by Landlord confirming the exercise of the option and the new Annual Rent and Monthly Installment of Rent for the Premises during the renewal Term. Landlord’s failure to prepare or Tenant’s failure to execute such amendment shall not affect the validity of the exercise of this option or alter Tenant’s obligations during the renewal Term as determined hereby. (e) This option is personal to Reata Pharmaceuticals, Inc. and its Affiliate (as such term is defined in default hereunder beyond Section 9.8 of the Original Lease) and cannot be exercised by any applicable grace sublessee or cure period.other

Appears in 2 contracts

Sources: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants Notwithstanding anything to Tenantthe contrary set forth in the Lease, and Tenant shall have, the right and have one (1) option to extend the Term (the “Renewal Option”) on the following terms and conditions: (a) Provided that as of this Lease the date of the receipt of the Renewal Notice (as hereinafter defined) by Landlord and the Renewal Commencement Date (as hereinafter defined), (i) Tenant is the tenant originally named herein, (ii) Tenant actually occupies all of the Remaining Premises and Suite 4200 Expansion Premises demised under the Amendment and any space added to the Premises, and (iii) no default exists, or would exist but for one (1) the passage of time or the giving of notice, or both, then Tenant shall have the right to extend the Term for an additional period of five sixty (560) years full calendar months (the “Renewal Term”). The Renewal Term shall commence upon ) commencing on the day next following the last day expiration of the initial TermSecond Extended Term (the “Renewal Commencement Date”). Tenant shall notify give Landlord in writing written notice (the “Renewal Notice”) of its election to extend this the Term in accordance with the terms hereof at least nine (9) months, but not more than twelve (12) months, prior to the Second Extended Termination Date. (b) The Monthly Installment of Rent payable by Tenant to Landlord during the Renewal Term shall be the greater of (i) one hundred three percent (103%) of the Monthly Installment of Rent applicable to the last month of the Second Extended Term, and (ii) the then-prevailing market rate for comparable space in comparable buildings in the vicinity of the Project taking into account the size of the lease, the length of the renewal term, market escalations, and the credit of Tenant. The Monthly Installment of Rent shall not be reduced by reason of any costs or expenses saved by Landlord by reason of Landlord's not having to find a new tenant for such premises (including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any vacancy period). (c) Landlord shall notify Tenant of its determination of the Monthly Installment of Rent for the Renewal Term, and Tenant shall advise Landlord in writing of any objection to such determination of the Monthly Installment of Rent within fifteen (15) days of receipt of Landlord's notice. Failure to respond within the fifteen (15) day period shall constitute Tenant's rejection of such Monthly Installment of Rent, Tenant’s exercise of the Renewal Option shall be deemed to be withdrawn, and the Lease shall expire or terminate in accordance with its terms. If Tenant affirmatively objects in writing, Landlord and Tenant shall commence negotiations to attempt to agree upon the Monthly Installment of Rent for a period of up to fifteen (15) days after Landlord's receipt of Tenant's objection notice. If (i) Tenant has rejected such Monthly Installment of Rent in writing and (ii) the parties cannot agree after Tenant objects, each acting in good faith but without any obligation to agree, on the Monthly Installment of Rent on or before the end of such fifteen (15) day period, then Tenant's exercise of the Renewal Option shall be deemed withdrawn and the Lease shall expire or terminate in accordance with its terms unless Tenant or Landlord invokes the arbitration procedure provided below to determine the Monthly Installment of Rent for the Renewal Term. Either party may elect to arbitrate the determination of the Monthly Installment of Rent for the Renewal Term by sending written notice to the other party and the regional office of the American Arbitration Association in which the Premises is located within three (3) business days after the expiration of the fifteen (15) day negotiation period provided in the preceding paragraph, invoking the binding arbitration provisions of this subsection. The arbitration to determine the Monthly Installment of Rent for the Renewal Term shall be in accordance with the Real Estate Industry Arbitration Rules and Mediation Procedures of the American Arbitration Association. Unless otherwise required by state law, arbitration shall be conducted in the metropolitan area where the Premises is located by a single arbitrator mutually selected by the parties and unaffiliated with either party. Landlord and Tenant shall each submit to the arbitrator their respective proposal of the appropriate Monthly Installment of Rent for the Renewal Term. The arbitrator must choose between the Landlord’s proposal and the Tenant’s proposal and may not less compromise between the two or select some other amount. The cost of the arbitration shall be borne equally between the parties. If the arbitrator has not determined the Monthly Installment of Rent by the end of the Second Extended Term, Tenant shall pay one hundred five percent (105%) of the Monthly Installment of Rent in effect under the Lease as of the end of the Second Extended Term for the Renewal Term until the Monthly Installment of Rent is determined as provided herein. Upon such determination, Landlord and Tenant shall make the appropriate adjustments to the payments between them, including the reimbursement of any credit that may be due for the Monthly Installment of Rent actually paid by Tenant which is higher than six the final Monthly Installment of Rent for the Renewal Term determined in accordance with the procedures set forth herein for such period. For the avoidance of doubt, the parties consent to the jurisdiction of any appropriate court to enforce the arbitration provisions of this subsection and to enter judgment upon the decision of the arbitrator. (6d) months The determination of the Monthly Installment of Rent does not reduce the Tenant's obligation to pay or reimburse Landlord for any additional rent and any other reimbursable or chargeable items as set forth in the Lease, and Tenant shall reimburse and pay Landlord as set forth in the Lease with respect to such items with respect to the Premises during the Renewal Term. (e) Except for the Monthly Installment of Rent for the Renewal Term as determined above, Tenant's occupancy of the Premises during the Renewal Term shall be on the same terms and conditions as are in effect immediately prior to the expiration of the initial Term; provided, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoinghowever, Tenant shall have no further right to renew this any allowances, credits or abatements or any options to expand, contract, renew, terminate or extend the Lease. (f) If Tenant does not give the Renewal Notice within the period set forth above, the Renewal Option shall automatically terminate. Time is of the essence as to the giving of the Renewal Notice. (g) Landlord shall have no obligation to refurbish or otherwise improve the Premises for the Renewal Term. The Premises shall be tendered on the Renewal Commencement Date in “as-is” condition. (h) If the Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of is extended for the Renewal Term, then, promptly after the determination of Monthly Installment of Rent in accordance with the terms of this Addendum, Landlord shall prepare and Tenant shall execute, within fifteen (15) days of receipt, an amendment to the Lease confirming the extension of the Term and the other provisions applicable thereto. (i) If Tenant exercises its right to extend the term of the Lease for the Renewal Term pursuant to this Addendum and the parties execute the amendment, the term “Term” as used in this Lease, shall be construed to include, when practicable, the Renewal Term except as provided in subsection (e) above. (a) AS-IS Condition. Tenant shall lease the Remaining Premises and Suite 4200 Expansion Premises from Landlord on an “AS-IS” basis, without any representation or warranty of any kind made by Landlord in favor of Tenant and without change or modification thereto of any kind other than the work described in this exhibit. However, Landlord shall be responsible for causing, as of the Suite 4200 Expansion Premises Commencement Date, the existing HVAC system, and material electrical, plumbing and other mechanical systems that exclusively service the Suite 4200 Expansion Premises to be in good working order, provided that the foregoing shall not imply any representation or warranty as to the useful life of such systems, nor shall the foregoing diminish Tenant’s responsibility to perform any repairs, modifications or improvements to the same necessitated after the date that the Suite 4200 Expansion Premises is in default hereunder beyond any applicable grace delivered to Tenant, whether by reason of Tenant’s use of the same, Tenant’s alterations, ordinary wear and tear, or cure periodotherwise.

Appears in 2 contracts

Sources: Lease (R F Industries LTD), Lease (R F Industries LTD)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 2 contracts

Sources: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in monetary default under the terms and conditions of the Lease at the time of notification or commencement beyond applicable notice and cure periods, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. a) If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six date which is fifteen (615) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is ten (10) months prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. (b) The Fixed Rent and Monthly Fixed Rent in effect at the expiration of the then current term of the Lease shall be adjusted to reflect the fair market rental for comparable space in similar buildings in the same rental market as of the date the renewal term is to commence, taking into account concessions then being provided for renewals by landlords of such similar buildings (including without limitation rent abatement and tenant improvement allowances) as well as the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Fixed Rent and Monthly Fixed Rent for the Demised Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Section 24.17. Said notification of the new Fixed Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than four (4) months prior to the expiration of the then current term, Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Demised Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal. Tenant may elect to rescind its exercise of the renewal option within three (3) business days after Tenant is advised of the MAI appraisal determination, provided that Tenant pays for the entire MAI appraisal cost. This option is not transferable except to an Affiliate or entity which acquires all or substantially all of Tenant’s assets, or involved with a merger with Tenant (collectively, Permitted Transferees”); the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee, either at except a Permitted Transferee, have any rights to exercise the time Tenant notifies Landlord aforesaid option to renew. However, in the event there is any other transfer in the control of its election Tenant, the option shall be transferable to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodnew controlling entity.

Appears in 2 contracts

Sources: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right have a personal and non-transferable option to extend renew the Term term of this Lease for one (1J) period term of five (5) years (years. Such renewal tenn shall begin the “Renewal Term”). The Renewal Term shall commence upon the first day next following the last day expiration of the initial immediately preceding Term. Tenant shall notify have the right to exercise the renewal option confe1Tcd herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six notice at least two hundred seventy (6270) months days prior to the expiration of the initial then current Term; provided that, at the time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as exercise and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datecommencement of the renewal tenn (a) no Event of Default has occWTed and remains uncured beyond the applicable cure period; and (b) Tenant has not sublet or assigned any portion of the Premises. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions contained in this I.ease, except that Minimum Annual Rent during the renewal term shall be at 95% of Market Rent, but in no event less than the Minimum Annual Rent in effect immediately preceding the renewal tem1. "Market Rent" shall be the anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in e!Tect for renewed leases of space in the area in which the Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto arc unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of any renewal term, except that then the Fixed disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (I 0) years' actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. ff the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the "Initial Review Period"), but the rates differ by less than five percent (5%), the Market Rent shall be increased the average of the two rates. If the rates differ by adding more than five percent (5%), no later than five (5) business days following the CPI Adjustment Amount (defined belowexpiration of the Jnitial Review Period, tht,; two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten ( 10) to business days following appointment, the then-current Fixed third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. The “CPI Adjustment Amount” is calculated by multiplying If the Fixed Rent payable for arbitrators cannot agree on the last year third arbitrator, they shall petition the presiding judge of the initial Term local state court having jurisdiction to appoint such arbitrator to act as an umpire between the arbitrators selected by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord and ▇▇▇▇▇▇. The decision of the United States Department of Labor (third arbitrator or presiding judge, as the “Index”) case may be, shall be binding on both parties. Landlord and Tenant shall each be responsible to pay their respective arbitrators and will share equally the date nearest the commencement date cost of the Renewal Termthird arbitrator. Failure of Tenant properly to exercise the option herein granted shall be construed as a waiver of such option, and the denominator of which is Lease shall then terminate at the Index as expiration of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall current Tenn. [REMAINDER OF ▇▇▇▇ INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and ▇▇▇▇▇▇ have no right to renew executed this Lease ifon the respective date(s) set forth below. Landlord: LSOP 3 MD 3, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.LLC By: ~ . -=-- - - / Name:- 8a~:f:..Mttf.6ws.£l,,\\ ll\e l\tx\ Title: Senior Vice Prcsicfent '1 Tenant: ASCEl'iD ONE CORPORATION 15

Appears in 2 contracts

Sources: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)

Renewal Option. Landlord hereby grants to Tenant(a) Provided that no Event of Default has ccurred and is then continuing, and Tenant shall have, have the right and option to extend the Primary Term (as it may have been extended for the Extension Term in accordance with Section 3.1) of this Lease for one three (13) period successive additional periods of five (5) years each (the "First Renewal Term", the "Second Renewal Term" and the "Third Renewal Term", respectively). The option for the First Renewal Term shall commence upon the day next following the last day of the initial Term. may be exercised by Tenant shall notify by written notice given to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration end of the initial Primary Term. The option for the Second Renewal Term may be exercised by Tenant by written notice given to Landlord not less than six (6) months prior to the end of the First Renewal Term; provided, however, that unless Tenant timely exercises its option to extend the Primary Term for the First Renewal Term, time being Tenant will have no right to exercise its option for the Second Renewal Term or the Third Renewal Term. The option for the Third Renewal Term may be exercised by Tenant by written notice given to Landlord not less than six (6) months prior to the end of the essence Second Renewal Term; provided, however, that unless Tenant timely exercises its option to extend the First Renewal Term for the Second Renewal Term, Tenant wil have no right to exercise its option for the Third Renewal Term. Subject to the terms of subsection (b) of this Section 4, all of the terms and provisions of this Lease (excluding any allowances provided by Landlord and excluding any construction obligation of Landlord whatsoever, whether relating to the Base Building or the Expansion Improvements) shall govern and be applicable to the First Renewal Term, the Second Renewal Term and the Third Renewal Term in accordance with respect and subject to such notificationall the provisions of this subsection (a). Notice thereof The First Renewal Term, the Second Renewal Term and the Third Renewal Term are hereinafter sometimes referred to collectively as the "Renewal Terms". (b) Tenant shall be deemed sufficient if given in pay to Landlord as Minimum Rent during the manner hereinafter provided. If Landlord does not receive such written notice as and when required First Renewal Term (herein, the "First Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined belowMinimum Rent") to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics in lawful money of the United States Department of Labor (the “Index”) on the date nearest commencing at the commencement date of the First Renewal Term, a per annum amount equal to the greater of (i) ninety-five percent (95%) of the product obtained by multiplying the Building Square Footage (including the Expansion Improvements, if applicable) times an amount equal to the Prevailing Market Rate calculated in the manner set forth in Exhibit "D" attached to this Lease and made a part hereof by this reference or (ii) the denominator of which is Minimum Rent for the Index Demised Premises in effect as of the expiration of the Primary Term, payable in equal monthly installments of one twelfth 1/12th of said sum, in advance, without demand and, except as expressly provided to the contrary in this Lease, without abatement, reduction, set-off or deduction, on the first day of the third Lease Year. If, each calendar month during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustmentFirst Renewal Term. Notwithstanding the foregoing, If Tenant shall have no timely and properly exercises its right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Term for the Second Renewal Term, Tenant is shall pay to Landlord as Minimum Rent during the Second Renewal Term (herein, the "Second Renewal Minimum Rent") in default hereunder beyond lawful money of the United States commencing at the commencement of the Second Renewal Term, a per annum amount equal to the greater of (i) ninety-five percent (95%) of the product obtained by multiplying the Building Square Footage (including the Expansion Improvements, if applicable) times an amount equal to the Prevailing Market Rate or (ii) the Minimum Rent for the Demised Premises in effect as of the expiration of the First Renewal Term, payable in equal monthly installments of one twelfth 1/12th of said sum, in advance, without demand and, except as expressly provided to the contrary in this Lease, without abatement, reduction, set-off or deduction, on the first day of each calendar month during the Second Renewal Term. If Tenant timely and properly exercises its right to the extend the Term for the Third Renewal Term, Tenant shall pay to Landlord as Minimum Rent during the Third Renewal Term (herein, the "Third Renewal Minimum Rent") in lawful money of the United States commencing at the commencement of the Third Renewal Term, a per annum amount equal to the greater of (i) ninety-five percent (95%) of the product obtained by multiplying the Building Square Footage (including the Expansion Improvements, if applicable) times an amount equal to the Prevailing Market Rate or (ii) the Minimum Rent for the Demised Premises in effect as of the expiration of the Second Renewal Term, payable in equal monthly installments of one twelfth 1/12th of said sum, in advance, without demand and, except as expressly provided to the contrary in this Lease, without abatement, reduction, set-off or deduction, on the first day of each calendar month during the Third Renewal Term. (c) If Tenant timely exercises its right to the First Renewal Term and makes the first payment of Base Rent due after commencement of the First Renewal Term, Landlord will, at any applicable grace or cure periodtime during the First Renewal Term, provide an allowance of $45,000.00 ("Refurbishment Allowance"), which will be applied as an automatic credit against the first installment of Base Rent due after the commencement of the First Renewal Term. Landlord will have no obligation to perform any work of any nature in connection with the Refurbishment Allowance.

Appears in 2 contracts

Sources: Build to Suit Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc)

Renewal Option. Landlord hereby grants Exhibit F attached to Tenant, the Lease is deleted and Tenant shall have, the right and option not be entitled to extend the Term of the Lease except as expressly set forth in this Paragraph 10. Tenant shall, provided the Lease for is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement beyond all applicable notice and cure periods, have one (1) period option to renew the Lease for a term of five (5) years commencing as of November 1, 2013, for all or a portion (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term but not less than six fifty percent (650%) months of the Premises as leased by this Amendment, namely, not less than 10,550 square feet) as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (a) If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than November 1, 2012 and no later than April 1, 2013. If Tenant fails to provide such written notice, Tenant shall have no further or additional right to extend or renew the term of the Lease. Time shall be of the essence. (b) The Annual Rent and Monthly Installment of Rent in effect at the expiration of the then Term of the Lease shall be adjusted to reflect the current fair market rental for new leases in comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant except as amended by this Paragraph 10. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment of Rent for the Premises no later than forty-five (45) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph 10. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the initial Termthen current term, time being of the essence then Landlord and Tenant shall each appoint a qualified MA1 appraiser or real estate broker with respect to such notification. Notice thereof shall be deemed sufficient if given at least ten (10) years experience doing business in the manner hereinafter provided. If Landlord does not receive such written notice as area, in turn those two independent MA1 appraisers shall appoint a third MA1 appraiser or real estate broker and when required herein, the Renewal Term majority shall terminate and be of no further force or effect, and this Lease shall expire decide upon the fair market rental for the Premises as of the then-scheduled expiration dateof the then current Term. The Renewal Term Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within ten percent (10%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. (c) This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew the Lease shall be upon all of “personal” to Reata Pharmaceuticals, Inc. and that in no event will any assignee or sublessee have any rights to exercise the terms, covenants and conditions of this Lease, except that aforesaid option to renew. (d) Once the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” renewal option provided for above is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingexercised, Tenant shall have no further right to renew this Lease if, either at extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date term of the Renewal TermLease, Tenant is unless agreed to in default hereunder beyond any applicable grace or cure periodwriting by Landlord in its sole discretion.

Appears in 2 contracts

Sources: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Renewal Option. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, (ii) Tenant then occupies and the Premises then consist of at least all the original Premises and (iii) this Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall have, the right and may exercise an option to extend the Term of renew this Lease for one (1) period additional term of five (5) years (the "Renewal Term”). The Renewal Term shall commence ") upon the day next following the last day of the initial Term. Tenant shall notify Landlord same terms and conditions contained in writing of its election to extend this Lease with the exceptions that (x) this Lease shall not be further available for renewal and (y) the rental for the Renewal Term not shall be the "Renewal Rental Rate", but in no event will the Base Annual Rent be less than six the Base Annual Rent for the last twelve (612) calendar months prior to the expiration of the initial Term, time being term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Term shall be upon all of Rental Rate is hereby defined to mean the termsthen prevailing rents (including, covenants and conditions of this Leasewithout limitation, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) those similar to the then-current Fixed Basic Annual Rent and Additional Rent. The “CPI Adjustment Amount” is calculated ) payable by multiplying renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Fixed Rent payable Premises, including any additions thereto, located within the area described below and leased for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of renewal term approximately equal to the Renewal Term, and . The Renewal Rental Rate will take into consideration the denominator of which is tenant inducements offered in the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used renewal transactions considered by Landlord in determining the amount of any such adjustmentRenewal Rental Rate. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTHE TENANT'S OPERATING EXPENSE STOP AND TENANT'S REAL ESTATE TAXES STOP SHALL BE ADJUSTED TO BE THE ACTUAL SUCH EXPENSES FOR THE YEAR THE RENEWAL OCCURS.

Appears in 2 contracts

Sources: Standard Office Lease Agreement (Networks Associates Inc/), Standard Office Lease Agreement (McAfee Associates Inc)

Renewal Option. Landlord hereby grants Tenant acknowledges and agrees that Tenant has no further rights of renewal or similar rights in or to the Premises or the Building, except as follows: Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on December 1, 2022, or on the first day next following the last day any subsequent extension of the initial Term. Tenant shall notify Landlord in writing Term under Section 13 of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateAmendment. The Renewal Term shall be upon all exercised by Tenant giving written notice of the termsexercise thereof (the “Renewal Notice”) to Landlord on or before the day that is nine (9) months, covenants and conditions but not more than twelve (12) months, prior to the then applicable Expiration Date of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either grace or cure period (x) when Landlord receives the Renewal Notice, or (y) upon the expiration of the Term of the Lease prior to the commencement of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant notifies in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant shall provide Landlord written notice of its election objection to extend Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the then applicable Expiration Date, or (ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”): (I) If the Appraisal Election is timely chosen, Landlord and Tenant, within ten (10) days after the date of the Appraisal Election, shall each submit to the other, in a sealed envelope, its good faith estimate of the Renewal Rent (collectively referred to as the “Estimates”). If the higher of such Estimates is not more than one hundred five percent (105%) of the lower of such Estimates, then the Renewal Rent shall be the average of the two Estimates. If the Renewal Rent is not resolved by the Estimates as set forth in the preceding sentence, Landlord and Tenant, within seven (7) days after the exchange of Estimates, shall each select an appraiser to determine which of the two Estimates most closely reflects the Renewal Rent. Each appraiser so selected shall be certified as an MAI appraiser or an ASA appraiser, shall have had at least five (5) years experience within the previous ten (10) years as a real estate appraiser working in Coral Gables, Florida, with working knowledge of current rental rates and practices for office space, and shall not have been retained by the party selecting such appraiser during the prior five (5) year period. For purposes of this Lease Lease, an “MAI” appraiser means an individual who holds an MAI designation conferred by, and is an independent member of, the American Institute of Real Estate Appraisers (or its successor organization, or in the event there is no successor organization, the organization and designation most similar), and an “ASA” appraiser means an individual who holds the Senior Member designation conferred by, and is an independent member of, the American Society of Appraisers (or its successor organization, or, in the event there is no successor organization, the organization and designation most similar). Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Renewal Rent. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent for the Premises during the Renewal Term. If either Landlord or Tenant fails to appoint an appraiser within the seven (7) day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes of determining the Base Rent during the Renewal Term. (II) If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Renewal Rent within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two (2) appraisers shall select a third appraiser meeting the aforementioned criteria for appraisers. Once the third appraiser has been selected as provided for above, then, as soon thereafter as practicable, but in any case within fourteen (14) days, such third appraiser shall make his determination of the Renewal Rent, provided, however, that such third appraiser’s determination shall not be below the lowest of the two Estimates or higher than the highest of the two Estimates, and such third appraiser’s determination shall be binding on both Landlord and Tenant as the Base Rent for the Premises during the Renewal Term. If the appraiser believes that expert advice would materially assist him, he may retain one or more qualified persons, to provide such expert advice. The parties shall share equally in the costs of the appraisers and of any experts retained by such appraisers. In the event that the Renewal Rent has not been determined by the commencement date of the Renewal Term, Tenant shall in addition to all other payments due under this Lease, pay Base Rent at the initial Renewal Rent determined by Landlord, until such time as the Renewal Rent has been finally determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted (if necessary) to the commencement of the Renewal Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such overpayment has been credited against Base Rent. If within such ten (10) day period, Tenant fails to provide written notice of its election of either (i) or (ii) above, then Tenant shall be deemed to have accepted Landlord’s initial determination of Renewal Rent for the Renewal Term, and shall have no further right to object to same. In the event Tenant properly exercises the Renewal Term and the Renewal Rent is determined, the terms of the Lease, as extended, shall be on the same terms, covenants, and conditions as set forth in default hereunder beyond any applicable grace or cure periodthe Lease, except (a) as modified by the Renewal Rent (which shall be incorporated into the Lease), (b) the Base Year for purposes of determining Tenant’s Proportionate Share of Increased Operating Costs shall be modified to the then current base year then being offered to prospective tenants of the Building, and (c) Tenant shall have no further right to extend the Term of the Lease. Additionally, Tenant shall, within twenty (20) days after Landlord’s request, execute and deliver an amendment to the Lease, prepared by and acceptable to Landlord, memorializing such exercise of the Renewal Term and the Renewal Rent.

Appears in 2 contracts

Sources: Lease (Catalyst Pharmaceuticals, Inc.), Lease (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default shall be continuing at the time of the exercise of the option herein provided and at the time of the commencement of the Renewal Term (as hereinafter defined), and Tenant shall havehave the right, the right and option at its option, to extend the original Lease Term of this Lease (“Original Term”), for one a renewal term (1“Renewal Term”) period of five (5) years (the “Renewal Term”). The Renewal Term shall to commence upon the day next immediately following the last day expiration of the initial Original Term. Tenant shall notify , by giving notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) nor more than eighteen (18) months prior to the expiration Expiration Date of this Lease and, upon the initial giving of such notice, this Lease, subject to the provisions hereof, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the Lease Term, time being . Time shall be of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as exercise by Tenant of the then-scheduled expiration dateoption. The Renewal Term shall be upon all All of the terms, covenants and conditions of this Lease, Lease shall continue in full force and effect during the Renewal Term except that (a) the Fixed Basic Rent shall be increased by adding as hereinafter set forth, (b) the CPI Adjustment Amount Base Tax Factor shall be the fiscal tax year and the Base Operating Factor shall be the calendar year during which the Renewal Term Commences; (defined belowc) the terms of this Lease relating to the then-current Fixed RentWork Letter and the performance of Landlord’s Work and Tenant’s Work shall not be applicable to the Renewal Term and (d) there shall be no further privilege of extension of this Lease beyond the Renewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Basic Rent payable for by Tenant during the last first year of the initial Renewal Term shall be the fair market basic rent prevailing at the commencement of the Renewal Term for rental of space comparable in size to the Premises in privately owned multi-tenanted office buildings owned by a ratioother than governmental entities comparable in age, size, quality and location to the Building, as determined in the first instance by Landlord, based upon then current leases for such space, taking into account tenant improvement allowances. No less than thirty (30) days following Landlord’s receipt of Tenant’s notice to extend the Lease for the Renewal Term, Landlord shall notify Tenant in writing of its determination of the Basic Rent for the first year of the Renewal Term as set forth above. In the event Tenant disagrees with such determination Landlord and Tenant shall attempt in good faith to agree on such Basic Rent. In the event Landlord and Tenant fail to reach an agreement on such rental rate at least four (4) months prior to the expiration of the then current term, the numerator of which is dispute as to Basic Rent shall be arbitrated pursuant to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics provisions of the United States Department Article XXII, and Tenant shall pay Basic Rent as determined by Landlord pending the outcome of Labor (such arbitration subject to the “Index”) on adjustment by reason thereof. After final determination of the date nearest Basic Rent for the commencement date first year of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, same shall increase during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date each subsequent year of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm two and one-half (2.5%) percent over the Basic Rent for the prior year.

Appears in 2 contracts

Sources: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)

Renewal Option. Landlord hereby grants to TenantThe parties acknowledge that Tenant has exercised the Option set forth in Section 2.3 of the Lease. So long as Tenant is not then in default, and Tenant shall havehave another option (the "Second Option") to renew this Lease (but only as to that portion of the Premises not subleased to GTE Intelligent Network Services Incorporated ("GTE"), in the right event and only in the event GTE exercises its option to extend lease its subleased space directly from Landlord) for a five (5) year term, beginning on the expiration of the Term of this Lease as extended in Paragraph 1 above, and continuing for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify thereafter, by notifying Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration end of such Term of this Lease. Such renewal shall be on all of the initial Term, time being terms and conditions of this Lease in effect in the last month of the essence with respect to such notification. Notice thereof extended term of this Lease which are not inconsistent herewith, except that the Total Monthly Rental shall be deemed sufficient if given at a market rental rate as determined by Landlord in the manner hereinafter providedits reasonable judgment. If Landlord does not receive such shall give written notice as and when required herein, (the Renewal Term shall terminate and "Rental Notice") to Tenant of the Total Monthly Rental to be in effect during such renewal term within thirty (30) days after receipt of no further force or effectTenant's notice exercising the Second Option, and Tenant shall have a right during the thirty (30) day period after receipt of the Rental Notice within which to revoke the exercise of the Second Option by giving written notice of revocation to Landlord within such thirty (30) day period, in which event the Term of this Lease shall expire as on May 31, 2008. If Tenant does not revoke its exercise of the then-scheduled expiration date. The Renewal Term Second Option within such thirty (30) day period, then the Total Monthly Rental specified by Landlord the Rental Notice shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, in effect during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure renewal period.

Appears in 1 contract

Sources: Lease Agreement (Micro Media Solutions Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years (each, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 38.1 If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing with written notice no earlier than the date which is one (1) year prior to the expiration of its election to extend this the then current term of the Lease for but no later than the Renewal Term not less than six date which is nine (69) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 38.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than one hundred eighty (180) days prior to the expiration of the then current term, then Landlord or Tenant may terminate negotiations and said renewal option shall be cancelled; provided that if such option is cancelled, the Term of the Lease shall automatically be extended to the date which is nine (9) months after the date of such cancellation, on the same rent and terms payable at the originally scheduled Termination Date. 38.3 This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant (or its related company) as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 1 contract

Sources: Lease Agreement (Power Solutions International, Inc.)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and Tenant shall haveeffect and there is no uncured Event of Default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election successive option to extend renew this Lease for a term of three (3) years each, for the Renewal Term not less portion of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 40.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six the date which is twelve (612) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is nine (9) months prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be adjusted to reflect 95% of the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal. 40.3 This option is not transferable, except to an Affiliate; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee, either at except an Affiliate, have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 1 contract

Sources: Lease (Ore Pharmaceuticals Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right to extend the term of the Lease for Premises B (Suite 101) for two (2) additional five year lease terms (the "Renewal Term"), upon the following conditions: (a) Tenant has not been in default (past applicable notice and cure) at any time during the past twelve (12) month period; (b) Tenant has not previously assigned the Lease or sublet any part or all of the Premises; (c) Landlord, using its reasonable judgment is satisfied with the quality, appearance, service and cleanliness of the Tenant's business. (d) Tenant has delivered to Landlord written notice of its intention to exercise this option, not less than three hundred sixty five (365) days prior to the end of the Lease Term; (e) All lease terms for the Renewal Term shall be the same as in the initial Lease Term, except that the annual Base Rent for the Renewal Term shall be the greater of: z) then current market rent for comparable space in the Building or in comparable buildings in the market (but not less than the most recent Monthly Base Rent), or y) the Basic Rental of the final month of the Lease Term increased by three (3%) percent; and (f) there shall be no further option to renew the Lease Term; and (g) there shall be no Improvement Allowance. If Tenant fails to sign an Amendment to the Lease extending the Lease Term as provided in this Section within fifteen (15) days after the rent has been determined and Landlord has promptly provided Tenant with a proposed Amendment consistent with the foregoing, all time periods for Tenant herein being of the essence, then Tenant's option to extend the Term term of this Lease for one (1) period shall lapse and Tenant's renewal option shall be of five (5) years (the “Renewal Term”)no force and effect. The Renewal Term shall commence upon the day next following the last day of the initial Term. Option is personal to Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the thenis non-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodtransferable.

Appears in 1 contract

Sources: Deed of Lease (Old Line Bancshares Inc)

Renewal Option. Landlord hereby grants (a) Lessee shall have the right, at its option, to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one all of the Demised Premises for a renewal term (1the "Renewal Term") period of five (5) years (the “Renewal Term”)years. The Renewal Term shall commence on August 1, 2003 (the "Renewal Term Commencement Date") and shall terminate on July 31, 2008 (the "Renewal Term Expiration Date") Lessee shall exercise the option described herein by giving Lessor written notice of such election to renew (the "Notice to Renew") no later than July 31, 2003, and upon the day next following the last day giving of the initial Term. Tenant shall notify Landlord in writing of its election notice to extend renew this Lease shall thereupon be deemed renewed for the Renewal Term not less than six (6) months prior with the same force and effect as if the Renewal Term had originally been included in the term of this Lease. The dates set forth herein shall be adjusted to reflect any adjustment in the expiration of the initial Term, time being Lease Commencement Date as provided in Paragraph 2 above. Time is of the essence with respect to such notificationLessee's Notice to Renew. Notice thereof The right of the Lessee to renew this Lease shall be deemed sufficient if given Conditioned upon Lessee not being in default under the manner hereinafter provided. If Landlord does not receive Lease and upon the Lease being in full and force and effect at the time of the exercise of such written notice option and as and when required herein, of the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all Commencement Date. (b) All of the terms, covenants and conditions of this Lease, Lease shall continue in full force and effect during the Renewal Term except that (i) Basic Rent for the Fixed Rent Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) in an amount equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated Fair Market Value as mutually agreed upon by multiplying the Fixed Lessor and Lessee, provided that, in the event the parties are unable to agree upon same, the Lessor and Lessee shall each Select an independent MAI appraiser to determine Fair Market Value further provided that, if the Fair Market Value as determined by the respective appraisers are within five (5%) percent of each other, the Fair Market Value shall be deemed to be the arithmatic mean of the two appraisals; further provided that, if the Fair Market Value as determined by the respective appraisers are more than five (5%) percent apart, the appraisers shall select a third independent MAS appraiser whose determination as to Fair Market Value shall be binding upon the Lessor and Lessee; further provided that in no event shall Basic Rent payable for the last Renewal Term be less than the amount of the Basic Rent paid during the fifth (5th) year of the initial Term by a ratioterm of the Lease. Thereafter, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published Basic Rent shall increase by the Bureau Sum of Labor Statistics $1.00 per square foot per year; and (ii) Lessee Shall have no further Option to renew or extend this Lease. Any termination, cancellation or surrender of the United States Department entire interest of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lessee under this Lease Year. If, at anytime during the Lease Term the Bureau Teitti hereof shall termination any right of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose renewal of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLessee hereunder.

Appears in 1 contract

Sources: Lease Agreement (Vocaltec Communications LTD)

Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease is in full force and effect and Tenant is not in default of its monetary obligations hereunder and is not in default of its non-monetary obligations beyond any applicable cure period hereunder, Tenant shall have, have the right and option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise expressly provided herein, for one (1) period of five (5) years (the “Renewal Term”"Extension Period"). If exercised in accordance herewith, the Extension Period shall commence on the first (1st) day after such scheduled Lease Expiration Date and the rental rate shall be at the then prevailing market base rent for comparable quality space in similar buildings in the downtown St. Louis business district, taking into account all rental terms such as free rent, moving allowances, allowances for tenant improvements, step rent structure, base years for operating expense and tax escalation, and lease commissions, if any (the "Prevailing Market"). The Renewal Term shall commence upon renewal option may only be exercised in accordance with the day next following the last day of the initial Termprocedures set forth herein. Tenant shall notify Landlord in writing of its election As a prerequisite to Tenant's right so to extend the Term of this Lease for the Renewal Term Lease, not less than six nine (69) months prior to the expiration Expiration Date, Tenant shall, by written notice to Landlord (the "Notice"), notify Landlord of Tenant's intent to exercise such renewal option and request that Landlord determine the Prevailing Market rate for the Premises as it would be during the Extension Period. Within thirty (30) days following Landlord's receipt of the initial TermNotice, time being Landlord will notify Tenant of the essence with respect to such notificationPrevailing Market rate as reasonably determined by Landlord. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Absent

Appears in 1 contract

Sources: Standard Office Lease (Ebs Building LLC)

Renewal Option. Landlord hereby grants a. Exhibit “F” to Tenantthe Lease and Section 12 of the First Amendment are deleted in their entirety. b. Provided that the Lease is then in full force and effect and there is no uncured event of default under the Lease, and Tenant shall have, have the right and option (Option) to extend renew the Term of this Lease for one as follows: (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify may, by notifying Landlord in writing of its election to extend this Lease for the Renewal Term in writing not less than six nine (69) months nor more than twelve (12) months prior to the expiration end of the initial Term, time being renew the Lease for an additional term (Renewal Term) beginning on the date next following the expiration date of the essence with respect to such notificationTerm and continuing for thirty-six (36) months thereafter. Notice thereof shall The renewal of the Lease will be deemed sufficient if given upon the same terms, covenants, and conditions applicable during the Term, as provided in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinLease, except that (a) the Base Rent payable during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire an amount equal to the existing market rental rate (as defined below) as of the then-scheduled expiration date. The date on which the Renewal Term commences, (b) the defined term “Term” shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) deemed to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of include the Renewal Term, and (c) no free rent, allowances, option, parking concessions, construction obligations or special rent concession, if any, which was applicable to the denominator of which is the Index as of the first day of the third Lease Year. If, original Term apply during the Lease Renewal Term the Bureau of Labor Statistics ceases and (d) no further renewal option shall apply to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term. In addition, Base Rent shall continue to be adjusted as provided in the Lease. As used herein, the phrase market rental rate shall mean the rate of base rental being charged for comparable space in Class A office buildings in the North Dallas/Galleria submarket for a term comparable to the Renewal Term (but not less than the Base Rent payable with respect to the final year of the Term). (2) The failure of Tenant is to exercise the Option herein granted within the time period set forth herein shall constitute a waiver and termination of such Option. In addition, any termination of the Lease during the Term or any assignment, subletting, or other transfer by Tenant, whether or not with the approval of Landlord, shall terminate the Option contained in default hereunder beyond any applicable grace or cure periodthis Section.

Appears in 1 contract

Sources: Office Lease Agreement (E2open Inc)

Renewal Option. Landlord hereby grants to Tenant, So long as the Lease is in full force and effect and Tenant shall have, either at the right and time of exercising this option to extend renew or at the Term time of the commencement of the following described Option Period: (i) is occupying and doing business from the Demised Premises at the time the election is exercised; and (ii) is not in default under the Lease either at the time the election or at the time of commencement of the following described Option Period; and (iii) has maintained a history or payments within the applicable grace period, if any, provided under the Lease; Tenant is hereby granted two successive options to renew this Lease (each an "Option to Renew") each for one a term of three (1) period of five (53) years (the “Renewal Term”each an "Option Period"). The Renewal Term shall commence , each commencing upon the day next following the last day expiration of the initial Termcurrent lease term. Tenant shall notify Landlord in writing The terms of its election to extend this Lease for during the Renewal Term not Option Periods shall be the same as during the current Lease term, except as provided below and except that there are no other Options to Renew other than as provided here. Each Option must be exercised no less than six one hundred eighty (6180) months days prior to the expiration of the initial Termcurrent lease term, time being of or the essence with respect Option Period, as the case may be, by written notice to such notificationLandlord. Notice thereof shall be deemed sufficient if given In the event Tenant fails to notify Landlord, in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinherein specified, the Renewal Term this clause shall terminate and be of no further force or and effect, and this Lease . The Basic Rental during each Option Period shall expire as be the greater of the then-scheduled expiration date. The Renewal Term shall be upon all rate for the Demised Premises for the immediately preceding year, or 95% of the terms, covenants and conditions of this Lease, except that then current market rate for space in the Fixed Rent Building. Tenant shall be increased by adding the CPI Adjustment Amount (defined below) increase its security deposit prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year beginning of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases each Option Period to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining an amount proportionate to the amount of the rental increase. Landlord's determination of the market rate shall be conclusive on Tenant. Unless expressly set forth herein, any such adjustmenttenant concessions initially provided for in the Lease shall not be deemed applicable to the Option Period. Notwithstanding In no event shall the foregoing, Basic Rental during each Option Period decrease below the Basic Rental then paid by Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal current Lease Term, Tenant . This Option to Renew is in default hereunder beyond transferrable to any applicable grace assignee or cure periodpurchaser of CMSI. This Option to Renew may not be assigned or transferred to any sublessee of CMSI.

Appears in 1 contract

Sources: Office Building Lease (Credit Management Solutions Inc)

Renewal Option. Landlord Lessee is hereby grants granted an option to Tenantrenew this Lease upon the following terms and conditions: (A) At the time of the exercise of the option to renew and at the time of the said renewal, the Lessee shall not be in default in accordance with the terms and provisions of this Lease, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day be in possession of the initial Term. Tenant Premises pursuant to this Lease. (B) Notice of the exercise of the option shall notify Landlord be sent to the Lessor in writing of its election to extend this Lease for the Renewal Term not less than at least six (6) months prior to before the expiration of the initial TermTerm of this Lease. TIME HEREBY BEING MADE OF THE ESSENCE. (C) The renewal term shall be for the term of 5 years, time being to commence at the expiration of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectthis Lease, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except other than the Basic Rent, shall apply during any such renewal term. (D) The annual basic rent to be paid during the renewal term shall not be less than that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable paid for the last Premises during the lease year of the initial Term by a ratiooriginal term of the Lease (without regard to any temporary abatement of rent then in effect pursuant to the Lease provisions). However, if the fair rental value per square foot at the commencement of the renewal term shall exceed the rent as established in the preceding sentence, the numerator of which is Lessee shall pay such fair rental value. In determining the Consumer Price Index for All Urban Consumersfair rental value, Cleveland-Akron, All Items the Lessor shall notify Lessee at least thirty (1982-1984=10030) published by days prior to the Bureau of Labor Statistics notice period above of the United States Department fair rental value as established by Lessor. Should Lessee dispute Lessor's determination, then the Lessee shall be free to, at the Lessee's sole cost and exercise, employ the services of Labor (an appraiser familiar with office buildings located within the “Index”) Teaneck, New Jersey area comparable to the Building, who shall be a member of MIA and who shall render an appraisal. If the Lessor and the Lessee's appraiser cannot agree on the date nearest fair rental value, or in such case, on an independent appraiser acceptable to both, either party may request the commencement date American Arbitration Association of Somerset, New Jersey to appoint such independent appraiser who shall be a member of MIA familiar with office buildings in the area of the Renewal Term, Building and in such event the denominator judgment of which is the Index as a majority of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index two appraisers and Lessor shall be used final and binding upon the parties. The parties shall share equally in determining the amount cost of any such adjustmentindependent appraiser. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Pending resolution of the Renewal Termissue of fair rental value, Tenant is in default hereunder beyond any applicable grace or cure periodthe Lessee shall pay Lessor as of commencement of the renewal term, the basic RENT as established by Lessor, subject to retroactive ADJUSTMENT upon final determination of this issue.

Appears in 1 contract

Sources: Lease (Robocom Systems Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease with for one (1) a period of five three (53) years and ten (10) months beyond the New Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (the "Election Notice") from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six seven (67) months prior to the expiration of the initial TermExtension Period. Except as hereinafter provided in this Paragraph 6(a), any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to exercise the Renewal Option in a timely manner as provided for above, the Renewal Option shall be void (time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, essence) and this Lease shall expire as automatically terminate on the New Expiration Date without the necessity of notice from either party to the then-scheduled expiration dateother. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the Extension Period, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in similarly situated buildings in the Fixed Rent payable for the last year vicinity of the initial Term by a ratioBuilding comparable to the Premises in location, the numerator of which is the Consumer Price Index for All Urban Consumerssize, Cleveland-Akroncondition, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest quality and type at the commencement date of the Renewal Term; provided however that in no event shall the Base Rent for the Renewal Term be less than the Base Rent for the last month of the Term. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space, any tenant improvement allowances, leasing commissions and other monetary concessions offered hereunder and under such other leases, and the denominator relative creditworthiness of which is Tenant and such other tenants. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the Index as "Renewal Rate Notice") of the first day prevailing market rate for the Renewal Term within thirty (30) days after Landlord's receipt of the third Lease YearElection Notice. IfTenant shall have sixty (60) days after receipt of the Renewal Rate Notice (the "Response Period") to advise Landlord whether or not Tenant agrees with Landlord's determination of the prevailing market rate and, if Tenant disagrees with such determination, to discuss and negotiate such rate with Landlord. If Tenant agrees with Landlord's determination, or if during the Lease Term Response Period the Bureau of Labor Statistics ceases to maintain the Indexparties agree in writing on a different rental rate, then Landlord and Tenant shall promptly enter into an amendment to this Lease providing for the lease of the Premises by Tenant during the Renewal Term upon the terms stated in the Renewal Rate Notice or such other index or standard terms as will most nearly accomplish may be agreed to by the aim or purpose parties during the Response Period, each in the exercise of its sole and absolute discretion. If Tenant disputes Landlord's determination of the Index shall be used prevailing market rate and if the parties fail to agree in determining writing on a different rental rate prior to the amount expiration of any such adjustment. Notwithstanding the foregoingResponse Period, Tenant shall have no the right to renew rescind its Election Notice in writing within the Response Period and neither party shall have any further rights or obligations under this Lease if, either at Paragraph 6(a). If Tenant fails to provide Landlord with written notice of rescission prior to the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal TermResponse Period, then Tenant shall be deemed to have accepted Landlord's determination of the prevailing market rate (except to the extent that Landlord and Tenant have agreed in writing on a different rental rate as provided in this Paragraph 6(a)). (b) Except as expressly provided in Paragraph 6(a) above Tenant shall have no further options, rights of negotiation or rights to renew or extend the Term of the Lease. Without limiting the foregoing, Addendum Two to the Lease is hereby deleted in default hereunder beyond any applicable grace or cure periodits entirety.

Appears in 1 contract

Sources: Industrial Lease Agreement (Centigram Communications Corp)

Renewal Option. Landlord hereby grants Upon written notice to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than manner aforesaid at least six (6) months prior to the expiration of this Lease and provided Tenant is not in default in the initial Term, time being performance of the essence with respect obligations of Tenant pursuant to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectthis Lease, and this Lease shall expire further provided that, as of the then-scheduled expiration datedate of written notice of renewal, Tenant shall have the right to renew this Lease for one (1) additional term of years each. The Renewal Term shall be upon all of the terms, covenants All terms and conditions of said renewal term shall be as otherwise set forth in this LeaseLease with the exception of the Base Rental to be paid by Tenant to Landlord, except which shall be calculated in the following manner: The base monthly rental for the renewal option shall be $ per month ($ annually), plus, Landlord shall increase Tenant’s annual rent to reflect a portion of any increase for a preceding year in the (“CPI-U”), Consumer Price Index applicable to all urban consumers of all items as published by the Federal Bureau of Labor Statistics. The increase in rent authorized under the preceding sentence for a particular year shall equal 100 percent of the CPI increase for the immediately preceding year. This annual increase in rent, if any, authorized under the preceding sentence shall not exceed a per annum average of 3 percent per year during the period of this lease agreement or any renewal period. This annual increase, if any, shall be prorated over each month of the coming year and shall become effective with the next monthly rent payment, provided that the Fixed Rent Landlord shall be increased by adding notify Tenant in writing, within one hundred twenty (120) days after the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last close of each year of the initial Term by a ratioamount, if any, of any annual rental increase authorized under this paragraph. It is understood that the numerator of which above Index is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) now being published monthly by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease YearLabor. If, during the Lease Term the Should said Bureau of Labor Statistics ceases change the manner of computing such Index, the Bureau shall be requested to maintain furnish a conversion factor designated to adjust a new Index to the Indexone previously in use, and the adjustments to the new Index shall be made on the basis of such conversion factor. Should publication of said Index be discontinued by said Bureau of Labor Statistics, then such other index or standard Index as will may be published by such Bureau most nearly accomplish the aim or purpose of the approaching said discontinued Index shall be used in determining making the amount adjustments herein provided for. Should said Bureau discontinue the publication of any Index herein contemplated, then such adjustmentIndex as may be published by another United States Governmental Agency as application of an appropriate conversion factor to be furnished by the governmental agency publishing the adopted Index shall be adopted. Notwithstanding If such governmental agency will not furnish such conversion factor then the foregoing, Tenant parties shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or agree upon the commencement date conversion factor or a new Index; and, in the event agreement cannot be reached as to such conversion factor or such new Index, then the parties hereto agree to submit the matter to arbitrators, in accordance with the rules of the Renewal Term, Tenant is American Arbitration Association and judgment or decree upon the award rendered by the arbitrators may be rendered in default hereunder beyond any applicable grace or cure periodcourt having jurisdiction thereof. All rent shall be paid in the manner as otherwise provided herein.

Appears in 1 contract

Sources: Lease Agreement (1st Independence Financial Group, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (hereinafter called the “Renewal "Extended Term"). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) months prior to the Expiration Date that Tenant elects to extend the term of this Lease and provided further that if Tenant is in default (after the expiration of any applicable grace period) on the initial Term, time being date of giving the essence with respect to such notification. Notice thereof option notice the option notice shall be deemed sufficient ineffective or if given Tenant is in default (after the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinexpiration of any applicable grace period) on the date the Extended Term is to commence, the Renewal Extended Term shall terminate and be of no further force or effectnot Page 4 ------------------------------------------------------------------ commence, and this Lease shall expire as at the end of the then-scheduled expiration datethen current term. The Renewal Term If the lease term is extended as aforesaid this Lease, as extended, shall be upon all of the same terms, covenants and conditions of this Lease, as are set forth therein except that the Fixed that: (i) Base Rent shall be increased by adding payable at the CPI Adjustment Amount rate set forth in paragraph B below plus applicable sales tax; (defined belowii) the Base Year during the Extended Term shall be calendar year 2002; (iii) Landlord shall have no obligation to contribute to or make or pay for any alterations or improvements to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Premises; (1982-1984=100iv) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right further option to renew or extend the term; and (v) Tenant's Lobby Share shall be payable during the Extended Term. Failure to comply with the provisions of this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Paragraph A shall be deemed a complete waiver of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption set forth herein.

Appears in 1 contract

Sources: Lease Agreement (Capital Bancorp/Fl)

Renewal Option. Landlord hereby grants (a) Subject to TenantLessee not being in default hereunder beyond the expiration of any applicable notice, grace and Tenant shall havecure period, the right Term of this Lease shall be automatically extended for three (3) renewal terms of ten (10) years each (each, a “Renewal Term”), unless, with respect to any Renewal Term, Lessee provides irrevocable written notice to Lessor electing not to exercise the renewal option (herein, a “Renewal Option”) applicable to such Renewal Term in accordance with the provisions of this Section 6. The Renewal Option applicable to each Renewal Term shall be automatically elected for such Renewal Term only if (x) Lessee is not in default hereunder on the date of automatic exercise of the Renewal Term or on the date that such Renewal Term commences and option (y) Lessee shall have exercised all prior Renewal Options under this Lease. Furthermore, in no event shall any Renewal Option be effective for any Renewal Term for less than all of the Sites then comprising the Premises covered by this Lease. Further, once Lessee provides irrevocable written notice to Lessor electing not to exercise the Renewal Option for any particular Renewal Term, then Lessee shall no longer be permitted or entitled to exercise a Renewal Option for any other then remaining Renewal Term. (b) The Fixed Annual Rent to be paid by Lessee during each of the Renewal Terms shall be as described in Section 3 of this Lease, subject to escalations described in Section 3 of this Lease. (c) Lessee shall notify Lessor in writing of its election not to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six Terms at least eighteen (618) months prior to the date of expiration of the initial TermInitial Term or the Renewal Term then in effect, time being of the essence with respect to and such notification. Notice thereof notice shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term Under no circumstances shall terminate and Lessee be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right entitled to renew this Lease if, either at for less than all Sites comprising the time Tenant notifies Landlord Premises as set forth on Schedule “A” attached hereto and by this reference made a part hereof. Time shall be of its election the essence as to extend the giving of notices under this Section 6. (d) If Lessee elects not to renew this Lease by providing irrevocable written notice to Lessor pursuant to this Section 6, or if an Event of Default occurs and is continuing, then Lessor will have the right during the remainder of the Term then in effect and, in any event, Lessor will have the right during the last eighteen (18) months of the Term, to (i) advertise the availability of the Premises for sale or reletting and to erect upon the commencement date of Premises signs indicating such availability and (ii) show the Renewal Term, Tenant is in default hereunder beyond any applicable grace Premises to prospective purchasers or cure periodtenants or their agents at such reasonable times as Lessor may select.

Appears in 1 contract

Sources: Unitary Net Lease Agreement (Getty Realty Corp /Md/)

Renewal Option. Landlord hereby grants Subject to Tenantthe Government regulation and lease restriction, and Tenant if there shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial relevant Term be any arrears of rent or other payments or any subsisting breach by the Tenant of any of the terms or conditions of the Lease the Tenant shall have an option to renew the Lease [*] further terms of [*] each such options to be exercised by the Tenant by giving to the Landlord at least six calendar months' previous notice in writing prior to the end of the respective terms and the Landlord shall grant to the Tenant a lease for the further term of [*] subject in all other respects to the same stipulations as are contained in the Lease except the rent payable and the clause for renewal. The Tenant shall on the renewal of the Lease pay to the Landlord an additional sum to make up the deposit to be equivalent to 3 months' rent payable during the renewal term ("the Renewal Term"). If the Tenant shall fail to serve the notice to renew as aforesaid the Lease shall terminate and the Tenant shall deliver up vacant possession of the said Premises to the Landlord in accordance with the provisions of the Lease at the expiration of the Term. The Open Market Rent shall be agreed between Landlord and the Tenant at least three months before the new rent shall become payable and failing agreement as aforesaid, the question shall be referred to the decision of a single valuer to be appointed jointly by the parties, failing agreement on the appointment of the valuer, the valuer shall be appointed by the President for the time being of the essence with respect to such notificationHong Kong Institute of Surveyors. Notice thereof The valuer shall act as an expert but not an arbitrator whose decision shall be deemed sufficient if given final and binding Provided Always that in making its decisions the valuer shall take into account of the Cost Formula agreed between the parties and the provisions of facilities by the Landlord in the manner hereinafter providedFinal Agreed Technical Schedule. If Landlord does not receive Prior to the decision of such written notice as and when required hereinvaluer, the Renewal Term Tenant shall terminate and be of no further force or effectcontinue to pay monthly, and this Lease shall expire as on account of the then-scheduled expiration date. The Renewal Term shall rent to be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratiodecided, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) same rent as payable on the date nearest the commencement expiration date of the Renewal Term, and term immediately preceding the denominator of which is the Index as commencement of the first day relevant renewal term and adjustment on the rent (if applicable) shall be made upon the market rent having been determined as aforesaid. The costs of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index valuer shall be used borne by the parties hereto in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodequal shares.

Appears in 1 contract

Sources: Letter of Intent (Iasiaworks Inc)

Renewal Option. Landlord As long as Tenant is not in default in the performance of its covenants under this Lease, Tenant is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term of this Lease for one (1) a period of five (5) three additional years (the “"Renewal Term"). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial TermTerm of this Lease. Tenant shall notify Landlord in writing exercise its option to renew by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being Term of the essence with respect to such notificationthis Lease. Notice thereof The renewal of this Lease shall be deemed sufficient if given in upon the manner hereinafter provided. If Landlord does not receive such written notice as same terms and when required hereinconditions of this Lease, except (a) the Base Rental during the Renewal Term shall terminate be as agreed upon by Landlord and Tenant, (b) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term, (c) Tenant shall not have the right to assign its renewal rights to any sublessee of the Premises or assignee of the Lease, nor may any such sublessee or assignee exercise such renewal rights, (d) the leasehold improvements will be provided in their then-existing condition (on an "as is" basis) at the time the Renewal Term commences, and (e) Landlord may require that Tenant pay for parking pursuant to a program to be implemented by Landlord. If Landlord and Tenant cannot agree upon the Base Rental during the Renewal Term within ninety (90) days after Landlord's receipt of Tenant's written notice of its election to renew this Lease, then this renewal option shall immediately expire and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Office Lease (Merit Holding Corp /Ga)

Renewal Option. Landlord hereby grants Provided that, as of the date of the exercise of the foregoing option to Tenantrenew and as of the commencement of the Renewal Term (as hereinafter defined) (i) this Lease is in full force and effect, and (ii) Tenant shall havenot then be in default beyond the applicable period pursuant to the terms of the Lease, Tenant shall have the right and option to extend the Term of renew this Lease for one four (14) period additional renewal terms (each, the “Renewal Term”) of five (5) years each, commencing on the first day after the Expiration Date or any previous Renewal Term Expiration Date and ending at midnight on the date which is five (5) years thereafter (the “Renewal TermTerm Expiration Date) (or until such term shall sooner cease and expire as hereinafter provided). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify , by giving to Landlord in writing written notice of its election to extend so exercise said option to renew no later than six (6) months prior to the Expiration Date (or in the event Tenant has already elected to renew this Lease for the Renewal Term not less than Lease, six (6) months prior to the expiration of the initial Term, time being of the essence Renewal Term Expiration Date) (TIME BEING OF THE ESSENCE with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written Tenant’s notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectto renew), and this Lease shall expire as of the then-scheduled expiration date. The further provided, that such Renewal Term shall be substantially upon all the same terms, provisions, covenants, and conditions as are contained in this Lease, except as for the duration of the termsterm hereof, covenants and conditions the absence of any further right to renew the Term of this Lease, except that and the Fixed Rent shall be increased rental rate and such provisions in this Lease which by adding the CPI Adjustment Amount (defined below) its terms are only applicable to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustmentLease. Notwithstanding the foregoing, any Renewal Term to be granted by the Landlord shall be subject to Tenant shall have no right paying its pro-rata share of any real property taxes (however denominated) attributable to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPremises.

Appears in 1 contract

Sources: Lease (GTJ REIT, Inc.)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and have one option to extend the Term of renew this Lease for one (1) period a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six date which is two hundred seventy (6270) months days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is one hundred eighty (180) days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. b. The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect 95% of the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant's written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within ten percent (10%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 1 contract

Sources: Office Lease (Biotel Inc.)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than 12 months nor later than nine months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal "Prevailing Rental Rate"), at the commencement of such extended Term”). The Renewal Term shall commence upon , for renewals of space in the day next following Building of equivalent quality, size, utility and location, with the last day length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten days after receipt of Landlord's notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord's determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Sources: Lease Agreement (Alco Stores Inc)

Renewal Option. Landlord hereby grants to Tenant, and If Tenant shall have, the right duly and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon faithfully perform all of the terms, covenants and conditions of this Lease and so long as Tenant has not notified Landlord of its desire to assign the Lease or sublet all or any portion of the Premises, Tenant shall have the right exercisable by giving written notice to Landlord not later than October 31, 1998, to extent the Term of this Lease for the five year period of February 1, 1999, to January 31, 2004, upon the same terms and conditions as contained in the Lease, except that the Fixed Base Rent for the Premises shall be at 95% of the then prevailing market rate for comparable space in the Building as determined by the Landlord, the Additional Rent shall be increased the same as then being offered by adding the CPI Adjustment Amount Landlord for comparable space in the Building (defined below) to without any limitation on the then-current Fixed RentOperating Expense Escalation Amount). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If Tenant shall duly and faithfully perform all of the initial terms, covenants and conditions of this Lease and has exercised its option to extend the Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department Lease to January 31, 2004, and so long as Tenant has not notified the Landlord of Labor (its desire to assign the “Index”) on the date nearest the commencement date Lease or sublet all or any portion of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingPremises, Tenant shall have no the right exercisable by giving written notice to renew this Lease ifLandlord not later than October 31, either at the time Tenant notifies Landlord of its election 2003, to extend this the Term of the Lease or for the five year period of February 1, 2004 to January 31, 2009, upon the commencement date same terms and conditions contained in the Lease, except that the Base Rent for the Premises shall be at 95% of the Renewal Termthen prevailing market rate for comparable space in the Building as determined by Landlord, Tenant is the Additional Rent shall be the same as then being offered by Landlord for comparable space in default hereunder beyond the Building (without any applicable grace or cure periodlimitation on the Operating Expense Escalation Amount).

Appears in 1 contract

Sources: Lease Amendment Agreement (Mobius Management Systems Inc)

Renewal Option. Landlord Section 38.01. Tenant is hereby grants granted two (2) options to renew this Lease upon the following terms and conditions: (A) It is expressly understood and agreed that the Tenant’s option to renew, as hereinafter set forth shall be personal to Tenant, and may not be exercised by any permitted assignee or subtenant hereunder, except an assignee permitted by the terms of Section 14.05. It is understood and agreed that Tenant’s Option to Renew shall be null and void in the event that fifty (50%) percent or more of the Demised Premises have been sublet by the Tenant prior to the date set for the exercise by Tenant of the Renewal Option hereinafter set forth. (B) At the time of the exercise of the option to renew and at the time of the said renewal, the Tenant shall havenot have committed an uncured Event of Default, and shall be in possession of the right and Demised Premises pursuant to this Lease. (C) Notice of the exercise of the option shall be sent to extend the Landlord in writing at least six (6) months before the expiration of the Term of this Lease. (D) Each renewal term shall be for the term of five years, to commence at the expiration of the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as or first renewal and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Rent, shall apply during any such renewal term. (E) The Fixed Rent to be paid during each year of the renewal term shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for during the last previous year of the initial Term by times a ratio, fraction the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100C.P.I.) published by the Bureau of Labor Statistics December 31st of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, previous year and the denominator of which is the Consumer Price Index as of January 1st of the previous year. In no event shall the Fixed Rent for any year of the renewal term be less that the Fixed Rent for the previous year. The Consumer Price index to be utilized in determining the Fixed Rent for the renewal years shall be the Consumer Price Index for the Northern New Jersey and Greater New York Region. The aforesaid monthly rents shall be payable in advance on the first day of each calendar month, except that a proportionately lesser sum may be paid for the third Lease Year. If, during first month following the Lease Term Expiration Date if said date falls on a date other than the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose first of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmonth.

Appears in 1 contract

Sources: Lease Agreement (Yardville National Bancorp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and one (1) option to extend -------------- renew the Term term of this Lease for one (1) period an additional term of five (5) years (the “Renewal Term”). The Renewal Term shall commence years, upon the day next following then prevailing fair market value rent terms, provided that Tenant is not in default beyond any applicable cure period specified herein under this Lease at the last day time that the option is exercised, and at any time from Tenant's exercise of the initial Termoption to the commencement date of the renewal term. Tenant shall notify This option must be exercised by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six two hundred seventy (6270) months days prior to the expiration of the initial Termoriginal Lease term. Landlord shall, time being on written request of Tenant, advise Tenant in writing no later than 240 days prior to expiration of the essence with respect to such notificationLease term, of the then prevailing market value and the terms and conditions operative under this paragraph. Notice thereof The option granted in this paragraph shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terminated and when required herein, the Renewal Term shall terminate and be of no further force and effect if, at any time provided herein for exercise of the option by Tenant, any federal, state, or effectlocal law or regulation invalidates or modifies any provision of the option. The renewal option described in this Section 27 is: conditioned upon Tenant not being in default in the payment of any rent, and additional rent or other sums due under this Lease shall expire as and not committing such a default which remains uncured beyond any applicable cure period specified herein at any time from the time it purports to exercise its right under this paragraph through the commencement of the then-scheduled expiration date. The Renewal Term renewal period; shall be upon all of personal to Tenant and may not be exercised or be assigned voluntarily or involuntarily by or to any person or entity other than the terms, covenants and conditions of original Tenant or in connection with a Permitted Transfer under this Lease, except that the Fixed Rent ; and shall be increased exercisable by adding Tenant only if the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, original Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend under this Lease or upon the commencement date a Permitted Transferee is then in occupancy of the Renewal Term, Tenant Premises described herein and the Lease is then in default hereunder beyond any applicable grace or cure periodfull force and effect.

Appears in 1 contract

Sources: Lease Addendum (Telik Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default beyond any applicable notice or cure period under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 4325251v1 0 10/31/01 SON Revised 12/05 CH3 1131540.4 / 39926-000061 40.1 If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six (6) months date which is 365 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is 270 days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant and the fact that Tenant is the only tenant in the Building. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30 days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within seven and one-half percent (7.5%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 40.3 This option is not transferable except to Affiliates (as defined in Article 9); the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee other than Affiliates have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 1 contract

Sources: Lease (Soapstone Networks Inc.)

Renewal Option. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, (ii) Tenant then occupies and the Premises then consist of at least all the original Premises and (iii) this Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall have, the right and may exercise an option to extend the Term of renew this Lease for one (1) period additional term of five six (56) years at fair market value (the "Renewal Term”). The Renewal Term shall commence ") upon the day next following the last day of the initial Term. Tenant shall notify Landlord same terms and conditions contained in writing of its election to extend this Lease with the exceptions that (x) this Lease shall not be further available for renewal and (y) the rental for the Renewal Term not shall be the "Renewal Rental Rate", but in no event will the Base Annual Rent be less than six the Base Annual Rent for the last twelve (612) calendar months prior to the expiration of the initial Term, time being term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Term shall be upon all of Rental Rate is hereby defined to mean the termsthen prevailing rents (including, covenants and conditions of this Leasewithout limitation, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) those similar to the then-current Fixed Basic Annual Rent and Additional Rent. The “CPI Adjustment Amount” is calculated ) payable by multiplying renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Fixed Rent payable Premises, including any additions thereto, located within the area described below and leased for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of renewal term approximately equal to the Renewal Term, and . The Renewal Rental Rate will take into consideration the denominator of which is tenant inducements offered in the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used renewal transactions considered by Landlord in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodRental Rate.

Appears in 1 contract

Sources: Office Lease (Ivg Corp)

Renewal Option. Landlord hereby grants Provided Lessee is not in default under any of the provisions contained in this lease, Lessee is granted the automatic option to Tenantrenew this lease for one 10-year option period and followed by one 5-year option period. Should Lessee exercise the option, the parties hereto do mutually agree that the Consumer Price Index as published by the Bureau of Labor Statistics, U. S. Dept. of Labor (as calculated by the “All Items” feature in Table 1 thereof) or its successor publication shall be adopted by Lessors and Lessee as the scale for determining the rentals to be paid during the option period, and Tenant the method to be employed in establishing the said rental shall havebe as follows: a) A reading of the “All Items” table for the month in which the lease begins shall be taken. b) A reading of the “All Items” table for the last available month of the expiring year shall be taken. c) The reading obtained in item (a) above shall be subtracted from the reading in item (b) above, and the right difference thus arrived at as a result of said subtraction shall be calculated as to the percentage change over the beginning period. Such percentage increase shall be added to the expiring rent, and said resulting amount shall be paid for the option period. d) In no case will the monthly rent for the renewal periods be at a rate of less than $1,200.00 per month regardless of the calculation reached by use of the aforesaid method for calculating the rent for the option period. This option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence renew will occur automatically upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing primary term unless Lessee notifies Lessors of its election Lessee’s intention to extend this cancel or terminate the Lease for the Renewal Term not less than six at least thirty (630) months days prior to the expiration of the initial Termprimary lease term. The Lessee shall confirm the renewal by recording written notice of said option in the Conveyance Records of Vermilion Parish, time being of and deposit a certified copy thereof, addressed to the essence with respect to such notificationLessors. Notice thereof All notices shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased sent by adding the CPI Adjustment Amount (defined below) certified mail to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either Lessors at the time Tenant notifies Landlord of its election to extend address provided for within this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodlease agreement.

Appears in 1 contract

Sources: Lease Agreement (Omega Protein Corp)

Renewal Option. Landlord hereby grants to TenantIf Tenant is not in default under the terms of the Lease beyond the expiration of applicable notice and cure period, and then the Tenant shall have, have the right and option to extend the Term of this Lease term for one (1) period of an additional five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. terms and conditions: (A) The Tenant shall notify Landlord in writing of its election that Tenant intends to extend exercise this Lease for option no earlier than the Renewal Term not less date that is twelve (12) months prior to the Expiration Date and no later than the date that is six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. Expiration Date. (B) The Renewal Term shall be upon all of the same terms, covenants and conditions as in the Lease except that (a) there shall be no further option to extend this Lease beyond the one (1) Renewal Term referred to above: (b) the Demised Premises shall be delivered in its then "as is" condition; and (c) the rent paid by Tenant during the Renewal Term shall be as follows: 1. During the first year of the Renewal Term the rent shall equal the market rate at the time of the expiration of the Lease, but in no event shall it be less than the amount paid during year five (5) of this LeaseLease agreement. 2. During each of the second through fifth years of the Renewal Term, except that the Fixed Rent rent shall be increased by adding CPI plus one (1%) percent per annum over the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent rent payable for the prior year. CPI shall be based upon the CPI at the last year month of the initial Term by a ratio, preceding lease year compared to the numerator first month of which is the preceding lease year. The term "CPI" shall mean the Consumer Price Index for All Urban ConsumersWorkers, ClevelandNew York City-AkronMetropolitan Area, All Items (1982-1984=100) published by the Federal Bureau of Labor Statistics of (or, if no longer published by the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Federal Bureau of Labor Statistics ceases to maintain the IndexStatistics, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Landlord shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodreasonably select).

Appears in 1 contract

Sources: Lease Amendment (Hauppauge Digital Inc)

Renewal Option. Landlord Lessee is hereby grants to Tenantgranted the Renewal Options for the Renewal Terms, both as defined in the Preamble, upon the following terms and conditions: a. At the time of the exercise of the Renewal Option and at the time of the said renewal, the Lessee shall not be in default in accordance with the terms and provisions of this Lease, and Tenant shall have, be in possession of the right and option Premises pursuant to extend this Lease. b. Notice of the exercise of a Renewal Option shall be sent to the Lessor in writing at least nine (9) months before the expiration of the then current Term of this Lease the Lease. c. The renewal Term shall be for one (1) period the term of five (5) years (the “Renewal Term”). The Renewal Term shall years, to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial Term, time being Term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectthis Lease, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Basic Rent and Additional Rent, shall apply during any such renewal term. d. The annual Basic Rent to be increased by adding paid during the CPI Adjustment Amount (defined below) to Renewal Term shall not be less than that paid for the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for Premises during the last year of the initial prior term of the Lease. However, if the fair rental value of the Premises at the commencement of the Renewal Term by a ratioshall exceed the rent as established in the preceding sentence, the numerator Lessee shall pay 95% of which is such fair rental value. In determining the Consumer Price Index for All Urban Consumersfair rental value, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Lessor shall notify Lessee of the United States Department fair rental value as established by Lessor. Should Lessee dispute Lessor’s determination, then the Lessee shall be free to, at the Lessee’s sole cost and expense, employ, the services of Labor (an appraiser familiar with office buildings located within the “Index”) Paramus, New Jersey area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Lessor and the Lessee’s appraiser cannot agree on the date nearest fair rental value, or in such case on an independent appraiser acceptable to both, either party may request the local office of the American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Building and in such event the judgment of a majority of the two appraisers and Lessor shall be final and binding upon the parties. The parties shall share equally in the cost of any such independent appraiser. Pending resolution of the issue of fair rental value, the Lessee shall pay the Lessor as of commencement date of the Renewal Term, and the denominator Fixed Basic Rent as established by Lessor, subject to retroactive adjustment upon final determination of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodissue.

Appears in 1 contract

Sources: Lease Agreement (Silicom Ltd.)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall have, is not in default under any of the right other terms and option to extend conditions of the Term Lease at the time of this Lease for notification or commencement have one (1) period of five (5successive option(s) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend renew this Lease for a term of one(1) year each , for the Renewal Term not less portion of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If the Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six the date which is one hundred eighty (6180) months days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is ninety (90) days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. b. The Annual Rent and Monthly Installments in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be "personal" to the Tenant as set forth above and that in no event will any assignee or subleasee have any rights to exercise the aforesaid option to renew. d. As each renewal option provided for above is exercised, either at the time number of renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Tenant notifies Landlord of its election shall have no further right to extend this Lease or upon the commencement date term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Sources: Lease (Sk Technologies Corp)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election option to extend renew this Lease for the Renewal Term not less than six a term of sixty (660) months for the Premises as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no later than the date which is eight (8) months (290 days) prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. b. The Base Rent and Additional Rent in effect at the expiration of the then current term of the Lease shall be adjusted to reflect the current fair market lease terms and conditions for comparable spaces for non-renewing tenants in the Building and in other similar quality Downtown San Diego buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new and other terms for the Premises no later than 15 days after the receipt of Tenant's written request therefore. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Base Rent may include a provision for its escalation to provide for a change in the fair market rental between the time of notification and the commencement of the renewal term. In no event shall the Rent for any period be less than the Rent in the proceeding period. Tenant and Landlord shall mutually agree on terms on or before four (4) months prior to the initial lease term expiration. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 1 contract

Sources: Office Lease (Cardionet Inc)

Renewal Option. Provided that Landlord hereby grants to Tenanthas not given Tenant notice of default more than two (2) times preceding the Expiration Date, that there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and that Tenant is the sole occupant of the Premises, Tenant shall have, have the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, exercisable by giving Landlord prior written notice, at least twelve (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day 12) months in advance of the initial Term. Tenant shall notify Landlord in writing Expiration Date, of its Tenant's election to extend the Term; it being agreed that time is of the essence and that this Lease option is personal to Tenant and is non-transferable to any assignee or sublessee (regardless of whether any such assignment or sublease was made with or without Landlord's consent) or other party. Such extension shall be under the same terms and conditions as provided in this lease except as follows: (a) the additional period shall begin on the Expiration Date and thereafter the Expiration Date shall be deemed to be extended by five years; (b) all references to the Term in this lease shall be deemed to mean the Term as extended pursuant to this Section; (c) there shall be no further options to extend; and (d) the Minimum Annual Rent payable by Tenant for the Renewal Term not additional period shall be computed based upon the then "Fair Market Rental Rate" of the Premises, based upon the rental rate then being quoted for comparable office space in similar office buildings located in the Great Valley, Pennsylvania market area, taking into account among other factors rental rate, lease term, and tenant improvements offered to renewal tenants but in no event shall the new rent be less than six the Minimum Annual Rent payable at the end of the immediately preceding Term of the Lease. Within one (61) months prior month after Landlord receivers Tenant's notice of the exercise of this option, Landlord will notify Tenant to the expiration "Fair Market Rental Rate" which shall be Landlord's good faith determination of the initial Termrental rate applicable at such time for office space in similar buildings located in the Malvern, Pennsylvania Market Area ("Landlord's Rental Notice"). If Tenant objects to the Fair Market Rental Rate as so established, Tenant may rescind its exercise of this option to extend term, providing Tenant gives notice of such recision to Landlord on or before two (2) weeks after Tenant receives Landlord's Rental Notice, time being of the essence with respect essence. If Tenant so rescinds its exercise, Tenant's option to such notification. Notice thereof extend term shall be deemed sufficient if given in the manner hereinafter providedboth unexercised and extinguished. If Landlord Tenant does not receive such written notice as and when required hereinso rescind its exercise, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire be extended as of provided before, with the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Minimum Annual Rent shall be increased by adding the CPI Adjustment Amount (defined below) applicable to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or additional period being computed based upon the commencement date of Fair Market Rental Rate as stated in the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLandlord's Rental Notice.

Appears in 1 contract

Sources: Lease Agreement (Verticalnet Inc)

Renewal Option. Landlord hereby grants to Tenant(a) As long as Tenant is not in default in the performance of its covenants under this Lease, and Tenant Lessor shall have, grant Lessee the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one (1) a period of five thirty-six (536) years additional months (the "Renewal Term"). The Lessee shall exercise the Renewal Term shall commence upon the day next following the last day Option by delivering written notice of the initial Term. Tenant shall notify Landlord in writing of its such election to extend this Lease for the Renewal Term not less than Landlord at least six (6) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the Renewal Term shall be increased by adding a Market-Base Rental Rate, (ii) Lessee shall have no option to renew this Lease beyond the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term, and (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Leased Premises or EASTPARK any portion thereof or to any assignee of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of nor may any such adjustmentsublessee or assignee exercise or enjoy the benefit of such renewal rights. Notwithstanding the foregoing, Tenant Lessee shall have no right to exercise such option to renew, and Lessor shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (A) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal TermOption and upon the date of the expiration of the original term, Tenant is in and (B) on the date of the exercise of the Renewal Option and on the date of the expiration or the original term there shall exist no default hereunder beyond any applicable grace or cure periodon the part of Lessee under this Lease.

Appears in 1 contract

Sources: Lease Agreement (Windy Hill Pet Food Co Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Biolife Solutions Inc)

Renewal Option. Landlord hereby grants to TenantIf the lease is not in default nor has been otherwise terminated as of June 30, and 2023, Tenant shall have, have the right and option to extend the Term of renew this Lease lease for one (1) period additional term of five (5) years years, as follows: (the “Renewal Term”). 1) The Renewal Term renewal term shall commence upon on the day next following expiration of the Lease. (2) The option may be exercised by written notice to Landlord given not less than thirty (30) days prior to the last day of the initial Termexpiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the parties. Landlord and Tenant shall notify Landlord then be bound to take the steps required in writing connection with the determination of its rent as specified below. (3) The terms and conditions of the lease for the renewal term shall be identical with the original term except for rent and except that Tenant will no longer have any option to renew this lease. Rent for the renewal term shall be the greater of (a) the rental during the original term or (b) a reasonable rental for the ensuing term. (4) If the parties do not agree on the rent within thirty (30) days after notice of election to extend this Lease for renew, the Renewal Term rent shall be determined by a qualified, independent real property appraiser familiar with commercial rental values in the area. The appraiser shall be chosen by Tenant from a list of not less fewer than six (6) months prior to three such individuals submitted by Landlord. If Tenant does not make the expiration choice within five days after submission of the initial Termlist, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedLandlord may do so. If Landlord does not receive submit such a list within ten (10) days after written notice request from Tenant to do so, Tenant may name as and when required hereinan arbitrator any individual with such qualifications. Within thirty (30) days after his/her appointment, the Renewal Term appraiser shall terminate return his/her decision, which shall be final and be of no further force or effect, and this Lease shall expire as binding upon both parties. The cost of the then-scheduled expiration date. The Renewal Term appraisal shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased borne equally by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodboth parties.

Appears in 1 contract

Sources: Commercial Lease

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have one (1) option (the right and option “Renewal Option”) to extend the Term of this Lease for one (1) a period of five three (53) years beyond the Expiration Date (the “Renewal Term”). The Renewal Term Option is personal to RAE Systems, Inc. and may not be exercised by any sublessee or assignee, or by any other successor or assign of RAE Systems, Inc. The Renewal Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect . Any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed Rent (i) no further Renewal Option shall be increased by adding available to Tenant at the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term, and (ii) the denominator Base Rent during the Renewal Term (the “Renewal Rate”) shall be equal to the higher of which is (A) the Index as “prevailing market rate” for space in similarly situated buildings in the vicinity of the first day Project comparable to the Building in location, condition, quality and type at the commencement of the third Lease Year. IfRenewal Term (the “Prevailing Rate”), or (B) the Base Rent due hereunder during the Lease Term last month of the Bureau Term. The term “prevailing market rate” shall mean the base rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of Labor Statistics ceases such comparable space. The Prevailing Rate shall be determined in accordance with Paragraph 4 of the Lease. (b) Within thirty (30) days after Landlord’s receipt of the Election Notice or as soon thereafter as is reasonably practicable, Landlord shall notify Tenant in writing (the “Renewal Rate Notice”) of the Renewal Rate. Tenant shall have fifteen (15) days (the “Response Period”) after receipt of the Renewal Rate Notice to maintain advise Landlord whether or not Tenant agrees with Landlord’s determination of the IndexRenewal Rate. If Tenant does not respond to Landlord in writing within the Response Period, then Tenant shall be deemed to have accepted the Renewal Rate specified by Landlord in the Renewal Rate Notice. If Tenant agrees or is deemed to have agreed with Landlord’s determination of the Renewal Rate, then such other index or standard as will most nearly accomplish the aim or purpose of the Index determination shall be used in determining final and binding on the amount of any such adjustmentparties. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time If Tenant notifies Landlord of its election to extend this Lease or upon in writing during the commencement date Response Period that Tenant disagrees with Landlord’s determination of the Renewal Rate, then within fifteen (15) days after Landlord’s receipt of Tenant’s written notice, Landlord and Tenant shall each retain a licensed commercial real estate broker with at least five (5) years’ experience negotiating commercial lease transactions in Sunnyvale, California. If only one broker is appointed by the parties during such fifteen (15) day period, then such broker shall, within twenty (20) days after his or her appointment, determine the Prevailing Rate, and the Renewal Rate shall be the higher of (i) the Prevailing Rate so determined by such broker, or (ii) the Base Rent due hereunder during the last month of the Term. If Landlord and Tenant each appoint a broker during such fifteen (15) day period as contemplated hereunder, Tenant is in default hereunder beyond any applicable grace or cure period.then the brokers shall

Appears in 1 contract

Sources: Lease Agreement (Rae Systems Inc)

Renewal Option. Landlord hereby grants to Tenant(a) Provided that Tenant is not THEN in default (BEYOND ANY APPLICABLE CURE PERIOD) of any of the terms, covenants and conditions hereof, and this Lease has not been assigned or the premises (or a part thereof) sublet, Tenant shall have, have the right and option to extend the Term of this original Lease TERM for one RENEWAL PERIOD OF 39 MONTHS (1) period of five (5) years (the “Renewal Term”THE "RENEWAL PERIOD"). The Renewal Term shall commence upon the day next following the last day Such extension of the initial Termoriginal LEASE TERM shall be on the same terms, covenants, and conditions as provided for in the original LEASE TERM except for this paragraph and except that the rental during the extended term shall be at the fair market rental then in effect on equivalent properties, of equivalent size, in equivalent areas. Tenant shall notify deliver written notice to Landlord in writing of its election Tenant's intent to extend this Lease for exercise the Renewal Term renewal option granted herein not more than twelve (12) months nor less than six (6) months prior to the expiration of the initial Term, time being of original Lease TERM (THE "RENEWAL NOTICE"). In the essence with respect event Tenant fails to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive deliver such written notice as and when required hereinwithin the time period set forth above, Tenant's right to extend the Renewal Term term hereof shall terminate expire and be of no further force or and effect. (b) WITHIN THIRTY (30) DAYS OF THE RENEWAL NOTICE, and this Lease shall expire as of the then-scheduled expiration dateLANDLORD SHALL NOTIFY TENANT OF THE MONTHLY BASE RENT FOR SUCH RENEWAL PERIOD (THE "RENTAL NOTICE"). The Renewal Term shall be upon all of the termsTENANT MAY ACCEPT THE TERMS SET FORTH IN THE RENTAL NOTICE BY WRITTEN NOTICE (THE "ACCEPTANCE NOTICE") TO LANDLORD GIVEN WITHIN THIRTY (30) DAYS AFTER RECEIPT OF THE RENTAL NOTICE. IF TENANT TIMELY DELIVERS THE ACCEPTANCE NOTICE, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTHE LEASE TERM SHALL BE DEEMED EXTENDED FOR THE RENEWAL PERIOD.

Appears in 1 contract

Sources: Lease Agreement (Interphase Corp)

Renewal Option. Provided that no default exists under this Lease beyond applicable notice and cure periods at the time the option to renew which is described below (the “Renewal Option”) is exercised, or at the commencement of the Renewal Period, Tenant shall have the right to extend the Term for one (1) five-year renewal period (the “Renewal Period”) commencing on the Expiration Date, upon the same terms and conditions as are contained in this Lease, except as hereinafter provided: 26.1 The Base Rent for the Renewal Period shall be as set forth below: 26.2 Landlord hereby grants shall have no obligation to make improvements, decorations, repairs, alterations, or additions to the Premises as a condition to Tenant’s obligation to pay Rent for the Renewal Period, and the Base Rent for the Renewal Period shall not be reduced either (aa) by reason of such fact, (bb) to take into account any rental concession whatsoever (including, but not limited to rent abatements, allowances for moving expenses, lease assumptions, or other concessions), or (cc) to take into account the absence of any cost or expense which Landlord would have incurred had the Premises been leased to a person or entity other than Tenant. 26.3 Tenant shall have, the right and option have no further or additional rights to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). Lease. 26.4 The Renewal Term Option shall commence upon the day next following the last day of the initial Term. Tenant shall notify be exercised, if at all, by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term given not less earlier than six one hundred eighty (6180) months days nor later than one hundred twenty (120) days prior to the expiration of Expiration Date. In the initial Term, time being of event Tenant fails strictly to comply with the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable procedure for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date exercise of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingOption, Tenant shall have no further right to renew extend the Term. 26.5 The renewal option granted pursuant to this Lease if, either at the time Section 26 is personal to Tenant. If Tenant notifies Landlord of its election to extend this Lease or upon the commencement date subleases any portion of the Premises or assigns or otherwise transfers any interest under the Lease to any other person or entity pursuant to, and in accordance with, Section 15 hereof, this Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption shall lapse.

Appears in 1 contract

Sources: Lease Agreement (Sonicwall Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option “Renewal Option”) to extend the Term of this the Lease for one (1) period of the entire Premises then being leased to Tenant. The Renewal Option shall be for a five (5) years year term (the “Renewal Term”). The Renewal Term shall commence upon on the day next following after the last day Expiration Date. The Renewal Option shall be void if a default beyond any applicable notice and cure period by Tenant exists, either at the time of exercise of the initial Renewal Option or the time of commencement of a Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than twelve (12) months and not less than six nine (69) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable pursuant to Section 4.1 with respect to the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The Prevailing Market Rent as of the commencement of the Renewal Term, as determined pursuant to Exhibit C; from and after the exercise of the Renewal Option escalating annually thereafter by three percent (3%) per annum, (i) all references to CPI Adjustment AmountExpiration Dateis calculated by multiplying the Fixed Rent payable for shall be deemed to refer to the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date day of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases (ii) all references to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index “Term” shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right deemed to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of include the Renewal Term, . The Renewal Option is personal to Tenant and any Permitted Transferee and shall be inapplicable and null and void if Tenant assigns or sublets any of its interest under this Lease (other than to a Permitted Transferee) or if the Tenant or any Permitted Transferee is in default hereunder beyond any applicable grace or cure periodnot occupying the Premises.

Appears in 1 contract

Sources: Office Lease (Innoviva, Inc.)

Renewal Option. Landlord Article 44 of the Lease is hereby grants to Tenant, deleted in its entirety and the following is inserted in its place: "Tenant shall havehave the right, the right and option to be exercised as hereinafter provided, to extend the Term term of this Lease lease for one (1) period of five (5) years (hereinafter referred to as the "Renewal Term”). The Renewal Term shall commence ") upon the day next following terms and conditions: (A) That at the last day time of the initial exercise of such right and at the commencement of the Renewal Term. , Tenant shall not be in default in the performance of any of the terms, covenants or conditions which Tenant is required to perform under this lease beyond any applicable notice and cure period provided herein for the cure hereof. (B) That Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for exercise its option with respect to the Renewal Term not less than six at least one (61) months year prior to the expiration of the initial Term, time being term of this lease. (C) That the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the same terms, covenants and conditions of as in this Leaselease provided, except that (a) there shall be no further option to extend this lease beyond the Fixed Renewal Term referred to above; (b) the Premises shall be delivered at the beginning of the Renewal Term in its then "as is" condition; and (c) the Rent to be paid by Tenant during the Renewal Term shall be as follows: During the first year of the Renewal Term, the Rent shall be ninety (90%) percent of the then fair market annual minimum rent being received by Landlord for comparable size space in the Building, but in no event less than the Rent payable under this lease for the Lease Year immediately preceding the Renewal Term. The Rent applicable to the first year of the Renewal Term shall be payable in equal monthly installments. During each of the second through fifth years of the Renewal Term, the Rent shall be increased by adding three (3%) percent per year over the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Yearprior year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Said sums shall be used payable in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodequal monthly installments.

Appears in 1 contract

Sources: Lease Agreement (American Home Mortgage Holdings Inc)

Renewal Option. Landlord Tenant is hereby grants granted two (2) options to Tenantrenew this Lease upon the following terms and conditions: At the time of the exercise of each option to renew and at the time of the said renewal, the Tenant shall not be in default in. accordance with the terms and provisions of this Lease, and Tenant shall have, be in possession of the right and Premises pursuant to this Lease. Notice of the exercise of the option shall be sent to extend the Term Landlord in writing at least nine (9) .months but not more than twelve (12) months before the expiration of the current term of this Lease Lease. Each renewal term shall be for one (1) a period of five (5) years (the “Renewal Term”). The Renewal Term shall years, to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial TermTerm of this Lease, time being of or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice first renewal term, as and when required herein, the Renewal Term shall terminate and be of no further force or effectapplicable, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Rent Basic Rent, shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentapply during any such renewal term. The “CPI Adjustment Amount” is calculated by multiplying annual Fixed Basic Rent to be paid during each renewal term shall not be less than that paid for the Fixed Rent payable for Premises during the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics original term of the United States Department of Labor (Lease, or the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as last year of the first day renewal term, as applicable. However, if the fair rental value per square foot at the commencement of the third Lease Yearrenewal term shall exceed the rent as established in the preceding sentence, the Tenant shall pay such fair rental value. IfIn determining the fair rental value, during the Lease Term Landlord shall notify Tenant of the Bureau of Labor Statistics ceases to maintain the Indexfair rental value as established by Landlord. Should Tenant dispute Landlord’s determination, then the Tenant shall be free to, at the Tenant’s sole cost and expense, employ the services of an appraiser familiar with office buildings located within the North Wales, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Landlord and the Tenant’s appraiser cannot agree on the fair rental value, or in such other index or standard as will most nearly accomplish case, on an independent appraiser acceptable to both, either party may request the aim or purpose American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Index Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be used final and binding upon the parties. The parties shall share equally in determining the amount cost of any such adjustmentindependent appraiser. Notwithstanding Pending resolution of the foregoingissue of fair rental value, the Tenant shall have no right to renew this Lease if, either at pay the time Tenant notifies Landlord as of its election to extend this Lease or upon the commencement date of the Renewal Termrenewal term, Tenant is in default hereunder beyond any applicable grace or cure periodthe Fixed Basic Rent as established by Landlord, subject to retroactive adjustment upon final determination of this issue. Any payments which are required as a result of a retroactive adjustment shall be made by the party required to make a payment within fifteen (15) days of such determination.

Appears in 1 contract

Sources: Office Lease (Icon PLC /Adr/)

Renewal Option. Landlord hereby grants (A) As long as Tenant is not in default under any of the provisions of this Lease nor has been in default at any point during the Term of the Lease and as long as this Lease has not been terminated pursuant to Tenantany provision hereof, and then Tenant shall havemay, the right and option to at its option, extend the Term term of this Lease for one two (12) period additional terms of five (5) years (each commencing on the expiration of the then expiring term, hereinafter called the “Renewal Term”Option Term(s). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six may exercise such Option Term(s) by giving Owner written notice at least one hundred eighty (6180) months days prior to the expiration of the initial Termthen expiring term. Upon the giving by Tenant to Owner of such written notice and the compliance by Tenant with the foregoing provisions, time being the term of the essence with respect to such notification. Notice thereof this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and to be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be extended upon all of the covenants, agreements, terms, covenants provisions and conditions of conditions, excluding rental, set forth in this Lease, except for such terms and conditions as shall be inapplicable during any additional term. If Lessee fails or omits to so give to Owner the written notice referred to above, it shall be deemed, without further notice and without further agreement between the parties hereto, that Tenant elected not to exercise the Fixed Option Terms granted herein. (B) At the beginning of each Option Term the monthly Guaranteed Minimum Rent as set forth in Article 2.0l(a) of the Lease shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year percentage of the initial Term by a ratioincrease, the numerator of which is if any, in the Consumer Price Index for - U.S. Average - All Urban ConsumersItems, Cleveland-Akron, All Items (1982-1984=100) as published by the Bureau of Labor Statistics of the United States Department of Labor’s Bureau of Labor (Statistics. The base period, for purposes of such adjustment, shall be the “Index”) on the date nearest the commencement date month of the Renewal Term, and year in which this Lease is originally executed. The date in which the denominator of which is the Index Option Term commences shall then be used for comparison purposes with any adjustment in Guaranteed Minimum Rent to be effective as of the first day commencement of the third Lease YearOption Term. If, during In no event shall the Lease Guaranteed Minimum Rent for the Option Term be less than the Bureau of Labor Statistics ceases to maintain monthly Guaranteed Minimum Rent for the Index, then such other index or standard as will most nearly accomplish the aim or purpose last month of the Index original term. Should the aforementioned index be discontinued, the parties shall select another similar index which reflects consumer prices and if the parties cannot agree on another index it shall be used selected by binding arbitration, (By way of illustration only, if the September figure in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew which this Lease if, either at is executed is 120 and the time Tenant notifies Landlord September figure following commencement of its election to extend this Lease or upon rentals is 125 then the commencement date of Guaranteed Minimum Rent for the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodensuing calendar year shall be increased by 4.17%).

Appears in 1 contract

Sources: Shopping Center Lease Agreement (Third Coast Bancshares, Inc.)

Renewal Option. Landlord hereby grants Subject to Tenantthe conditions hereinafter set forth and provided this Lease is then in effect, and Tenant shall have, have the right and option to extend renew the Term term of this Lease for one (1) period renewal term of five (5) years (the "Renewal Term"). The , by delivering written notice (the "Renewal Term shall commence upon Notice") to Landlord of its exercise of such right at least one hundred eighty (180) days before the day next following the last day end of the initial Term. Tenant shall notify Landlord in writing Subject to the terms of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinset forth below, the Renewal Term shall terminate begin upon the expiration of the Term. All of the terms, provisions and be covenants of no further force or effect, and this Lease shall expire as of apply to each Renewal Term except that Rent for the then-scheduled expiration date. The Renewal Term shall be upon all of the termsthen prevailing market rent for similar buildings and space in the north Dallas office market, covenants including prorata charges for common area maintenance taxes and conditions of this Leaseinsurance, except that but in no event less than the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Annual Rent payable for during the last final year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew exercise any option under this Lease if, either Section if any Event of Default exists at the time of electing a renewal option or at the time the Renewal Term would commence. If Tenant notifies Landlord fails to give timely notice of its election Tenant's intention to extend renew this Lease, the Term of this Lease or upon shall expire on the commencement date scheduled expiration date, and Tenant shall have no further option to renew this Lease. If Tenant does not exercise any such option in a timely manner, then Landlord shall have the right during the remainder of the Renewal Term, Tenant is in default hereunder beyond any applicable grace Term of this Lease to advertise the availability of the Premises for sale or cure period.lease. In this Lease the phrases "term of this Lease," "term hereof," "

Appears in 1 contract

Sources: Lease Agreement (Residential Healthcare Properties Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Lessee (at the time of the delivery of the Extension Notice and at the end of the initial Lease Term) is not in default of the Lease (beyond all applicable cure periods), and Tenant Lessee shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years year renewal option by providing irrevocable notice (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election "Extension Notice") to extend this Lease for the Renewal Term not less than Lessor at least six (6) months prior to the expiration end of the initial Lease Term. Terms and conditions for such renewal term shall be at a continuation of the Base Rental schedule (including escalations in accordance with Paragraph 3 of the Lease). Lessee's renewal option shall be applicable regardless of whether Lessee or an assignee or sublessee of Lessee occupies all or any portion of the Premises. Notwithstanding the previous sentence (and irrespective of the amount of space at the Premises that Lessee subleases at the time it delivers the Extension Notice), if, at the end of the initial Lease Term, time being Lessee is then currently subleasing more than fifty percent (50%) of the essence Premises to a person or entity other than an Affiliated Company (as such term is defined in Special Stipulation X above), Lessee's Renewal Option shall be null and void and of no further force and/or effect and the Lease Term shall terminate at the end of the initial Lease Term. Further, if at any time during the initial Lease Term, Lessee provides Lessor with notice that Lessee intends to assign the Lease and the entire Premises to a person or entity other than an Affiliated Company (and such assignment includes the Renewal Option), Lessor shall have the option (but not the obligation) to recapture the entire Premises (with such recapture to become effective as of the effective date of the proposed assignment), by providing Lessee with written notice (the "Recapture Notice") of Lessor's election to so recapture the entire Premises, on or prior to that date which is five (5) business days following Lessee's notice to Lessor of such proposed assignment. Lessor's failure to timely provide Lessee with the Recapture Notice shall render Lessor's recapture right (as described herein) (with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as proposed assignment) null and when required herein, the Renewal Term shall terminate void and be of no further force or and/or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term Option under this Special Stipulation XIII shall be upon all of exercisable only with respect to the terms, covenants and conditions of entire Premises under this Lease, except that including the Fixed Rent shall be increased by adding entire Additional Space (as defined in Special Stipulation XIV) if the CPI Adjustment Amount (defined below) Additional Space has been leased pursuant to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of Special Stipulation XIV during the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Lease Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Somera Communications Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease for one (1) a period of five (5) years beyond the Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (the "Election Notice") from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than eight (8) months nor less than six (6) months prior to the expiration of the initial Term. Except as hereinafter provided in this Paragraph 51, time being of the essence with respect any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in well located, high visibility buildings in Irvine, California comparable to the Fixed Rent payable for the last year of the initial Term by Premises in location, size, condition, quality and type, and with a ratiocomparable landlord (taking into account, among other things, the numerator availability of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100tenant improvement dollars) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest at the commencement date of the Renewal Term. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the denominator of which is the Index as "Renewal Rate Notice") of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of prevailing market rate for the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term within thirty (30) days after Landlord's receipt of the

Appears in 1 contract

Sources: Lease Agreement (Vixel Corp)

Renewal Option. (a) As long as an event of default by Tenant has not occurred and is continuing after applicable notice and cure periods, Landlord shall grant and does hereby grants to Tenant, and grant Tenant shall have, the right and option to extend renew (the Term "First Renewal Option") the term of this Lease for one (1) a period of five sixty (560) years additional months (the "First Renewal Term"). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing exercise the First Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the First Renewal Term shall be increased by adding calculated based on the CPI Adjustment Amount prevailing Market Base Rental Rate (defined belowas hereinafter defined) at the time the First Renewal Term commences; (ii) with the exception of the potential assignees and sublessees described in Paragraph 5(b) of this Exhibit "G", Tenant shall not have the right to assign its renewal rights to any sublessee of the Demised Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (iii) the leasehold improvements will be provided in their then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying existing condition at the Fixed Rent payable for time the last year of the initial First Renewal Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termcommences, and the denominator of which is the Index as of the first day of the third Lease Year. If(iv) there shall not be any rent abatement period and Tenant shall not be entitled to cash payment, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the First Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the First Renewal Option and on the date of the expiration of the original term there shall exist no event of default on the part of Tenant under this Lease for which Landlord has given notice and which remains uncured by Tenant after the expiration of any applicable period of grace or cure. If Tenant shall fail to exercise the First Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the First Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Demised Premises. If Tenant notifies shall remain in possession of the Demised Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the terms of this Section, then Tenant shall be a Tenant holding over as provided in this Lease. (b) Whenever used in this First Renewal Option, the term "Market Base Rental Rate" shall mean the then fair market rental of the Demised Premises as of the date of commencement of the First Renewal Term, determined in accordance with the provisions set forth below. The fair market rental of the Demised Premises shall mean the rental that would be agreed to by a landlord and renewing tenant, each of whom is willing, but neither of whom is compelled, to enter into the lease transaction. The fair market rental shall be determined on the basis of the assumptions that (1) the Base Year shall be updated to the first year under the First Renewal Term, and (2) the fair market rental shall begin on the commencement date of the First Renewal Term. The fair market rental to be determined shall take into account any existing tenant improvements and any special uses or rights afforded to the Tenant under this Lease in connection with the Demised Premises and the following factors: (i) rental for renewing tenants for comparable premises in comparable Class "A" office buildings in comparable submarkets of Atlanta, Tenant is in default hereunder beyond Georgia (taking into consideration, but not limited to, use, location and/or floor level within the applicable building, definition of rental area, quality, age and location of the applicable office buildings); (ii) the rentable area of the premises being leased; (iii) the length of the pertinent rental term; (iv) any applicable grace tenant improvement allowance, rent credit, moving allowance, space planning allowance or cure periodother similar inducements given to renewing tenants or lack thereof; (v) the quality and credit worthiness of the tenant; (vi) the expense pass-through provisions provided to such renewing tenants; and (vii) commissions payable to brokers or lack thereof.

Appears in 1 contract

Sources: Lease Agreement (Focal Communications Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the option ("Renewal Option") to renew the Initial Term for all of the Premises as of the expiration date of the Initial Term, the right and option to extend the Term of this Lease for one (1) additional period of five (5) years (the “"Renewal Term”). The ") upon the following terms and conditions: A. Tenant gives Landlord written notice of its exercise of the Renewal Option prior to April 30, 2005. B. Tenant is not in default under this Lease either on the date Tenant delivers the notice required under subparagraph 34.1A. above or at any time thereafter prior to the commencement of the Renewal Term so exercised. C. Landlord shall commence upon be provided with evidence satisfactory to it of Tenant's compliance with the day next following the last day terms and conditions of Article XXXII hereof. D. All of the initial Term. Tenant shall notify Landlord in writing terms and provisions of its election to extend this Lease (except this Article XXXIV) shall be applicable to the Renewal Term, except that Base Rent for the Renewal Term not less than six (6) months prior to shall be determined as follows. Upon receipt of a notice from Tenant exercising the expiration Renewal Option Landlord shall promptly advise Tenant of Landlord's determination of the initial Term, time being Fair Value (as hereinafter defined). Landlord and Tenant shall thereafter attempt in good faith to agree upon the amount of the essence with respect Base Rent to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, paid by Tenant for each year during the Renewal Term shall terminate Term. In the event that Landlord and Tenant are unable to agree upon the amount of Base Rent to be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased paid by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable Tenant for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of during the Renewal Term, and either Landlord or Tenant may, upon notice to the denominator of which is the Index as of the first day of the third Lease Year. Ifother at any time after June 30, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index2005, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.discontinue discussions with the

Appears in 1 contract

Sources: Industrial Building Lease (Stericycle Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election option to extend renew this Lease for a term of three (3) years, for the Renewal Term not less portion of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 40.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six (6) months the date which is 365 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is 180 days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant and, unless it is not the case, taking into account that there will be no free rent and no tenant improvement allowances or other concessions. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant's written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than one hundred eighty (180) days prior to the expiration of the then current term, then either (i) Tenant may, by providing written notice to Landlord on or before the date which is one hundred seventy (170) days prior to the expiration of the then current term, rescind its notice of exercise of the renewal option, or (ii) Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within fifteen percent (15%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 40.3 Except with respect to Permitted Transfers and transfers to Affiliated Parties and Corporate Successors which are approved by Landlord at the time of such transfer in accordance with Article 9 of this Lease, this option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be "personal" to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew. 40.4 As each renewal option provided for above is exercised, either at the time number of renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Tenant notifies Landlord of its election shall have no further right to extend this Lease or upon the commencement date term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Sources: Lease (SCM Microsystems Inc)

Renewal Option. Landlord hereby grants to TenantProvided the Tenant is not in default beyond ---------- --------------- any applicable grace or cure period hereunder, and Tenant shall have, have the right and option to extend the Term term of this Lease for one (1) period additional term of five (5) years (the “Renewal "Extended Term”). The Renewal Term shall commence ") commencing upon the day next following the last day expiration of the initial Termterm. Tenant shall notify Landlord in writing of its election exercise the right to extend the term of this Lease for the Renewal Term not less than six by written notice to Landlord no later nine (69) months prior to the expiration of the initial Term, time being term. The Rent for the Extended Term shall be the greater of the essence then current Rent or the Market Rent as hereafter defined. The market rent ("Market Rent") shall be determined by Landlord based on leases then currently under negotiation or recently executed for the Property. If no such leases are under negotiation or have been recently executed, then Market Rent shall be reasonably determined by Landlord based on comparable office space in the town or city in which the Premises are located (if any such space exists) taking into account, among other factors, amenities, setting, location and demographics. Landlord shall notify Tenant of the Market Rent within a reasonable period after Tenant notifies Landlord that Tenant is exercising the option to extend, provided Landlord shall not be required to set the Market Rent prior to ten (10) months before the expiration of the Term. If Tenant disagrees with respect Landlord's determination of the Market Rent and the parties are unable to agree upon a Market Rent within thirty (30) days after Landlord's notice thereof, then the Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the Greater Boston office rental market and each of whom is hereinafter referred to as "appraiser". Tenant and Landlord shall each appoint one such notificationappraiser and the two (2) appraisers so appointed shall appoint the third appraiser. Notice thereof The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be home by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall appoint their respective appraisers at least five (5) months prior to commencement of the period for which Market Rent is to be determined and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least four (4) months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three (3) appraisers shall determine the Market Rent of the space in question as of the commencement of the period to which the Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty (60) days prior to the commencement of such period. If the determinations of the Market Rent of any two (2) or all three (3) appraisers shall be identical in amount, said amount shall be deemed sufficient if given to be the Market Rent of the subject space. If the determinations of all three (3) appraisers shall be different in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinamount, the Renewal Term average of the two (2) values nearest in amount shall terminate be deemed the Market Rent. The Market Rent of the subject space determined in accordance with the provisions of this Section shall be binding and be conclusive on Tenant and Landlord. All of no further force or effectthe covenants, agreements, terms and conditions contained in this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) apply to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Extended Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Network Engines Inc)

Renewal Option. Landlord hereby grants to Tenant(a) Provided that no Event of Default (as defined in Section 22) has occurred and is then continuing, and Tenant shall have, have the right and option to extend the Primary Term of this Lease for one two (12) period successive additional periods of five (5) years each (the "First Renewal Term”)" and the "Second Renewal Term", respectively, and, collectively, the "Renewal Terms") in accordance with this Section 3.1. If Tenant does not extend the Primary Term for the First Renewal Term, it shall have no right to extend the Term for the Second Renewal Term. The option for the First Renewal Term shall commence upon the day next following the last day of the initial Term. my be exercised by Tenant shall notify by written notice given to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) months prior to the expiration end of the initial Primary Term. If Tenant properly exercises its right to the First Renewal Term, time being the option for the Second Renewal Term may be exercised by Tenant by written notice given to Landlord not less than nine (9) months prior to the end of the essence with respect First Renewal Term. Subject to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terms of subsection (b) of this Section 3.1, all of the terms and when required herein, the Renewal Term shall terminate and be provisions of no further force or effect, and this Lease shall expire as govern and be applicable to the First Renewal Term and the Second Renewal Term (with the exceptions that (i) there will be no period of rent-free occupancy at the commencement of either of the then-scheduled expiration date. The Renewal Terms, (ii) Landlord will have no obligation to construct any improvements, provide any allowances or grant any rental abatement prior to commencement of accrual of Base Rent for either Renewal Term shall and (iii) there will be upon all no renewal of the terms, covenants Term other than the Renewal Terms) if Tenant timely exercises its right to extend the Term in accordance with this subsection (a). (b) If Tenant timely and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) properly exercises its right to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying First Renewal Term, Tenant shall pay to Landlord as Annual Base Rent during the Fixed Rent payable for the last year of the initial Term by a ratioFirst Renewal Term, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics in lawful money of the United States Department commencing at the commencement of Labor the First Renewal Term, a per annum sum equal to the greater of (i) the “Index”product obtained by multiplying the square footage of the Demised Premises times an amount equal to the "Prevailing Market Rate" (as defined and calculated in the manner set forth in Exhibit B attached to this Lease and --------- incorporated herein by reference) in effect on the date nearest the commencement date first day of the First Renewal Term or (ii) the Base Rent which was in effect at the end of the Primary Term. If Tenant properly exercises its right to the First Renewal Term, and thereafter timely exercises its right to the denominator Second Renewal Term, Tenant shall pay to Landlord as Annual Base Rent during the Second Renewal Term, in lawful money of which is the Index United States commencing at the commencement of the Second Renewal Term, a per annum sum equal to the greater of (i) the product obtained by multiplying the square footage of the Demised Premises times an amount equal to the Prevailing Market Rate in effect as of the first day of the third Lease Year. If, during Second Renewal Term or (ii) the Lease Term Base Rent which was in effect at the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose end of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the First Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord Section 2 of Exhibit C of the Lease is hereby grants to Tenant, ---------------- deleted and is restated in its entirety as follows: Tenant shall have, the right and may at its option to extend the Term of this Lease for the Demised Premises for one (1) additional period of five (5) years ("Extension Term") upon the “Renewal same terms contained in this Lease, except for the amount of the Monthly Base Rent Installment and any tenant improvement allowance payable during the Extension Term”). . (a) The Renewal Monthly Base Rent Installment during the Extension Term shall commence upon be the day next following then prevailing market rate for equivalent properties of an equivalent size in the last vicinity of the DFW sub-market commencing on the first day of the Extension Term. (b) To exercise its option, Tenant must deliver an initial Term. Tenant shall notify non-binding notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months and no more than twelve (12) months prior to the expiration proposed commencement of the initial Extension Term. At some point between six (6) and nine (9) months prior to the proposed commencement of the Extension Term, time being Landlord shall calculate and inform Tenant of the essence with respect to such notificationMonthly Base Rent Installment for the Demised Premises. Notice thereof Such calculation shall be deemed sufficient final and shall not be recalculated at the actual commencement of the Extension Term if given in any. Tenant shall give Landlord final binding notice of intent to exercise its option to extend within fifteen (15) days after receiving Landlord's calculation of the manner hereinafter providedMonthly Base Rent Installment. If Landlord does not receive such written Tenant fails to give either its initial nonbinding notice as and when required hereinor its final binding notice timely, the Renewal Term shall terminate and Tenant will be of no further force or effect, and deemed to have waived its option to extend. (c) Tenant's option to extend this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) is subject to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items conditions that: (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”i) on the date nearest the commencement date that Tenant delivers its final binding notice exercising its option to extend, there is no Event of Default by Tenant under this Lease, and (ii) Tenant shall not have assigned this Lease, or sublet any portion of the Renewal Term, and the denominator of Demised Premises under a sublease which is the Index as of the first day of the third Lease Year. If, in effect at any time during the Lease Term final 12 months prior to the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Extension Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Industrial Lease Agreement (Rockwell Medical Technologies Inc)

Renewal Option. Landlord hereby grants Provided that Tenant is not in default of any of the terms, covenants and conditions hereof after notice and opportunity to Tenantcure as required in the Lease, and this Lease has not been assigned or the premises (or a part thereof) sublet, Tenant shall have, have the right and option to extend the Term term of this Lease for one further term of sixty (160) period of five (5) years (the “Renewal Term”)months. The Renewal Term shall commence upon the day next following the last day Such extension of the initial Termterm shall be on the same terms, covenants, and conditions as provided for in the previous term except for this paragraph and except that the rental during the extended term shall be at the fair market rental then in effect on equivalent properties, of equivalent size, in equivalent areas. Tenant shall notify deliver written notice to Landlord in writing of its election Tenant’s intent to extend this Lease for exercise the Renewal Term renewal option granted herein not more than twelve (12) months nor less than six (6) months prior to the expiration of the initial Term, time being original term of this Lease. In the essence with respect event Tenant fails to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive deliver such written notice as and when required hereinwithin the time period set forth above, Tenant’s right to extend the Renewal Term term hereof shall terminate expire and be of no further force or and effect. If Landlord and Tenant are unable to agree upon a new Base Rent within sixty (60) days after the exercise of any of Tenant’s options, and this Lease shall expire as of then the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Base Rent shall be increased the fair market rent of the premises, taking into account the uses surrounding the premises, determined by adding a board of arbitrators comprised of three arbitrators in accordance with the CPI Adjustment Amount (defined below) rules of the American Arbitration Association. The arbitrators shall all be appraisers who are members in good standing of the American Institute of Real Estate Appraisers or an organization succeeding thereto. Tenant and Landlord each shall select one arbitrator and the two arbitrators shall elect a third arbitrator. The decision of the arbitrators as to the then-current Fixed RentBase Rent for any such extension shall be the Base Rent charged throughout such extension. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year cost of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index arbitration proceedings shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies divided equally between Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodand Tenant.

Appears in 1 contract

Sources: Lease Agreement (Interphase Corp)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not in default, and beyond the expiration of any applicable notice or grace period, at the time the option described in this Section 4.03 is exercised, Tenant shall have, have the right and option to extend the Term of renew this Lease (the "Renewal Option") for one (1) period additional term of five (5) years (the "Renewal Term") to commence immediately upon expiration of the original Term of this Lease. Tenant may exercise the Renewal Option only by delivering written notice to Landlord not later than nine (9) months, nor earlier than twelve (12) months, prior to the expiration of the original Term of this Lease. Such notice shall be given to Landlord in accordance with Section 18.01 hereof. If Tenant timely exercises the Renewal Option and is not in default, beyond the expiration of any applicable notice or grace period, at the expiration of the original Term of this Lease (unless such default is waived by Landlord at Landlord's sole discretion; such default may not be used by Tenant as a means of negating the effectiveness of an earlier exercise by Tenant of the Renewal Option), this Lease shall continue during the Renewal Term upon the same covenants, terms and conditions applicable to the original Term of this Lease, except for provisions which (i) relate to the construction or payment for construction of improvements in the Premises at the commencement of this Lease, (ii) grant to Tenant any credit or concession in the payment of Rent, or (iii) otherwise by their nature are applicable only to the original Term of this Lease. The Notwithstanding the foregoing, however, upon the commencement of the Renewal Term, the Base Year, for purposes of the Renewal Term, shall mean the calendar year in which the Renewal Term commences. Notwithstanding the foregoing, (i) annual Base Rent payable during the Renewal Term shall commence equal the annual fair market rental value of the Premises for the Renewal Term, as determined in accordance with this paragraph (to be based upon renewal rentals for comparable space in comparable first-class office buildings in the day next following greater suburban Philadelphia office market, taking into account the resetting of the Base Year as set forth herein, and assuming such space is being leased in its then-current "as is" condition for a five (5) year term, with no concessions or contributions toward improvements by the landlord), but not less than the sum of (A) $32.00 times the number of rentable square feet of floor area in the Premises (as determined by Landlord), plus (B) total Escalation Amounts payable by Tenant per square foot of the Premises with respect to the twelve (12) calendar months immediately preceding the last day date on which Tenant shall have been entitled to exercise the Renewal Option times the number of rentable square feet of floor area in the initial TermPremises (such sum of (A) plus (B) being hereinafter referred to as the "Minimum Renewal Base Rent"), and (ii) the Base Year for the Renewal Term shall be the calendar year in which the Renewal Term commences. Provided Tenant shall have properly and timely exercised the Renewal Option, Landlord shall notify Tenant of Landlord's determination of annual Base Rent for the Renewal Term ("Landlord's Determination") no later than thirty (30) days following Landlord's receipt of Tenant's notice. No later than thirty (30) days following Tenant's receipt of Landlord's Determination, Tenant shall notify Landlord in writing that Tenant: (a) rescinds its exercise of its election the Renewal Option, (b) accepts Landlord's Determination, or (c) is not satisfied with Landlord's Determination and desires to extend this Lease have Base Rent for the Renewal Term determined in the manner set forth below (Tenant's failure to so deliver such written notice within such thirty (30) day period shall constitute Tenant's recission of its exercise of the Renewal Option). If Tenant has so notified Landlord that Tenant is not less satisfied with Landlord's Determination, Tenant shall promptly engage an MAI appraiser ("Tenant's Appraiser") with experience appraising first-class office space in the greater suburban Philadelphia office market to determine the annual fair market rental value of the Premises for the Renewal Term in accordance with this paragraph ("Tenant's Determination", and together with Landlord's Determination, the "Determinations"), which Tenant's Determination shall be delivered to Landlord no later than six five (65) months prior to the expiration of the initial Term, time being original Term of this Lease. Tenant shall pay the cost of Tenant's Appraiser. In the event the greater of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Determinations is not more than 110% times the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinlesser of the Determinations, then the annual Base Rent for the Renewal Term shall terminate and be the greater of no further force or effect, and this Lease shall expire as (i) the average of the thenDeterminations or (ii) the Minimum Renewal Base Rent. In the event the greater of the Determinations (I) is more than 110% times the lesser of the Determinations and (II) is more than the Minimum Renewal Base Rent, then Landlord and Tenant's Appraiser together shall select a second (2nd) MAI appraiser (the "Final Appraiser") with experience appraising first-scheduled expiration dateclass office space in the greater suburban Philadelphia office market. The Final Appraiser shall select which of the Determinations is closest to what the Final Appraiser would have itself determined to be the annual fair market rental value of the Premises for the Renewal Term in accordance with this paragraph. If the Final Appraiser so selects Landlord's Determination, then the annual Base Rent for the Renewal Term shall be upon all the greater of (i) the termsamount set forth in Landlord's Determination or (ii) the Minimum Renewal Base Rent, covenants and conditions of this Leaseif the Final Appraiser so selects Tenant's Determination, except that then the Fixed annual Base Rent for the Renewal Term shall be increased by adding the CPI Adjustment Amount greater of (defined belowI) to the then-current Fixed amount set forth in Tenant's Determination or (II) the Minimum Renewal Base Rent. The “CPI Adjustment Amount” is calculated by multiplying Final Appraiser's selection shall be binding upon Landlord and Tenant. Landlord and Tenant each shall pay one-half (1/2) of the Fixed Rent payable cost of the Final Appraiser. Each determination of the annual fair market rental value of the Premises for the last year Renewal Term to be made under this paragraph shall determine a fixed amount of annual Base Rent for the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the entire Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease (Sedona Corp)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not in default of any of its obligations hereunder and is in possession of the Premises, and Tenant shall have, the right and option be entitled to extend the Term of renew this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next immediately following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial original or previous Term on the same terms, conditions, and provisions as are set forth in this Lease with the same force and effect as though this Lease had originally provided for a nine (9) year, four (4) month, Term, time being of with the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such following conditions: (a) Tenant will give written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) notification to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Landlord no later than ninety (90) days prior to the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement termination date of the Renewal Term, original Term of his election to renew this Lease. (b) Beginning with and the denominator of which is the Index as of the first day of the third Lease Year. Ifrenewal Term, the Basic Rent and each monthly installment thereof payable during the Lease renewal Term shall be adjusted and modified according to the following formula: If the Consumer Price Index for all Urban Consumers (the "Index") for ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (▇▇▇▇ - 100), as determined and published by the United States Department of Labor, Bureau of Labor Statistics ceases Statistics, based on all items, for the month preceding the commencement of the renewal term shall exceed said Index in effect as of the original Term of the Lease, then, in lieu of the Basic Rent as set forth in Section 1.6 respecting the original Term of the Lease, the Basic Rent for each year of the renewal Term shall be an amount equal to maintain the IndexBasic Rent as set forth in Section 1.6 multiplied by a fraction, then such other the numerator of which shall be the Index for the month preceding the commencement of the renewal Term and denominator of which shall be the Index in effect as of the commencement of the original Term of the Lease, provided, however, that in no event shall the Basic Rent be less than that set forth in Subsection 1.6. The index or standard as will most nearly accomplish be adjusted in the aim or purpose of event that said Index shall be converted and, if the Index shall cease to be published, an Index as nearly comparable as possible shall be used in determining by the amount of any such adjustmentparties. Notwithstanding In witness whereof the foregoing, Tenant shall parties have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date hereto set their hands and seals as of the Renewal Termday and year first above written. LANDLORD: WHITE ▇▇▇▇▇ BUSINESS CENTER LIMITED PARTNERSHIP, Tenant is in default hereunder beyond any applicable grace or cure period.a Maryland limited partnership by its General Partner,

Appears in 1 contract

Sources: Lease Agreement (Imtek Office Solutions Inc)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend the Term Expiration Date (“Renewal Option”) from September 30, 2006 to September 30, 2011, if: 1. Landlord receives notice of exercise (“Renewal Notice”) on or before September 30, 2005 (which notice shall be irrevocable on Tenant’s part, but Tenant’s rights shall be subject to the provisions of this Section 3); and 2. at the time Landlord receives the Renewal Notice: a. a Default under this Lease has not occurred and is then continuing; and b. the original named Tenant herein or its Affiliates continues to occupy at least one full floor of the Building pursuant to this Lease; and 3. the Premises is for one the intended use of Tenant and its Affiliates only during the entire Extension (1as hereinafter defined); and 4. Tenant executes and returns the “Renewal Amendment” (as hereinafter defined) period extending the Term accordingly pursuant to the exercise of this Renewal Option within ten (10) days of its submission to Tenant, subject to a good faith reasonable dispute by Tenant with Landlord as to whether the business terms embodied therein properly reflect the terms hereof. B. The monthly Base Rent rate for the Premises during the Extension shall equal ninety-five percent (595%) years of the Prevailing Market (as hereinafter defined). C. Except as expressly modified by this Section 3, all of the provisions, terms and conditions of the Lease shall apply to the Premises during the Extension, including, but not limited to Article 4 of the Lease, except that no allowances, credits, abatements or other rent limitations (if any) set forth in the Lease shall apply to the Premises during the Extension (except only to the extent included in the Prevailing Market determination). D. If Tenant is able to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the “Renewal TermAmendment). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to reflect the then-current Fixed changes in Base Rent, installments of Base Rent, Expiration Date and other appropriate terms. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date A copy of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease YearAmendment shall be: 1. If, during the Lease Term the Bureau of Labor Statistics ceases sent to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the within a reasonable time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date after receipt of the Renewal TermNotice; and 2. executed by Tenant and returned to Landlord in accordance with subsection A.4. hereof. E. For purposes hereof, Tenant is in default hereunder beyond any applicable grace or cure period.the following terms shall have the following meanings:

Appears in 1 contract

Sources: Lease (FSP 303 East Wacker Drive Corp.)

Renewal Option. Landlord hereby grants As long as the Tenant continues to Tenantcomply with all the requirements of this Lease, and the Tenant shall have, the right and option to extend the Term of this Lease for be granted one (1) period of option to renew the Lease for a further five (5) years year term (the "Renewal Term”). The Renewal Term shall commence upon ") commencing on the 1st day next following the last day expiration of the initial Term. Term of the Lease, provided that the Tenant shall notify give to the Landlord in writing of its election to extend this Lease for the Renewal Term not more than twelve (12) months, and not less than six (6) months prior to the expiration of the initial Term of the Lease, written notice of the Tenant's exercise of its right to renew for such Renewal Term. The Renewal Term shall be on the same terms, covenants and conditions as contained in this Lease (as amended from time to time), except for the right to any further renewal beyond the Renewal Term, time being except for such provisions of the essence with respect Lease as are pertinent only to such notificationthe original Term, and except for the Basis Rent. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, The Basic Rent for the Renewal Term will be as agreed between the Landlord and the Tenant, but shall terminate not be less than the prevailing market rates at a date which is six (6) months prior to the commencement of the Renewal Term for comparable fully improved space, used for the same or similar use, with the same or similar sales volumes, in the same or similar area of the City and in any event the Basic Rent shall not be less than the Basic Rent actually payable by the Tenant pursuant to the provisions of this Lease during the last year of the Term of this Lease. In the event that the Landlord and the Tenant are unable to agree on the Basic Rent to be paid by the Tenant during the Renewal Term by a day which is three (3) months prior to the expiry of the Term, then this option to renew shall be null and void and of no further force or effect, and this Lease the Tenant shall expire as surrender the Leased Premises to the Landlord upon the expiry of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Infowave Software Inc)

Renewal Option. Landlord hereby grants Lessee shall have options to Tenantrenew and extend the term of this lease for up to a total of 7 years, which Lessee may exercise for periods of no less than one year at a time, but for as many years as Lessee may desire at a time, as long as the total number of years does not exceed 7 (each period of time selected by Lessee shall be referred to as a "Renewal Term"). During each Renewal Term, the same terms and conditions as are contained in this lease shall apply (unless changed or modified by mutual agreement) except that (a) the base rent shall be as hereinafter set forth, and Tenant (b) the Base Year shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”)be as hereinafter defined. The Renewal Term exercise of such options shall commence only be effective upon strict compliance with the day next following the last day terms and conditions: (i) Written notice of the initial Term. Tenant exercise of each such option shall notify Landlord in writing of its election be given by Lessee to extend this Lease for the Renewal Term not less Lessor no later than six (6) 6 months prior to the expiration date of the initial Termprevious term of this lease. (ii) If Lessee extends the term of this lease, time being of the essence with respect to such notification. Notice thereof base rent shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) adjusted on the date nearest anniversary of the commencement date of the Renewal Terminitial term of this lease and, and if applicable, on the denominator tenth anniversary of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Terminitial term of this lease (each, Tenant an "Adjustment Date"), as follows: The base rent payable shall be adjusted to 90% of the fair market rental value of the Premises as of the Adjustment Date, taking into account the then-current rentals at which leases are being concluded for comparable space in the building and in comparable buildings in the same rental area as the building, the provisions of this paragraph, and no other provisions of this lease. Lessor and Lessee shall seek to agree upon such fair market rental value. If Lessor and Lessee cannot agree upon such fair market rental value by the date that is 30 days before the Adjustment Date, such value shall be determined by arbitration, initiated by either Lessor or Lessee and conducted in default Seattle, Washington by a 3-member panel composed of licensed real estate brokers doing business in Seattle, Washington and having not less than 15 years' active experience as real estate brokers in Seattle, Washington, in accordance with the rules of the American Arbitration Association then obtaining. The determination by the arbitrators shall be conclusive and binding on Lessor and Lessee. If, by an Adjustment Date, the amount of the base rent payable shall not have been determined, then pending such determination, Lessee shall continue to pay base rent at the rate payable immediately prior to the Adjustment Date and within 30-days after the determination by the arbitrators, Lessee shall pay to Lessor, for the period after the Adjustment Date during which such determination was pending, the amount, if any, by which the base rent for such period at the rate determined by the arbitrators exceeds the base rent for such period at the rate theretofore paid, or Lessor shall pay to Lessee, for the period after the Adjustment Date during which the determination was pending, the amount, if any, by which the base rent for such period at the rate theretofore paid by Lessee exceeds the base rent for such period at the rate determined by the arbitrators. (iii) Upon determination of the adjusted base rent, Lessor and Lessee shall execute, acknowledge and deliver to each other an agreement specifying the amount of the adjusted base rent. However, failure of either party to do so shall not affect the validity or binding nature of such determination. (iv) Effective as of each Adjustment Date, the Base Year for purposes of determining the expense escalation hereunder beyond any applicable grace or cure periodshall be adjusted to be the calendar year in which the Adjustment Date occurs. If an Adjustment Date is not the first day of a calendar year, then the additional rent due hereunder shall be prorated on an actual per them basis.

Appears in 1 contract

Sources: Office Lease (Immunex Corp /De/)

Renewal Option. Provided Tenant is not in default of the Terms and Conditions of this Lease, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of extending this Lease for one (1) period an additional Term of five (5) years (years. Said extension of Lease shall contain the same agreements, conditions, covenants, and provisions set forth in this Lease, except those agreements, conditions, covenants and provisions which, by their terms, have no relevance beyond the original Term hereby demised, and except further that the Basic Rent per year for the renewal term shall be in an amount equal to the Average Basic Rent payable at the end of the original term exclusive of any concessions given for the original term payable under this lease multiplied by a fraction, the numerator of which is the “Renewal Term”). The Renewal Term shall commence upon Consumer Price Index” (all items, 1982-1984=100) for the day next following Philadelphia area, as published by the last day U.S. Bureau of Labor Statistics, for the eighth month preceding the end of the initial Termterm of this lease and the denominator of which is the same Index for the eighth month prior to the month during which the term commenced. In the event that the Bureau of Labor Statistics shall change the base period used in computing the aforesaid Index, adjustments shall be made to reflect the intent of the parties as aforesaid. If for any reason the aforesaid publication shall be discontinued, then another appropriate financial index published by a federal government agency or a financial institution shall be used. In no event shall the rental paid during the option period be less than the rental paid during the first five (5) years of the original lease term. Tenant shall notify Landlord may exercise said option only by giving notice to the Landlord, in writing of its election to extend this Lease for the Renewal Term writing, not less later than six (6) months prior to the expiration date of the initial Termoriginal Term of this Lease and if said notice is not given, time being of the essence with respect to such notification. Notice thereof Tenant shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as to have waived and when required herein, the Renewal Term shall terminate and be forfeited all rights to said extension of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Sielox Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term of this Lease for one (1) period additional term of five (5) years (the “"Renewal Term”). The Renewal Term shall commence ") commencing upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Termscheduled Term of this Lease under Section 2 (and as extended pursuant to the terms of either Section 30 or Section 31 hereof), on the condition that Tenant is not in default under this Lease at the time being Tenant gives notice of exercise of its Renewal Option or at the time of commencement of the essence with respect to such notificationRenewal Term. Notice thereof Such renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon on all of the terms, covenants and conditions of this Lease, except that except: (i) Tenant shall not have any right to further renewal beyond such additional five-year term; and (ii) the Fixed annual Basic Rent for the Premises for the renewal term shall be increased by adding at the CPI Adjustment Amount (defined below) prevailing market rates for office space in the Building comparable to the then-current Fixed RentPremises at the time the Renewal Term begins. The “CPI Adjustment Amount” is calculated by multiplying In no event shall the Fixed Basic Rent payable for during the last year Renewal Term be less than the Basic Rent payable under this Lease immediately prior to the commencement of the Renewal Term. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew not less than nine (9) months prior to the expiration of the initial Term by a ratioof this Lease, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics time being of the United States Department essence with respect to such notice. As of Labor (the “Index”) on the date nearest the commencement date Renewal Term begins, this Lease shall be deemed modified in the manner set forth above, without the necessity of any further agreement or document; provided, however, that either party to this Lease shall, upon request of the Renewal Termother party, execute, acknowledge, and the denominator deliver an instrument evidencing such renewal and modification of which is the Index as this Lease. All of the first day terms and provisions of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas herein amended and supplemented, then such other index or standard as will most nearly accomplish the aim or purpose of the Index are hereby ratified and confirmed, and shall be used remain in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodfull force and effect.

Appears in 1 contract

Sources: Lease Agreement (Multi Link Telecommunications Inc)

Renewal Option. Landlord hereby grants Subject to the terms and provisions of this Section 27, Tenant, and Tenant shall haveat its option, the right and option to may extend the Term of this Lease for one (1) period of five sixty (560) years (months at the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day end of the initial Term (the "Renewal Term"). To exercise such option, Tenant shall notify must deliver notice of the exercise thereof (the "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six eighteen (618) months months, and no later than twelve (12) months, prior to the expiration of the initial Term. During the Renewal Term, time being all of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terms and when required hereinprovisions of this Lease will apply, except that (a) after the Renewal Term shall terminate and there will be of no further force right of renewal; (b) the Base Year will be changed to the calendar year during which the applicable Renewal Term will commence; and (c) the Base Rent during the Renewal Term will be payable at a rate per square foot of rentable area of the Premises per year equal to ninety-five percent (95%) of the prevailing market rate then offered for comparable non-sublease, non-equity space in comparable buildings in the Costa Mesa area and for a comparable term taking into consideration any tenant improvement allowances, commissions and other concessions Landlord is then offering (or effectthe lack thereof) contained in such comparable transaction (the "Renewal Rental Rate"). During the thirty (30) days after Tenant delivers its Renewal Notice, the parties shall negotiate in good faith the Renewal Rental Rate at which Base Rent will be payable during the Renewal Term ("Negotiation Period") and if the parties cannot agree on a Renewal Rental Rate during the Negotiation Period, then the Renewal Rental Rate shall be determined pursuant to Section 27.2 below; provided that in no event shall the Renewal Rental Rate be less than the Rent in effect under this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) immediately prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Tickets Com Inc)

Renewal Option. Landlord hereby grants A. Provided that at the time of the exercise of the option provided for in this Section 19.27 and immediately prior to Tenantthe expiration of the Lease Term, this Lease shall be in full force and effect, the Tenant is in occupancy of the Premises and no event of default exists hereunder, Tenant shall havehave the right, by notice given to Landlord not less than nine (9) months prior to the Expiration Date of the Lease Term, the right and option time of giving of such notice to be of the essence of this Lease, to extend the Term of this Lease for one two (12) period additional periods of five (5) years (each period being the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day If this Lease is so extended, all of the initial Term. Tenant shall notify Landlord in writing provisions of its election to extend this Lease for shall continue in full force and effect during the Renewal Term not less than six (6) months prior including Tenant’s obligation to pay Additional Rent as provided for in this Lease and the Annual Rental Adjustment as provided in Section 3.2), but Landlord shall have no obligation to make or contribute to the expiration cost of renovations, alterations or improvements in or to the initial Term, time being of Premises. B. If the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable renewed as provided in subsection A for the last year of first Renewal Term then and in that event and in addition to additional rent due under Article 3 (and utilizing the initial same Base Year as set forth therein), Tenant shall pay Base Rent during the first Renewal Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “IndexRenewal Term Rent”) on the date nearest the commencement date equal $15.00 per annum (except as otherwise set forth in Section 19.28 below), which Renewal Term Rent shall escalate at a rate of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year$0.50 per annum. If, during If the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used renewed as provided in determining subsection A for the amount of any such adjustment. Notwithstanding second Renewal Term then and in that event and in addition to additional rent due under Article 3 (and utilizing the foregoingsame Base Year as set forth therein), Tenant shall have no right pay Renewal Term Rent during the second Renewal Term equal to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date fair market rental rate of the Renewal TermPremises (the “Fair Market Rental Rate”) and additional rent shall be payable based upon a new Base Year, Tenant is in default hereunder beyond any applicable grace or cure period.being the year after the year

Appears in 1 contract

Sources: Lease Agreement (Celldex Therapeutics, Inc.)

Renewal Option. Landlord hereby grants The renewal option in Paragraph 2, Renewal Option, of the Fourth Amendment to TenantLease shall be deleted and replaced as follows: Lessee shall, provided the Lease is in full force and Tenant shall haveeffect and Lessee is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election option to extend renew this Lease for a term of two (2)months, for the Renewal Term not less portion of the Premises being leased by Lessee as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If Lessee elects to exercise said option, then Lessee shall provide Lessor with written notice no earlier than the date which is nine (9) months prior to the expiration of the then current term of the Lease but no later than the date which is six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease. If Lessee fails to provide such notice, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant Lessee shall have no further or additional right to extend or renew the term of the Lease. b. The Annual Rent and Monthly Installment shall remain as follows: c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be “personal” to Lessee as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew. d. As each renewal option provided for above is exercised, either at the time Tenant notifies Landlord number of its election renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Lessee shall have no further right to extend this Lease or upon the commencement date term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Sources: Lease (Skechers Usa Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for (but no assignee or subtenant) one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election option to extend renew this Lease for the Renewal Term a period of sixty (60) months. The renewal option shall be exercised by Tenant notifying Landlord thereof in writing not less than six two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term, time being of as the essence with respect to such notificationcase may be. Notice thereof Such renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount (defined below) renewal term. It shall be a condition to Tenant's exercising the then-current Fixed Rentrenewal option herein granted that Tenant not be then in default under this Lease beyond any applicable notice and cure period. The “CPI Adjustment Amount” is calculated by multiplying Basic Rental for each renewal term shall be based on the Fixed Rent payable then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Tenant taken into account; provided, however, that in no event shall the Basic Rental in any renewal period be less than the Basic Rental for the last year month immediately preceding said renewal period. Upon notification from Tenant of its intent to exercise each renewal option, Landlord shall, within fifteen (15) days thereafter, notify Tenant in writing of the initial Term Basic Rental for the applicable renewal term; Tenant shall, within fifteen (15) days following receipt of same, notify Landlord in writing of the acceptance or rejection of the proposed Basic Rental. In the event of rejection by a ratioTenant, the numerator of which is Basic Rental for the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index applicable renewal term shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.determined as follows:

Appears in 1 contract

Sources: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord hereby grants to Tenant17.1 Lessee may, and Tenant shall haveat its option, the right and option to extend the Term of renew this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term all but not less than six all the Equipment by giving Lessor written notice not less than ninety (690) months prior days before the Maturity Date or any renewal term subsequent thereof for a term then agreed upon by the Lessee and the Lessor in writing, and paying to Lessor the expiration “fair market rental value” of the initial TermEquipment for such renewal term, time being of provided, that such renewal option shall not be exercisable if Lessee is in default under this Lease. Upon such notification and payment, such annual renewal rental as agreed between Lessor and Lessee in writing, but the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants other provisions and conditions of this LeaseLease shall continue unchanged and in full force and effect. If “fair market rental value” cannot be agreed upon by Lessee and Lessor, except that the Fixed Rent it shall be increased determined by adding averaging the CPI Adjustment Amount (defined below) to the then-current Fixed Rentappraisals obtained from three independent appraisers, which shall include one appraiser selected by Lessee, one appraiser selected by Lessor, and a third appraiser selected by both Lessee and Lessor. The “CPI Adjustment Amount” is calculated fees and expenses of all such appraisers shall be paid by multiplying Lessee. 17.2 If Lessee does not exercise its renewal option or purchase option as aforesaid and fails to return the Fixed Rent payable for Equipment at the last year end of the initial Term by a ratio, the numerator term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or any renewal term(s), then, unless and until the Equipment is returned to Lessor in accordance herewith (which Lessor may insist upon at any time), this Lease shall automatically be renewed from month to month with rent payable monthly in advance equal to the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period“fair market rental value” as determined by Lessor.

Appears in 1 contract

Sources: Equipment Lease Agreement (Integrated Silicon Solution Inc)

Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant, and Tenant shall have, the right and an option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years (the “Renewal TermPeriod). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to after the expiration of the initial Term, which Renewal Period shall commence on February 1, 2018 (the “Renewal Period Commencement Date”) and end on January 31, 2023. (a) Said option shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not later than February 1, 2017 (herein, the “Latest Renewal Exercise Date”), time being of the essence essence. If Tenant’s option is not so exercised, said option shall thereupon expire. (b) Unless Landlord otherwise agrees (at its discretion), Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Renewal Period Commencement Date, this Lease is in full force and effect and Tenant is not in monetary default under this Lease, or in non-monetary default beyond applicable cure periods under this Lease, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee), as of the time of Tenant’s exercise of such right and as of the pertinent Renewal Period Commencement Date, not less than fifty percent (50%) of the rentable area of the Demised Premises are occupied by the original Tenant named herein and/or one or more permitted Tenant Affiliates, and said Tenant has not assigned this Lease (other than to a permitted Tenant Affiliate) or sublet greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates), pursuant to one or more assignments and/or subleases in effect as of either such date. Without limitation of the foregoing, no sublessee or assignee (other than an assignee which is a Tenant Affiliate) shall be entitled to exercise said option under this Article 29, and no exercise of said option by the original Tenant named herein or by a Tenant Affiliate assignee shall be effective, in the event said Tenant or Tenant Affiliate has assigned this Lease (other than to a permitted Tenant Affiliate) or has subleased greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more assignments and/or subleases in effect as of the time of Tenant’s exercise of said right or as of the Renewal Period Commencement Date. In the event of an assignment to a Tenant Affiliate assignee permitted hereunder as of the time of Tenant’s exercise of its renewal rights under this Article 29 or as of the Renewal Period Commencement Date, then, at Landlord’s election, any exercise of the renewal option under this Article 29 and the corresponding lease amendment under Section 29(d) below must be signed by both the original named Tenant and each such successor Tenant Affiliate assignee in order to be effective (unless, however, the original named Tenant no longer exists as a separate and distinct legal entity as a direct result of the transaction giving rise to the assignment to such permitted assignee, such as in the case of a merger, in which case only the permitted assignee shall be obligated to execute the renewal option exercise notice and corresponding lease amendment hereunder). Notwithstanding anything herein to the contrary, Landlord shall have the right, at its election, to waive any of the conditions precedent to Tenant’s valid exercise of its renewal rights under this Article 29, as such conditions are described in this Section 29(b), whereupon Tenant’s prior exercise of such renewal rights shall be valid and in full force and effect in all respects. Any such waiver by Landlord must be in writing in order to be effective for purposes of the preceding sentence. (c) Rent per square foot of rentable area of the Demised Premises payable during the Renewal Period with respect to such notification. Notice thereof shall be deemed sufficient if given all space included in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire Demised Premises as of the then-scheduled expiration date. The Renewal Term Period Commencement Date and all other concessions shall be upon all equal to or otherwise governed by the Market Rental Rate (as defined in Article 30 below) for the Demised Premises. Landlord shall give Tenant written notice of the Market Rental Rate within thirty (30) days following written request by Tenant, which request shall be made no earlier than fifteen (15) months prior to the Renewal Period Commencement Date. (d) If Tenant has validly exercised said option, within thirty (30) days after request by either party hereto and determination of the Market Rental Rate, Landlord and Tenant shall enter into a mutually acceptable written amendment to this Lease, confirming the terms, covenants conditions and conditions provisions applicable to the Renewal Period as determined in accordance herewith, with such revisions to the rental provisions of this Lease, except that the Fixed Rent shall Lease as may be increased by adding the CPI Adjustment Amount (defined below) necessary to conform such provisions to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Market Rental Rate. (1982-1984=100e) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew extend the Term of this Lease if, either at beyond the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPeriod.

Appears in 1 contract

Sources: Lease Agreement (SXC Health Solutions Corp.)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not and has not been in default under this Lease beyond any applicable notice and cure period, and subject to the terms and conditions of this Section 2.13, Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises, for a period of sixty (60) months following the scheduled expiration date of the initial Lease Term (such sixty (60) month period, the “Option Term”). The Renewal Term shall commence upon If the day next Option to Renew is exercised during any applicable cure period following an event, which with the last day passage of time or the initial Term. Tenant shall notify Landlord in writing giving of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration notice, or both, would constitute an Event of the initial TermDefault, time being of the essence with respect to then such notification. Notice thereof exercise shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as void and when required herein, the Renewal Term shall terminate and be of no further force or effect, and . Except as set forth in this Section 2.13 or otherwise stated as being applicable only to the initial Lease shall expire as Term (or any prior portion of the then-scheduled expiration date. The Renewal Term shall be upon Lease Term), all of the terms, covenants terms and conditions of this Lease, except that Lease shall remain the Fixed same during the Option Term. Monthly Base Rent during the Option Term shall be increased the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the net effective market rental (plus any escalations thereof) then being offered and accepted by adding the CPI Adjustment Amount (defined below) tenants for space comparable to the then-current Fixed RentPremises in size, quality, utility and location in the Project and in the Westlake Village market area, taking into account the credit worthiness of the tenant, the length of the term, the base year, allowances and concessions and the quality of the existing tenant improvements. The “CPI Adjustment Amountnet effective market rentalis calculated by multiplying shall equal the Fixed Rent payable for the last year arithmetic average of the initial Term by a ratiorental rate over the term of such comparable lease, provided that the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics value of the United States Department of Labor (then existing improvements in the “Index”) on the date nearest the commencement date of the Renewal TermPremises shall be taken into account in determining what improvements are granted by landlords under similar circumstances, and the denominator of which is the Index as value of the first day of the third free parking under this Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall also be used taken into account in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Rental Rate.

Appears in 1 contract

Sources: Office Lease (Mannkind Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant (A) Lessee shall have, have the right and option to extend the Term of this Lease for one two additional terms of five (15) years each commencing on the day following the expiration of the initial or renewal Term, as applicable, of this Lease (hereinafter referred to as the "Rent Commencement Date of the Applicable Extension Term") provided that: (i) Lessee shall give Lessor notice (hereinafter the "Extension Notice") of its election to extend the term of this Lease, which notice shall be given at least twelve (12) months prior to the expiration date of the initial Term or first Extension Term of this Lease, as applicable; and (a) Lessee has not assigned this Lease (other than pursuant to Section 7(C) or in connection with a Provid Research spin-off pursuant to Section 7(A)) or sublet more than fifty percent (50%) of the Demised Premises to another party (other than to a division, subsidiary or affiliate of Lessee) which sublease is then in effect and there is no continuing default, and no event has occurred which with the giving of notice or the passage of time, or both, would constitute a default on the part of Lessee (for purposes of this Section 50, a "Default"), under the Lease as of the time of the giving of the Extension Notice and the Rent Commencement Date of the Applicable Extension Term. Notwithstanding the foregoing, if a Default exists on such date that Lessee gives Lessor an Extension Notice, such notice will not be invalid as a result of the existence of such Default; provided that Lessee cures such Default and delivers evidence thereof to Lessor within sixty (60) days from the date the Extension Notice is given. If Lessee fails to cure such Default and provide Lessor with evidence thereof within such sixty (60) day period, then the Extension Notice shall become null and void upon notice from Lessor to Lessee within seventy (70) days after the date the Extension Notice is given and failure by Lessee to cure the Default within five (5) days thereafter and this Section 50 shall have no further force of effect and shall be deemed deleted from this Lease. (b) If Lessee timely gives the Extension Notice and the conditions set forth in this subparagraph (ii) have been satisfied or waived by Lessor, Lessee shall be irrevocably bound to lease the Demised Premises during the Applicable Extension Term on the terms and conditions provided in this Section 50, including, without limitation, at the Annual Base Rent determined in accordance herewith. If Lessee does not timely send an Extension Notice pursuant to this Section 50A, this Section 50 shall have no force or effect and shall be deemed deleted from this Lease. (B) The Annual Basic Rent payable by Lessee to Lessor during the first Extension Term shall be increased to ninety-five (95%) percent of the fair market rent for the Premises and shall be increased to the fair market value of the Premises for the second Extension Term, but with the base years for Base Operating Costs, Base Real Estate Taxes and Base Utility and Energy Costs being adjusted to the calendar year commencing on the January 1 preceding the Rent Commencement Date of the Applicable Extension Term. Fair market rent shall be determined by Lessor, subject to the right of Lessee to arbitrate the amount of fair market rent as hereinafter provided. At least twelve (12) months prior to the expiration date of the initial Term or first Extension Term, as applicable, but in no event more than fifteen (15) months prior to the expiration date of the initial Term or first Extension Term, as applicable, Lessee may give Lessor notice of its desire to determine Lessor's good faith estimate of the fair market rent for the Premises applicable to such Extension Term. Within thirty (30) days after Lessor receives such notice, Lessor shall give Lessee notice of such estimate. (i) In the event Lessee is entitled to extend the Term hereunder, and timely gives the Extension Notice in accordance with the provisions of Section 50A hereof, and Lessee thereafter disputes the fair market rent as 57 determined by Lessor pursuant to Section 50B hereof then at any time on or before the date occurring thirty (30) days after Lessee has been notified by Lessor of the fair market rent, Lessee may initiate the arbitration provided for herein by giving notice from Lessee, which notice shall specify the name and address of the person designated to act as an arbitrator on its behalf. (ii) Within ten (10) days after Lessor receives such notice from Lessee, Lessor shall give notice to Lessee specifying the name and address of the person designated to act as an arbitrator on Lessor's behalf. If Lessor fails to notify Lessee of the appointment of Lessor's arbitrator within such ten (10) day period, then Lessee may request the appointment of the second arbitrator in the same manner as hereinafter provided under Paragraph 50C(iii) for the appointment of a third arbitrator in a case where neither the two arbitrators appointed hereunder nor the parties are able to agree upon such appointment. (iii) The two arbitrators so chosen shall meet within ten (10) days after the second arbitrator is appointed, and if, within ten (10) days after the second arbitrator is appointed the two arbitrators do not agree upon the fair market rent, they shall together appoint a third arbitrator. In the event of their being unable to agree upon such appointment within fifteen (15) days after the appointment of the second arbitrator, the third arbitrator shall be selected by the Lessor and Lessee if they can agree thereon within a further period of five (5) days. If the Lessor and Lessee do not so agree, then Lessee, on behalf of itself and Lessor and on notice to Lessor made within thirty (30) days after the appointment of the second arbitrator, may request such appointment by the American Arbitration Association (or any successor organization thereto) in accordance with its rules then prevailing or if the American Arbitration Association (or such successor organization) shall fail to appoint said third arbitrator within thirty (30) days after such request is made, then Lessee may apply within thirty (30) days after such thirty (30) day period, on notice to Lessor, to a court of competent jurisdiction for the appointment of such third arbitrator. (iv) Each of the arbitrators selected as herein provided shall have at least ten (10) years experience in the leasing and renting of office space in first class buildings in Middlesex County, New Jersey. In addition, each of the arbitrators shall be an independent party not affiliated in any way with either Lessor or Lessee. (v) If a third arbitrator is chosen as provided in Section 50C above, then such third arbitrator shall select either the “Renewal Term”)fair market rent determined by the arbitrator appointed by or for Lessor or the fair market rent determined by the arbitrator selected by Lessee; the third arbitrator may not select any other amount, and may not "split the difference" between the determinations of the arbitrators selected or appointed by or for the parties. The Renewal third arbitrator shall so determine the fair market rent of the Demised Premises and render a written certified report of his determination to both Lessor and Lessee within ten (10) days after appointment of the third arbitrator. (vi) Each party shall pay the fees and expenses of the original arbitrator appointed by or for such party, and all other expenses (not including the attorneys fees and similar expenses of the parties which shall be borne separately by each of the parties) of the arbitration shall be borne by the parties equally. If a third arbitrator is selected or appointed, the fees and expenses of the third arbitrator shall be borne equally by parties hereto. (vii) In the event Lessee initiates the aforesaid arbitration process and as of the date of expiration of the initial Term or first Extension Term, as applicable, of this Lease, the amount of fair market rent for the applicable Extension Term has not been determined, Lessee shall commence upon pay the day next following amount of Rent and Additional Rent payable from Lessor to Lessee hereunder, and when the determination of fair market rent has actually been made, an appropriate retroactive adjustment shall promptly be made effective as of the Rent Commencement Date of the Applicable Extension Term, if any, or the last day of the initial Term or first Extension Term. Tenant shall notify Landlord in writing , as applicable. (viii) If Lessee fails to timely initiate the arbitration process or fails to timely request the appointment of its election to extend this Lease for an arbitrator by the Renewal Term not less than six American Arbitration Association (6or such successor organization) months prior to the expiration or by such court of the initial Termcompetent jurisdiction, time being of the essence with respect to such notification. Notice thereof essence, the Lessor's determination of the fair market rent under Section 50B above shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodconclusive.

Appears in 1 contract

Sources: Lease (Praecis Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants to Tenant(a) Provided Tenant is not then in default under this Lease beyond any applicable notice and cure period and is current in all payments due hereunder, and Tenant shall have, have the right and option to extend the Term term of this Lease ("Renewal Option") for one (1) additional four (4) year period, by written -------------- notice to Landlord given no later than eight (8) months prior to the Expiration Date, under the same terms and conditions as set forth in this Lease, except that the Base Rent payable by Tenant during such option term shall be ninety percent (90%) of the then prevailing Fair Market Rate as determined in accordance with Section 2.5(b) below. When the rent for the said option term has been determined, the parties shall execute a modification of this Lease setting forth the Base Rent for such option term. This Renewal Option is not personal to Catellus Development Corporation, the Tenant herein named, and may be exercised by any assignee of the Lease permitted under the terms of the Lease. However, no such Renewal Option is assignable separate and apart from the Lease. (b) For the purposes of this Section 2.5, the term "Fair Market Rate" ---------------- shall mean the annual amount per RSF that Landlord has accepted in current transactions between non affiliated parties from new, non-expansion, non-renewal and non-equity tenants of comparable credit-worthiness, for comparable space, for a comparable use for a comparable period of five time (5"Comparable Transactions") years ----------------------- in the Building, or if there are not a sufficient number of Comparable Transactions in the Building, what a comparable landlord of a Comparable Building (as defined in Section 6.6(b)) with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions appropriate consideration shall be given to the “Renewal Term”annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), the extent of Tenant's liability under the Lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, if any, which would be payable by Landlord in similar transactions, length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, and other generally applicable conditions of tenancy for such Comparable Transactions. The Renewal Term intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparable Transactions. Landlord shall commence upon determine the day next following Fair Market Rate by using its good faith judgment. Landlord shall provide written notice of such amount within fifteen (15) days (but in no event later than twenty (20) days) after Tenant provides the last day notice to Landlord exercising Tenant's option rights which require a calculation of the initial TermFair Market Rate. Tenant shall notify have fifteen (15) days ("Tenant's Review Period") after receipt of Landlord's ---------------------- notice of the new rental within which to accept such rental or to reasonably object thereto in writing. In the event Tenant objects, Landlord in writing of its election and Tenant shall attempt to extend this Lease for the Renewal Term not less than agree upon such Fair Market Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement by that date which is six (6) months prior to the expiration Expiration Date ("Outside ------- Agreement Date"), then each party shall place in separate envelope their -------------- final proposal as to Fair Market Rate and shall exchange such envelopes. Tenant may, within three (3) business days after such exchange, rescind its option to extend by written notice to Landlord within such three (3) business day period. If Tenant does not so rescind its option within such three (3) business day period, then Tenant's exercise of its option to extend will be irrevocable and the determination of Fair Market Rate shall be submitted to arbitration in accordance with subsections (i) through (v) below. Failure of Tenant to so accept such rental in writing within Tenant's Review Period shall conclusively be deemed its disapproval of the Fair Market-Rate determined by Landlord. In the event that Landlord fails to timely generate the initial Term, time being written notice of Landlord's opinion of the essence with respect Fair Market Rate which triggers the negotiation period of this Section 2.5(b), then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen (15) days ("Landlord's Review Period") after receipt of ------------------------ Tenant's notice of the new rental within which to accept such notificationrental. Notice thereof In the event Landlord fails to accept in writing such rental proposed by Tenant, then such proposal shall be be-deemed sufficient if given rejected, and Landlord and Tenant shall attempt in the manner hereinafter providedgood faith to agree upon such Fair Market Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement by the Outside Agreement Date, then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rate and shall exchange such envelopes. Tenant may, within three (3) business days after such exchange, rescind its option to extend by written notice to Landlord within such three (3) business day period. If Tenant does not receive so rescind its option within such written notice as three (3) business day period, then Tenant's exercise of its option to,extend will be irrevocable and when required herein, the Renewal Term determination of Fair Market Rate shall terminate be submitted to arbitration in accordance with subsections (i) through (v) below. (i) Landlord and be of no further force or effect, and this Lease Tenant shall expire as meet with each other within five (5) business days of the then-scheduled expiration dateOutside Agreement Date and exchange the sealed envelopes and then open such envelopes in each other's presence. The Renewal Term shall be If Landlord and Tenant do not mutually agree upon all the Fair Market Rate within one (1) business day of the termsexchange and opening of envelopes, covenants and conditions of this Leasethen, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount within ten (defined below10) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year business days of the initial Term exchange and opening of envelopes Landlord and Tenant shall agree upon and jointly appoint a single arbitrator who shall by profession be a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Clevelandreal estate lawyer or broker who shall have been active over the-Akron, All Items five (1982-1984=1005) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) year period ending on the date nearest of such appointment in the commencement date leasing of comparable commercial properties in the vicinity of the Renewal TermBuilding. Neither Landlord nor Tenant shall consult with such broker or lawyer as to his or her opinion as to Fair Market Rate prior to the appointment. The determination of the arbitrator shall be limited solely to the issue of whether Landlord's or Tenant's submitted Fair Market Rate for the Premises is the closer to the actual Fair Market Rate for the Premises as determined by the arbitrator, taking into account the requirements of this Section 2.5(b). Such arbitrator may hold such hearings and require such briefs as the arbitrator, in his or her sole discretion, determines is necessary. In addition, Landlord or Tenant may submit to the arbitrator with a copy to the other party within five (5) business days after the appointment of the arbitrator any market data and additional information that such party deems-relevant to the determination of Fair Market Rate ("FMR Data") and -------- the other party may submit a reply in writing within five (5) business days after receipt of such FMR Data. (ii) The arbitrator shall, within thirty (30) days of his or her appointment, reach a decision as to whether the parties shall use Landlord's or Tenant's submitted Fair Market-Rate, and the denominator shall notify Landlord and Tenant of which is the Index as such determination. (iii) The decision of the first day arbitrator shall be binding upon Landlord and Tenant, and shall be treated the same as the decision of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases Arbitration Panel as provided in Section 4(d) below. (iv) If Landlord and Tenant fail to maintain the Indexagree upon and appoint an arbitrator, then such other index or standard as will most nearly accomplish the aim or purpose appointment of the Index arbitrator shall be used in determining made by the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Presiding Judge of the Renewal TermSuperior Court, or, if he or she refuses to act, by any judge having jurisdiction over the parties. (v) The cost of arbitration shall be paid by Landlord and Tenant is in default hereunder beyond any applicable grace or cure periodequally.

Appears in 1 contract

Sources: Office Lease (Catellus Development Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, is granted the right and option to extend the Term term of this Lease for one (1) renewal period of five two (52) years (the “Renewal Term”). The Renewal Term shall commence with such renewal period commencing on MM DD, YYYY, upon the day next following the last day conditions: (a) The option must be exercised, if at all, by written notice of the initial Term. Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less later than six (6) 18 months prior to the expiration of the initial TermTermination Date, time being of the essence with respect essence. The failure of Tenant to furnish such notification. Notice thereof notice to Landlord in a timely manner as provided in this subsection shall be deemed sufficient if given in constitute a waiver by Tenant of Tenant's option to renew the manner hereinafter provided. If Term hereof and shall release Landlord does not receive from any obligation to extend the Term. (b) At the time of exercise of such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectoption, and as of the date of commencement of such renewal period, this Lease shall expire be in force and there shall exist no default by Tenant that remains uncured beyond any applicable grace period. (c) If the foregoing option is effectively exercised, all the terms and conditions contained in this Lease shall continue to apply during the renewal period except that the Base Rent payable during the renewal period shall be in the amount stated in Section 1.08 above as increased by the Index as provided in subparagraph (d) below. (d) The Base Rent during the renewal period shall be increased as of the then-scheduled expiration date. The Renewal Term shall be upon all commencement of the termsrenewal period (the "Rent Adjustment Date"), covenants and conditions on any anniversary thereof, in accordance with the increase in the United States Department of this LeaseLabor, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Bureau of the initial Term by a ratioLabor Statistics, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Consumers (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984=1001984 – 100) (the "Index") as follows: (i) The Base Rent (the "Comparison Base Rent") in effect immediately before the Rent Adjustment Date as defined by Section 1.11 shall be increased by the percentage that the Index has increased from the date (the "Comparison Date") on which payment of the Comparison Base Rent began through the month in which the Rent Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the Rent Adjustment Date, the percentage increase between those two Indices, and the new Base Rent. (ii) Tenant shall pay the new Base Rent from the applicable Rent Adjustment Date until the next Rent Adjustment Date (the anniversary of the original Rent Adjustment Date). Landlord's notice may be given after the applicable Rent Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment of the months elapsed between the effective date of the increase and Landlord's notice of such increase within ten (10) days after Landlord's notice but in no event prior to the applicable Rent Adjustment Date. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics of or similar agency and which is most nearly equivalent to the United States Department of Labor (the “Index”) Index in effect on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right Commencement Date. (e) The option to renew this Lease if, either at the time Tenant notifies Landlord of its election granted to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by or to any applicable grace other person or cure periodentity other than Tenant.

Appears in 1 contract

Sources: Lease Agreement

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a 55 Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 1 contract

Sources: Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord The Term of the Lease currently ends on April 15, 2017, which date represents the end of the last remaining Renewal Option contained in the Lease. Therefore, the following language is added to the Lease as a renewal option; all previous references to any renewal options (including Exhibit H) are hereby grants to Tenant, deleted and replaced by the following: Tenant shall have, have one (1) additional option (the right and option "Renewal Option") to extend the Term of this Lease for one all (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term but not less than six (6all) months prior of the Premises which are demised under this Lease as of the date of this 2016 Amendment, subject to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given following terms and conditions: (a) This Lease is in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as Tenant is neither in Default at the time Tenant exercises the Renewal Option nor at the commencement of the thenRenewal Term, but Landlord shall have the right at its sole discretion to waive the non-scheduled expiration date. default condition herein; (b) The Renewal Term shall be upon all of the same terms, covenants and conditions of this as provided in the Lease, except that that: (i) Tenant may not again exercise the Fixed Rent shall be increased by adding Renewal Option during the CPI Adjustment Amount Renewal Term so as to further extend the Term beyond the Expiration Date of the Renewal Term; and (defined belowii) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Base Rent payable for the last year Renewal Term shall be: (c) Tenant shall exercise the aforementioned Renewal Option by providing Landlord with written notice thereof on or before the date that is nine (9) months prior to the end of the initial current Term by a ratio, the numerator ("Notice"). The execution of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published this 2016 Amendment by the Bureau Tenant shall constitute the Tenant's official notice to Landlord of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Tenant's intent to exercise of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Option. (d) The Renewal Option shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease void if, on either at the time date upon which Tenant notifies Landlord of its election to extend this Lease exercises such Renewal Option or upon the commencement date of the Renewal Term, there shall exist any sublease of the Premises, or any part thereof, by Tenant (other than to a Permitted Transferee, as such is defined in default hereunder beyond any applicable grace or cure periodthe Lease).

Appears in 1 contract

Sources: Lease (Ufp Technologies Inc)

Renewal Option. Landlord hereby grants to Tenant(A) Upon expiration of the term of this lease for the Demised Premises, provided that the same is then in full force and effect and Tenant shall haveis not in default hereunder, the right beyond notice and option to cure periods, Tenant may extend the Term such term for a renewal term of this Lease for one (1) period of five (5) 5 years (the “Renewal Term”)by giving Landlord written notice that it desires such extension. The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term Such notice must be given not less than six nine months before the term expires. The renewal term shall be upon the same terms, provisions, covenants, and conditions as are contained in this Lease, except as to the annual rent rate, and any other provision herein which by its terms is applicable only to the initial term. The annual rental rate during the renewal term shall be the greater of the rent last payable in the initial term or the "Prevailing Rate" as defined below. (6B) months Tenant shall have no further option to renew this Lease beyond the expiration of the renewal period created by this section. (C) The term "prevailing rate," as used in this Section, means the fair market rental rate then being charged for like space similarly situated in office buildings similar to and reasonably proximate to the Building in the same city and/or geographical area. In the event the parties cannot reach an agreement as to the prevailing rate, the same shall be determined by appraisal in accordance with the following provisions. If, by the day that is one hundred fifty (150) days prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions original term of this Lease, except that the Fixed Rent parties are unable to agree in writing on the prevailing rate, then the prevailing rate shall be increased established by adding appraisers chosen and who shall act in the CPI Adjustment Amount (defined below) following manner: Landlord and Tenant shall each nominate one appraiser deemed by them, respectively, to be fit, reputable and impartial, to appraise and determine the prevailing rate for the renewal term of this Lease. The nomination must be in writing and must be given by each party to the then-current Fixed Rentother within one hundred twenty (120) days prior to the expiration of the original term of the Lease. The “CPI Adjustment Amount” If only one party shall so nominate an appraiser, then that appraiser shall have the power to act alone, and that appraiser's decision as to the prevailing rate made in accordance with the provisions hereof shall be binding upon both parties. If the two appraisers nominated and appointed as appraisers by the parties shall differ in judgment as to such prevailing rate, then they shall appoint a third appraiser who is calculated a fit, reputable and impartial person. However, if they cannot agree upon such person, then the Westchester County Board of Realtors shall appoint a fit, reputable and impartial person to act as the third appraiser. If the two appraisers agree in writing upon such prevailing rate, then that determination shall be binding on the parties, but if they are unable to agree within thirty (30) days after second of the two has been appointed, then the selection of the third appraiser shall be made, as above provided for, within ten (10) days thereafter, and the three appraisers then named shall act with promptness, and the decision of a majority of such appraisers shall be the expense of its own appraiser, but the fees of third appraiser shall be shared equally. No person shall be qualified for appointment as an appraiser hereunder unless he or she is a licensed real estate broker or agent with at least ten (10) years of experience in leasing office space. Any appraiser may be removed by multiplying the Fixed Rent payable parties or other persons who appointed that appraiser, as the case may be, for failure to perform his or her duties expeditiously, and a successor appraiser shall be promptly appointed by such parties or person(s), as the case may be. If the prevailing rate has not been determined and evidence by an appropriate amendment to this Lease prior to the expiration of the original term of this Lease, then Tenant shall pay as the annual rental rate an amount equal to the annual rental rate for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoriginal term.

Appears in 1 contract

Sources: Office Lease (Candies Inc)

Renewal Option. Landlord Article 44 of the Lease is hereby grants to Tenant, deleted in its entirety and the following is inserted in its place: "Tenant shall havehave the right, the right and option to be exercised as hereinafter provided, to extend the Term term of this Lease lease for one (1) period of five (5) years (hereinafter referred to as the "Renewal Term”). The Renewal Term shall commence ") upon the day next following terms and conditions: (A) That at the last day time of the initial exercise of such right and at the commencement of the Renewal Term. , Tenant shall not be in default in the performance of any of the terms, covenants or conditions, which Tenant is required to perform under this lease beyond any applicable notice and cure period provided herein for the cure hereof. (B) That Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for exercise its option with respect to the Renewal Term not less than six at least one (61) months year prior to the expiration of the initial Term, time being term of this lease. (C) That the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the same terms, covenants and conditions of as in this Leaselease provided, except that (a) there shall be no further option to extend this lease beyond the Fixed Renewal Term referred to above; (b) the Premises shall be delivered at the beginning of the Renewal Term in its then "as is" condition; and (c) the Rent to be paid by Tenant during the Renewal Term shall be as follows: During the first year of the Renewal Term, the Rent shall be ninety (90%) percent of the then fair market annual minimum rent being received by Landlord for comparable size space in the Building, but in no event less than the Rent payable under this lease for the Lease Year immediately preceding the Renewal Term. The Rent applicable to the first year of the Renewal Term shall be payable in equal monthly installments. During each of the second through fifth years of the Renewal Term, the Rent shall be increased by adding three (3%) percent per year over the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Yearprior year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Said sums shall be used payable in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodequal monthly installments.

Appears in 1 contract

Sources: Lease Agreement (American Home Mortgage Holdings Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease as to the Expansion Space for one (1) period Renewal Term commencing December 1, 2005, and expiring March 31, 2010, which is the expiration date of five (5) years (the “Renewal Term”)Lease Term for the original Premises. The Such Renewal Term shall commence upon be subject to the day next following the last day provisions of the initial TermLease and at the then current market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida, as such rental rate is reasonably determined by agreement of Landlord and Tenant or determined by the three-appraiser method described below if Landlord and Tenant cannot agree. Tenant shall notify exercise such Renewal Option by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less given no later than six (6) months prior to the expiration of the initial TermDecember 1, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided2004. If Landlord does not receive and Tenant, acting in good faith, have not, within thirty (30) days after such written notice as exercise, executed a renewal amendment to the Lease which amendment states, inter alia, the rental rate applicable to the Expansion Space during the Renewal Term, then Landlord and when required hereinTenant shall each select a MAT appraiser who, in turn, shall select a third MAT appraiser. The three (3) appraisers shall determine by majority action the market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida. The determination of the three appraisers shall be binding on Landlord and Tenant and shall establish the rental rate for the Expansion Space during such Renewal Term. The above notwithstanding, the rental rate for the Expansion Space during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as less than the average rental rate for the Expansion Space for the two (2) years of the then-scheduled expiration dateExpansion Space Term immediately preceding the Renewal Term. The Renewal Term Landlord and Tenant shall each bear the cost of the appraiser they selected and shall share equally the cost of the third appraiser. Tenant may exercise its option to renew and Tenant’s exercise of that option shall be upon all effective only if, at the time of the terms, covenants Tenant’s exercise and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of any Renewal Term, the Lease is in full force and effect and Tenant is not in default under the Lease beyond any applicable cure period; provided that Tenant must, in any event, cure any then existing default within its applicable cure period or such exercise shall, at Landlord’s option, be deemed ineffective and null and void in its entirety. Upon exercise of the Renewal Option and determination of the rental rate, the Lease as to the Expansion Space shall be extended for the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (Outback Steakhouse Inc)

Renewal Option. Landlord hereby grants to TenantSection 50.01. Provided Tenant has fully and faithfully complied with all of the terms, provisions and covenants of this lease agreement, Tenant shall havehave the right, on a one time, irrevocable basis to renew the right and option to extend the Demised Term of this Lease lease for one (1) period of additional five (5) years (the “Renewal Term”)year term. The Renewal Term shall commence upon the day next following the last day of the initial Term. Such election to renew by Tenant shall notify Landlord must be made in writing of its election to extend this Lease for the Renewal Term not less later than six twelve (612) months prior to the expiration of the initial original Demised Term, as to which date time being is of the essence with respect essence. In the event Tenant so elects to such notification. Notice thereof shall be deemed sufficient if given in renew the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinterm of this lease pursuant hereto, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased Annual Base Rental payable by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last Tenant in each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index renewal term shall be used in determining an amount equal to the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either annual fair market value ("FMV') at the time Tenant notifies Landlord of Tenant's notice of its election to extend this Lease or upon renew. If Landlord and Tenant are unable to agree as to the commencement date FMV, within thirty (30) days of the Renewal Termreceipt of the Tenant's notice to renew hereunder, then each party shall immediately thereafter retain an independent appraiser who is a member of MAI who shall within thirty (30) days of being retained prepare an appraisal report setting forth the FMV rental of the property. Each party shall pay the fees and expenses of their respective appraiser. In the event the reports of the two appraisers results in a FMV rent difference of $27,450.00 per year or less, then the Annual Base Rental shall be that amount which is the average of the two stated annual FMV's. If, on the other hand, the reports yield a value difference of more than $27,450.00 per year, then the two appraisers shall select a third appraiser, whose fees shall be paid by the parties hereto on an equal (50/50) basis. In such case such third appraiser shall prepare a report, also within thirty (30) days of being retained, setting forth its analysis of the annual FMV rental of the property, and the parties agree that the annual rental value determined by said third appraiser shall be the Annual Base Rental amount to be paid by the Tenant; provided, however, that said amount shall in no event be less than the rental value determined by the appraiser selected by the Tenant is in default hereunder beyond any applicable grace or cure periodnor more than the rental amount arrived at by the appraiser selected by the Landlord.

Appears in 1 contract

Sources: Lease Agreement (Logical Design Solutions Inc)

Renewal Option. Landlord hereby grants to TenantLessee shall, provided the Lease is in full force and Tenant shall haveeffect and Lessee is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period successive option to renew this Lease for a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Tenant leased premises being leased by Lessee as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (a) If Lessee elects to exercise said option, then Lessee shall notify Landlord in writing of its election to extend this Lease for provide Lessor with written notice no earlier than the Renewal Term not less than six (6) months date which is 360 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is 120 days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all current term of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator Annual Rent and Monthly Installment in effect at the expiration of which is the Index as then current term of the Lease shall he increased, commencing oil the first day of the third Lease Yearnew renewal term, to reflect the adjusted rental rate as calculated below. IfIf Lessee falls to provide such notice, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant Lessee shall have no further or additional right to extend or renew the term of the Lease. The notice shall be given in the manner provided in the Lease for the giving of notices to Lessor. (b) The option period rental rate ("Adjusted Rental Rate") shall be the first year rental rate of $43,657.00 multiplied times 95* of the factor which has as its denominator the CPI Index (Los Angeles/Anaheim/ Riverside, All Urban Consumers) ("Index") for September, 1992 and has as its numerator the Index for September, 2002. The Adjusted Rental Rate will be increased three and one-half (3.5%) percent per annum in Years 2-5 of the option term. In no event shall the Adjusted Rental Rate be less than the rental rate in effect at the expiration of the initial lease term. (c) This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Lessee as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date renew. Section 6.1 of the Renewal Term, Tenant Lease entitled Use is deleted in default hereunder beyond any applicable grace or cure period.its entirety and replaced with the following:

Appears in 1 contract

Sources: Lease (Power Ten)

Renewal Option. Landlord hereby grants to Tenant, and Tenant Borrower shall have, have the right and option to extend the Term maturity of this Lease for one (1) period of five (5) years the Loan (the "Renewal Term”)Option") from the Original Maturity Date to the Extended Maturity Date. The Renewal Term shall commence upon the day next following the last day Option is exercisable only as provided below and subject to satisfaction of the initial Term. Tenant following conditions: (a) Lender shall notify Landlord in writing have received written notice of its election to extend this Lease for the exercise of the Renewal Term Option at least thirty (30) days, but not less more than six ninety (690) months days, prior to the expiration Original Maturity Date; (b) At the time of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as from Borrower and when required hereinat the commencement of each such extension, (i) the maturity of the Loan has not been accelerated and there is under the Loan Documents no Default or potential default which has occurred and is continuing, (ii) no Material Adverse Effect has occurred, (iii) none of Borrower nor any Guarantor shall be party to any litigation against Lender or any Affiliate of Lender and (iv) Lender shall be reasonably satisfied with the financial condition of Borrower and each Guarantor; (c) The outstanding principal balance of, and all other amounts owed with respect to, the Renewal Term Loan, including, without limitation, any amounts which have been expended by Lender pursuant to Section 8.3 or any other similar provision of any Loan Document which has not been repaid by Borrower shall terminate not exceed 70% of the then appraised value of the Property as determined pursuant to an appraisal in form acceptable to Lender and be prepared by a third party appraiser selected by Lender; (d) Prior to the commencement of no further force or effectsuch extension, (i) Borrower shall pay to Lender a fee in an amount equal to one-fourth of one percent (.25%) of the then outstanding balance of the Loan, and all costs and expenses incurred by Lender in connection therewith, including without limitation the fees of Lender's counsel, (ii) if requested by Lender, Borrower and each Guarantor shall execute, deliver and record a renewal, extension and modification agreement containing terms and provisions consistent with this Lease Section 2.4 and satisfactory to Lender in form, substance and content, and (iii) if requested by Lender, Borrower shall expire as cause to be delivered to Lender at Borrower's expense any endorsements to the Title Insurance requested by Lender insuring the continuing first priority of the thenMortgage subject only to such exceptions as Lender has approved in writing; and (e) Prior to such extension, (i) the Project shall have achieved at a minimum the Required Debt Service Coverage for the twelve-scheduled expiration date. The Renewal Term month period ending on the Original Maturity Date, or (ii) the outstanding principal balance of, and all other amounts owed with respect to, the Loan including, without limitation, any amounts which have been expended by Lender pursuant to Section 8.3 or any other similar provision of any Loan Document which has not been repaid by Borrower, shall be upon all reduced to an amount which would permit the Project to have achieved the Required Debt Service Coverage if such reduction had been made at the commencement of the twelve-month period; and (f) Such extension shall be governed by the same terms, covenants and conditions contained in the Loan Documents which remain in effect, including but not limited to monthly principal amortization pursuant to Section 2.2 and monthly payments of this Leaseaccrued interest, except that with the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent unpaid principal due and payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either full at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodExtended Maturity Date.

Appears in 1 contract

Sources: Term Loan Agreement (Candlewood Hotel Co Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew the Lease for a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (a) If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six date which is two hundred ten (6210) months days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is one hundred eighty (180) days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions then current term of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew this Lease if, either the term of the Lease. (b) The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time Tenant notifies Landlord of its election to extend this Lease or upon notification and the commencement date of the Renewal Term, Tenant is renewal term. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in default hereunder beyond any applicable grace or cure the preceding period. (c) This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew the Lease shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew.

Appears in 1 contract

Sources: Lease (Quality Systems Inc)