Common use of Renewal Option Clause in Contracts

Renewal Option. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.

Appears in 2 contracts

Sources: Office Building Lease (Marqeta, Inc.), Office Building Lease (Marqeta, Inc.)

Renewal Option. If Landlord grants to Tenant is not in default under any an option (the "Option") to extend the term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the "Renewal Term”), by delivering written notice (") under the “Renewal Notice”) terms set forth below. Tenant shall not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its 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 exercise thereof the Option, Tenant must first give written request to Landlord Landlord, not earlier less than twelve (12) months nor later than nine (9) months before prior to the expiration Expiration Date of the then current TermInitial Lease Term for delivery of Landlord's determination of Market Rent, as defined below. The Base Rent payable for each month during the Renewal Term shall be equal to the Fair Market Rent Rent, as determined in accordance with this section (as defined below) as of the commencement date of the Renewal Term"Market Rent"). Within thirty (30) days after following its receipt of Tenant’s Renewal Notice's request, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of Market Rent for each year of the required adjustment respective Renewal Term. Market Rent (including escalations for successive years of the Renewal Term) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the Market Rent shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in the Building, adjusted for any special conditions applicable to Base such space and leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Tenant may exercise its option by notifying Landlord, within 30 days from the date on which Tenant was first advised by Landlord of its determination of Market Rent, if any, and that Tenant has elected to exercise the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Option at the Market Rent Proposal, Tenant shall notify determined by Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposalproceed as provided below. If Tenant rejects Landlord’s Fair Market Rent Proposalexercises the Option as provided, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination the Expiration Date of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will Lease shall be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on extended for the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement length of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Base Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.adjusted to

Appears in 2 contracts

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

Renewal Option. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the hereby granted two (2) options (each a “Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may Option”) to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years each (the each a “Renewal Term”), by delivering written notice () upon the “Renewal Notice”) following terms and conditions: a. Notice of the exercise thereof of a Renewal Option shall be sent to the Landlord not earlier than twelve (12) months nor later than in writing at least nine (9) months before the expiration of the then current Term or in the case of the second Renewal Term, the first Renewal Term. b. The first Renewal Term shall commence at the expiration of the Term. The Base Rent payable second Renewal Term shall commence at the expiration of the first Renewal Term. A failure to exercise the Renewal Option for each month during the first Renewal Term shall be the Fair Market Rent (as defined below) as deemed a waiver of the commencement date of right to exercise the Renewal Option for the second Renewal Term. Within All of the terms and conditions of this Lease, other than the Fixed Basic Rent, shall apply during each Renewal Term. c. If Tenant elects to exercise a Renewal Option to extend the term of this Lease in accordance with this Section 43, Fixed Basic Rent for the applicable Renewal Term shall be 95% of the fair market rent then being charged in first class office buildings in suburban Philadelphia which are comparable to the Building, taking into account the length of term, tenant improvements or other concessions, and all relevant factors (“Market Rent”). If Tenant elects to exercise a Renewal Option, then Landlord, within fifteen (15) days of such election shall advise Tenant of the Fixed Basic Rent it desires to charge. During the period (the “Analysis Period”) beginning on the date of Tenant’s receipt of Landlord’s determination of Fixed Basic Rent and ending thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”)thereafter, Tenant shall have the one time right to withdraw its Renewal Notice, consider the Fixed Basic Rent determined by Landlord and the Lease shall expire upon the expiration elect by written notice to Landlord one of the then current Termfollowing three alternatives: i. determine not to proceed with such renewal; ii. If Tenant does not withdraw its Renewal Notice by accept Landlord’s determination of the Withdrawal DeadlineFixed Basic Rent, in which event Landlord’s determination shall be deemed to be Market Rent; or iii. elect to proceed with such renewal election and submit the parties shall proceed determination of Fixed Basic Rent to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C binding arbitration as discussed below. In all eventsthe event Tenant elects to submit the determination of the rate of Fixed Basic Rent to binding arbitration then Tenant at Tenant’s sole cost and expense, ▇▇▇▇▇▇’s exercise shall employ the services of its renewal option right hereunder an appraiser familiar with office buildings located within the metropolitan Philadelphia, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal of Market Rent for the Premises. If the Landlord and the Tenant’s appraiser cannot agree on the Market Rent, Landlord shall employ the services of an appraiser familiar with office buildings located with the metropolitan Philadelphia, Pennsylvania area comparable to the Building who shall be a member of MAI and who shall render an appraisal of Market Rent for the Premises. If the two appraisers cannot agree on the Market Rent, or in such case, on an independent appraiser acceptable to both, either Landlord or Tenant may request 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 who shall render an appraisal of Market Rent for the Premises, and in such event the judgment of a majority of the three appraisers 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 Market Rent, Tenant and not shall pay the Landlord as of commencement of the applicable Renewal Term, the Fixed Basic Rent as established by Landlord, subject to rescission except as provided hereinretroactive adjustment upon final determination of this issue.

Appears in 2 contracts

Sources: Sublease Agreement, Sublease Agreement (Nabriva Therapeutics AG)

Renewal Option. If Provided Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), terms and as of the commencement of the Renewal Term (as defined below), provisions herein contained and the original further provided Tenant named herein is occupying the entire Leased Demised Premises at the time of such electionthe option is exercised, Landlord hereby grants to Tenant may one (1) option to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (years, commencing on the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before day following the expiration of the then current existing Lease Term. The Base Rent payable for each month during the Renewal Term renewal term shall be upon all the terms and conditions as the existing Lease Term with the sole exception that the Base Annual Rent shall be adjusted to reflect the then fair market rental value. Fair market rental value shall mean the then prevailing rent for premises comparable in size and use to the Demised Premises, located in buildings comparable in size and use to, and in the general vicinity of, the Building, leased on terms comparable to the terms contained in this Lease, taking into consideration all allowances for tenant improvements, moving expenses, landlord expenses, rent abatement, brokerage expenses, tenant benefits, parking charges or any other market concessions which may be commonly available at the time in question. Landlord shall provide Tenant with its estimate of the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within Rental Value within thirty (30) days after receipt of from Tenant’s Renewal Notice, notice to Landlord shall deliver of its intent to exercise the renewal option. In the event Tenant written notice of disagrees as to Landlord’s estimate of the Fair Market Rent proposal for the Renewal Term Rental Value, it shall notify Landlord of such disagreement within twenty (“Landlord’s Fair Market Rent Proposal”20) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after from receipt of Landlord’s notice of Fair Market Rent Proposal, Tenant Rental Value and shall notify provide Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include with Tenant’s determination commercially reasonable estimate of the Fair Market RentRental Value. If Tenant does not deliver ▇▇▇▇▇▇In the event Landlord disagrees with Tenant’s written determination proposed amount, the parties hereby agree to appoint a mutually acceptable unrelated independent arbitrator to resolve the dispute and agree to be bound by the decision of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposalsuch arbitrator. If Tenant and Landlord disagree on shall equally split the Fair Market Rent as evidenced cost of the independent arbitrator. The foregoing option to renew shall be exercised by Landlord’s Fair Market Rent Proposal, then written notice to Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six given not less than three hundred sixty-five (6365) months days prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Termexisting Term of this Lease. If Tenant does not withdraw its Renewal Notice by Time is of the Withdrawal Deadline, the parties shall proceed essence with respect to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇Tenant’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinrenew.

Appears in 2 contracts

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

Renewal Option. If Tenant is not in default under any term or condition of shall have the Lease, as amended by right to renew and extend this Lease with respect to the Amendment, beyond all applicable cure periods, at the time of delivery of Leased Premises then subject to this Lease for the Renewal Notice (as defined below), Term(s) upon and as of subject to the commencement of the Renewal Term (as defined below), following terms and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, conditions: 1. Tenant may renew the Term of this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years year period (the “Renewal Term”), by delivering written notice (the “. The Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before Term shall commence immediately upon the expiration of the then current original Term if Tenant shall give written notice to Landlord of its exercise of its renewal option no later than one hundred and eighty days (180) prior to the expiration of the Term. If Tenant does not timely exercise its Renewal Option, then Tenant shall have no further right to extend the Term. 2. The exercise by Tenant of the renewal option granted hereinabove must be made, if at all, by written notice executed by Tenant and delivered to Landlord on or before the date set forth hereinabove. Once Tenant shall exercise the renewal option, Tenant may not thereafter revoke such exercise. Tenant shall not have the right to exercise the renewal option at a time Tenant is in default (after the giving of written notice and the expiration of the applicable cure period) under this Lease. Tenant’s failure to timely exercise the renewal option shall conclusively be deemed to be an election against exercising its renewal option. 3. Tenant will accept the Leased Premises in its then “as-is” condition at the commencement of the Renewal Term and Landlord shall have no obligation to make any further improvements or alterations to the Leased Premises. 4. The annual Base Rent payable for each month during the Renewal Term shall be at ninety-five percent (95%) of the Fair Market Rental (hereafter defined). 5. As used in this Amendment, “Fair Market Rental” shall mean the base or minimum rental rate per square foot of rentable area per year for a nonrenewal arms’ length lease of comparable premises in a comparable project in the Longmont/Boulder, Colorado market (the “Comparison Market”), after giving consideration to all factors that would be considered relevant by a commercial real estate broker, including without limitation (i) the size, location within the building and configuration of the premises, (ii) the amenities of the project in which the building containing the leased premises is located, (iii) the improvements of the premises and the class / quality of the Project, (iv) rental abatement, moving allowances and other monetary inducements being offered to tenants in the Comparison Market, (v) tenant improvement allowances and other construction obligations to be performed or otherwise funded by landlord. Landlord and Tenant shall negotiate in good faith to determine the Fair Market Rental after Landlord receives notice of Tenant’s exercise of its right to extend the term pursuant to this Paragraph E. In the event that Landlord and Tenant have not determined the Fair Market Rent (as defined below) as of by the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord then Tenant shall deliver to Tenant written notice of Landlord’s Fair Market pay the Base Rent proposal payable under this Lease for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of until such time as the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of base rent for the Renewal Term has been determined. No later than fifteen (the “Trigger Date”)15) days after such determination, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), either Tenant shall have pay to Landlord, or Landlord shall refund to Tenant, as may be applicable, the one time right to withdraw its difference between the base rent paid by Tenant for the Renewal Notice, Term and the Lease shall expire upon actual rent for the expiration of the then current Renewal Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent determined in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthis paragraph.

Appears in 1 contract

Sources: Lease (Emulex Corp /De/)

Renewal Option. If Tenant is not in default under any Lessee shall have the option to renew this Lease immediately after the initial lease term or condition per Paragraph 6 on Page 1 of this Lease Agreement (the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floorOption”) for one (1) additional period of five sixty (560) years months each (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof provided that Lessee delivers to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant Lessor written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder such Renewal Option two hundred seventy (270) days prior to the expiration of the Lease Term. This Renewal Option shall be binding null and void if Lessee is in default beyond any applicable cure period allowed by this Lease, either at the time of such notice of renewal or at the end of the Lease Term. If Lessee exercises the Renewal Option two hundred seventy (270) days or more prior to the end of the Lease Term, Lessee will be committed to leasing the space for the Renewal Term. Base Rent shall be the then current fair market rental rate for comparable office space in Austin. Any Renewal Option notice given by Lessee shall apply to the entire Leased Premises. This Renewal Option is not transferable to any assignee, sublessee or any other successor in interest to the initial Lessee under this Lease, except for a Permitted Transfer. Any termination of the Lease shall also terminate this Renewal Option. Provided Lessee has exercised the aforementioned Renewal Option, Lessee will have one (1) additional Renewal Option for an additional period of sixty (60) months immediately after the expiration of the first Renewal Option per the same terms and conditions excepting the Base Rent shall be at the then current fair market rental rate for comparable office space in Austin. Thereafter, Lessor will have no further obligations to grant Lessee an option to renew. The definition of Fair Market Rate shall be that rate charged for space of comparable size and condition in comparable office buildings in the area immediately surrounding the Building, taking into consideration the location, quality and age of the Building, floor level, extent of leasehold improvements (existing or to be provided), rental abatements, lease takeovers/assumptions, moving expenses and other concessions, term of lease, extent of service to be provided, distinction between “gross” and “net” lease, base year or the amounts allowed for escalation purposes (expense stop), or any other relevant term or condition. Fair market rent shall be determined after taking into account all relevant concessions provided for in comparable transactions. Comparable transactions will be defined as those completed in the prior six months of similar building quality and tenant creditworthiness. The net fair market rate shall be determined by “stripping out” the amortized value of benefits provided in comparable transactions (such as free rent, work allowance, etc.). In the event Lessor and ▇▇▇▇▇▇ are unable to agree upon Tenant and not subject the fair market rent, they shall submit to rescission except as provided herein“baseball” arbitration.

Appears in 1 contract

Sources: Lease Agreement (Bankrate, Inc.)

Renewal Option. Provided that no Event of Default exists or has at anytime existed under this Lease, Tenant shall have one (1) option to extend the Term of this Lease (each an “Extension Option”). Extension Option shall be exercised by Tenant giving written notice to Landlord at least one hundred and eighty (180) days prior to the expiration of the initial Term or the applicable extension period described below (“Extension Period”) of the Lease of its election to exercise such Extension Option. If Tenant is not in default under any term fails to timely notify Landlord of its election to extend the Term, or condition applicable Extension Period of the Lease, as amended by all of Tenant’s remaining Extension Options shall automatically terminate and Tenant shall have no other right to extend the Amendment, beyond all Term of this Lease. The initial extension period applicable cure periods, at the time of delivery upon due exercise of the Renewal Notice first Extension Option (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice“ Extension Period”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before shall commence upon the expiration of the then current Terminitial Term and shall expire on the date which is one hundred twenty (120) months thereafter. The Base Rent payable for each month during the Renewal such Extension Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such Extension Term, for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the commencement date Extension Term and the credit standing of the Renewal TermTenant to be taken into account. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Lease Agreement

Renewal Option. If Tenant Provided Lessee is not in default under in the performance of any term or material condition of the Lease, as amended by the Amendment, hereunder beyond all any applicable notice and cure periods, at Lessee shall have the time option to extend this Lease for one (1), five (5)-year renewal period (an “Extended Term”) by notifying the Lessor in writing of delivery Lessee’s exercise of the Renewal Notice option, not less than six months nor more than twelve months prior to the expiration of the term of this Lease. The rental rate of the Extended Term shall be at a rate equal to ninety five percent (95%) of the then Fair Market Rental Rate for Office and R & D buildings within the Stanford Research Park that are comparable in location, size, quality and use as defined below)▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, and Palo Alto. As used herein, the “Fair Market Rental Rate” for the Extended Term shall mean the Base Rent for comparable space at which non-equity tenants, as of the commencement of the Renewal Term (as defined below)lease term for the Extended Term, will be leasing non-sublease, non-equity, unencumbered space comparable in size, location and quality to the original Tenant named herein is occupying Premises for a comparable term, in other comparable buildings in the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion vicinity of the Leased Premises (but no less than one floor) Building, taking into consideration the condition and value of existing tenant improvements in the Premises. The Fair Market Rental Rate shall include the periodic rental increases that would be included for one (1) additional space leased for the period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Extended Term. The Base Rent payable for each month during the Renewal Term shall be If Lessor and Lessee are unable to agree on the Fair Market Rent (as defined below) as of Rental Rate for the commencement date of the Renewal Term. Within Extended Term within thirty (30) days after of receipt by Lessor of Tenant’s Renewal Noticethe Option Notice for the Extended Term, Landlord Lessor and Lessee each, at its cost and by giving notice to the other party, shall deliver appoint a competent and impartial commercial real estate broker (hereinafter “broker”) with at least five (5) years’ full-time commercial real estate brokerage experience in the geographical area of the Premises to Tenant written notice of Landlord’s set the Fair Market Rent proposal Rental Rate for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offeredExtended Term. Within If either Lessor or Lessee does not appoint a broker within ten (10) business days after receipt the other party has given notice of Landlord’s the name of its broker, the single broker appointed shall be the sole broker and shall set the Fair Market Rent ProposalRental Rate for the Extended Term. If two (2) brokers are appointed by Lessor and Lessee as stated in this paragraph, Tenant they shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s meet promptly and attempt to set the Fair Market Rent ProposalRental Rate. If Tenant rejects Landlord’s either of the first two (2) brokers fails to submit their opinion of the Fair Market Rent ProposalRental Rate within the time frames set forth below, then ▇▇▇▇▇▇’s the single Fair Market Rental Rate submitted shall automatically be the initial monthly Base Rent for the Extended Term and shall be binding upon Lessor and Lessee. If the two (2) brokers are unable to agree within ten (10) days after the second broker has been appointed, they shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) days after the last day the two (2) brokers are given to set the Fair Market Rental Rate. If the two (2) brokers are unable to agree on the third broker, either Lessor or Lessee by giving ten (10) days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the Premises is located for the selection of a third broker who meets the qualifications stated in this paragraph. Lessor and Lessee each shall include Tenantbear one-half (1/2) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either Lessor or Lessee. Within fifteen (15) days after the selection of the third broker, the third broker shall not be permitted to introduce any additional evidence of the Fair Market Rental Rate or re- compute same but shall be strictly limited to the selection of one of the two Fair Market Rental Rates submitted by the first two brokers as the Fair Market Rental Rate for the Extended Term. The determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice Rental Rate by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder third broker shall be binding upon Tenant Lessor and Lessee. In no event shall the monthly Base Rent for any period of the Extended Term as determined, be less than the last monthly base rent charged during the original term of this Lease. Upon determination of the initial monthly Base Rent for the Extended Term pursuant to the terms outlined above, Lessor and Lessee shall immediately execute an appropriate amendment to the Lease documenting the new Base Rent. Lessee shall have no other right to further extend the initial term of the Lease unless Lessor and Lessee otherwise expressly agree in writing. If Lessee timely and properly exercises this Option Lessee shall accept the Premises in its then “As-Is” condition and, accordingly, Lessor shall not subject be required to rescission perform any additional improvements to the Premises. This Option is personal to Lessee and may not be assigned, voluntarily or involuntarily; separate from or as part of the Lease, except as provided hereinto assignees falling under the terms of Paragraph 20, clauses 20(a), 20(b), 20(c), and 20(d).

Appears in 1 contract

Sources: Lease (Enjoy Technology, Inc./De)

Renewal Option. If 39.1 Provided that Tenant is has not been in default under beyond any term or condition cure period of any of the Lease, terms and conditions of this Lease in the twelve months before the date Tenant gives written notice as amended by provided below and thereafter through the Amendment, beyond all applicable cure periods, at the time of delivery commencement date of the Renewal Notice (as defined below)extended term, and further provided that Tenant gives written notice to Landlord on or before November 1, 2010, time being of the essence, Tenant shall have the right to extend the term of this Lease for a further term of Five (5) years from November 1, 2011 to October 31, 2016. Such extension shall be under the terms, covenants and conditions, including a new Base Year for Additional Rent of 2010, the fair market value base annual rent then in effect as of the commencement of the Renewal Term (as defined below)extended lease term, and an agreed-upon formula for additional rent, all of which shall be agreed to by the original parties. Tenant's rights under this Section shall be contingent on Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all a substantial portion (51% or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”more) of the exercise thereof Demised Premises on the date Tenant gives written notice as provided above and on the commencement date of the extended term. 39.2 If Landlord and Tenant fail to agree on such new terms, covenants and conditions, including the fair market value base annual rent and a formula for additional rent for the extended term, by November 30, 2010, each shall appoint, at its own expense, a member of the Washington D.C. Association of Realtors who is knowledgeable in office rentals. These appointees shall appoint a third person with the same qualifications. The cost of the third appointee shall be borne equally by Landlord and Tenant. Each appointee shall determine the fair market value base annual rent for the Demised Premises for the extended Term. The average of the three figures arrived at by the appointees for the fair market value base annual rent for the extended Term shall be used as the base annual rent for the extended term. The appointees shall also agree upon a formula for calculating additional rent payable during the extended term. If they cannot earlier than agree on a formula by the time the base annual rent for the extended term is determined, the formula for Additional Rent in this Lease for the initial Lease Term shall be used. 39.3 For the purposes of determining the base annual rent rate and additional rent rate for the Renewal Option and Right of First Offering in Sections 39 and 65, respectively, "fair market value" shall be defined as the rent stipulated in leases signed within twelve (12) months nor later than nine (9) months before the expiration prior to beginning of the then current Termrenewal term (or, as applicable, the lease period for the additional space), for a term comparable to that of the renewal term (or, as applicable, the lease period for the additional space), for space of a size close to that of the Demised Premises (or, as applicable, the additional space), with comparable finish and quality, in buildings of comparable size, quality, age, and location in the Tysons Corner, Virginia submarket. The Base Rent payable for each month during "Fair market value" shall reflect any landlord concessions such as rent waivers, annual escalations, pass-throughs, limitations on escalations and pass-throughs, cash contributions and brokerage commissions. In determining the Renewal Term "fair market value", it shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver assumed that such concessions are to be provided to Tenant written notice of Landlord’s Fair Market Rent proposal for in a manner consistent with the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord then-prevailing practices in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced buildings managed by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein's Agent.

Appears in 1 contract

Sources: Office Building Lease (Net2000 Communications Inc)

Renewal Option. If Provided no Event of Default exists and Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Lease Term. The Base Rent payable for each month during the Renewal such extended Lease Term shall be the Fair Market Rent greater of (a) the prevailing rental rate (the "Prevailing Rental Rate"), at the commencement of such extended Lease Term, for renewals of space in the Building of equivalent quality, size, utility and location, with all improvements, alterations and betterments to the Premises made by or on behalf of Tenant following the Effective Date (including all components of the Work as defined below) as in the Work Letter), the length of the commencement date extended Lease Term, the “AS IS” nature of the Renewal Termrenewal, and the credit standing of Tenant to be taken into account, and (b) the then current Base Rent rate. Within thirty (30) days after receipt of Tenant’s Renewal Notice's notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent ProposalTenant shall, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal's notice, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and notify Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, whether ▇▇▇▇▇▇ accepts or rejects ▇▇▇▇▇▇’s exercise ▇▇'s determination of its renewal option right hereunder the Prevailing Rental Rate. If Tenant timely notifies Landlord that ▇▇▇▇▇▇ accepts Landlord's determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Lease Term, Landlord and Tenant shall be binding upon Tenant and not subject execute an amendment to rescission the Lease extending the Lease Term on the same terms provided in the Lease, except as provided herein.follows:

Appears in 1 contract

Sources: Lease (Aspen Aerogels Inc)

Renewal Option. If 39.1 Provided that Tenant is has not been in default under any term or condition of the Lease, as amended by the Amendmentdefault, beyond all the applicable notice and cure periods, at the time of delivery any of the Renewal Notice terms and conditions of this Lease at any time during the twelve (12) months before the date Tenant gives written notice as defined below)provided below and thereafter through the commencement date of the extended term, and further provided that Tenant gives nine (9) months prior written notice to Landlord before the expiration of the existing term, time being of the essence, Tenant shall have the right to extend the term of this Lease for a further term of Five (5) years. Such extension shall be under the terms, covenants and conditions, including the fair market value base annual rent then in effect as of the commencement of the Renewal Term (as defined below)extended lease term, and an agreed-upon formula for additional rent, both of which shall be agreed to by the original parties. Tenant's rights under this Section shall be contingent on Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all a substantial portion (51% or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”more) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before Demised Premises on the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (date Tenant gives written notice as defined below) as of provided above and on the commencement date of the Renewal Term. Within extended term. 39.2 If Landlord and Tenant fail to agree on such new terms, covenants and conditions, including the fair market value base annual rent and a formula for additional rent for the extended term, within thirty (30) days after receipt Tenant's notice, each shall appoint, at its own expense, a member of the Washington D.C. Association of Realtors who is knowledgeable in office rentals. These appointees shall appoint a third person with the same qualifications. The cost of the third appointee shall be borne equally by Landlord and Tenant’s Renewal Notice, Landlord . Each appointee shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal determine the fair market value base annual rent for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant Demised Premises for the extended Term. The average of the required adjustment to Base Rent, if any, and three figures arrived at by the other terms and conditions offeredappointees for the fair market value base annual rent for the extended Term shall be used as the base annual rent for the extended term. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant The appointees shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposalalso agree upon a formula for calculating additional rent payable during the extended term. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does they cannot deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree agree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice a formula by the Withdrawal Deadlinetime the base annual rent for the extended term is determined, the parties shall proceed to determine the Fair Market formula for Additional Rent in accordance with this Lease for the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder initial Lease Term shall be binding upon Tenant and not subject to rescission except as provided hereinused.

Appears in 1 contract

Sources: Office Building Lease (Quadramed Corp)

Renewal Option. If Tenant is not in default under any term or condition of (a) Subtenant shall have the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years right (the “Renewal Term”), Initial Term Extension Option“) to extend the Term hereof through the Initial Term Expiration Date by delivering written notice to Sublandlord of such election on or prior to the 60th day preceding the Termination Date. If Subtenant timely exercises the Initial Term Extension Option, Subtenant’s leasing of the Subleased Premises during the period (the “Renewal NoticeInitial Term Extension Period”) of commencing on the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before day following the expiration of Termination Date and continuing through the then current Term. The Base Rent payable for each month during the Renewal Initial Term Expiration Date shall be upon the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other same terms and conditions offeredas are set forth herein, except that Subtenant shall pay Net Rent during the Initial Term Extension Period in the amounts set forth on Exhibit “E” attached hereto. (b) Subtenant, at any time on or prior to the 30th day preceding the last day on which Sublandlord may exercise a Renewal Option pursuant to Article 35 of the Master Lease, and provided Subtenant shall have exercised the Initial Term Extension Option pursuant to Paragraph 2.2(a) above, may elect to cause Sublandlord to exercise the applicable Renewal Option with respect to the Subleased Premises, whereupon Sublandlord shall so exercise such Renewal Option. Within ten (10) business days after receipt The Sublease Term thereafter shall be extended for the length of Landlord’s Fair Market the First Renewal Term or the Second Renewal Term, as applicable, and Subtenant shall pay Net Rent Proposal, Tenant for the applicable Renewal Term in the amount determined by Master Landlord and Sublandlord pursuant to Article 35 of the Master Lease. Subtenant shall notify Landlord be entitled to participate with Sublandlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s the negotiation and determination of the Fair Market RentRental Value for the Renewal Premises, but the final negotiation and determination of such Fair Market Rental Value shall be made by Master Landlord and Sublandlord pursuant to the provisions of the Master Lease. If Tenant does not deliver ▇▇▇▇▇▇’s written determination and to the extent Master Landlord, pursuant to the Master Landlord Recognition Agreement, shall have committed to enter into a direct lease with Subtenant upon and subject to the terms and conditions of Fair Market Rent the Master Lease, as modified by this Sublease, for the Renewal Term(s), Sublandlord and Subtenant shall cooperate to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then effect a direct lease between Master Landlord and Tenant shall attempt in good faith to agree Subtenant for the Subleased Premises only upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement terms and conditions of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing Master Lease as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinmodified hereby.

Appears in 1 contract

Sources: Sublease (Hyatt Hotels Corp)

Renewal Option. If Tenant is not in default under any hereby granted the option (“Extension Option”) to extend the term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the Renewal Extension Term”), . The Extension Option may be exercised only by delivering giving Landlord irrevocable and unconditional written notice (the “Renewal Notice”) of the exercise thereof to Landlord not no earlier than twelve eighteen (1218) months nor and no later than nine (9) months before prior to the commencement of the Extension Term. Tenant may not exercise the Extension Option if Tenant is in Default under the Lease beyond the expiration of any applicable cure period either at the then current date of said notice or at any time thereafter prior to commencement of the Extension Term. Upon exercise of the Extension Option, all references in the Lease to the Term shall be deemed to be references to the Term as extended pursuant to the Extension Option. The Extension Term shall be on the same terms, covenants and conditions as are contained in the Lease, except that (i) no additional extension option shall be conferred by the exercise of the Extension Option, (ii) Base Rent applicable to the Premises for the Extension Term shall be determined as provided below, and (iii) any initial rent abatement, concession or allowance which are in the nature of economic concessions or inducements shall not be applicable to any Extension Term. 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 Base Rent payable term “Current Market Rate” means the prevailing rental rate per rentable square foot under office leases recently executed for each month during comparable space in the Renewal Term Building and in comparable buildings in the Central Loop in Chicago, Illinois. The determination of Current Market Rate shall be take into consideration net versus gross lease (and differing base years if applicable); any differences in the Fair Market Rent size of space being leased, the location of space in the building and the length of lease terms; 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 (as defined below) as for demolition, space planning, architectural and engineering fees, construction, moving expenses or other purposes), the creditworthiness of Tenant; the length of the commencement date time period for construction; the location and quality of the Renewal Termbuilding and the location and quality of the space within the building; the age of the building; common area factors; lease assumptions; moving and space planning allowances; refurbishment allowances; and other pertinent factors. The Current Market Rate may include an escalation of a fixed net rental rate (based on a fixed step or index) then prevailing in the market. Within thirty (30) days after receipt of Tenant’s Renewal Notice, notice to extend Landlord shall deliver to Tenant written notice of Landlord’s Fair the Current Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Rate and shall advise Tenant of the required adjustment to Base Rent, if any. Tenant shall, and the other terms and conditions offered. Within within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant (a) accepts or Landlord’s determination of the Current Market Rate; (b) rejects Landlord’s Fair determination of the Current Market Rent ProposalRate, or (c) requests that the Current Market Rate be determined by an appraiser (“Arbitration Request”). If Tenant rejects Landlord’s Fair Market Rent Proposaldetermination, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination exercise of the Fair Market RentExtension Option granted herein shall be deemed revoked and of no further force of effect. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair requests that the Current Market Rent to Rate be determined by an appraiser, Landlord and Tenant, within ten (10) business days after receipt 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 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 the exchange of Estimates, 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 Current Market Rate. Each appraiser so selected shall be certified as an MAI appraiser and shall have had at least five (5) years’ experience within the previous ten (10) years as a real estate appraiser working in the same submarket in which the Building is located, with current working knowledge of current office rental rates and practices. For purposes of this 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). Upon selection, Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlordand Tenant’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant appraisers shall attempt work together in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (two Estimates most closely reflects the “Trigger Date”), Current Market Rate. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant have as the Current Market Rate. If either Landlord or Tenant fails to appoint an appraiser within the seven day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agreed in writing as to agree upon which of the Fair two Estimates most closely reflects the Current Market RentRate within the twenty (20) days after their appointment, then then, within ten (10) business days following after the Trigger Date expiration of such twenty (20) day period, the “Withdrawal Deadline”)two (2) appraisers shall select a third appraiser meeting the aforementioned criteria. 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, the appraiser shall make his determination of which of the two 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 appraiser. Any fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such appraiser, counsel or expert. In the event that the Current Market Rate has not been determined by the commencement date of the Extension Term, Tenant shall have pay the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market most recent Base Rent in accordance with the procedure set forth in Paragraph C belowthe Lease until such time as the Current Market Rate has been determined. In all eventsUpon such determination, ▇▇▇▇▇▇’s Base Rent shall be retroactively adjusted. 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. Tenant must timely exercise the Extension Option or the Extension Option shall terminate. Tenant's exercise of its renewal option 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 hereunder to possession of the Premises shall be binding terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have subleased or assigned all or any portion of the Premises other than to a Permitted Transferee, then immediately upon such termination, sublease or assignment, the Extension Option shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant and not subject to rescission except as provided hereinits Permitted Transferees.

Appears in 1 contract

Sources: Office Building Lease (GrubHub Inc.)

Renewal Option. If Tenant is has not in default under committed an uncured Event of Default at any term or condition of time during the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below)Term, and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal such extended Term shall be the Fair Market Rent prevailing rental rate (as defined belowthe “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of readily available and occupiable space for comparable market spec buildings with a five to ten percent standard office finish (not including any build-to-suit buildings) as in the North I-25 industrial submarket, of equivalent quality, size, utility and location, with the length of the commencement date extended Term (or the prior extended term, as applicable) and the credit standing of Tenant to be taken into account, but not the Renewal Termvalue of any specialized improvements unique to Tenant’s operations nor the value of any Tenant improvements paid for by Tenant. Within thirty (30) days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Industrial Lease Agreement (Solid Power, Inc.)

Renewal Option. If 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under any term or condition of the this Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), ii) Tenant then occupies and the Premises then consist of at least all the original Tenant named herein Premises and (iii) this Lease is occupying the entire Leased Premises at the time in full force and effect, then Tenant, but not any assignee or subtenant of such electionTenant, Tenant shall have and may exercise an option to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period term of five (5) years (the “Renewal Term”), by delivering written notice () upon the “Renewal Notice”) of same terms and conditions contained in this Lease with the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before exceptions that the expiration of the then current Term. The Base Rent payable rental for each month during the Renewal Term shall be the Fair Market “Renewal Rental Rate”. The Renewal Rental Rate is hereby defined to mean the then prevailing rents (including, without limitation, those similar to the Basic Annual Rent (and Additional Rent) payable by renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as defined below) as of the commencement date of Premises, including any additions thereto, located within the area described below and leased for a renewal term approximately equal to the Renewal Term. Within thirty The Renewal Rental Rate will take into consideration all prevailing tenant inducements and Landlord concessions then being offered in the market place in determining the Renewal Rental Rate. 2. If Tenant desires to renew this Lease, Tenant must notify Landlord in writing of its intention to renew on or before the date which is at least twelve (3012) months prior to the Expiration Date. Landlord shall, within the next sixty (60) days, notify Tenant in writing of Landlord’s determination of the Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord’s determination of the Renewal Rental Rate, notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate. If Tenant timely notifies Landlord of Tenant’s acceptance of Landlord’s determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the term and changes in Rent or other mutually ageed upon terms in accordance with this Rider. If (x) Tenant timely notifies Landlord in writing of Tenant’s rejection of Landlord’s determination of the Renewal Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate within such twenty (20) day period, this Lease shall end on the Expiration Date and Landlord shall have no further obligations or liability hereunder. 3. The area with respect to which the Renewal Rental Rate will be determined is Far North Dallas, Texas. 4. If Landlord and Tenant do not agree upon the Renewal Rental Rate, the Renewal Rental Rate will be determined in accordance with this Section 4. Tenant will give Landlord written notice requiring a determination in accordance with this Section 4 and will identify an appraiser selected by Tenant. Landlord shall give notice to the Tenant within fifteen (15) days after receipt of Tenant’s Renewal Noticenotice identifying an appraiser selected by Landlord. The two appraisers shall, within fifteen (15) days after the selection of the second, agree to a third appraiser. If the two appraisers are unable to agree upon a third appraiser, either Landlord or Tenant may petition the applicable district court having jurisdiction over the Premises for the appointment of the third appraiser. The three appraisers shall each, within thirty (30) days after the appointment of the third appraiser, simultaneously deliver to Landlord and Tenant written notice their expert opinions of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and Rental Rate in question. The Renewal Rental Rate shall advise Tenant be the average of the required adjustment to Base Rentthree appraisals unless one appraisal is more than ten percent (10%) greater or lesser than the average of the other two appraisals, if anyin which case that appraisal shall be disregarded, and the other terms and conditions offeredaverage of the remaining appraisals shall be the Renewal Rental Rate. Within If, however, all three appraisals are more than ten percent (10%) business different from each other, then the average of all three appraisals shall be the Renewal Rental Rate. Each of Landlord and Tenant shall have the right within fifteen (15) days after the appointment of the third appraiser to submit written materials to the appraisers and the other party not in excess of fifteen (15) pages in length and may submit a reply of not more than five (5) pages within five (5) days after receipt of Landlordthe other party’s Fair Market Rent Proposal, Tenant submission. There shall notify Landlord in writing whether Tenant accepts be no hearings or rejects Landlord’s Fair Market Rent Proposalother contact between the appraisers and the parties hereto. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice Each party shall include Tenant’s determination pay the cost of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant appraiser selected by it and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement one half of the Renewal Term (cost of the “Trigger Date”), Landlord third appraiser. All appraisers shall be disinterested and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Noticedesignation, MAI, SRA or equivalent and shall have not less than five years experience appraising lease rents in the Lease business market wherein the [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. Project is located. The appraisers may, but need not, present formal written appraisals supporting their opinion but shall expire upon in any event certify that the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent report was conducted in accordance with the procedure set forth in Paragraph C belowprofessional standards. In all events, ▇▇▇▇▇▇’s exercise The decision of its renewal option right hereunder this appraisal process shall be binding upon Tenant the parties and shall not be subject to rescission appeal to a court or other body except as provided hereinbased upon fraud. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

Appears in 1 contract

Sources: Sublease Agreement (Elevate Credit, Inc.)

Renewal Option. If Tenant shall, provided the Lease is not in default under any term or condition full force and effect and there is no uncured Event of the Lease, as amended Default by the Amendment, beyond all applicable cure periods, Tenant at the time of delivery of the Renewal Notice notification or commencement, have two (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may 2) successive options to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period term of five (5) years (each, for the “Renewal Term”)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 delivering the terms, covenants and conditions as set forth below: 38.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor no later than nine (9) months before the date which is 270 days prior to the expiration of the then current Termterm of this Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 38.2 The Base Annual Rent payable for each month during and Monthly Installment in effect at the Renewal Term expiration of the then current term of the Lease shall be increased to reflect the Fair Market Rent (as defined below) current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the commencement date the renewal term is to commence, taking into account the specific provisions of the Renewal TermLease which will remain constant. Within thirty Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than sixty (3060) days after receipt of Tenant’s Renewal Notice, Landlord written request therefor. Said request shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business be made no earlier than 365 days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Termterm of the Lease. 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. If Tenant does not withdraw has already exercised the option prior to receipt of notification of the new Annual Rent. Tenant, in its Renewal Notice by the Withdrawal Deadlinesole discretion, may rescind such exercise within twenty (20) days of receipt of such notification. 38.3 As each renewal option provided for above is exercised, the parties shall proceed number of renewal options remaining to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s be exercised is reduced by one and upon exercise of its the last remaining renewal option Tenant shall have no further right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinextend the term of the Lease.

Appears in 1 contract

Sources: Lease Agreement (BigBand Networks, Inc.)

Renewal Option. If 50.1 As long as Tenant is not in material or monetary default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time this Lease and Tenant is still in occupancy of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a substantial portion of the Leased Premises Premises, Tenant shall have and is hereby granted the option (but no less than one floorthe 'Extension Option") to extend the Term for one (1) additional period of five (5) years additional Lease Years (referred to as the “Renewal Term”), by delivering `'Extension Period") provided Tenant gives written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve of its election to exercise such extension at least eight (12) 8) months nor later than nine (9) months before prior to the expiration of the then current last day of the original Term. The initial Lease Term and any succeeding renewal term shall be collectively the "Lease Term". 50.2 All terms and conditions of this Lease including without limitation all provisions governing the payment of Additional Rent shall remain in full force and effect during the Extension Period, except the (1) Base Rent payable upon the commencement of each Extension Period shall be ninety-five percent (95%) of the respective prevailing market rental rate (incorporating market concessions such as rent abatement) with respect to comparable space in comparable buildings in Gaithersburg, Maryland (the "Current Market Rental Rate") at the time of the commencement of the Extension Period (2) for each month purposes of computing the annual adjustments or escalations to the basic Rent during the Renewal Term Extension Period, such escalations shall be determined based upon then existing market conditions applicable to the leasing of comparable space in comparable buildings in the vicinity of the Building and (3) a security deposit may be required, the amount of which will be based on then current market standards taking into account Landlord's total procurement costs and Tenant's financial standing based on then current financial statements. Landlord and Tenant shall negotiate in good faith to determine the amount of basic Rent and annual escalations applicable during the Extension Period within seventy-five (75) days of the date of the Landlord's receipt of Tenant's written notice of its election to exercise the Extension Option provided for under this Article 50. In addition to the foregoing, the base year for increases in real estate taxes and operating expenses shall be the Fair Market Rent first (as defined below1st) as calendar year of the commencement date Extension Period. 50.3 In the event Landlord and Tenant are unable to agree upon the Basic Rent for any such Extension Period within said seventy-five (75) day period, then the Basic Rent for such Extension Period shall be based upon ninety-five percent (95%) of the Renewal TermCurrent Market Rental Rate determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant and the two so appointed shall select a third. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant Each member of the required adjustment to Base Rentboard of brokers shall be licensed in Maryland as a real estate broker, if anyspecializing in the field of commercial office leasing in the Gaithersburg area of Maryland, and the other terms and conditions offered. Within having no less that ten (10) business years experience in such field and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments promptly within five (5) days after receipt the expiration of Landlord’s Fair Market Rent Proposal, the seventy-five (75) day period or sooner if mutually agreed upon. The two (2) brokers selected by Landlord and Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord promptly select a third broker within ten (10) business days after receipt they both have been appointed and each broker within fifteen (15) days after the third broker is selected shall submit his or her determination of Landlord’s Fair the said Current Market Rent Proposal, Tenant will Rental Rate. The Current Market Rental Rate shall be deemed to have rejected Landlord’s Fair Market Rent Proposalthe determination of the broker that is not the highest or the lowest (or if two brokers reach an identical determination the determination of such two brokers). If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon each pay the Fair Market Rent. If by that date which is six (6) months prior to the commencement fee of the Renewal Term (broker selected by it and they shall equally share the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration payment of the then current Term. If Tenant does not withdraw its Renewal Notice by fee of the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthird broker.

Appears in 1 contract

Sources: Lease (Ace Comm Corp)

Renewal Option. If Tenant is not in default under any term or condition A. Subject to all of the Leaseterms and conditions of this Exhibit D, as amended by the Amendmentincluding, beyond all applicable cure periodswithout limitation, at the time of delivery of the Renewal Notice Paragraph D below, Landlord hereby grants to Tenant two (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may 2) consecutive options to renew the Term of this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years each (the "Renewal Term”), ") by delivering giving Landlord written notice (the “Renewal Notice”) of the exercise thereof Tenant's election to Landlord not earlier than twelve (12) months nor later than renew at least at least nine (9) months prior to the expiration date of the primary Term or the first Renewal Term, as appropriate. B. If Tenant has properly elected to renew the Term, then on or before the expiration commencement date of the then current upcoming Renewal Term. The , Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except that the Base Rent payable for each month during the Renewal Term and the improvement allowance and any other concessions shall be determined in accordance with the Fair prevailing Market Rent Rate as determined below. Within fifteen (as defined below15) as days after Landlord's receipt of Tenant's renewal notice, Landlord will notify Tenant of Landlord's determination of the commencement date prevailing market rental rate (calculated utilizing, as comparables, arm's length renewal tenant transactions for space in comparable buildings for space of equivalent quality, size, utility, and location) and any concessions (including allowances for tenant finish improvements, free rent and other concessions) payable during the Renewal Termrenewal term (the "Market Rate"). Within Thereafter, Tenant shall have thirty (30) days in which to notify Landlord whether Tenant agrees or disagrees with Landlord's determination of the Market Rate. Upon delivery of such notice, if Tenant agrees with Landlord's determination, this Lease shall be extended upon the same terms and conditions of this Lease except the Base Rent payable for each renewal term and any concessions shall be the prevailing Market Rate as determined by Landlord, and Landlord and Tenant shall enter into an amendment of this Lease extending the Term at the prevailing Market Rate as determined by Landlord. If Tenant fails to timely notify Landlord of its agreement or disagreement with Landlord's determination of the prevailing Market Rate, Tenant shall be deemed to have agreed with Landlord's determination and this Lease shall be extended upon the same terms and conditions of this Lease except the Base Rent payable for each renewal term and any concessions shall be the prevailing Market Rate as determined by Landlord, and Landlord and Tenant shall enter into an amendment to evidence such extension. If Tenant timely notifies Landlord that it disputes Landlord's determination of the prevailing Market Rate, Landlord and Tenant agree to negotiate in good faith for a period of sixty (60) days after Landlord's receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written 's notice of disputing Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant 's determination of the required adjustment prevailing Market Rate. If Landlord and Tenant have not reached an agreement with respect to Base Rent, if any, and the other terms and conditions offered. Within ten prevailing Market Rate within such sixty (1060) business days after receipt of Landlord’s Fair Market Rent Proposalday period, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair be entitled to have the prevailing Market Rent ProposalRate determined by real estate brokers as set forth below. If Tenant rejects Landlord’s Fair desires to invoke its right to have the prevailing Market Rent ProposalRate determined by real estate brokers, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to must notify Landlord within ten (10) business days after receipt the expiration of Landlord’s Fair the sixty (60) day period referenced above (such notice, the "Notification") and the prevailing Market Rent Proposal, Tenant will Rate shall be deemed to have rejected Landlord’s Fair Market Rent Proposaldetermined in accordance with the following paragraph. If Tenant and Landlord disagree on does not timely invoke its right to have the Fair prevailing Market Rent Rate determined by real estate brokers as evidenced by Landlord’s Fair Market Rent Proposalprovided above, then this option to renew shall expire and this Lease shall terminate at the expiration of the primary Term (or the then current Renewal Term, as appropriate) of this Lease. C. If Tenant timely invokes its rights under this Paragraph by providing Landlord the Notification, the following shall apply: (i) Landlord and Tenant shall each appoint a real estate broker (who shall not be required to be a disinterested broker) with at least five (5) years experience who is familiar with rental values for similar properties in the vicinity of the Project. Each party will make the appointment no later than (10) days after Landlord's receipt of the Notification. The agreement of the two brokers as to the prevailing Market Rate for the Renewal Term will be binding upon Landlord and Tenant. If the two (2) brokers cannot agree upon the prevailing Market Rate within thirty (30) days following their appointment, they shall within ten (10) days thereafter agree upon a real estate broker (the "Independent Broker"), who must be a disinterested, reputable, qualified real estate broker with at least ten (10) years experience and who is familiar with rental values for similar properties in the vicinity of the Project. Immediately thereafter, each of the brokers will submit his best estimate of the prevailing Market Rate for the Renewal Term (together with a written report supporting such estimate) to the Independent Broker and such broker will choose between the two estimates. The estimate of prevailing Market Rate chosen by the Independent Broker as the closest to the prevailing Market Rate will be binding upon Landlord and Tenant. Notification in writing of this estimate shall be made to Landlord and Tenant within fifteen (15) days following the selection of the Independent Broker. (ii) If either Tenant or Landlord fails to appoint a broker or fails to notify the other party of such appointment within ten (10) days after receipt of notice that the prescribed time for appointing the brokers has passed, then the other party's broker will determine the prevailing Market Rate for the Renewal Term which must be reasonable within the context of the market. (iii) If an Independent Broker must be chosen under the procedure set out above, he will be chosen on the basis of objectivity and competence, not on the basis of his relationship with the brokers or the parties to this Lease, and the brokers will be so advised, although the brokers will be instructed to attempt in good faith to agree upon the Fair broker. (iv) Either Landlord or Tenant may notify the broker selected by the other party to demand the submission of an estimate of the prevailing Market RentRate or a choice of the Independent Broker as required under the procedure described above; and if the submission of such an estimate or choice is required but the other party's broker fails to comply with the demand within ten (10) days after receipt of such notice, then the prevailing Market Rate or choice of the Independent Broker, as the case may be, selected by the other broker (i.e., the notifying party's broker) will be binding upon the Landlord and Tenant. (v) Landlord and Tenant shall bear the expense, if any, of the broker appointed by it, and the expense of the Independent Broker will be shared equally by Landlord and Tenant. (vi) At such time as the prevailing Market Rate is determined, Landlord and Tenant shall enter into an amendment to this Lease evidencing the extension of the Lease Term at the prevailing Market Rate determined in accordance with the foregoing procedure. If by that date which is six (6) months for any reason the prevailing Market Rate has not been determined prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market RentTerm, then within ten (10) business days following during such Renewal Term until the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair prevailing Market Rent Rate is determined in accordance with the procedure described above, Tenant shall pay Base Rent at the holdover rate as set forth out in Paragraph C belowSection 17 of this Lease. In all eventsLater, ▇▇▇▇▇▇’s exercise when the prevailing Market Rate for the Renewal Term is determined, an adjustment will be made between Landlord and Tenant for any overpayment or underpayment of its the Base Rent payable during the Renewal Term. Any underpayment of Base Rent for the period prior to such determination will be paid with the installment of Base Rent next due after such determination, and any overpayment of Base Rent shall be applied as an offset by Landlord against Tenant's next maturing installments of Base Rent. D. This renewal option right hereunder shall be binding upon Tenant and not is subject to rescission except as provided hereinthe conditions that: (i) on the date that Tenant gives Landlord its Notification, no uncured Tenant Event of Default exists; (ii) no more than two monetary Events of Default, or more than four non- monetary performance Events of Default regarding which Landlord has sent Tenant notice, have occurred during the Term; and (iii) with regard to the second renewal, Tenant may not exercise its option to renew for a second Renewal Term unless it has exercised its option for the first Renewal Term.

Appears in 1 contract

Sources: Lease Agreement (Luminex Corp)

Renewal Option. If Tenant is has not in default under committed an Event of Default at any term or condition of time during the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below)New Space Term, and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier later than twelve (12) months nor later than nine (9) months before the expiration of the then current New Space Term. The Base Minimum Rent payable for each month during the Renewal such extended Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in comparable buildings in the central Scottsdale market, of equivalent quality, size, utility and location, with the length of the commencement date extended Term and the credit standing of the Renewal TermTenant to be taken into account. Within thirty (30) days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for determination of the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Minimum Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then the Prevailing Rental Rate as of Fair Market Rent to Landlord commencement of the renewal Term shall be determined as follows: within ten thirty (1030) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected notice specifying Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate, Tenant, at its sole cost, shall obtain and deliver in writing to Landlord a determination of the Prevailing Rental Rate for the Premises for a term equal to the renewal Term from a broker (“Tenant’s Broker”) licensed in the State of Arizona and with not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Tenant Landlord accepts such determination, the Minimum Rent for the renewal Term shall be adjusted to an amount based upon the Prevailing Rental Rate determined by Tenant’s Broker. If Landlord does not accept such determination within fifteen (15) days after receipt of the determination by Tenant’s Broker, Landlord shall designate a broker (“Landlord’s Broker”) licensed in the State of Arizona and Landlord disagree with not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Landlord’s Broker and Tenant’s Broker cannot together agree on the Fair Market Rent as evidenced by Prevailing Rental Rate, Landlord’s Fair Market Broker and Tenant’s Broker shall name a third broker, similarly qualified, within five (5) days after the appointment of Landlord’s Broker. Each of said three (3) brokers shall determine the Prevailing Rental Rate for the Premises as of the commencement of the renewal Term for a five (5) year term within fifteen (15) days after the appointment of the third broker. The Minimum Rent Proposalpayable by Tenant effective as of the commencement of the renewal Term shall be adjusted to an amount equal to the arithmetic average of such three determinations; provided, then however, that if any such broker’s determination deviates more than ten percent (10%) from the median of such determinations, the Minimum Rent payable shall be an amount equal to the average of the two closest determinations. Landlord shall pay the costs and fees of Landlord’s Broker in connection with any determination hereunder, and Tenant shall pay the costs and fees of Tenant’s Broker in connection with such determination. The costs and fees of any third broker shall be paid one half ( 1⁄2) by Landlord and one half ( 1⁄2) by Tenant. Upon the determination of the Minimum Rent for the renewal Term as aforesaid, or if Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the renewal Term, Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, execute ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject ▇ CENTER II/TPI COMPOSITES, INC. an amendment to rescission the Lease extending the Term on the same terms provided in the Lease (as amended by this Amendment), except as provided herein.follows:

Appears in 1 contract

Sources: Office Lease Agreement (Tpi Composites, Inc)

Renewal Option. If Provided no Event of Default exists and Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Basic Rent payable for each month during the Renewal such extended Term shall be the Fair Market Rent greater of (as defined belowthe “Extended Term Rental Rate”) as (i) the prevailing rental rate at the commencement of such extended Term, for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the commencement date extended Term and the credit standing of Tenant to be taken into account, and (ii) the Basic Rent in effect at the expiration of the Renewal original Term. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Extended Term (“Landlord’s Fair Market Rent Proposal”) Rental Rate and shall advise Tenant of the required adjustment to Base Basic Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Extended Term Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Extended Term Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Lease Agreement (Omtool LTD)

Renewal Option. If Tenant is has not in default under any term or condition committed an Event of Default more than twice during the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice Term (as defined belowsuch Term may have previously been extended), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises two (but no less than one floor) for one (12) additional period periods of five three (53) years (the each, a “Renewal Term”), by delivering written notice of the exercise thereof (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve nine (129) months nor later than nine six (96) months before the expiration of the then current Extension Term, or the first Renewal Term, as the case may be. The Base Rent payable for each month during the each Renewal Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of the commencement date subject Renewal Term, for renewals of space in the Project of equivalent quality, size, utility and location, with the length of the Renewal Term, the credit standing of Tenant and the condition of the improvements to the Premises to be taken into account. Within thirty (30) days after receipt of Tenant’s Renewal NoticeNotice for the subject Renewal Term, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal the Prevailing Rental Rate for the subject Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If determination of the Prevailing Rental Rate, and if Tenant rejects Landlord’s Fair Market Rent Proposaldetermination, then ▇▇▇▇▇▇’s written notice Tenant shall include Tenantindicate whether Tenant desires to determine the Prevailing Rental Rate in accordance with Paragraph B below. If Tenant timely delivers the Renewal Notice to Landlord, and Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe subject Renewal Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior execute an amendment to the commencement of Lease extending the Renewal Term (on the “Trigger Date”)same terms provided in the Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Lease (Qualstar Corp)

Renewal Option. If 48.1 Landlord hereby grants to Tenant is not in default under any term or condition of the Leaseconditional right, as amended by the Amendmentexercisable at Tenant's option, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may to renew the term of this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five Five (5) years (the "Renewal Term"). If exercised, and if the conditions applicable thereto have been satisfied, the Renewal Term shall commence immediately following the end of the initial Lease Term provided in Section 1.2 of this Lease. The right of renewal herein granted to Tenant shall be subject to, and shall be exercised in accordance with, the following terms and conditions: 48.2 Tenant shall exercise its right of renewal with respect to the Renewal Term by delivering giving Landlord written notice of affirmatively exercising its renewal option Six (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (126) months nor later than nine (9) months before prior to the expiration of the then then-current term of this Lease (“Tenant Renewal Notice”). All terms and conditions of this Lease shall remain in full force and effect during the Renewal Term. The Base , except that Minimum Annual Rent and Additional Rent payable for each month during the first Rent Year of the Renewal Term shall be equal to 100% of the Fair prevailing market rate. Among the factors to be considered by the parties in determining the prevailing market rate shall be the general retail rental market for retail spaces in the Crystal City area of comparable quality and age to the Shopping Center (and of premises in comparable location as that of the Leased Premises within the applicable building) taking into account any material economic differences between the terms of this Lease and the terms of any comparable lease (including improvement allowances, brokerage commissions, lease term, and any other relevant concessions and factors (“Prevailing Market Rate”). Notwithstanding anything herein to the contrary, in no event shall Tenant’s minimum annual rent for the first year of the Renewal Term (hereinafter called the “Minimum Annual Rent for the Renewal Term”) be more than the product of (a) the Minimum Annual Rent per rentable square foot of the Leased Premises as defined below) set forth in Sections 1.4 and 45 applicable to the last year of the initial Lease Term (determined by dividing the Minimum Annual Rent in effect as of the commencement date Expiration Date by the rentable square feet of the Renewal Leased Premises in effect as of the Expiration Date of the initial Lease Term. ), multiplied by (b) One and 1/10 (1.1), multiplied by (c) the then- current square footage of the Leased Premises. 48.3 Within thirty (30) days after receipt of Tenant’s Tenant timely elects the Renewal NoticeTerm, Landlord and Tenant shall deliver negotiate in good faith to Tenant written notice determine the Prevailing Market Rate applicable to such Renewal Term. If during such thirty (30)-day period, the parties agree on such Prevailing Market Rate, then they shall promptly execute an amendment to this Lease stating the rent and other related economic terms so agreed upon, subject to the last sentence of Landlord’s Fair Section 48.2 above. In the event Landlord and ▇▇▇▇▇▇ are unable to agree upon the Prevailing Market Rent proposal for the Rate applicable to any such Renewal Term by the last day of such thirty (“Landlord’s Fair 30) day period, then the Prevailing Market Rent Proposal”Rate shall be determined by a board of three (3) and shall advise Tenant licensed real estate brokers in the following manner. One of the required adjustment to Base Rentthree brokers shall be named by Landlord, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then one by ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease two so appointed shall expire upon the expiration select a third. Each of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder three brokers shall be binding upon Tenant and not subject to rescission except licensed in the Commonwealth of Virginia as provided herein.a real estate broker, specializing in the field of retail leasing in the Crystal City, Virginia market, having no less than ten

Appears in 1 contract

Sources: Lease

Renewal Option. If Tenant 1Tenant is not in default under any hereby granted one (1) option (the “Extension Option”) to extend the term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased entire Premises (but no less than one floor) then under Lease for one (1) additional period periods of five (5) years (the “Renewal Extension Term”), . The Extension Option may be exercised only by delivering giving Landlord irrevocable and unconditional written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier no later than twelve (12) months nor later than nine (9) months before prior to the commencement of the Extension Term. Tenant may not exercise the Extension Option if Tenant is in Default under the Lease beyond the expiration of any applicable cure period at the then current date of said notice. Upon exercise of the Extension Option, all references in the Lease to the Term shall be deemed to be references to the Term as extended pursuant to the Extension Option. The Extension Term shall be on the same terms, covenants and conditions as are contained in the Lease, except that (i) Tenant shall have no further right to extend the Term, (ii) Base Rent applicable to the Premises for the Extension Term shall be determined as provided below, and (iii) any initial rent abatement, concession or allowance which are in the nature of economic concessions or inducements shall not be applicable to the Extension Term. The In addition to Base Rent, Tenant shall pay Additional Rent and other Rent during the Extension Term as provided in this Lease. Base Rent payable per annum per rentable square foot of the Premises for each month during the Renewal Extension Term shall be the Fair Current Market Rent Rate for lease terms commencing on or about the date of commencement of such Extension Term. The term “Current Market Rate” means the prevailing rental rate per rentable square foot for comparable leases recently executed for comparable space in the Building and in comparable buildings in the downtown Chicago area. 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 Building and in comparable buildings in the downtown Chicago area and the length of lease terms; 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 (as defined below) as for demolition, space planning, architectural and engineering fees, construction, moving expenses, commissions, or other purposes), the location and condition of the commencement date Building and comparable buildings in the downtown Chicago area, the location and condition of the Renewal TermPremises within the Building (provided the calculation shall expressly exclude consideration of Tenant’s Personal Property and all Leasehold Improvements on or part of the Premises which have either been installed or paid for by Tenant (i.e., the Premises shall be deemed to be void of those items)) 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 Renewal Notice, notice to extend Landlord shall deliver to Tenant written notice of Landlord’s Fair the Current Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.

Appears in 1 contract

Sources: Office Lease (Enfusion, Inc.)

Renewal Option. If A. Tenant is not in default under any shall have the right to extend the term or condition of this Lease (the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floorOption”) for one (1) additional period of five (5) years commencing on the day following the Expiration Date of the initial term of this Lease (the “Renewal Term”), by delivering written provided that each of the following occurs: 1. Landlord receives notice of exercise of the Renewal Option (the Initial Renewal Notice”) of the exercise thereof to Landlord not earlier more than twelve (12) months nor later and not less than nine (9) full calendar months before prior to the expiration of the then current Terminitial term of this Lease; and 2. No event of default exists at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice (hereinafter defined); and 3. Tenant occupies all of the Leased Premises initially demised under this Lease and any space added to the Leased Premises at the time Tenant delivers its Initial Renewal Notice and at the time Tenant delivers its Binding Renewal Notice; and 4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Renewal Notice. B. The initial Base Rent payable rate per rentable square foot for each month the Leased Premises during the Renewal Term shall be equal the Fair Prevailing Market (hereinafter defined) rate per rentable square foot for the Leased Premises. C. Tenant shall pay additional Rent (as defined belowi.e. Real Estate Taxes, Common Area Maintenance Costs and Building Insurance Costs) as for the Leased Premises during the Renewal Term in accordance with Paragraphs 5, 6, 7 and 8 of the commencement date of the Renewal Term. Lease. D. Within thirty (30) days after receipt of Tenant’s Initial Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to applicable Base RentRent rate for the Leased Premises for the Renewal Term. Tenant, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s Exercise of its option, or (ii) if Tenant disagrees with Landlord’s Fair Market Rent Proposaldetermination, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposalprovide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such ten (10) day period, Tenant’s Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposalwith a Binding Notice, then Landlord and Tenant shall attempt enter into the Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Fair Prevailing Market Rent. If by that date which is six (6) months prior to rate for the commencement of Leased Premises during the Renewal Term (the “Trigger Date”), Term. Upon agreement Tenant shall provide Landlord with Binding Notice and Landlord and Tenant have not agreed in writing as to shall enter into the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent Amendment in accordance with the procedure set forth terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market rate for the Leased Premises within forty-five (45) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant’s Renewal Option shall be null and void and of no force and effect. E. If Tenant is entitled to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the “Renewal Amendment”) to reflect changes in Paragraph C belowthe Base Rent, Lease term, Expiration Date and other appropriate terms. In all eventsAn otherwise valid exercise of the Renewal Option shall, at Landlord’s Option, be fully effective whether or not the Renewal Amendment is executed. The renewal rights of Tenant hereunder shall not be severable from the Lease and are personal to the Tenant originally named in the Lease. F. For purpose hereof, “Prevailing Market” rate shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Leased Premises in the Building and in office/warehouse buildings comparable to the Building in the vicinity of the Building. Determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs and other concessions and the manner, if any, in which the Landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease. DESCRIPTION OF A TRACT OF LAND CONTAINING 12.8654 ACRES (560,418 SQUARE FEET) SITUATED IN THE J.R. CURL, SURVEY, A-1163, ▇▇▇▇▇▇ COUNTY, TEXAS. Being a tract of land containing 12.8654 acres (560,418 square feet), more or less, situated in the J.R. Curl Survey. A-1163 in ▇▇▇▇▇ County, Texas, and being all of Restricted Reserve “A” of Claymoore Commercial Business Park, Section Two, a subdivision plat recorded in Volume 379, Page 53 of the Map Records of ▇▇▇▇▇▇ County, Texas as conveyed unto TPC-Claymoore Two, Ltd. by deed recorded in County Clerk’s exercise File No. S044692, Film Code No. ▇▇▇-▇▇-▇▇▇▇ of its renewal option the Official Public Records of Real Property of ▇▇▇▇▇▇ County, Texas. Said 12.8654-acre tract being more particularly described by metes and bounds as follows: BEGINNING at a 5/8-inch iron rod found for the northeast corner of a cutback located at the intersection of the east right-of-way line of Brittmoore Road (90 feet wide) and the south right-of-way line of Clay Road (100 feet wide) for the most northerly northwest corner of said tract herein described and the most northerly northwest corner of said Restricted Reserve “A”; THENCE South 89° 56’ 55” East with the north line of said Restricted Reserve “A” and the south right-of-way line of said Clay Road, a distance of 785.05 feet to a point for the most northerly northeast corner of said Restricted Reserve “A” and the most northerly northeast corner of said tract herein described from which a found 5/8-inch iron rod bears North, 0.1 feet and East. 0.1 feet; THENCE South 44° 37’ 48” East, a distance of 21.09 feet to a set 5/8-inch iron rod with cap located in the west right-of-way line of Claymoore Park Drive (width varies) for the most easterly northeast corner of said tract herein described and for the most easterly northeast corner of said Restricted Reserve “A”; THENCE in a southeasterly direction with the east line of said Restricted Reserve “A” and the west right-of-way line of said Claymoore Park Drive the following courses and distances: South 00° 41’ 20” West, a distance of 215.13 feet to a set 5/8-iron rod with cap for the beginning of a curve to the left; In a southeasterly direction with said curve to the left whose central angle is 07° 31’ 41” and whose radius is 580.10 feet (chord bears South 03° 04’ 31” East, a distance of 76.16 feet) for a curve length of 76.22 feet to a set 5/8-inch iron rod with cap for the point of reverse curvature: Continuing in a southeasterly direction with said curve to the right hereunder shall be binding upon Tenant whose central angle is 07° 31’ 41” and not subject whose radius is 580.10 feet (chord bears South 03° 04’ 31” East, a distance of 76.16 feet) for a curve length of 76.22 feet to rescission except as provided herein.set 5/8-inch iron rod with cap for the point of tangency; South 00° 41’ 20” West, a distance of 292.00 feet to a point for the most easterly southeast corner of said, tract herein described and for the most easterly southeast corner of said Restricted Reserve “A” from which a found 5/8-inch iron rod bears South, 0.2 feet and East, 0.5 feet; THENCE south 45° 41’ 20” West, a distance of 21.21 feet to a found 5/8-inch iron rod located in the north right-of-way line of Braymoore Road (60 feet wide) for the most southerly southeast corner of said tract herein described and for the most southeast corner of said Restricted Reserve “A”; THENCE North 89° 18’ 40” West with the north right-of-way line of said Braymoore Road and the south line of said Restricted Reserve “A”, a distance of 384.50 feet to a set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the southeast corner of Restricted Reserve “K” of Claymoore Business Park, a subdivision plat recorded in Volume 331, Page 89 of the Map Records of ▇▇▇▇▇▇ County, Texas; THENCE North 00° 41’ 20” East with the east line of said Restricted Reserve “K”, a distance of 30.00 feet to a set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the northeast corner of said Restricted Reserve “K”; THENCE North 89° 18’ 40” West with the north line of said Restricted Reserve “K”, a distance of 30.00 feet set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the northwest corner of said Restricted Reserve “K”; THENCE South 00° 41’ 20” West with the west line of said Restricted Reserve “K”, a distance of 30.00 feet to a set 5/8-inch iron rod with cap located in the north right-of-way line of said Braymoore Road for a corner of said Restricted Reserve “A” and the southwest corner of said Restricted Reserve K’’; THENCE North 89° 18’ 40 West with the south line of said Restricted Reserve “A” and the north right-of -way line of said Braymoore Road, a distance of 380.50 feet to a 5/8-inch iron rod found for the most southerly southwest corner of said tract herein described and for the southerly southwest corner of said Restricted Reserve “A”, THENCE North 44° 18’ 40” West, a distance of 21.21 feet to a 5/8-inch iron rod found in the east right-of-way line of said Brittmoore Road for the most westerly southwest corner of said tract herein described and for the most westerly southwest corner of said Restricted Reserve “A”; THENCE North 00° 41’ 20’ East with the east right-of-way line of said Brittmoore Road and the west line of said Restricted Reserve “A”, a distance of 650.06 feet to a 5/8-inch iron rod found for the most westerly northwest corner of said tract herein described and for the most westerly northwest corner of said Restricted Reserve “A”;

Appears in 1 contract

Sources: Lease Agreement (Sulphco Inc)

Renewal Option. If Tenant is will have the option to renew this Lease for two consecutive renewal terms of five years each. Each such renewal option must be exercised, if at all, by Tenant's delivery of written notice of exercise to Landlord not in default under any term or condition more than 18, nor less than 12, months prior to the scheduled expiration of the LeaseLease Term. Tenant's right to renew this Lease will be conditioned upon the Lease being in full force and effect, as amended by without any uncured default on the Amendmentpart of Tenant, beyond all applicable cure periods, both at the time of delivery Tenant's exercise of such option and at the time of the Renewal Notice (as defined below)scheduled commencement of such renewal term. Each such renewal term will be upon all of the same terms and conditions set forth in this Lease with respect to the initial Lease Term, and except that the Base Rent for each such renewal term will be 95% of the fair market rent, as of the commencement date of Tenant's exercise of each such renewal term, for comparable space in comparable light industrial/warehouse buildings in the DuPage County Illinois market. Landlord will furnish Tenant with Landlord's determination of such fair market rent within 30 days after Tenant's exercise of its renewal option. If Tenant does not agree with Landlord's determination of such fair market rent and if Landlord and Tenant cannot otherwise reach agreement upon such fair market rent within 45 days after Tenant's receipt of Landlord's written determination of such fair market rent, then, in either such event, Tenant may give notice to Landlord prior to expiration of such latter 45-day period revoking Tenant's exercise of such renewal option. If Tenant does not send a revocation notice to Landlord within such 45 day period, then, except as otherwise expressly provided herein, the fair market rent will in all events be determined in accordance with the appraisal procedure hereinafter set forth in this Paragraph 1. If the aforementioned 45 day period expires without Tenant sending a revocation notice to Landlord, then, within seven days after the expiration of such 45 day period, Landlord and Tenant shall each promptly select an appraiser and notify the other of the Renewal Term appraiser so selected. The two appraisers shall determine the fair market rental within ten days after their selection and shall report in writing to the Landlord and Tenant the fair market rental. If the two appraisers cannot agree on the fair market rental within such ten day period, a third appraiser shall be selected within the following ten days by the Illinois chapter of the American Institute of Real Estate Appraisers (as defined belowor any successor organization thereto). All three appraisers shall then determine the fair market rental within ten days after the selection of a third appraiser and shall report in writing to Landlord and Tenant the fair market rental. In case of a disagreement among the three appraisers on the fair market rental, the average of the two appraisals closest in amount shall control; provided, however, that the fair market rental of the third appraiser shall not be greater than the higher of the other two appraisals, nor be less than the lower of such two appraisals. All appraisers shall be members in good standing of the American Institute of Real Estate Appraisers and shall have previous experience in making appraisals of leasehold interests in commercial warehouse buildings in the greater Chicago, Illinois area. Landlord and Tenant shall each pay the charges of its own appraiser and one half of the charges of any third appraiser selected in the aforesaid manner. Notwithstanding the foregoing, (i) in no event shall the annual Base Rent per square foot during each year of any renewal term be lower than the annual Base Rent per square foot payable by Tenant during the last year of the immediately preceding term of the Lease (be it the initial lease term or the first renewal term); and (ii) if for any reason the foregoing procedures fail to establish, through no fault of Landlord, the amount of the fair market rental applicable to the subject renewal term at least 210 days prior to the scheduled expiration of the Lease Term, then, at Landlord's option, Tenant's exercise of its renewal option shall be deemed ineffective and of no force and effect. With respect solely to the first such renewal term, Landlord will also provide Tenant with an allowance of up to $75,000 to make cosmetic improvements to the Leased Premises (excluding, however, for this purpose, the acquisition of any furniture or equipment), such allowance to be paid by Landlord to Tenant upon Tenant's completion of such improvements and Tenant's presentation to Landlord of reasonably detailed invoices supporting the original costs incurred by Tenant named herein in connection with the making of such improvements (in an amount up to but not exceeding $75,000). Tenant's exercise of its renewal option will apply to all space which it is occupying the entire Leased Premises leasing at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises exercise (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadlineincluding, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.Expansion Space

Appears in 1 contract

Sources: Lease Agreement (Blyth Industries Inc)

Renewal Option. If Tenant is Tenant, upon giving Landlord not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor-------------- hundred eighty (180) days prior written notice in each instance, shall have the right to renew the Term with respect to all space in the Building then under lease to Tenant for one two (12) additional period of five three (53) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof year periods at a rental equal to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent Value Rental Rate (as defined below) as for comparable office buildings in the vicinity of the commencement date of the Renewal TermBuilding. Within thirty (30) days after receipt At such time as Tenant notifies Landlord of Tenant’s Renewal Notice's desire to renew this Lease, Landlord shall deliver to within fifteen (15) days thereafter notify Tenant written notice of Landlord’s 's interpretation of the Fair Market Rent proposal Value Rental Rate. Tenant may accept the rate as quoted, or elect to enter into negotiations with Landlord for a period not to exceed sixty (60) days, during which both parties will negotiate on a diligent, good faith basis to arrive at an agreement concerning the Renewal Term (“Landlord’s Fair Market Rent Proposal”Value Rental Rate. Should an agreement not be reached by both parties during said sixty (60) and day period, then the Fair Market Value Rental Rate shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offeredbe determined as provided in this section. Within ten (10) business days after receipt following the end of Landlord’s Fair Market Rent Proposalsuch sixty (60) day period, Tenant each party shall notify Landlord appoint an independent appraiser having the designation of MAI and is knowledgeable with respect to valuation of rental rates in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination the geographic area of the Fair Market RentBuilding. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent Each appraiser shall be asked to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing give such appraiser's professional opinion as to the Fair Market RentValue Rental Rate for the Premises. Each appraiser shall be asked to deliver such appraiser's opinion simultaneously to Landlord and Tenant within fifteen (15) days after the appointment of such appraiser. If a party fails to appoint an appraiser, then within the Fair Market Value Rental Rate shall be determined by the single appraiser appointed. If the opinions of the Fair Market Value Rental Rate differ by no more than ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration percent of the lower of such Rates, then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine average of the Fair Market Value Rental Rates contained in such opinions shall be the Fair Market Value Rental Rate for the relevant renewal term. Otherwise, the two (2) appraisers shall appoint a third appraiser to give such third appraiser's professional opinion as to the Fair Market Value Rental Rate which shall be no lower than the lower of the two (2) prior opinions and no higher than the higher of the two (2) prior opinions. The determination of such third appraiser of the Fair Market Value Rental Rate shall govern; provided, however, that in no event shall the Fair Market Value Rental Rate be less than the Annual Base Rent in accordance with for the procedure set forth in Paragraph C belowprior term of this Lease (the initial term or any renewal term, as the case may be). In all eventsThe cost of the appraiser appointed by Landlord shall be paid by Landlord. The cost of the appraiser appointed by Tenant shall be paid by Tenant. The cost of the third appraiser, ▇▇▇▇▇▇’s if any, shall be shared equally by Landlord and Tenant. Tenant may exercise of its the second renewal option right hereunder shall be binding upon only if Tenant and not subject to rescission except as provided hereinhas exercised the first renewal option.

Appears in 1 contract

Sources: Office Lease (Stereotaxis, Inc.)

Renewal Option. If 27.1 Landlord hereby grants to Tenant is not in default under any term or condition of the Leaseconditional right exercisable at Tenant's option, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may to renew the term of this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period term of five (5) years years. If exercised, and if the conditions applicable thereto have been satisfied, the renewal term (the "Renewal Term”)") shall commence immediately following the end of the initial Lease Term. The rights of renewal herein granted to Tenant shall be subject to, and shall be exercised in accordance with, the following terms and conditions: (a) Tenant shall exercise its right of renewal with respect to the Renewal Term by delivering giving Landlord written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve three hundred ninety (12390) months days nor later than nine three hundred sixty (9360) months before days prior to the expiration of the initial Lease Term (the "Renewal Notice"). If Tenant timely provides such Renewal Notice, the base rent, escalation factor, parking charge and additional rent for the Renewal Term shall be the Market Rate (as hereinafter defined), provided the parties agree on the same after negotiating in good faith. For thirty (30) days after Landlord's timely receipt of the Renewal Notice, the parties shall negotiate in good faith on the existing "market rate" base rent, escalation factor, parking charge and additional rent (collectively, the "Market Rent"). Among the factors to be considered by the parties during such negotiations shall be the general office rental market in the Reston/Herndon, Virginia, area, and the rental rates then current Termbeing offered by Landlord to comparable tenants for comparable space in the Building. The Base Rent If, based upon the above factors, Landlord and Tenant are able to agree on the Market Rent, then the base rent, escalation factor, parking charge and additional rent which shall be payable for each month during the Renewal Term shall be such Market Rent. In no event, however, shall Landlord be under any obligation to agree to a base rent, escalation factor, parking charge or additional rent for the Fair Market Rent (as defined below) as of Renewal Term which is less than the Base Rent, escalation factor, parking charge or additional rent in effect under this Lease during the Lease Year immediately preceding the commencement date of the Renewal Term. Within If during such thirty (30) days after receipt day period the parties agree on such base rent, escalation factor, parking charge and additional rent payable during each year of Tenant’s such Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if anyTerm, and all other terms and conditions, then they shall promptly execute an amendment to this Lease stating the rent and charges and other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposalso agreed upon. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of during such thirty (30) day period the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days parties are unable after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt negotiating in good faith as required above, for any reason whatsoever, to agree upon on such base rent, escalation factor, parking charge and additional rent payable and all other terms and conditions, then Tenant's rights with respect to the Fair Market Rent. Renewal Term shall lapse and be of no further force or effect. (b) If by that the Renewal Notice is not given timely, then Tenant's rights of renewal pursuant to this Section 27.1 shall lapse and be of no further force or effect. (c) If more than three (3) Events of Default have occurred during the Lease Term, or there exists an Event of Default under this Lease on the date which the Renewal Notice is six (6) months given to Landlord, or at any time thereafter prior to the commencement of the Renewal Term, or there has been a material adverse change in Tenant's financial condition or liquidity, then, at Landlord's option, the Renewal Term (the “Trigger Date”), Landlord and Tenant have shall not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, commence and the term of this Lease shall expire upon at the expiration of the initial Lease Term. (d) If at any time fifty percent (50%) or more of the Premises has been terminated pursuant to Section 7.4 above, subleased or assigned (other than an assignment or sublease to a Permitted Transferee, or a sublease to a Client), then current Term. If Tenant does Tenant's rights pursuant to this Section 27.1 shall lapse and be of no further force or effect. (e) Tenant's right of renewal under this Section 27.1 may be exercised only by Netrix Corporation, any assignee that is a Permitted Transferee, and any other assignee of Netrix Corporation approved by Landlord pursuant to Article VII for which Landlord expressly approved the right of such assignee to exercise this renewal right, and may not withdraw its Renewal Notice be exercised by the Withdrawal Deadlineany other transferee, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise sublessee or assignee of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinTenant.

Appears in 1 contract

Sources: Office Lease Agreement (Netrix Corp)

Renewal Option. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for will have one (1) additional period option to renew this Lease Agreement for a term of five (5) years (the “Renewal Term”)years. Such renewal option must be exercised, if at all, by delivering Tenant's delivery of written notice (of exercise to Landlord at least 365 days prior to the “Renewal Notice”) scheduled commencement date of the renewal term. Tenant's right to so renew this Lease Agreement will be conditioned upon the Lease Agreement being in full force and effect, without any default on the part of Tenant extending beyond any applicable cure period, both at the time of Tenant's exercise thereof of such option and at the time of the scheduled commencement of each such renewal term. Such renewal term will be upon all of the same terms and conditions set forth in this Lease Agreement with respect to the initial Lease Term, except that: (a) Unless Landlord and Tenant otherwise agree, Landlord will not earlier be obligated to pay any concessions or allowances in connection with such renewal term; and (b) the annual Base Rent payable during each year of each such renewal term will be equal to the market rental rate being charged to renewal tenants for comparable space for a comparable term in comparable buildings in the north suburban Chicago office market. Landlord will provide Tenant with its determination of such market rental rates within 15 days after Tenant's written request for the same. If Landlord and Tenant are unable to agree upon market rental rates within 30 days after Tenant's receipt of Landlord's determination thereof, then, in such event, unless Tenant by the end of such 30 day period withdraws the exercise of its renewal option, the market rental rates will be determined by three licensed real estate appraisers, one of whom will be selected by Landlord, one of whom will be selected by Tenant and one of whom will be selected by the two appraisers previously so selected by Tenant and Landlord. If the two appraisers so selected fail to select a third appraiser, the third appraiser will be selected by mutual agreement of Landlord and Tenant. All of the appraisers will be licensed real estate appraisers practicing in the north suburban Chicago office market, will specialize in commercial office leasing, will have not less than twelve (12) months nor later than nine (9) months before five years experience and will be recognized as ethical and reputable within their industry. The parties will designate the respective appraisers within ten business days after the expiration of the then current Term30 day period described above. The Base Rent payable for each month during the Renewal Term shall third appraiser will be the Fair Market Rent (as defined below) as selected within 15 days after both of the commencement date first two appraisers have been selected. Within 15 days after the third appraiser has been selected, all of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant appraisers will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith meet to agree upon the Fair Market Rentmarket rental rates. If by the appraisers fail to agree, then the market rental rates will be those amounts which at least two of the three appraisers agree upon and, in the event that date at least two of the three appraisers cannot so agree, then the market rental rate will be that amount which is six (6) months prior to neither the commencement greatest nor the least of the Renewal Term (three values determined by the “Trigger Date”)three appraisers. The determination of the market rental rates by the appraisers will be binding on Landlord and Tenant. Upon the determination of the market rental rates, Landlord and Tenant have not agreed in writing as will execute an amendment to the Fair Market RentLease, then within ten (10) business days following reflecting the Trigger Date (new rent for the “Withdrawal Deadline”), applicable renewal term. Landlord and Tenant shall have will each pay for the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration cost of the then current Termappraisers selected by it and its own attorney fees. If Tenant does not withdraw its Renewal Notice by The cost of the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall third appraiser will be binding upon Tenant divided equally between Landlord and not subject to rescission except as provided herein.Tenant; and

Appears in 1 contract

Sources: Lease Agreement (Mercator Software Inc)

Renewal Option. If (a) Tenant is not in default under any term or condition of shall have the Lease, as amended by right to extend the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Lease Term (as defined below), and the original Tenant named herein is occupying with respect to the entire Leased Premises at only (the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor“Renewal Option”) for one (1) additional period of five three (53) years commencing on the day following the Expiration Date of the initial Lease Term (the “Renewal Term”), by delivering written provided that each of the following occurs: (i) Landlord receives notice of exercise of the Renewal Option (the Initial Renewal Notice”) not less than six (6) full calendar months prior to the expiration of the exercise thereof to Landlord initial Lease Term and not earlier than twelve (12) months nor later more than nine (9) full calendar months before prior to the expiration of the then current initial Lease Term. ; and (ii) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice (hereinafter defined); and (iii) No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and (iv) The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Renewal Notice. (b) The Base Rent payable rate per rentable square foot for each month the Premises during Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. (c) Tenant shall pay Additional Rent (i.e. Basic Costs and Taxes) for the Premises during the Renewal Term shall be in accordance with the Fair Market Rent terms of this Lease. (as defined belowd) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Initial Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rentapplicable Base Rent rate for the Premises for the Renewal Term. Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Renewal Notice”) of Tenant’s exercise of its option, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant does not deliver ▇▇▇▇▇▇fails to provide Landlord with either a Binding Renewal Notice or Rejection Notice within such fifteen (15) day period, Tenant’s Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Renewal Notice, Landlord and Tenant shall enter into the Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together to agree upon the Prevailing Market rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with Binding Renewal Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market rate for the Premises within thirty (30) days after the date Tenant provides Landlord with the Rejection Notice, Tenant, by written determination of Fair Market Rent notice to Landlord (the “Arbitration Notice”) within ten (10) business days after receipt the expiration of Landlordsuch thirty (30) day period, shall have the right to have the Prevailing Market rate determined in accordance with the arbitration procedures described in paragraph (e) below. If Landlord and Tenant are unable to agree upon the Prevailing Market rate for the Premises within the thirty (30) day period described and Tenant fails to timely exercise its right to arbitrate, Tenant’s Fair Market Rent Proposal, Tenant will ‘s Renewal Option shall be deemed to be null and void and of no further force or effect. (e) If Tenant provides Landlord with an Arbitration Notice, Landlord and Tenant, within ten (10) days after the date of the Arbitration Notice, shall each simultaneously submit to the other its good faith estimate of the Prevailing Market rate for the Premises during the Renewal Term (collectively referred to as the “Estimates”) and shall each select a broker (hereinafter, an “appraiser”) to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during the Renewal Term. Each appraiser so selected shall (i) be a licensed commercial real estate broker and (ii) have rejected not less than 10 years’ experience in the field of commercial brokerage in connection with office buildings comparable to the Building in the Austin, Texas area. Upon selection, Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by LandlordTenant’s Fair Market Rent Proposal, then Landlord and Tenant appraisers shall attempt work together in good faith to agree upon which of the Fair two Estimates most closely reflects the Prevailing Market Rentrate for the Premises. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. If either Landlord or Tenant fails to appoint an appraiser within the ten (10) day period referred to above, the appraiser appointed by that the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Prevailing Market within thirty (30) days after their appointment, then, within ten (10) days after the expiration of such thirty (30) day period, the two appraisers shall select a third appraiser meeting the aforementioned criteria. Once the third appraiser (i.e. arbitrator) has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the arbitrator shall make his determination of which of the two Estimates most closely reflects the Prevailing Market rate and such Estimate shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. The parties shall share equally in the costs of the arbitrator. Any fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant shall be borne by the party retaining such appraiser, counsel or expert. (f) If the Prevailing Market rate has not been determined by the commencement date which is six (6) months prior of the Renewal Term, Tenant shall pay Base Rent upon the terms and conditions in effect during the last month of the initial Lease Term for the Premises until such time as the Prevailing Market rate has been determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted to the commencement of the Renewal Term 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 “Trigger Date”)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 this Lease and, to the extent necessary, any subsequent installments, until the entire amount of such overpayment has been credited against Base Rent. (g) If Tenant is entitled to and properly exercises its Renewal Option, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date shall execute an amendment (the “Withdrawal DeadlineRenewal Amendment)) to reflect changes in the Base Rent, Lease Term, Expiration Date and other appropriate terms; provided that an otherwise valid exercise of the Renewal Option shall be fully effective whether or not the Renewal Amendment is executed. (h) For purpose hereof, “Prevailing Market” rate shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market rate is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the Southwest Austin submarket in which the Building is included. The determination of Prevailing Market rate shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market rate shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease. (i) The renewal rights of Tenant hereunder shall have not be severable from the one time right Lease, nor may such rights be assigned or otherwise conveyed in connection with any permitted assignment of the Lease. Landlord’s consent to withdraw its Renewal Notice, and any assignment of the Lease shall expire upon the expiration not be construed as allowing an assignment of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed such rights to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinany assignee.

Appears in 1 contract

Sources: Office Lease Agreement (Lpath, Inc)

Renewal Option. If Tenant is has not in default under committed an Event of Default at any term or condition of time during the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below)Term, and as of the commencement of the Renewal Term Tenant (as defined below), and the original Tenant named herein or a Permitted Transferee) is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current initial Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇Tenant’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇Tenant’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, then Landlord shall provide Tenant with a second notice (the “Second Notice”) that contains the following statement in bold and capital letters: “THIS IS A SECOND REQUEST FOR TENANT’S DETERMINATION OF FAIR MARKET RENT PURSUANT TO EXHIBIT G ATTACHED TO THE LEASE. IF TENANT FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE DEEMED TO HAVE ACCEPTED LANDLORD’S DETERMINATION OF FAIR MARKET RENT.” If Tenant fails to respond to such Second Notice within five (5) Business Days after receipt by Tenant, then Tenant will be deemed to have rejected accepted Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent ProposalRent, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six five (65) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.

Appears in 1 contract

Sources: Office Lease Agreement (Guidewire Software, Inc.)

Renewal Option. If Provided Tenant is not in default of its obligations under this Lease beyond the expiration or any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periodsperiod. Tenant shall have two (2) options, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease each for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period term of five (5) years years, to extend this Lease at fair market rent for comparable space in terms of location identity, tenant improvements (specifically excluding the “Renewal Term”value of the improvements made by Tenant), by delivering age and condition in the Hayward area. In no event will the monthly rental for the renewal period be less than the rental for the last month of the previous term. Tenant shall give landlord written notice of its intent to exercise its option at least two hundred forty (the “Renewal Notice”240) of the exercise thereof days prior to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Termlease term. Within thirty fifteen (3015) days after receipt of Tenant’s Renewal NoticeTenant exercises its option to renew, Landlord will provide Tenant with the fair market rent, as determined by Landlord. Tenant shall deliver have fifteen (15) clays from notification by Landlord of proposed rent to Tenant written notice of accept or reject Landlord’s Fair Market Rent proposal for the Renewal Term (“market rent. If Tenant does not accept Landlord’s Fair Market Rent Proposal”rental figure within the fifteen (15) and day period, the parties shall advise Tenant of attempt to determine the required adjustment to Base Rent, if any, and the other terms and conditions offered. rent as follows: Within ten (10) business days after receipt Tenant’s rejection of Landlord’s Fair Market Rent Proposalrent determination, Tenant each party hereto shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice appoint one representative who shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within be a licensed real estate broker with at least ten (10) business days after receipt years experience in leasing R&D/ Manufacturing space in the County of Landlord’s Fair Market Rent Proposal, Tenant will be deemed Alameda to have rejected Landlord’s Fair Market Rent Proposalact as an arbitrator. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant The two (2) arbitrators so appointed shall attempt in good faith to agree upon the Fair Market Rentthen current rental value for the subsequent five (5) nears for the use to which Tenant is then utilizing the leased Premises pursuant to the terms and conditions of this Lease. If In the event that the arbitrators are unable to reach agreement upon the rent to be paid for the Premises during any extended term within sixty (60) days from notification by that date which is six (6) months Landlord to Tenant or Landlord’s rental determination for such extended term either party shall thereafter have the right to terminate discussions with respect to the extension option at any time prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Noticeany such agreement, and the Lease neither purls shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed thereafter have any obligation or liability with respect to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinsuch extension option.

Appears in 1 contract

Sources: Landlord Consent to Assignment and Assumption of Lease (Kosan Biosciences Inc)

Renewal Option. If Tenant is not then in default of its obligations under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), this Lease and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises two (but no less than one floor) for one (12) additional period periods of five (5) years (the “Renewal Term”)each, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine one hundred twenty (9120) months days before the expiration of the then current Termterm. The Base Rent monthly rent installment payable for each month during the Renewal Term such extended term shall be the Fair Market Rent lesser of (as defined belowi) as the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such extended term, for renewals of space in the Building, of equivalent quality, size, utility and location, with the length of the commencement date extended term and the credit standing of Tenant to be taken into account, or (ii) (A) for the first renewal period, $15.46 per square foot; or (b) for the second renewal period, the price per square foot in effect during the final year of the Renewal Termfirst renewal period plus 2% (in each case, the “Carryover Rental Rate”). Within thirty (30) days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rentthe monthly rent installment, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Lease Agreement (Inuvo, Inc.)

Renewal Option. If Tenant is not in default under any term or condition shall have one (1) option to renew the Term of the Lease, as amended by the Amendment, beyond all applicable cure periods, this Lease at the then fair market value for an additional three (3) year period (the “Extension Term”). For purposes of rent during the Extension Term, “fair market value rent” shall mean the rental rate per square foot for industrial space comparable to the Premises in building type and age in the Milpitas area of Santa ▇▇▇▇▇ County, California for leases being entered into at or about the time of delivery of the Renewal Notice (as defined below)determination is being made and adjusted to reflect the change if any, and as in market rates being experienced indicating the rates at or about this time of the commencement of the Renewal Term renewal term, taking into account and being adjusted for tenant concessions, brokerage commissions, tenant improvement allowances, existing improvements in the Premises (where Landlord does not have the right to have Tenant remove) as defined below)compared to the market comparables, the method of allocating and who pays for operating expenses and taxes, and the original term of the lease being compared in relation to the renewal term. Fair market value rent shall not include rent attributable to improvements performed or installed by Tenant named herein is occupying at its expense. In no event shall the entire Leased fair market value rent be less than the Base Rent for the Premises at the time of such election, Tenant may renew the Lease for all or a portion end of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the . Tenant shall exercise thereof such option in writing to Landlord not earlier than twelve (12) months nor no later than nine (9) months before prior to end of initial Term (the expiration “Extension Notice”). 3.3.1 Within 30 days after receiving the Extension Notice, Landlord shall give Tenant either (i) written notice (“Landlord’s Binding Notice”) accepting Tenant’s estimate of the then current fair market value rent for the Extension Term stated in the Extension Notice, or (ii) written notice (“Landlord’s Rejection Notice”) rejecting such estimate and stating Landlord’s estimate of the fair market value rent for the Extension Term. The Base Rent payable If Landlord gives Tenant a Landlord’s Rejection Notice, Tenant, within 15 days thereafter, shall give Landlord either (i) written notice (“Tenant’s Binding Notice”) accepting Landlord’s estimate of the fair market value rent for the Extension Term stated in such Landlord’s Rejection Notice, or (ii) written notice (“Tenant’s Rejection Notice”) rejecting such estimate. If Tenant gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the fair market value rent for the Extension Term. If, within 30 days after delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing upon the fair market value rent, the provisions of Section 3.3.2 below shall apply. 3.3.2 Within ten (10) days of the Parties determining by giving written notice from either party to the other that they cannot agree on the fair market value rent, each month during shall specify in writing to the Renewal Term other the name and address of a person to act as the appraiser on its behalf. Each such person shall be an MAI certified commercial appraiser or a real estate broker with at least five (5) years of experience with the Fair Market Rent (as defined below) as prevailing market rents for the area in which the Premises are located. If either party fails to timely appoint an appraiser, the determination of the commencement date of the Renewal Termtimely appointed appraiser shall be final and binding. Within The two appraisers shall have thirty (30) days after receipt from the day of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for their respective appointments (the Renewal Term (Landlord’s Fair Market Rent ProposalDetermination Period”) to make their respective determinations and agree on the fair market value rent. If the two appraisers selected by Landlord and Tenant cannot reach agreement on the fair market value rent, such appraisers shall advise Tenant within five (5) business days jointly appoint an impartial third appraiser with qualifications similar to those of the required adjustment to Base Rent, if anyfirst two appraisers, and the other terms and conditions offeredfair market value rent shall be established by the three appraisers in accordance with the following procedures: The appraiser selected by each party shall state in writing his determination of the fair market value rent, which determination will provide for periodic adjustments to the Base Rent if such appraiser believes that such adjustments are appropriate. Within The first two appraisers shall arrange for the simultaneous delivery of their determinations to the third appraiser no later than ten (10) business days after receipt the expiration of Landlord’s Fair Market Rent Proposal, Tenant the Determination Period. The role of the third appraiser shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenantbe to select which of the two proposed determinations most closely approximates the third appraiser’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within fair market value rent, and shall have no more than ten (10) business days after receipt in which to select the final determination. The determination chosen by the third appraiser shall constitute the decision of Landlord’s Fair Market Rent Proposal, Tenant will the appraisers and be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant final and Landlord disagree binding on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord parties. Each party shall pay the cost of its own appraiser and Tenant shall attempt in good faith to agree upon share equally the Fair Market Rent. If by that date which is six (6) months prior to the commencement cost of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthird appraiser.

Appears in 1 contract

Sources: Industrial Lease Agreement (CF Finance Acquisition Corp II)

Renewal Option. If Tenant is not Any and all renewal options presently set forth in default under any term or condition of the Lease, as amended by including, without limitation, the Amendmentrenewal option set forth in Paragraph 1 of Exhibit F to the Lease, beyond all applicable cure periodsare hereby deleted in their entireties. In lieu thereof, Tenant shall have, at the time of delivery of the its option (each such option being referred to herein as a Renewal Notice (as defined belowOption), the right to renew and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew extend the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period two consecutive terms of five (5) years each (the “each such renewal term being referred to herein as a Renewal Term), . The first Renewal Term shall commence immediately upon the expiration of the Extended Term and the second Renewal Term shall commence immediately upon the expiration of the first Renewal Term by delivering Tenant's giving written notice (the “Renewal Notice”) of the exercise thereof to Landlord not no earlier than fifteen (15) months, and no later than twelve (12) months nor later than nine (9) months before months, prior to the expiration of the then current existing Extended Term or Renewal Term, as the case may be. The Base Once Tenant shall exercise any Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise any Renewal Option at a time that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under the Lease has occurred and is continuing. Tenant's failure to timely exercise a Renewal Option for any reason whatsoever shall conclusively be deemed a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the annual Basic Rent payable for each month during the any Renewal Term shall be to an annual rate equal to the Fair Market Rent Value Rate (as defined belowhereinafter defined) as of the commencement date of the such Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal NoticeAs used in the Lease, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for Value Rate shall mean the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable multi-tenant office buildings in northwest Austin, Texas (“Landlord’s hereinafter called Comparable Buildings), taking into account location, structured parking, amenities within walking distance, signage, access, visibility, and any rental concessions and/or tenant improvements (or allowance therefor) which are being provided to Tenant. It is also agreed and understood that the Fair Market Rent Proposal”Value Rate shall include: (a) rent; and shall advise Tenant (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord office tenant leases for comparable tenants in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s Comparable Buildings as of the time of determination of the Fair Market RentValue Rate. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of The Fair Market Rent to Landlord within ten Value Rate, for purposes of this Amendment, shall be calculated in the same manner as the Market Rate (10as used in the Lease) business days after receipt was calculated in Exhibit F-1 of Landlord’s Fair Market Rent Proposal, the Lease. Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant shall take the Premises as is for any Renewal Term and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith have no obligation to agree upon the Fair Market Rent. If by that date which is six (6) months prior make any improvements or alterations to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing Premises. Except as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all eventsthis Paragraph, ▇▇▇▇▇▇’s exercise the leasing of its renewal option right hereunder the Premises for any Renewal Term shall be binding upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the provisions of the Lease. Any Renewal Option granted to Tenant under this Paragraph shall be personal to Tenant and shall not subject be transferred, encumbered, or assigned by Tenant (except pursuant to rescission except a Permitted Transfer, as provided hereindefined in Section 9.8 of the Lease, or pursuant to an assignment which has been consented to by Landlord under Article 9 of the Lease) or in any manner transferred to, or exercised by, any subtenant of Tenant.

Appears in 1 contract

Sources: Lease (Convio, Inc.)

Renewal Option. If the Tenant is not in default under this Lease or any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such electionprovisions hereof, Tenant may renew extend the term of this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional successive period of five (5) years (the “Renewal Term”), by delivering providing written notice to Landlord of it's intent to renew lease at least two hundred ten (210) days prior to completion of the “Renewal Notice”original lease term. Such rental shall be under the same terms and conditions set forth within this Lease except that the annual rental for the succeeding lease term shall be ninety five percent (95%) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before prevailing fair market rent for the expiration Property existing at the end of the initial lease term. Operating costs payable by Tenant for the renewal term shall be equal to Landlord's actual costs, plus twenty percent (20%) for administrative and overhead costs. Landlord's determination of fair market rent for the renewal term ("LANDLORD'S RATE") shall be submitted by Landlord to Tenant within thirty (30) days after Landlord's receipt of Tenant's written notice of it's intent to renew the lease. If Landlord fails to submit Landlord's Rate, then current Term. The Base Rent payable annual rent for each month during the Renewal Term shall be deemed to be 95% of rent payable in the Fair Market Rent (as defined below) as last year of the commencement date Term. If Tenant elects to contest Landlord's Rate, Tenant, at it's sole expense, shall contract for and obtain a third party appraisal to determine the fair market rental rate (inclusive of all improvements provided to the Property) of the Property within thirty (30) days after Tenant's receipt of Landlord's Rate ("TENANT'S RATE"). Landlord shall, within fifteen (15) days after receipt of Tenant's Rate, notify Tenant whether Tenant's Rate is acceptable. If Tenant's Rate is unacceptable to Landlord, Landlord and Tenant shall determine within five (5) days whether to continue negotiations if they both agree to do so, then they shall select a mutually agreeable third party appraiser to perform an additional appraisal (inclusive of all improvements to the Property) to determine fair market rental rates applicable to the Property. In such event, said selection must be made by both parties within five (5) business days thereafter. The cost of such appraisal shall be borne equally by Landlord and Tenant and said appraisal will be binding to both Tenant and Landlord PROVIDED, that if such third appraisal exceeds Landlord's Rate or is less than Tenant's Rate, the average of the three shall be the rental rate for the Renewal Term. Within Annual rent over the renewal term shall be payable in advance in equal monthly installments subject to the same penalties and conditions set forth for rents due during the original lease period. During the Renewal Term, actual operating costs and expenses (as defined in Section 9 of this Lease) shall be determined by Landlord and billed no less often than quarterly for such fiscal year as Landlord may adopt for such purpose. Said billings shall include an itemized listing of costs incurred. Paymen▇▇ ▇▇▇▇▇ be due from Tenant to Landlord within thirty (30) days after receipt of Tenant’s Renewal Noticeremittance request from Landlord. Tenant may elect to audit Landlord's books and records relating to operating costs and expenses. If it is determined from said audit that Landlord has incorrectly billed for operating costs and overhead, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed required to have rejected Landlord’s Fair Market Rent Proposal. If reimburse Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinpromptly for said incorrect charges.

Appears in 1 contract

Sources: Lease Agreement (Advanced Technical Products Inc)

Renewal Option. If ​ Provided that no default exists beyond any applicable notice and cure period, then Tenant is not in default under any term or condition of hereby granted the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may option to renew the Term of this Lease for all or a portion of all, but not part of, the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years 60 full calendar months (the “Renewal Term”), . The Renewal Term (if timely and properly exercised by Tenant shall commence at the expiration of the initial Lease Term. Tenant shall exercise each option to renew by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not at least 270 days, but no earlier than twelve (12) months nor later than nine (9) months before 365 days prior to the expiration of the then current TermLease Term (time being of the essence). The Any such renewal of this Lease shall be upon the same terms and conditions of this Lease, except the annual Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal TermTerm for the Premises. Failure by Tenant to provide notices ​ to Landlord of its intent to renew by the period stated in this Section shall nullify Tenant’s renewal rights. Within thirty (30) days after receipt receiving notice from Tenant of Tenant’s Renewal Noticeits intention to renew, Landlord shall deliver to will provide Tenant written notice of with Landlord’s determination of Fair Market Rent proposal for the Renewal Term and Tenant shall then have thirty (“Landlord’s Fair Market Rent Proposal”30) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after from receipt of Landlord’s determination of Fair Market Rent Proposalto notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s be obligated to renew the Lease at the Fair Market Rent Proposal. If rate determined by Landlord, (b) Tenant rejects does not accept Landlord’s determination of the Fair Market Rent Proposaland withdraws the exercise of its renewal option, then in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant shall attempt to resolve their differences within thirty (30) days after ▇▇▇▇▇▇▇▇’s written notice shall include Tenant’s determination receipt of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to notice. In the event Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, and Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on do not resolve their differences regarding the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six within such thirty (630) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all eventsday period, ▇▇▇▇▇▇’s exercise of its renewal option right rights and obligations hereunder shall be binding upon forever terminated. For purposes of determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions then being offered for comparable Class A buildings, both in size and in quality, in the submarket for the Building, but in no event shall such Fair Market Rent be less than the Base Rent for the prior lease period under this Lease. The Premises will be provided in its then-existing condition (on an “as-is” basis) at the time the Renewal Term commences and Tenant and shall not subject be entitled to rescission any construction, build out or other allowances with respect to the Premises during the Renewal Term except as provided herein.may be included as part of the determination of Fair Market Rent. All other terms, covenants, and provisions of this Lease shall continue in full force and effect and be applicable to the Renewal Term. The rights granted to Tenant under this article are personal to the original named Tenant in this Lease and may not be assigned or exercised by anyone other than Tenant. ​

Appears in 1 contract

Sources: Lease (Assure Holdings Corp.)

Renewal Option. A. Subject to the terms of this Article, Tenant shall have the option (“Renewal Option”) to extend the Term of the Lease for one additional five (5) year period (the “Renewal Period”). If Tenant is not in default under any term or condition desires to exercise the Renewal Option, Tenant shall deliver written notice (“Renewal Notice”) to Landlord at least twelve (12) months prior to the then current expiration of the Term. The Renewal Option shall be on the same terms and conditions as contained in this Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of except Rent for the Renewal Notice Period shall be the Fair Market Rental Value (as defined below). Notwithstanding any of the foregoing, any attempt by Tenant to exercise the Renewal Option by any method, or at any time, or in any circumstance, except as specifically set forth above, shall, at the sole option and discretion of Landlord, be null and void and of no force or effect. Furthermore, if an Event of Default is continuing on (i) the date Tenant delivers to Landlord the Renewal Notice or (ii) the date the Renewal Period would commence, Landlord shall have the option, on written notice to Tenant, to declare Tenant’s election to extend the Term to be void and of no effect. At such time as Rent is determined for the Renewal Period, Tenant agrees to execute any reasonable documents to evidence the Term, as extended, and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof Rent to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month be paid during the Renewal Term shall be Period. At such time as Tenant notifies Landlord of its desire to renew the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within Lease, Landlord shall, within thirty (30) days after of receipt of Tenant’s Renewal Notice, Landlord shall deliver to notify Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market RentRental Value (“Landlord Renewal Rental Notice”). If Tenant does not deliver ▇▇▇▇▇▇shall, within thirty (30) days of its receipt of the Landlord Renewal Rental Notice, advise Landlord in writing of its election to (i) affirm its exercise of its Renewal Option based upon Landlord’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent ProposalRental Value, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6ii) months prior elect arbitration pursuant to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed arbitration procedure set forth below to determine the Fair Market Rent Rental Value (“Arbitration”) or (iii) withdraw its Renewal Notice if Tenant has not elected Arbitration. If Tenant elects to renew this Lease, Tenant shall accept such renewal of the Premises in accordance with then as-is condition. B. For purposes of this Article, “Fair Market Rental Value” shall mean an annual amount per rentable square foot that a creditworthy tenant would have to pay at comparable building located in a comparable location the procedure set forth Chicago Business District office market (the “Market”) giving appropriate consideration to annual rental rate per rentable square foot, rental escalations (including type, base year and stops), length of lease term, size and location of the premises being leased, allowances, concessions, rent abatement and other generally applicable terms and conditions prevailing for comparable renewal space in Paragraph C belowcomparable buildings located in the Market and whether such allowances and other concessions are given to Tenant under this Renewal Option. In all eventsIf the parties do not agree on the Fair Market Rental Value and Tenant has elected Arbitration, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder the same shall be binding upon Tenant and not subject to rescission except determined as provided hereinfollows.

Appears in 1 contract

Sources: Office Lease (Vivid Seats Inc.)

Renewal Option. If Providing Tenant is not in default under any term or condition of the this Lease, -------------- Tenant shall have the option to renewal this Lease for two consecutive five (5) year periods. The Base Rent for the option period will be the Fair Rental Value Base Rent (as amended by determined below) in the Amendment, beyond all applicable cure periods, competitive rental market in which the Building is located at the time of delivery the renewal. In the event Tenant fails to give notice to Landlord of Tenant's exercise of the Renewal Notice (as defined below), and as first renewal option at least 180 days prior to the expiration or termination of the commencement initial Lease Term, both of these options shall expire and Tenant's option to renew this Lease shall terminate. If Tenant timely exercises the first option and is not in default under this Lease, Tenant may exercise the second option by giving notice to Landlord at least 180 days prior to the expiration or termination of the Renewal Term (as defined below)first renewal term, and the original Tenant named herein second option shall expire and Tenant's option to renew this Lease shall terminate if it fails to timely exercise the option. Time is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) essence. If either or both of these options are properly exercised, then the term of that renewal period shall be included in the definition of Lease Term and, except for one (1) additional period the adjustment of five (5) years (the “Renewal Term”)Rent and Base Year as provided below, by delivering written notice (the “Renewal Notice”) all of the exercise thereof provisions of this Lease shall apply to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration renewal term(s). If Tenant properly exercises one or both of the renewal options, then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) within 20 days after receipt of Tenant’s Renewal Noticethereafter, Landlord shall deliver to Tenant written notice its computation of Landlord’s Fair Market the fair rental value Base Rent proposal for the Renewal Term Leased Premises for that renewal five- year period and the Base Year or Expense Stop that applies to it, which shall be determined without any allowance or reduction for brokerage commissions or leasing fees, tenant improvements, free rent or other rental concessions and without regard to the condition of or tenant improvements in the Leased Premises (“Landlord’s "Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Rental Value Base Rent, if any, and the other terms and conditions offered"). Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects within 15 days after it receives Landlord’s 's computation of Fair Market Rental Value Base Rent Proposalif it disagrees with Landlord's proposal for the Fair Rental Value Base Rent for the applicable five-year period. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written gives such a notice shall include Tenant’s determination of and Landlord and Tenant cannot agree upon the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rental Value Base Rent to Landlord within ten (10) business 15 days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposalthereafter, then Landlord and Tenant shall attempt select a commercial real estate broker who specializes in good faith to agree upon leasing commercial office space in the Fair Market Rent. If by that date which is six (6) months prior to the commencement market area of the Renewal Term Building and who has leased commercial office space in the Denver metropolitan area for at least the preceding 10 years (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10"Commercial Broker") business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rental Value Base Rent in accordance with (as defined above), and if they cannot agree upon a single Commercial Broker within 10 (a) if the procedure set forth in Paragraph C below. In all eventsparties agree on one Commercial Broker or if the two Commercial Brokers select a third, ▇▇▇▇▇▇’s exercise each party will pay one-half of its renewal option right hereunder shall be binding upon Tenant the fee, if any, they mutually agree to pay that broker; and not subject to rescission except as provided herein.(

Appears in 1 contract

Sources: Office Lease (Commnet Cellular Inc)

Renewal Option. If Provided no Event of Default exists and Tenant is not in default under any term or condition occupying more than 50% of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) two additional period periods of five (5) years (the “Renewal Term”)each, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier more than twelve (12) 12 months nor later less than nine (9) 9 months before the expiration of the then current Term. The Base Basic Rent payable for each month during the Renewal applicable extended Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Complex or in comparable buildings in the vicinity of the commencement date Complex of equivalent quality, size, utility and location, with the length of the Renewal extended Term and the credit standing of Tenant to be taken into account, provided however, in no event shall the Prevailing Rental Rate be less than the Basic Rent payable during the month immediately preceding the commencement of the applicable extended Term. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Basic Rent, if any, and the other terms and conditions offered. Within ten (10) business If Tenant disagrees with Landlord’s determination of the Prevailing Rental Rate, then Tenant may, but only within 15 days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s require by written notice to Landlord that the determination of the Prevailing Rental Rate be made by brokers, taking into account the requirements of this Section 26; provided that Tenant’s failure to deliver such notice within such 15-day period shall include be deemed to be Tenant’s acceptance of Landlord’s determination of the Fair Market RentPrevailing Rental Rate. If Tenant does not deliver timely delivers such notice, then, within 15 days after such delivery, each party shall select one qualified commercial real estate broker with at least 10 years experience in appraising property and buildings in the city or submarket in which the Premises are located. If Landlord or Tenant fails to select its broker within such 15-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa C▇▇▇▇ County to appoint such broker, subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over Landlord and Tenant to appoint such broker. Each broker shall deliver its written determination of the Prevailing Rental Rate, taking into account the requirements of this Section 26, to the other broker within 20 days after such broker’s retention. In the event the determinations of the two brokers differ and, after good faith efforts over the succeeding 20 day period, they cannot mutually agree, the brokers shall, within 10 days thereafter, appoint a neutral third broker with the qualifications specified above and deliver their respective determinations to such third broker. If the two brokers fail to select the third broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa C▇▇▇’s written determination of Fair Market Rent ▇ County to appoint such broker subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over the Landlord within ten (10) business and Tenant to appoint such broker. Within 5 days after receipt its appointment, the third broker shall choose either the determination of Landlord’s Fair Market Rent Proposalbroker or Tenant’s broker and such choice of the third broker shall be final and binding on Landlord and Tenant. Each party shall pay the costs of its real estate broker. The parties shall equally share the costs of any third broker. Following the determination of the Prevailing Rental Rate, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six this Lease, except as follows: (6a) months prior Basic Rent shall be adjusted to the commencement of the Renewal Term Prevailing Rental Rate; and (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10b) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time no further renewal option except as expressly provided in this Lease. Tenant’s rights under this Section 26 shall terminate if (i) this Lease or Tenant’s right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration possession of the then current Term. If Premises is terminated, (ii) Tenant does not withdraw assigns any of its Renewal Notice by interest in this Lease or sublets any portion of the Withdrawal DeadlinePremises, (iii) Tenant fails to timely exercise its option under this Section 26, time being of the parties shall proceed essence with respect to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇Tenant’s exercise thereof, or (iv) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthis Lease.

Appears in 1 contract

Sources: Lease Agreement (Ariba Inc)

Renewal Option. If Provided Tenant is not in default under the Lease (beyond any term applicable notice or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, period) either at the time of delivery the exercise of this renewal option or at the Renewal Notice (as defined below), and as time of the commencement of the Renewal Term (as defined belowhereinafter defined), and Tenant shall have the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may right to renew the Lease for all or a portion of the Leased Premises for two (but no less than one floor2) for one Renewal Terms of sixty (160) additional period of five months each (5) years (the each, a “Renewal Term”), by delivering written notice ) upon the following terms and conditions: (i) The option for the Renewal Notice”) of the exercise thereof to Landlord Term shall be exercised in writing not earlier less than twelve (12) months nor later than nine (9) months before prior to the expiration date of the then current Term. . (ii) The Base Rent payable for each month during the Renewal Term shall be the Fair Prevailing Market Rent Rate (as defined below) as of the commencement date of exercise of said option). “Prevailing Market Rate” shall mean the Renewal Term. Within thirty annual gross rental rate per square foot (30inclusive of operating expense pass-through) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal net rentable area then being charged for a lease the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement duration of the Renewal Term in comparable buildings located in Atlanta, Georgia for space comparable to the Premises (taking into consideration use, location, and/or floor level within the “Trigger Date”applicable building, the definition of rentable floor area, leasehold improvements provided, remodeling credits or allowances granted, commissions quality, age and location of the applicable building, rental concessions (such as abatements or lease assumptions) offered to both new and renewing tenants, the provision of free or paid unassigned parking, at the time the particular rate under consideration became effective, size of tenant, relative operating expenses, relative services provided, Tenant Improvement Allowances, moving allowances, rental abatement, current base year for operating expenses, Tenant’s credit worthiness, and other relevant and applicable factors. Bona fide written offers to lease comparable space located elsewhere in the Building, from third parties (at arms length), may be used as an indication of the Prevailing Market Rate. The Prevailing Market Rate shall be determined between Landlord and Tenant have by mutual agreement; however, if Landlord and Tenant cannot agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadlineagree, the parties shall proceed to determine the Fair Prevailing Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder Rate shall be binding upon Tenant and not subject to rescission except as provided hereinestablished in the manner specified for determining Prevailing Market Rate contained in subparagraph (iv) below.

Appears in 1 contract

Sources: Office Lease (TRX Inc/Ga)

Renewal Option. If Provided Tenant is not in default under any term this Lease and that no event or condition exists which with notice and the expiration of the Lease, as amended by the Amendment, beyond all applicable cure periods, any grace period would constitute an event of default under this Lease at the time of delivery of an option may be exercised and at the time the Renewal Notice Option (as defined below)) commences, and as Landlord grants to Tenant one option (the “Renewal Option”) to extend this Lease with respect to all of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) an additional period of five (5) years (the “Renewal TermPeriod”), . The Renewal Option may be exercised by Tenant delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is at least six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Lease Term. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Lease Term, and Tenant shall have no further option to extend the Lease Term. Time is of the essence in the exercise of the Renewal Option[s]. The rate of base Rent (the “Renewal Rental Rate”) for the Renewal Period shall be equal to the then current market rental rate at the Property charged by Landlord, taking into account all relevant factors. Not later than thirty (30) days following Landlord’s receipt of the Renewal Notice, Landlord shall provide Tenant with Landlord’s good faith estimate (“Landlord’s FMV Notice”) of such Renewal Rental Rate. Tenant shall have thirty (30) days from its receipt of Landlord’s FMV Notice to notify Landlord whether Tenant accepts or rejects Landlord’s determination of the Renewal Rental Rate. If Tenant does not withdraw its is unwilling to accept Landlord’s determination of the Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure Rental Rate as set forth in Paragraph C belowLandlord’s FMV Notice, and if the parties are unable to reach agreement thereon within thirty (30) days after the delivery of Tenant’s notice to Landlord rejecting such rental determination, then the Renewal Option shall lapse, the Lease shall automatically terminate at the end of the Term and Tenant shall have no further option to extend the term of this Lease. In Landlord and Tenant shall execute an amendment to this Lease within thirty (30) days after the determination of the Renewal Rental Rate, which amendment shall set forth the extended Lease Term and the Renewal Rental Rate. Except for the change in the rate of Rent, the Renewal Period shall be subject to all eventsof the terms and conditions of this Lease and the Premises shall be delivered in their then “as is” condition at the time the Renewal Period commences. Neither any option granted to Tenant in this Lease or in any collateral instrument to renew or extend the Lease Term, ▇▇▇▇▇▇’s nor the exercise of its any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or in any collateral instrument or that Landlord may otherwise have, to terminate this Lease or any renewal option or extension of the Lease Term either during the original Lease Term or during the renewed or extended term. Any renewal or extension right hereunder granted to Tenant shall be binding upon personal to Tenant and may not subject be exercised by any assignee, subtenant or legal representative of Tenant. Any termination of this Lease shall serve to rescission except as provided hereinterminate any such renewal or extension of the Lease Term, whether or not Tenant shall have exercised any option to renew or extend the Lease Term. No option granted to Tenant to renew or extend the Lease Term shall be deemed to give Tenant any further option to renew or extend.

Appears in 1 contract

Sources: Industrial Real Estate Lease (Spinal Elements Holdings, Inc.)

Renewal Option. If (a) So long as Tenant is not in default under any term or condition at the expiration of the term of this Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for shall be granted one (1) additional period renewal option for a three (3) year period. If Tenant elects to exercise this option, Tenant shall give Landlord one-hundred eighty (180) days written notice, with the base rental increasing to fair market rental rates then in effect. The base rent shall not be less than in effect at the end of five the initial term of this Lease. (5b) years The term “fair market rental rate” as used in the Lease shall mean the annual amount per square foot, projected during the option term, that a willing, institutional, non-equity renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, institutional landlord of a comparable quality office building located in the “Renewal Term”Salt Lake City, Utah area, and in particular the University of Utah Research Park, would accept, in an arm’s length transaction (what Landlord is accepting in then current transactions for the Building may be used for purposes of projecting rent for the option term), for space of comparable size, quality and floor height as the Premises, taking into account the age, quality and layout of the existing improvements in the Premises, and taking into account items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant improvement allowances, parking charges and any other lease considerations, if any, then being charged or granted by delivering Landlord or the lessors of such similar office buildings. The fair market rental rate will be an effective rate, not specifically including, but accounting for, the appropriate economic considerations described above. (c) In the event where a determination of fair market rental rate is required under the Lease, Landlord shall provide written notice (the “Renewal Notice”) of Landlord’s determination of the exercise thereof to Landlord fair market rental rate not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of the last day upon which Tenant may timely exercise the right giving rise to the necessity for such fair market rental rate determination. Tenant shall have ten (10) business days (“Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice Review Period”) after receipt of Landlord’s Fair Market Rent proposal notice of the fair market rental rate within which to accept such fair market rental rate or to reasonably object thereto in writing. Failure of Tenant to so object to the fair market rental rate submitted by Landlord in writing within Tenant’s Review Period shall conclusively be deemed Tenant’s approval and acceptance thereof. If within Tenant’s Review Period Tenant reasonably objects to or is deemed to have disapproved the fair market rental rate submitted by Landlord, Landlord and Tenant will meet together with their respective legal counsel to present and discuss their individual determinations of the fair market rental rate for the Renewal Term Premises under the parameters set forth in Paragraph (“Landlord’s Fair Market Rent Proposal”b) above and shall advise Tenant diligently and in good faith attempt to negotiate a rental rate on the basis of the required adjustment to Base Rent, if any, and the other terms and conditions offeredsuch individual determinations. Within Such meeting shall occur no later than ten (10) business days after receipt the expiration of LandlordTenant’s Fair Market Rent ProposalReview Period. The parties shall each provide the other with such supporting information and documentation as they deem appropriate. At such meeting if Landlord and Tenant are unable to agree upon the fair market rental rate, Tenant they shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaleach submit to the other their respective best and final offer as to the fair market rental rate. If Landlord and Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent fail to Landlord reach agreement on such fair market rental rate within ten five (105) business days after receipt of Landlordfollowing such a meeting (“Outside Agreement Date”), Tenant’s Fair Market Rent Proposal, Tenant renewal option will be deemed null and void unless Tenant demands appraisal, in which event each party’s determination shall be submitted to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on appraisal in accordance with the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then provisions of Section (d) below. (1) Landlord and Tenant shall attempt each appoint one (1) independent appraiser who shall by profession be an M.A.I. certified real estate appraiser who shall have been active over the five (5) year period ending on the date of such appointment in good faith the leasing of commercial (including office) properties in the Salt Lake City, Utah area. The determination of the appraisers shall be limited solely to the issue of whether Landlord’s or Tenant’s last proposed (as of the Outside Agreement Date) best and final fair market rental rate for the Premises is the closest to the actual fair market rental rate for the Premises as determined by the appraisers, taking into account the requirements specified in Section 1 above. Each such appraiser shall be appointed within fifteen (15) days after the Outside Agreement Date. (2) The two (2) appraisers so appointed shall within fifteen (15) days of the date of the appointment of the last appointed appraiser agree upon and appoint a third appraiser who shall be qualified under the Fair Market Rent. If by that date which is six (6) months prior to the commencement same criteria set forth hereinabove for qualification of the Renewal Term initial two (2) appraisers. (3) The three (3) appraisers shall within thirty (30) days of the “Trigger Date”)appointment of the third appraiser reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted best and final fair market rental rate, and shall notify Landlord and Tenant thereof. During such thirty (30) day period, Landlord and Tenant have not agreed in writing as may submit to the Fair Market Rent, then within ten (10) business days following appraisers such information and documentation to support their respective positions as they shall deem reasonably relevant and Landlord and Tenant may each appear before the Trigger Date (appraisers jointly to question and respond to questions from the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinappraisers.

Appears in 1 contract

Sources: Industrial Building Lease (Amedica Corp)

Renewal Option. If Provided no Event of Default exists and Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) 18 months nor later than nine (9) 12 months before the expiration of the then current Term. The Base Basic Rent payable for each month during the Renewal such extended Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space of equivalent quality, size, utility and location in similar-class buildings in the submarket in which the Building is located, with the length of the commencement date extended Term, the availability of covered and uncovered parking spaces and the Renewal Termcredit standing of Tenant to be taken into account. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Basic Rent, if any, and the other terms and conditions offered. Within ten (10) business Tenant shall, within 30 days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Lease Agreement (Republic Companies Group, Inc.)

Renewal Option. If Tenant is not in default Provided no Event of Default exists, or any state of facts, which, with notice or the passage of time, or both, would constitute an Event of Default under any term or condition of the this Lease, as amended by the Amendment, beyond all applicable cure periods, either at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein such option is occupying the entire Leased Premises exercised or at the time of such electionthe Renewal Period commences, Landlord grants Tenant may renew the option (the “Renewal Option”) to extend this Lease for with respect to all or a portion of the Leased Premises (but no less than one floor) for one (1) additional consecutive period of five (5) years (the “Renewal TermPeriod”), . The Renewal Option shall be exercised by Tenant delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than at least twelve (12) months nor later than nine (9) months before prior to the expiration Expiration Date of the then current initial Term. The Base Rent payable for each month during the Renewal Term Period (the “Renewal Rental Rate”) shall be the Fair Market Rent fair market rental rate, which shall be the rental rate then being charged by landlords (including Landlord) in the market area in which the Premises is located on new leases or on renewed leases to tenants of a similar credit quality to Tenant for space of similar quality and size as defined below) as the Premises, taking into account all relevant factors, including without limitation, location, age, extent and quality of the commencement date Premises, length of term, amenities of the Renewal TermPremises, location, definition of net rentable area, and, if any, abatement provisions reflecting free rent, improvement allowances, brokerage commissions and any other concessions which would be granted by Landlord or a comparable landlord. Within thirty (30) days after receipt of Tenant’s exercise of the Renewal NoticeOption, Landlord shall deliver to notify Tenant written notice in writing of the proposed Renewal Rental Rate as determined by the above formula. Tenant shall have ten (10) days from the receipt of Landlord’s Fair Market Rent proposal for notice (the “Outside Agreement Date”) to either accept or dispute Landlord’s determination of the Renewal Term (“Rental Rate or cancel the exercise of the Renewal Option. In the event that Tenant disputes Landlord’s Fair Market Rent Proposal”) determination, Tenant shall so notify Landlord and each party shall advise Tenant make a separate determination of the required adjustment Renewal Rental Rate which shall be submitted to Base Renteach other and to arbitration in accordance with the following procedure: (i) Landlord and Tenant shall each circulate its determination of the Renewal Rental Rate and, if any, and the other terms and conditions offered. Within within ten (10) business days after receipt of the Outside Agreement Date, appoint one arbitrator who shall, by profession, be a current real estate broker or appraiser of comparable properties in the 495 West submarket and who has been active in such field over the last five (5) years (a “Qualified Arbitrator”). The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s Fair Market Rent Proposalor Tenant’s submitted Renewal Rental Rate is the closest to the actual Renewal Rental Rate as determined by the arbitrators. (ii) The two Qualified Arbitrators so appointed shall within five (5) business days of the date of the appointment of the last appointed Qualified Arbitrator agree upon and appoint a third Qualified Arbitrator. (iii) The three Qualified Arbitrators shall within fifteen (15) days of the appointment of the third Qualified Arbitrator reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted Renewal Rental Rate, Tenant and shall notify Landlord in writing whether and Tenant accepts or rejects Landlord’s Fair Market Rent Proposalthereof. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination The decision of a majority of the Fair Market Rent. three Qualified Arbitrators shall be binding upon Landlord and Tenant. (iv) If either Landlord or Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent fails to Landlord appoint a Qualified Arbitrator within ten (10) business days after receipt the Outside Agreement Date, the Qualified Arbitrator appointed by one of Landlordthem shall reach a decision, notify Landlord and Tenant thereof, and such Qualified Arbitrator’s Fair Market Rent Proposaldecision shall be binding upon Landlord and Tenant. (v) If the two Qualified Arbitrators fail to agree upon and appoint a third Qualified Arbitrator, Tenant will be deemed or both parties fail to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposalappoint a Qualified Arbitrator, then the appointment of the third Qualified Arbitrator or any Qualified Arbitrator shall be dismissed and the matter to be decided shall be forthwith submitted to arbitration under the provisions of the American Arbitration Association, but subject to the instructions set forth in this Section 8.12. Landlord and Tenant shall attempt in good faith execute an amendment to agree upon this Lease within fifteen (15) days after the Fair Market Rent. If by that date which is six (6) months prior to the commencement determination of the Renewal Rental Rate, which amendment shall set forth the extended Term (and the “Trigger Date”)Renewal Rental Rate. Except for the change in the Rent, the Renewal Period shall be subject to all of the terms and conditions of this Lease. Neither any option granted to Tenant in this Lease or in any collateral instrument to renew or extend 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 in any collateral instrument or that Landlord may otherwise have, to terminate this Lease or any renewal or extension of the Term either during the original Term or during the renewed or extended term. Any renewal or extension right granted to Tenant shall be personal to Tenant and may not be exercised by any assignee, subtenant or legal representative of Tenant have not agreed in writing as to which Landlord’s consent was required with respect to the Fair Market Rentassignment, then within ten (10) business days following subletting or transfer thereto. Any termination of this Lease shall serve to terminate any such renewal or extension of the Trigger Date (the “Withdrawal Deadline”)Term, whether or not Tenant shall have exercised any option to renew or extend the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If No option granted to Tenant does not withdraw its Renewal Notice by to renew or extend the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder Term shall be binding upon deemed to give Tenant and not subject any further option to rescission except as provided hereinrenew or extend.

Appears in 1 contract

Sources: Lease (Netezza Corp)

Renewal Option. If at the end of the Lease Term on December 31, 2004, and so long as Tenant is not then in default under of any term of the terms, conditions or condition covenants of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt including any assignee or subtenant of Tenant’s Renewal Notice) may (a) No further renewal options will be available unless granted by Landlord in writing, which Landlord shall deliver has no obligations to Tenant written notice of Landlord’s Fair Market Rent proposal grant; and (b) Rental Escalation and Basic Rental for the Renewal Term (“Landlord’s Fair Market Rent Proposal”the "Renewal Basic Rental") and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree based on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposalthen prevailing rental rates for properties of equivalent quality, then Landlord size, utility and Tenant shall attempt in good faith to agree upon location, with the Fair Market Rent. If by that date which is six (6) months prior to the commencement length of the Renewal Term and credit standing of Tenant to be taken into account. If Tenant desires to extend the Lease Term in accordance with the Renewal Term pursuant to this paragraph, Tenant will notify Landlord of its intention to renew no later than July 1, 2004 (the “Trigger Date”"Tenant's Renewal Notice"). The Tenant's Renewal Notice shall also set forth Tenant's determination of the Renewal Basic Rental. Landlord shall, within fifteen (15) days following receipt of Tenant's Renewal Notice, notify Tenant in writing of Landlord's acceptance or rejection of the Renewal Basic Rental as proposed by Tenant. If Landlord and Tenant are unable to agree on the appropriate Renewal Basic Rental, Landlord and Tenant have not agreed in writing as to will agree on an appraiser who will determine for them the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration Basic Rental. The cost of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder such appraiser shall be binding upon Tenant shared equally by Landlord and not subject to rescission except as provided hereinTenant.

Appears in 1 contract

Sources: Lease Extension Agreement (Dc/DWC Acquisition Corp)

Renewal Option. If Tenant is not in default under any term or condition shall have one (1) option (hereinafter referred to as the "Renewal Option") to extend the Term of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) as of the expiration of the Second Extended Term, for one (1) an additional period of five (5) years (hereinafter referred to as the "Renewal Term"), by delivering upon the following terms and conditions: (a) Tenant gives Landlord written notice (the “Renewal Notice”) of its exercise of the exercise thereof to Landlord not earlier than twelve (12) months nor later than Renewal Option at least nine (9) months before prior to the expiration of the then current Second Extended Term. The . (b) Tenant is not in default under this Lease either on the date Tenant delivers the notice required under (a) above or at any time thereafter prior to the commencement of the Renewal Term. (c) All of the terms and provisions of this Lease (except this paragraph 14 and except as otherwise provided in this Second Lease Amendment) shall be applicable to the Renewal Term, except that Annual Base Rent payable for each month during the Renewal Term shall be equal to the Fair Market Rent Value (as defined belowhereinafter defined). For purposes of this Lease, the "Fair Value" shall mean an annual amount per rentable square foot for a term equivalent to the period for which Fair Value is being determined beginning with the first (1st) as day of the commencement date subject period that a willing, creditworthy, new non-equity tenant leasing comparable space would pay and a willing, comparable landlord of comparable space in the Chicago, Illinois/River North Area (hereinafter referred to as the "Market") would accept at arm's length, giving appropriate consideration to generally applicable terms and conditions prevailing for such comparable space. Should Tenant notify Landlord of its exercise of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal NoticeOption, Landlord shall deliver to notify Tenant written notice of Landlord’s 's determination of Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within Value not later than ten (10) business days after receipt months prior to the expiration of Landlord’s Fair Market Rent Proposal, the Second Extended Term. Should Tenant shall notify Landlord not object in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of to the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent Value made by Landlord within fourteen days of receipt thereof, the determination of Fair Value made by Landlord shall be binding on the parties. Should Tenant object in writing to the determination made by Landlord within said fourteen (14) day period, Fair Value shall be determined by an appraiser mutually agreed upon by the parties hereto, it being further agreed that each of the parties shall pay one-half of the fees of such appraiser; provided, however, that if the parties cannot agree upon an appraiser within ten (10) business days following the date on which Tenant objects to the determination of Fair Value by the Landlord, Landlord shall, within seven (7) days after the expiration of said ten (10) day period advise Tenant of the names of three (3) appraisers acceptable to Landlord. Tenant shall within five (5) days of receipt of Landlord’s such list of appraisers choose one of such appraisers who shall be engaged to determine the Fair Market Rent ProposalValue as described herein, it being further agreed that each of the parties shall pay one-half of the fees of such appraiser. In the event that Fair Value has not been determined by the date on which the Renewal Term commences, Tenant will be deemed shall continue to have rejected Landlord’s Fair Market pay Annual Base Rent Proposal. If Tenant and Landlord disagree on in the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months amount payable immediately prior to the commencement of the Renewal Term (and the “Trigger Date”), Landlord amount of any difference between that amount and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration Value for that part of the then current TermRenewal Term for which Annual Base Rent was paid at the former rate shall be paid by or refunded to Tenant promptly following determination of the applicable new rate based on Fair Value. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right Any appraiser selected hereunder shall be binding upon Tenant and not subject to rescission except as provided hereina real estate broker who has at least seven (7) years experience leasing comparable properties in the Market.

Appears in 1 contract

Sources: Lease Amendment (CDW Computer Centers Inc)

Renewal Option. If Landlord grants to Tenant is not in default under any an option (the "Option") to extend the term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the "Renewal Term”), by delivering written notice (") under the “Renewal Notice”) terms set forth below. Tenant shall not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its 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 exercise thereof the Option, Tenant must first give written request to Landlord Landlord, not earlier less than twelve (12) months nor later than nine (9) months before prior to the expiration Expiration Date of the then current TermInitial Lease Term for delivery of Landlord's determination of Market Rent, as defined below. The Base Rent payable for each month during the Renewal Term shall be equal to the Fair Market Rent Rent, as determined in accordance with this section (as defined below) as of the commencement date of the Renewal Term"Market Rent"). Within thirty (30) days after following its receipt of Tenant’s Renewal Notice's request, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of Market Rent for each year of the required adjustment respective Renewal Term. Market Rent (including escalations for successive years of the Renewal Term) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the Market Rent shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in the Building, adjusted for any special conditions applicable to Base such space and leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Tenant may exercise its option by notifying Landlord; within 30 days from the date on which Tenant was first advised by Landlord of its determination of Market Rent, if any, and that Tenant has elected to exercise the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Option at the Market Rent Proposal, Tenant shall notify determined by Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposalproceed as provided below. If Tenant rejects Landlord’s Fair Market Rent Proposalexercises the Option as provided, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination the Expiration Date of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will Lease shall be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on extended for the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement length of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Base Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.adjusted to

Appears in 1 contract

Sources: Standard Lease (Cybear Inc)

Renewal Option. If 2.4.1 Tenant is not in default under any term or condition of shall have the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may option to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period extension term of five three (53) years (the “Renewal Term”)years. Such renewal option must be exercised, if at all, by delivering written notice (the “Renewal Notice”) of the exercise thereof given by Tenant to Landlord not earlier later than six (6) months and not more than twelve (12) months nor later than nine (9) months before the prior to expiration of the then current Lease Term. The Timely delivery of notice of exercise of this renewal option shall act to automatically extend the Lease Term for three years upon the same terms and conditions as this Lease, except for the amount of Base Rent payable for each month during the Renewal Term Rent, which shall be calculated pursuant to this Section and confirmed by a subsequent document executed by Landlord and Tenant. Notwithstanding the Fair Market Rent foregoing, this renewal option shall be null and void and Tenant shall have no right to renew this Lease if (as defined belowi) on the date Tenant exercises such renewal option or as of the date immediately preceding the commencement date of the Renewal renewal period, Tenant is in default beyond applicable notice and cure periods of any of its obligations under this Lease; and (ii) at no time prior to the expiration of the initial Lease Term shall there have been any assignment or subletting of the Premises that shall remain in effect after the expiration of the initial Lease Term, except for Permitted Transfers (as defined below). 2.4.2 If Tenant exercises this renewal option, then during the renewal period the Base Rent payable by Tenant shall be the then Fair Market Rent for the Premises. Within thirty For purposes of this paragraph, the term “Fair Market Rent” shall mean the rental rate for comparable space for a renewal term with an existing tenant, situated in comparable office and light warehouse buildings in comparable business parks in the Hayward, California market area, taking into account tenant improvement packages and any other customary concessions for renewals with existing tenants. Fair Market Rent shall include the periodic rental increases, if any, that would be included for space leased for the renewal period. The Fair Market Rent shall be negotiated by Landlord and Tenant within the sixty (3060) days after calendar day period commencing upon Landlord’s receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for exercising the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinoption.

Appears in 1 contract

Sources: Lease (Anthera Pharmaceuticals Inc)

Renewal Option. If (i) Provided no Event of Default exists and Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) 12 months nor later than nine (9) 9 months before the expiration of the then current TermLease Term (the “Option Notification Period”). The Base Rent payable for each month during the Renewal extended Lease Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the ”Prevailing Rental Rate”), at the commencement of the commencement date extended Lease Term, for renewals of space similar to the Premises in buildings similar to the Building in the submarket in which the Building is located, and with the length of the Renewal Termextended Lease Term and the credit standing of Tenant to be taken into account. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for determination of the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten Tenant shall, within thirty (1030) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Lease Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior execute an amendment to the commencement of Lease extending the Renewal Lease Term on the same terms provided in the Lease, except as follows: (the “Trigger Date”), Landlord and Tenant have not agreed in writing as 1) Base Rent shall be adjusted to the Fair Market Rent, then within ten Prevailing Rental Rate; (102) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have no further renewal option unless expressly granted by Landlord in writing; and (3) Landlord shall lease to Tenant the one time right Premises in their then-current condition, and Landlord shall not provide to withdraw its Renewal NoticeTenant any allowances (e.g., moving allowance, construction allowance, and the Lease shall expire upon the expiration like) or other tenant inducements. (ii) If Tenant fails to timely notify Landlord in writing that Tenant accepts or rejects Landlord’s determination of the then current Term. If Prevailing Rental Rate, time being of the essence with respect thereto, Tenant’s rights under this Section shall terminate and Tenant does not withdraw shall have no right to renew the Lease. (iii) Tenant’s rights under this Section shall terminate if (1) the Lease or Tenant’s right to possession of the Premises is terminated, (2) Tenant assigns any of its Renewal Notice by interest in the Withdrawal DeadlineLease or sublets any portion of the Premises (excluding a Tenant Affiliate), or (3) Tenant fails to timely exercise its option under this Section, time being of the parties shall proceed essence with respect to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇Tenant’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthereof.

Appears in 1 contract

Sources: Lease Agreement (Sleep Number Corp)

Renewal Option. If Tenant is not in default under any term or condition of Subject to the Leaseprovisions set forth below, as amended by the Amendment, beyond all applicable cure periodsLease Term may be renewed, at the time option of delivery Tenant, for two (2) additional periods of 60 months each (each individually referred to as a “Renewal Term”, and collectively referred to as the “Renewal Terms”). Each Renewal Term will be upon the same terms, covenants and conditions contained in this Lease, excluding the provisions of Section 38 of this Lease and excluding the Work Letter Agreement, and except for the amount of Base Rent payable during each Renewal Term. Any reference in this Lease to the “Lease Term” will be deemed to include the Renewal Notice (as defined below)Term and apply thereto, and unless it is expressly provided otherwise. Tenant will be deemed to have accepted the Premises in “as-is” condition as of the commencement of each Renewal Term, it being understood that Landlord will have no obligation to renovate or remodel the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a any portion of the Leased Building as a result of Tenant’s renewal of this Lease. Tenant will have no renewal option beyond the second aforesaid 60-month period. A. The initial Base Rent during each Renewal Term for the Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof will be at a rate equal to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current prevailing market rate for renewals as reasonably determined by Landlord for tenants with creditworthiness similar to that of Tenant, for comparable space in the Building, and for a term equal or comparable to such Renewal Term. The Base Rent payable will increase by fixed amounts on each anniversary of the commencement of such Renewal Term based on prevailing market Base Rent increases applicable at the commencement of such Renewal Term, as reasonably determined by Landlord. Tenant’s obligation to pay Tenant’s Pro Rata Share of Basic Costs in excess of Basic Costs for the Base Year will continue during each month during Renewal Term. The Base Year for the Renewal Term shall will be adjusted to be the Fair Market calendar year in which the Renewal Term commences. B. Such option to renew will be exercised by Tenant by delivering an initial nonbinding notice to Landlord no later than 12 months prior to the Expiration Date of the initial Lease Term or the first Renewal Term, as the case may be, and not earlier than 60 days before such date, in which Tenant expresses its intention to exercise such option to renew. Within 30 days after receiving Tenant’s initial nonbinding notice, Landlord will notify Tenant (“Landlord’s Notice”) of Landlord’s calculation of (i) the initial prevailing market rate of Base Rent (for the Premises as defined belowabove, which calculation will reflect the market rate that would be payable per annum for a term commencing on the first day of such Renewal Term, and (ii) the prevailing market rate of increase in Base Rent, if any, applicable for such Renewal Term. If Tenant fails to give its initial nonbinding notice of intent to exercise its option to renew when due as provided in this Section 37, time being of the essence, Tenant will irrevocably be deemed to have waived such option, and any further option, to renew. Such calculation by Landlord will be final and will not be recalculated at the actual commencement of such Renewal Term (if any). C. Within 15 days after Landlord delivers Landlord’s Notice, Tenant will deliver to Landlord a final binding notice in which Tenant (i) elects to renew this Lease and accepts the terms stated in Landlord’s Notice, or (ii) declines to renew the Lease Term, or the first Renewal Term, as the case may be, in which case Tenant’s rights under this Section 37 will be null and void; If Tenant fails to notify Landlord within the 15-day period described above (after having given its initial nonbinding notice within the required time), time being of the essence, then Tenant will conclusively be deemed to have elected not to renew this Lease on the terms set forth in Landlord’s Notice and in this Section 37. After Tenant delivers its binding notice exercising its option to renew, Landlord will deliver to Tenant an amendment to this Lease reflecting the terms of the renewal, and Tenant will execute such amendment and deliver it to Landlord within 30 days after receipt. If Tenant fails to execute and deliver to Landlord the requisite amendment to this Lease within 30 days after Landlord’s delivery of such amendment to Tenant, such failure (i) will, if Landlord so elects in Landlord’s sole and absolute discretion, render Tenant’s exercise of such option, and any further option, to renew null and void; and (ii) will, if Landlord’s so elects in Landlord’s sole and absolute discretion, constitute an Event of Default. D. Tenant’s right to exercise its option to renew this Lease pursuant to this Section 37 is subject to the following conditions: (i) that on the date that Tenant delivers notice of its election to exercise its option to renew, and at the commencement of such Renewal Term, no Event of Default exists, and no condition exists which, with the giving of notice or the passage of time, or both, would constitute an Event of Default; and (ii) that Tenant has not assigned this Lease or sublet the Premises or any portion thereof, at any time during the period commencing with the date that Tenant delivers its notice to Landlord of Tenant’s exercise of such option to renew and ending on the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver or at any time prior to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rentsuch period, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts such assignment or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinsublease extends into such period.

Appears in 1 contract

Sources: Office Lease (Alfacell Corp)

Renewal Option. If Tenant is not in default under any term or condition hereby granted two (2) options to renew this Lease upon the following terms and conditions: a. At the time of the Lease, as amended by exercise of the Amendment, beyond all applicable cure periods, option to renew and at the time of delivery the said renewal, there shall not have occurred an Event of the Renewal Default by Tenant under this Lease which remains uncured. b. Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof of the option shall be sent to the Landlord not earlier than in writing at least twelve (12) months nor later than nine (9) months before the expiration of the then current Term. . c. Each renewal term shall be for a period of five (5) years, to commence at the expiration of the preceding Term and all of the terms and conditions of this Lease, other than the Fixed Basic Rent, shall apply during such renewal term. d. The Base annual Fixed Basic Rent payable for each month to be paid during the Renewal Term first renewal term shall be the Fair Market Rent (as defined below) as fair rental value per square foot of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to Premises at the commencement of the Renewal Term renewal term. The annual Fixed Basic Rent to be paid during the second renewal term shall be the fair rental value per square foot of the Premises at the commencement of the second renewal term. Within sixty (60) days after Tenant's notice of election to renew, the “Trigger Date”)Landlord shall notify Tenant of Landlord's opinion of the fair rental value. 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 buildings located within the metropolitan Philadelphia, 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, Landlord shall, at Landlord's sole cost and Tenant have not agreed in writing as expense, employ the services of an appraiser familiar with buildings located with the metropolitan Philadelphia, Pennsylvania area comparable to the Fair Market RentBuilding who shall be a member of MAI and who shall render an appraisal. If the two appraisers cannot agree on the fair rental value, then within ten (10) business days following or in such case, on an independent appraiser acceptable to both, either Landlord or Tenant may request the Trigger Date (American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with comparable buildings in the “Withdrawal Deadline”)area of the Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be final and binding upon the parties. The parties shall share equally in the cost of any third such independent appraiser. Pending resolution of the issue of fair rental value, the Tenant shall have pay the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration Landlord as of commencement of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadlinerenewal term, the parties shall proceed to determine Fixed Basic Rent for the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all eventspreceding lease year, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinretroactive adjustment upon final determination of this issue.

Appears in 1 contract

Sources: Lease (Animas Corp)

Renewal Option. If Tenant (a) Provided Subtenant is not in default under this Sublease beyond any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, grace period at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein any renewal notice is occupying the entire Leased Premises given or at the time of such electionthe renewal period is to commence, Tenant may Subtenant shall have the right to renew the Lease for all or a portion of the Leased Premises (but no less than one floor) this Sublease for one (1) additional two (2) year period of five (5) years (the “Renewal Term”), by delivering . (b) Subtenant’s right to renew hereunder is expressly subject to Subtenant’s furnishing to Sublandlord written notice (the “Renewal Notice”) of the exercise thereof its intention to Landlord not earlier than renew this Sublease at least twelve (12) months nor later than nine (9) months before prior to the expiration of the then current Term. The term, TIME HEREBY BEING MADE OF THE ESSENCE. (c) All the terms and conditions of this Sublease shall apply to the renewal period, except that the Annual Base Rent payable for each month to be paid during the renewal period shall be adjusted as follows: The Annual Base Rent to be paid during the Renewal Term shall not be less than that paid for the Fair Market Rent (as defined below) as Subleased Premises during the last year of the commencement date original term of this Sublease (without regard to any temporary abatement of rent then in effect pursuant to the Renewal TermSublease provisions). Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base RentHowever, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to fair rental value per square foot at the commencement of the Renewal Term (renewal term shall exceed the “Trigger Date”)rent as established in the preceding sentence, Landlord the Subtenant shall pay such fair rental value. In determining the fair rental value, the Sublandlord shall notify the Subtenant of the fair rental value as established by Sublandlord. Should Subtenant dispute Sublandlord’s determination, then the Subtenant shall be free to, at the Subtenant’s sole cost and Tenant have not agreed in writing as expense, employ the services of an appraiser familiar with office buildings located within the Saddle River, New Jersey area comparable to the Fair Market RentBuilding, then within ten who shall be a member of The Appraisal Institute (10“MAI”) business days following and who shall render an appraisal. If the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, Sublandlord and the Lease Subtenant’s appraiser cannot agree on the fair rental value, or in such case, on an independent appraiser acceptable to both, either party may request the American Arbitration Association of Somerset, New Jersey to appoint such independent appraiser who shall expire 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 Sublandlord shall be final and binding upon the expiration parties. The parties shall share equally in the cost of any such independent appraiser. Pending resolution of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadlineissue of fair rental value, the parties Lessee shall proceed to determine pay Sublandlord as of commencement of the Fair Market renewal term, the Annual Base Rent in accordance with the procedure set forth in Paragraph C below. In all eventsas established by Sublandlord, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinretroactive adjustment upon final determination of this issue.

Appears in 1 contract

Sources: Sublease Agreement (Pdi Inc)

Renewal Option. If A. Provided that Tenant is not in default under with respect to the performance of any term or condition of its material obligations hereunder beyond the Lease, as amended by the Amendment, beyond all expiration of applicable notice and cure periods, at Tenant shall have the time right to extend the term of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises two (but no less than one floor2) for one (1) additional period successive periods of five (5) years (the each, a “Renewal Term”). Tenant's right to extend the Lease for a Renewal Term shall be exercised, if at all, by delivering Tenant's delivery of written notice (the “Renewal Notice”) of the exercise thereof its election to Landlord not earlier do so no less than twelve (12) months nor later more than nine fifteen (915) months before prior to the expiration of Termination Date, as the then current same may have been extended by the first Renewal Term. The Base Rent payable for each month due during the first year of each Renewal Term shall be the Fair Market fair market rent for the Premises as reasonably determined by Landlord, which shall be based on the value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the date on which the Renewal Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market area. Such determination of fair market rent shall take into account all relevant factors, including but not limited to any material economic differences between the terms of this Lease and any comparison lease. Thereafter, the Base Rent during each Renewal Term shall increase two and one-half percent (2.5%) annually. Except as defined below) as expressly provided in this Section 33, all other provisions of this Lease shall apply to the Renewal Terms, provided, however, that in no event shall Landlord be obligated to perform any additional improvements to the Premises and provided further that Tenant shall not be entitled to any additional renewal terms. B. Landlord shall provide written notice to Tenant of its proposed determination of the commencement date of fair market rent for the applicable Renewal Term. Within Term within thirty (30) days after of Landlord’s receipt of Tenant’s Renewal Notice, Landlord notice of its election to extend the term of this Lease. Tenant shall deliver have thirty (30) days from the receipt of Landlord's determination of the fair market rent to Tenant object to such determination by delivering written notice of its objection to Landlord, which notice shall include Tenant's determination of the fair market rent. If Landlord and Tenant cannot agree upon the fair market rent within twenty (20) days of delivery of Tenant’s Fair Market Rent proposal for written objection, the Renewal Term following process shall be utilized (“Landlord’s Fair Market Rent Proposal”which process shall commence on the first day following the expiration of the immediately preceding twenty (20) day period): A senior officer of a recognized greater New Haven leasing brokerage firm (the "Baseball Arbitrator") shall be selected jointly by Landlord and Tenant. If Landlord and Tenant are unable to agree upon the Baseball Arbitrator within ten (10) days, then the same shall be designated by the American Arbitration Association ("AAA"). The Baseball Arbitrator selected by the parties or designated by the AAA shall not have been employed by Landlord or Tenant during the previous five (5) year period and shall advise Tenant have at least ten (10) years' experience in the leasing of the required adjustment to Base Rent, if any, and the other terms and conditions offeredoffice space in downtown Hartford. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe designation of the Baseball Arbitrator, Landlord and Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposaleach submit to the other and to the Baseball Arbitrator, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination their respective final determinations of the Fair Market Rentfair market rent applicable to the Renewal Term. If Tenant does The Baseball Arbitrator shall determine which of the two determinations more closely represents the fair market rent. The Baseball Arbitrator may not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to select any amount other than the determinations submitted by Landlord within and Tenant, respectively. Within ten (10) business days after of the Baseball Arbitrator's receipt of Landlord’s Fair Market Rent Proposal's and Tenant's final determinations of the fair market rent, Tenant will the Baseball Arbitrator shall issue his or her decision, which shall be deemed the fair market rent applicable to have rejected Landlord’s Fair Market Rent Proposalthe Renewal Term. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement each pay one-half of the cost of the Baseball Arbitrator. Within 30 days after determination of the final fair market rent for a Renewal Term, Landlord shall provide to Tenant an amendment to this Lease, setting forth the applicable Base Rent for such Renewal Term (and any other applicable terms mutually agreed to by the “Trigger Date”), Landlord and Tenant have not agreed in writing as to parties. C. In the Fair Market Rent, then within ten (10) business days following event that the Trigger Date (parties pursue the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Noticeprocess set forth under Section 33.B. above, and the Lease Baseball Arbitrator has not yet established the fair market rent for the Renewal Term, Tenant’s Base Rent shall expire upon be the expiration Base Rent paid in the last month of the then current then-preceding Term, or Renewal Term as applicable. If Tenant does not withdraw its Renewal Notice Upon the fair market determination by the Withdrawal DeadlineBaseball Arbitrator, the parties Base Rent shall proceed to determine the Fair Market Rent then be adjusted in accordance with the procedure process set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.under Section 33.B.

Appears in 1 contract

Sources: Lease Agreement (Quantum-Si Inc)

Renewal Option. If Tenant the lease is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein each option is occupying the entire Leased Premises exercised or at the time of such electionthe renewal term is to commence, Tenant may shall have the option to renew the Lease this lease for all or a portion two successive terms of five years each, as follows: A. Each of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (renewal terms shall commence on the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the day following expiration of the then current Termpreceding term. B. The option may be exercised by written notice to Landlord given not less than 180 days prior to the last day of the expiring term. The Base Rent payable 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 then be bound to take the steps required in connection with the determination of rent as specified below. C. The terms and conditions of the lease for each month during renewal term shall be identical with the Renewal Term original term except for rent and except that Tenant will no longer have any option to renew this lease that has been exercised. Rent for a renewal term shall be the Fair Market Rent (as defined below) as fair market rental value of the commencement date Premises. As used herein, the "fair market rental rate" shall be the monthly rent (triple net) then being obtained for five year fixed rate leases of comparable terms for premises on property within the Renewal Term. Within thirty (30) same geographical area, of similar types and identity, quality and location as the Premises. D. If the parties do not agree on the rent within 30 days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of election to renew, the rent shall be determined by a qualified, independent real property appraiser familiar with commercial rental values in the area and not affiliated in any way with Landlord or Tenant. The appraiser shall be chosen by Tenant from a list of not fewer than five such individuals submitted by Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver make the choice within five days after submission of the list, Landlord may do so. If Landlord does not submit such a list within 10 days after written request from Tenant ▇▇.▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business ▇ so, Tenant may name as an appraiser any individual with such qualifications. Within 30 days after receipt of Landlord’s Fair Market Rent Proposalappointment, Tenant will the appraiser shall return a decision; which shall be deemed to have rejected Landlord’s Fair Market Rent Proposalfinal and binding upon both parties. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement The cost of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder appraisal shall be binding upon Tenant and not subject to rescission except as provided hereinborne equally by both parties.

Appears in 1 contract

Sources: Lease Addendum (Advance Power Technology Inc)

Renewal Option. If 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under any term or condition of the this Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), ii) Tenant then occupies and the Premises then consist of at least all the original Tenant named herein Premises and (iii) this Lease is occupying the entire Leased Premises at the time in full force and effect, then Tenant, but not any assignee or subtenant of such electionTenant, Tenant shall have and may exercise an option to renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period term of five (5) years (the “Renewal Term”), by delivering written notice () upon the “Renewal Notice”) of same terms and conditions contained in this Lease with the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before exceptions that the expiration of the then current Term. The Base Rent payable rental for each month during the Renewal Term shall be the Fair Market “Renewal Rental Rate”. The Renewal Rental Rate is hereby defined to mean the then prevailing rents (including, without limitation, those similar to the Basic Annual Rent (and Additional Rent) payable by renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as defined below) as of the commencement date of Premises, including any additions thereto, located within the area described below and leased for a renewal term approximately equal to the Renewal Term. Within thirty The Renewal Rental Rate will take into consideration all prevailing tenant inducements and Landlord concessions then being offered in the market place in determining the Renewal Rental Rate. 2. If Tenant desires to renew this Lease, Tenant must notify Landlord in writing of its intention to renew on or before the date which is at least twelve (3012) months prior to the Expiration Date. Landlord shall, within the next sixty (60) days, notify Tenant in writing of Landlord’s determination of the Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord’s determination of the Renewal Rental Rate, notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate. If Tenant timely notifies Landlord of Tenant’s acceptance of Landlord’s determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the term and changes in Rent or other mutually agreed upon terms in accordance with this Rider. If (x) Tenant timely notifies Landlord in writing of Tenant’s rejection of Landlord’s determination of the Renewal Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate within such twenty (20) day period, this Lease shall end on the Expiration Date and Landlord shall have no further obligations or liability hereunder. 3. The area with respect to which the Renewal Rental Rate will be determined is Far North Dallas, Texas. 4. If Landlord and Tenant do not agree upon the Renewal Rental Rate, the Renewal Rental Rate will be determined in accordance with this Section 4. Tenant will give Landlord written notice requiring a determination in accordance with this Section 4 and will identify an appraiser selected by Tenant. Landlord shall give notice to the Tenant within fifteen (15) days after receipt of Tenant’s Renewal Noticenotice identifying an appraiser selected by Landlord. The two appraisers shall, within fifteen (15) days after the selection of the second, agree to a third appraiser. If the two appraisers are unable to agree upon a third appraiser, either Landlord or Tenant may petition the applicable district court having jurisdiction over the Premises for the appointment of the third appraiser. The three appraisers shall each, within thirty (30) days after the appointment of the third appraiser, simultaneously deliver to Landlord and Tenant written notice their expert opinions of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and Rental Rate in question. The Renewal Rental Rate shall advise Tenant be the average of the required adjustment to Base Rentthree appraisals unless one appraisal is more than ten percent (10%) greater or lesser than the average of the other two appraisals, if anyin which case that appraisal shall be disregarded, and the other terms and conditions offeredaverage of the remaining appraisals shall be the Renewal Rental Rate. Within If, however, all three appraisals are more than ten percent (10%) business different from each other, then the average of all three appraisals shall be the Renewal Rental Rate. Each of Landlord and Tenant shall have the right within fifteen (15) days after the appointment of the third appraiser to submit written materials to the appraisers and the other party not in excess of fifteen (15) pages in length and may submit a reply of not more than five (5) pages within five (5) days after receipt of Landlordthe other party’s Fair Market Rent Proposal, Tenant submission. There shall notify Landlord in writing whether Tenant accepts be no hearings or rejects Landlord’s Fair Market Rent Proposalother contact between the appraisers and the parties hereto. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice Each party shall include Tenant’s determination pay the cost of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant appraiser selected by it and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement one half of the Renewal Term (cost of the “Trigger Date”), Landlord third appraiser. All appraisers shall be disinterested and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Noticedesignation, MAI, SRA or equivalent and shall have not less than five years experience appraising lease rents in the Lease business market wherein the [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. Project is located. The appraisers may, but need not, present formal written appraisals supporting their opinion but shall expire upon in any event certify that the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent report was conducted in accordance with the procedure set forth in Paragraph C belowprofessional standards. In all events, ▇▇▇▇▇▇’s exercise The decision of its renewal option right hereunder this appraisal process shall be binding upon Tenant the parties and shall not be subject to rescission appeal to a court or other body except as provided hereinbased upon fraud. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

Appears in 1 contract

Sources: Sublease Agreement (Elevate Credit, Inc.)

Renewal Option. If Provided no Event of Default exists and Tenant is not in default under any term or condition occupying at least 75% of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) two additional period periods of five (5) years (the “Renewal Term”)each, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) 12 months nor later than nine (9) 9 months before the expiration of the then current Term. The Base Basic Rent payable for each month during the Renewal applicable extended Term shall be the Fair Market Rent prevailing rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Complex or in comparable buildings in the vicinity of the commencement date Complex of equivalent quality, size, utility and location, with the length of the Renewal extended Term and the credit standing of Tenant to be taken into account, provided however, in no event shall the Prevailing Rental Rate be less than the Basic Rent payable during the month immediately preceding the commencement of the applicable extended Term. Within thirty (30) 30 days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Basic Rent, if any, and the other terms and conditions offered. Within ten If Tenant disagrees with Landlord’s determination of the Prevailing Rental Rate, then Tenant may, but only within twenty (1020) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant require by written notice to Landlord that the determination of the Prevailing Rental Rate be made by brokers, taking into account the requirements of this Section 26; provided that Tenant’s failure to deliver such notice within such 20-day period shall notify Landlord in writing whether Tenant accepts or rejects be deemed to be Tenant’s acceptance of Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects Landlord’s Fair Market Rent Proposaltimely delivers such notice, then, within 10 days after such delivery, each party shall select one qualified commercial real estate broker with at least 10 years experience in appraising property and buildings in the city or submarket in which the Premises are located. If Landlord or Tenant fails to select its broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa ▇▇▇▇▇▇’s ▇ County to appoint such broker, subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over Landlord and Tenant to appoint such broker. Each broker shall deliver its written notice shall include Tenant’s determination of the Fair Market RentPrevailing Rental Rate, taking into account the requirements of this Section 26, to the other broker within 20 days after such broker’s retention. In the event the determinations of the two brokers differ and, after good faith efforts over the succeeding 20 day period, they cannot mutually agree, the brokers shall, within 10 days thereafter, appoint a neutral third broker with the qualifications specified above and deliver their respective determinations to such third broker. If the two brokers fail to select the third broker within such 10-day period, then Landlord or Tenant does not deliver may petition the then presiding judge of the Superior Court of the State of California for Santa ▇▇▇▇▇▇’s written ▇ County to appoint such broker subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over the Landlord and Tenant to appoint such broker. Within 5 days after its appointment, the third broker shall choose either the determination of Fair Market Landlord’s broker or Tenant’s broker and such choice of the third broker shall be final and binding on Landlord and Tenant. Each party shall pay the costs of its real estate broker. The parties shall equally share the costs of any third broker. Following the determination of the Prevailing Rental Rate, Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows: (i) Basic Rent shall be adjusted to the Prevailing Rental Rate; (ii) Tenant shall have no further renewal option except as expressly provided in this Lease; and (iii) Landlord shall lease to Tenant the Premises in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements except as specifically provided in Landlord’s notice. Tenant’s rights under this Section 26 shall terminate if (i) this Lease or Tenant’s right to possession of the Premises is terminated, (ii) Tenant assigns any of its interest in this Lease or sublets more than 25% of the Premises to other than a Permitted Transferee, (iii) Tenant fails to timely exercise its option under this Section 26, time being of the essence with respect to Tenant’s exercise thereof, or (iv) based on Tenant’s financial statements audited by a national independent certified public accounting firm (which shall be furnished by Tenant within ten (10) business days after receipt of following Landlord’s Fair Market Rent Proposalrequest), Tenant will be deemed to have rejected LandlordTenant’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent then net worth is less than fifty (50%) of Tenant’s net worth as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration date of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinthis Lease.

Appears in 1 contract

Sources: Lease Agreement (Riverbed Technology, Inc.)

Renewal Option. If Provided Tenant is not in default under any term or condition of the Lease, as amended by terms and conditions of the Amendment, beyond all applicable cure periods, lease at the time of delivery exercise of the Renewal Notice (as defined below), option and as of at the time for commencement of the Renewal Term extended term, Tenant shall have two (as defined below2), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (year options to renew the “Renewal Term”), by delivering written notice (the “Renewal Notice”) term of the exercise thereof to Landlord lease at the same terms and conditions other than base rent. The option shall be exercised, if at all, not earlier than twelve (12) months nor later than nine (9) months before 180 days prior to the expiration of the then current Terminitial term hereof. The option is personal to Tenant and shall not be assignable nor may the option be exercised for the benefit of any sublessee or successor-in-interest. Base Rent payable rent for each month during the Renewal Term option period shall be ninety-five percent (95%) of the then Fair Market Rent (as defined below) as Value of comparable office space in the commencement date of the Renewal Termdowntown Honolulu business district. Within Upon Tenant's notice to renew, Landlord and Tenant shall have thirty (30) days after receipt of Tenant’s Renewal Noticeto agree upon the base rent to be paid by Tenant to Landlord during the option extension period, Landlord it being intended that the new base rent shall deliver be equal to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term ninety-five percent (“Landlord’s Fair Market Rent Proposal”95%) and shall advise Tenant of the required adjustment fair market value for similar space in the submarket in which the demised Premises is located. In the event Landlord and Tenant are unable to Base Rentagree on the new base rent for such option extension period, if any, each of the Landlord and Tenant shall designate an appraiser holding the other terms and conditions offered. Within MAI designation who has a minimum of ten (10) business days after receipt years experience in appraising office buildings of Landlord’s Fair Market Rent Proposal, Tenant similar size and class in the submarket in which the demised Premises is located. Each such appraiser shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination determine the fair market rental of the Fair Market Rentdemised Premises based upon an analysis of similar buildings in the area in which the demised Premises is located and considering all other factors which an experienced appraiser would consider when determining the fair market value of office rental space, including but not limited to concessions being granted at the time to tenants in similar type buildings. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord In the event each appraiser identifies a fair market rental value for the Premises which is within ten percent (10%) business days after receipt of Landlord’s Fair Market Rent Proposalthe other appraiser's fair market rental value, Tenant will it shall be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on conclusively determined that the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant fair market rental value of the Premises shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior be equal to the commencement average of the Renewal Term two amounts. In the event the two appraisers' figures for fair market rental value differ by more than ten percent (the “Trigger Date”10%), Landlord and Tenant have not agreed in writing the two appraisers shall jointly choose a third appraiser holding the same qualifications, which appraiser shall make a determination as to the Fair Market Rent, then within ten (10) business days following fair market rental value of the Trigger Date (Premises; in such event it shall be conclusively determined that the “Withdrawal Deadline”), Tenant fair market rental value of the Premises shall have be equal to the one time right to withdraw its Renewal Notice, average of such third appraiser's fair market rental value and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice next closest fair market rental value as determined by the Withdrawal Deadlinefirst two appraisers. All fees, the parties shall proceed to determine the Fair Market Rent costs and expenses incurred in accordance connection with the foregoing procedure set forth shall be paid in Paragraph C belowequal part by the Tenant and Landlord. In all events, ▇▇▇▇▇▇’s Landlord shall provide a $20.00 per useable square foot improvement allowance upon each exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided hereinoption.

Appears in 1 contract

Sources: Office Lease (American Classic Voyages Co)

Renewal Option. If Tenant 1. While this lease is in full force and effect, provided that Lessee is not in default under of any term or condition of the Leaseterms, as amended by the Amendment, beyond all applicable cure periodscovenants and conditions thereof, at the time Lessee exercises such option, Lessee shall have the right or option to extend the original term of delivery this lease for two (2) further terms of sixty (60) months each. Such extension of the Renewal Notice original term shall be on the same terms, covenants or conditions as provided for in the original term except that the base rental during the extended term shall be at the fair market rental (as defined below)the "Fair Market Base Rental") then in effect on equivalent properties, of equivalent size and as condition, in equivalent areas with the length of the commencement lease, the length of the Renewal Term (as defined below)renewal term, and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion credit standing of the Leased Premises (but Lessee to be taken into account, cost savings of Lessor for not having to pay leasing commission to outside brokers, tenant allowances, the method for payment of taxes and expenses or increases in tax. However, in no less than one floor) event shall the base rent for one (1) additional period of five (5) years (an extended term be below the “Renewal Term”), by delivering written notice (base rent in the “Renewal Notice”) primary term of the Lease. Notice of Lessee's intention to exercise thereof the option must be given to Landlord Lessor in writing not earlier less than twelve (12) months nor later than nine (9) months before prior to the expiration of the then current Termoriginal term of this Lease or twelve (12) months prior to the expiration of the first extended term. 2. The Base Rent payable for each month during Upon written notice of Lessee's intent to exercise an extension term option, Lessor shall within twenty (20) days provide Lessee, with written notice, the Renewal Term shall amount in which Lessor contends to be the Fair Market Rent Base Rental. Within twenty (as defined below20) as days after receipt of Lessor's written notice of the commencement date Fair Market Base Rental, Lessee shall give Lessor written notice ("Lessee's Response"), either (a) irrevocably exercising Lessee's extension option and accepting the statement of Fair Market Base Rental set forth in Lessor's notice, or (b) rejecting the Renewal TermFair Market Base Rental set forth in Lessor's notice and specifying the amount lessee contends to be the Fair Market Base Rental. Within If Lessee rejects the Fair Market Base Rental specified by Lessor, then Lessor and Lessee shall endeavor to negotiate a mutually acceptable resolution to their dispute concerning the Fair Market Base Rental. If they are unable to agree within thirty (30) days after receipt by Lessee's Response, of Tenant’s Renewal Noticethe rejection of Lessor's Fair Market Base Rental, Landlord and a mutually acceptable resolution of the Fair Market Base Rental is not reached, then Lessee shall deliver either (i) revoke its intent to Tenant exercise the extension period, or (ii) provide Lessor with written notice of Landlord’s to arbitrate the Fair Market Rent proposal Base Rental. If Lessee elects to arbitrate the Fair Market Base Rental, the term of the Lease shall be extended for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if anyextended term, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s final determination of the Fair Market RentBase Rental shall be binding on both Lessor and Lessee. If Tenant does not deliver ▇▇▇▇▇▇’s Upon Lessee's written determination of Fair Market Rent to Landlord notice, Lessor and Lessee shall, within ten (10) business days, each separately designate a licensed real estate appraiser who is reasonably active in regard to the valuation of Houston, Texas, warehouse properties in the area where the Project is located to participate in determination of the Fair Market Base Rental. If either Lessor or Lessee fails timely to designate an appraiser as provided above, then the determination of Fair Market Base Rental shall be made solely by the appraiser timely designated by the other party and such determination shall be binding on Lessor and Lessee. Within sixty-five (65) days after receipt by Lessor of Landlord’s Fair Market Rent ProposalLessee's notice (or at such other time as Lessor and Lessee may mutually agree), Tenant will each party shall state in writing the amount the party contends to be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent Base Rental, including whatever support for such contention the party wishes to have considered by the appraisers. The appraisers shall arrange for simultaneous exchange of such written contentions and for presentation of such additional evidence, rebuttals, or other matters as evidenced by Landlord’s the parties may wish to present and the 18 INITIALS -------- Lessor: --------- Lessee: KHS --------- appraisers may elect to hear or otherwise receive. After presentation of such additional evidence and argument as the appraisers may elect to receive, if any, each party may submit a modified statement of contended Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to Base Rental. If the appraisers do not agree upon the actual Fair Market Rent. If by that date which is six Base Rental, and the two statements of Fair Market Base Rental are within ten percent (610%) months prior to of one another, then the commencement two statements of the Renewal Term (the “Trigger Date”), Landlord Fair Market Base Rental shall be averaged and Tenant have not agreed in writing such amount shall be binding on Lessor and Lessee as to the Fair Market RentBase Rental. If the determinations of the two appraisers are greater than ten percent (10%) from one another, then the two appraisers shall be instructed to appoint, within ten (10) business days following thereafter, a third appraiser who has significant experience and is then active appraising warehouse space in the Trigger Date (area. If the “Withdrawal Deadline”)two appraisers designated by Lessor and Lessee cannot agree on the appointment of a third appraiser within the time period provided, Tenant either Lessor or Lessee may seek the appointment of a third appraiser by the presiding judge for the County Court where the Project is located. The third appraiser shall have then determine which of the one time right two final contended Fair Market Base Rental amounts submitted by the parties is closest to withdraw its Renewal Noticethe actual Fair Market Base Rental, and the Lease such determination shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine be binding on Lessor and Lessee as the Fair Market Rent in accordance with Base Rental. 3. All reasonable fees and expenses of the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder appraisers shall be binding upon Tenant paid as follows: Lessor shall advance the fees and not subject to rescission except expenses of the appraiser designated by Lessor; Lessee shall advance the fees and expenses of the appraiser designated by Lessee; and Lessor and Lessee shall each advance one half of any fees and expenses of the third appraiser. The attorneys' fees and expenses of counsel for the respective parties and of witnesses shall be paid and borne by the party engaging such counsel or calling such witness, as provided hereinthe case may be.

Appears in 1 contract

Sources: Lease Agreement (Homegrocer Com Inc)

Renewal Option. If Provided that no default exists beyond any applicable notice and cure period, then Tenant is not in default under any term or condition of hereby granted the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may option to renew the Term of this Lease for all or a portion of all, but not part of, the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years 60 full calendar months (the “Renewal Term”), . The Renewal Term (if timely and properly exercised by Tenant shall commence at the expiration of the initial Lease Term. Tenant shall exercise each option to renew by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not at least 270 days, but no earlier than twelve (12) months nor later than nine (9) months before 365 days prior to the expiration of the then current TermLease Term (time being of the essence). The Any such renewal of this Lease shall be upon the same terms and conditions of this Lease, except the annual Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal TermTerm for the Premises. Failure by Tenant to provide notices to Landlord of its intent to renew by the period stated in this Section shall nullify Tenant’s renewal rights. Within thirty (30) days after receipt receiving notice from Tenant of Tenant’s Renewal Noticeits intention to renew, Landlord shall deliver to will provide Tenant written notice of with Landlord’s determination of Fair Market Rent proposal for the Renewal Term and Tenant shall then have thirty (“Landlord’s Fair Market Rent Proposal”30) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after from receipt of Landlord’s determination of Fair Market Rent Proposalto notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s be obligated to renew the Lease at the Fair Market Rent Proposal. If rate determined by Landlord, (b) Tenant rejects does not accept Landlord’s determination of the Fair Market Rent Proposaland withdraws the exercise of its renewal option, then in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant shall attempt to resolve their differences within thirty (30) days after L▇▇▇▇▇▇▇’s written notice shall include Tenant’s determination receipt of the Fair Market Rent. If Tenant does not deliver ▇T▇▇▇▇▇’s written determination of Fair Market Rent to notice. In the event Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, and Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on do not resolve their differences regarding the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposalwithin such thirty (30) day period, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇T▇▇▇▇▇’s exercise of its renewal option right rights and obligations hereunder shall be binding upon forever terminated. For purposes of determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions then being offered for comparable Class A buildings, both in size and in quality, in the submarket for the Building, but in no event shall such Fair Market Rent be less than the Base Rent for the prior lease period under this Lease. The Premises will be provided in its then-existing condition (on an “as-is” basis) at the time the Renewal Term commences and Tenant and shall not subject be entitled to rescission any construction, build out or other allowances with respect to the Premises during the Renewal Term except as provided hereinmay be included as part of the determination of Fair Market Rent. All other terms, covenants, and provisions of this Lease shall continue in full force and effect and be applicable to the Renewal Term. The rights granted to Tenant under this article are personal to the original named Tenant in this Lease and may not be assigned or exercised by anyone other than Tenant.

Appears in 1 contract

Sources: Lease (Wellgistics Health, Inc.)

Renewal Option. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, a) Tenant may renew extend the Lease Term for all or a portion of the Leased Premises (but no less than one floor) for one (1) two additional period of five (5) years year terms such extended term to be subject to the same terms and conditions as are contained in the Lease except the Rent set forth in Section 1(c) shall be the prevailing Fair Market Rate, as hereinafter defined. Provided that Tenant requests the same no more than eighteen (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (1218) months nor later and no less than nine seventeen (917) months before prior to the expiration of the then current Lease Term, Landlord, no later than fifteen (15) months prior to the expiration of the then current Lease Term, shall give Tenant written notice of its proposed Fair Market Rate. Tenant shall give Landlord written notice if it intends to exercise this option, which notice must be given at least twelve months prior to the expiration of the initial Term for the first option to renew and twelve months prior to the expiration of the first renewal term for the second option to renew; each such notice shall state whether Landlord's proposed Fair Market Rate is acceptable to Tenant. If Landlord's proposed Fair Market Rate is acceptable to Tenant, then this Lease shall be renewed with such proposed Fair Market Rate as the Rent payable pursuant to Section 1(c). The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (Rate as defined below) used herein shall mean the fair market rental rate then being charged for like space similarly situated in industrial/manufacturing buildings giving due consideration to all matters as are customarily and appropriately considered by landlords and tenants engaged in leasing similar space of approximately the same size and within a 5-mile radius of RiverTech Park as of the commencement date time of such determination and the terms of this Lease, including, without limitation, age and condition of the Renewal Termbuilding, rental and other concessions, finish allowances, the creditworthiness and net worth of tenant, offered inducements and the Lease Term which would be offered for comparable properties. Within In the event the parties cannot reach an agreement as to the prevailing Fair Market Rate within thirty (30) days after receipt of Tenant’s Renewal Notice's notice to renew, then the Fair Market Value shall be determined by the procedure described below. (b) Landlord and Tenant shall deliver each appoint an individual professional real estate broker duly licensed by the Commonwealth of Massachusetts who has not less than five (5) years experience in the sale and/or leasing of industrial/manufacturing building complexes within a 5-mile radius of RiverTech Park, whose clients involve to a substantial extent publicly held corporations, and who has not personally acted as a broker on behalf of either Landlord or Tenant written notice of Landlord’s (each such selected person being called a "Broker"). Each Broker so appointed shall be instructed to determine independently the Fair Market Rent proposal for as defined herein. Within twenty (20) days after the Renewal Term (“Landlord’s Fair Market Rent Proposal”) appointment of the Brokers by Landlord and Tenant, the Brokers shall advise notify both Landlord and Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s each Broker's determination of the Fair Market Rent. If Tenant the difference between the amounts determined by the two Brokers does not deliver ▇▇▇▇▇▇’s written determination exceed ten percent (10%) of the lesser of the two amounts, then Fair Market Rent shall be an amount equal to Landlord the average of the two amounts so determined. If the difference between the amounts determined by the two Brokers exceeds ten percent (10%) of the lesser of the two amounts, then the two Brokers shall appoint a third Broker who satisfies the above qualifications within ten (10) business days thereafter. The third Broker shall within twenty (20) days after receipt his or her appointment make his or her determination of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposaldefined herein. The determination of the Broker which differs most from the determinations of the other two (2) Brokers shall be excluded, then Landlord and Tenant the average of the two remaining determinations shall attempt in good faith to agree upon be the Fair Market Rent. If the initial two Brokers fail to agree upon a third Broker within the time period specified above or if such third Broker fails to render his determination in accordance with the provisions of this paragraphs, then a replacement or new Broker shall be selected jointly by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant. If Landlord and Tenant have not agreed in writing as are unable to the Fair Market Rent, then agree upon a third Broker within ten (10) business days following after the Trigger Date date such determination is required, then they shall in lieu thereof each select the names of two (the “Withdrawal Deadline”), Tenant shall have the one time right 2) willing Brokers qualified to withdraw its Renewal Noticebe Brokers hereunder, and from the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.four

Appears in 1 contract

Sources: Lease Agreement (Mykrolis Corp)

Renewal Option. If Tenant is has not in default under committed an Event of Default at any term or condition of time during the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below)Term, and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the this Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”)years, by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine eight (9) 8) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal such extended Term shall be the Fair Market Rent prevailing market rental rate (as defined below) as the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Building or Project, if applicable, of equivalent quality, size, utility and location, and also taking into consideration all elements affecting the lease transaction including, but not limited to, typical Tenant improvement advances, typical rent abatements, or other normal and customary tenant concessions and tenant improvement credits, with the length of the commencement date extended Term and the credit standing of the Renewal TermTenant to be taken into account. Within thirty (30) days after receipt of Tenant’s Renewal Noticenotice to renew, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within Tenant shall, within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant rejects timely notifies Landlord that Tenant accepts Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination Prevailing Rental Rate, then, on or before the commencement date of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalthe extended Term, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt execute an amendment to this Lease extending the Term on the same terms provided in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”)this Lease, Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.follows:

Appears in 1 contract

Sources: Office Lease Agreement (Optio Software Inc)

Renewal Option. If Tenant is not then in default under any term or condition of the Lease, as amended by the Amendment, Default beyond all applicable notice and cure periods, at the time of delivery and Tenant is occupying no less than seventy-five percent (75%) of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises New Space at the time of such election, Tenant may renew this Lease with respect to the Lease for all or a portion of the Leased Premises (but no less than one floor) entire New Space only for one (1) additional period of five (5) years (the Renewal Extension Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve fifteen (1215) months nor later than nine twelve (912) months before the expiration of the then current New Term. The Base Rent payable for each month during the Renewal such Extension Term shall be the Fair Market Rent prevailing rental rate including all relevant business points in comparable transactions, including without limitation, base rent, base rent increases, operating expenses, operating expense protections (as defined below) as including new Base Year), tenant improvement allowances or the approximate value on a rentable per square feet basis for Landlord’s build-out, rent abatement and any other market monetary concessions (the “Prevailing Rental Rate”), at the commencement of such Extension Term. Upon the commencement of the commencement date Extension Term, the Base Year shall be adjusted to be the calendar year in which the first day of the Renewal TermExtension Term occurs. Within thirty (30) days after receipt of Tenant’s Renewal Noticedelivery of the notice to renew within the time periods provided above, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if anyany (the “Rent Adjustment Notice”). The Prevailing Rental Rate shall take into account completed lease renewal transactions (including, without limitation, base rent, base rent increases, operating expenses, base year, tenant improvement allowances, rent abatement and other monetary concessions) in comparable second-generation spaces in comparable buildings in Westlake Village in the other terms and conditions offered12-month period prior to Tenant’s notice exercising the option set forth herein. Within ten Tenant shall, within fifteen (1015) business days after receipt of Landlord’s Fair Market Rent Proposalnotice, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposaldetermination of the Prevailing Rental Rate. If Tenant fails to respond to Landlord’s Rent Adjustment Notice in such 15-business day period, time being of the essence, then Tenant’s rights under this Exhibit shall terminate and Tenant shall have no right to extend or renew this Lease. If Tenant responds to Landlord’s Rent Adjustment Notice within such 15-business day period but rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market RentPrevailing Rental Rate in the Rent Adjustment Notice, then Landlord and Tenant shall attempt to agree on the Prevailing Rental Rate during the Extension Term within thirty (30) days of Tenant’s rejection of the Rent Adjustment Notice. If Landlord and Tenant are not able to so agree within such thirty (30) day period, then Landlord and Tenant each, at its sole cost and by giving written notice to the other party, shall appoint a competent and impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the geographical area of the New Space to give its determination of the Prevailing Rental Rate for the New Space during the Extension Term. If either Landlord or Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord appoint a broker within ten (10) business days after receipt the other party has given written notice of Landlord’s Fair Market Rent Proposalthe name of its broker, Tenant will the single broker appointed shall be deemed to have rejected Landlord’s Fair Market Rent Proposalthe sole broker and shall conclusively determine the Prevailing Rental Rate during the Extension Term. If Tenant and Landlord disagree on the Fair Market Rent as evidenced two (2) brokers are appointed by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt in good faith to set the Prevailing Rental Rate. If the two (2) brokers are unable to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following after the Trigger Date second broker has been appointed, then the two (2) brokers shall attempt to select a third broker, meeting the “Withdrawal Deadline”)qualifications stated in this paragraph within ten (10) business days after the last day the two (2) brokers are given to set the Prevailing Rental Rate. In addition, Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration each of the then current Termtwo (2) brokers shall submit to the other prior to the end of such second (2nd) ten (10) business day period their respective good faith estimate of the Prevailing Rental Rate. If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant does not withdraw its Renewal Notice by giving ten (10) business days’ written notice to the Withdrawal Deadlineother party, can apply to the parties shall proceed Presiding Judge of the Superior Court of the county in which the New Space is located for the selection of a third broker who meets the qualifications stated in this paragraph. If either of the first two (2) brokers fails to determine submit their respective opinion of the Fair Market Rent in accordance with Prevailing Rental Rate within the procedure time frames set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder then the single Prevailing Rental Rate submitted shall automatically be the Prevailing Rental Rate for the Extension Term and shall be binding upon Landlord and Tenant. Landlord and Tenant each shall bear one-half (½) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not subject previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) business days after the selection of the third broker, the third broker shall select one of the two Prevailing Rental Rates for the Premises, which may be one or the other of the Prevailing Rental Rates submitted by the first two (2) brokers, or a different rate not greater than the higher nor lower than the lesser of the Prevailing Rental Rates submitted by the first two (2) brokers. The determination of the Prevailing Rental Rate by the third broker shall be conclusive and binding upon Landlord and Tenant. Upon agreement or determination of the Prevailing Rental Rate as set forth herein, on or before the commencement date of the Extension Term, Landlord and Tenant shall execute an amendment to rescission the Lease extending the Term on the same terms provided in the Lease, except as provided herein.follows:

Appears in 1 contract

Sources: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)

Renewal Option. If Tenant is shall have the option to extend the term of this Lease with respect to all, but not in default under any term or condition lesser portion, of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (such additional term is hereinafter called the “Renewal Term”), by delivering written notice of the exercise thereof (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Extension Term, provided that Tenant is not in default and no facts or circumstances then current Term. The Base Rent payable for each month during exist that, with the Renewal Term shall be giving of notice or the Fair Market Rent (as defined below) passage of time, or both, would constitute a default, either as of the date of Tenant’s Renewal Notice or the commencement date of the Renewal Term. The Base Annual Rental payable for each month during such Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of the Renewal Term, for renewals of space of equivalent quality, size, utility and location, with the length of the Renewal Term and the credit standing of Tenant to be taken into account, but in no event shall the Base Annual Rental be lower than the Base Annual Rental in effect at the end of the Extended Term, as provided below. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base RentAnnual Rental, if any. Thereafter, Tenant shall have ten (10) days from its receipt of Landlord’s notice to notify Landlord in writing that Tenant does not agree with Landlord’s determination of the Prevailing Rental Rate. If Tenant fails to object as aforesaid, Landlord’s determination shall be deemed to be the Prevailing Rental Rate for the Renewal Term. Upon receipt of Tenant’s objection, however, Landlord and Tenant shall meet for a period of thirty (30) additional days (the other terms “Negotiation Period”) to negotiate the Prevailing Rental Rate, with each acting in good faith. If such negotiations are successful, the rate so negotiated by the parties will be deemed to be the Prevailing Rental Rate for the Renewal Term. If such negotiations are not successful, the Prevailing Rental Rate will be determined in accordance with the following arbitration procedure: Within five (5) days after the expiration of the Negotiation Period, Tenant shall notify Landlord of Tenant’s selection of a real estate broker who shall act on Tenant’s behalf in determining the Prevailing Rental Rent. After Tenant delivers its notice to Landlord as set forth above, Landlord shall notify Tenant of Landlord’s selection of a real estate broker who shall act on Landlord behalf in determining the Prevailing Rental Rate. Within twenty (20) days after the selection of Tenant’s and conditions offeredLandlord’s broker, the two (2) brokers shall render a joint written determination of the Prevailing Rental Rate, which joint determination shall be final, conclusive and binding for the Renewal Term. If the two (2) brokers are unable to agree upon a joint written determination within said twenty (20) day period, the two (2) brokers shall select a third broker within such twenty (20) day period and shall each submit a determination of the Prevailing Rental Rate to such third broker. In the event the two (2) brokers cannot agree on a third, Landlord or Tenant may request that the local chapter of the Board of Realtors appoint a party to act as the third broker. Within ten (10) business days after receipt the appointment of Landlord’s Fair Market Rent Proposalthe third broker, Tenant the third broker shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s render a written notice shall include Tenant’s determination of the Fair Market RentPrevailing Rental Rate, which must be either the Landlord’s broker’s determination as submitted or the Tenant’s broker’s determination as submitted, but no other amount and no compromise between the two, with the third broker’s determination being final, conclusive and binding on both parties. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within All brokers selected or appointed in accordance with this subparagraph shall have at least ten (10) business days after receipt years prior experience in the commercial office leasing market of Landlord’s Fair Market Rent Proposalthe [northeast Atlanta/Gwinnett County, Tenant will be deemed to have rejected Landlord’s Fair Market Rent ProposalGeorgia suburban office submarket]. If either Landlord or Tenant fails or refuses to select a broker, the other broker shall alone determine the Prevailing Rental Rate. Landlord and Tenant agree that they shall be bound by the determination of Prevailing Rental Rate pursuant to this paragraph. Landlord disagree on shall bear the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then fee and expenses of its broker; Tenant shall bear the fee and expenses of its broker; and Landlord and Tenant shall attempt in good faith to agree upon share equally the Fair Market Rentfee and expenses of the third broker, if any. If by that date which is six (6) months prior Notwithstanding anything to the commencement of contrary contained herein, in the Renewal Term (event the “Trigger Date”), Landlord and Tenant have not agreed Prevailing Rental Rate determined in writing as to accordance with this Section 3 is less than the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire rate payable upon the expiration of the then current Extended Term of the Lease, the Prevailing Rental Rate will be automatically adjusted to be the Base Annual Rental in effect during the last year of the Extension Term, subject to the same rate of escalation as was in place during the Extension Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent The Prevailing Rental Rate determined in accordance with this Section 3 shall be final, binding and conclusive upon the procedure parties and such determination shall not be subject to dispute or challenge in court or otherwise. Except for the Base Annual Rental, which shall be determined as set forth in Paragraph C belowabove, leasing of the Premises by Tenant for the Renewal Term shall be subject to all of the same terms and conditions set forth in the Lease; provided, however, that any construction provisions, improvement allowances, rent abatements or other concessions applicable to the Premises during the initial term or the Extension Term shall not be applicable during the Renewal Term (unless otherwise mutually acceptable to both Landlord and Tenant in the sole discretion of each at the time Tenant exercises its option to extend), and Tenant shall have no further renewal option unless expressly granted by Landlord in writing. In all events, ▇▇▇▇▇▇Landlord and Tenant shall enter into an amendment to the Lease to evidence Tenant’s exercise of this extension option. If the Lease is guaranteed now or at any time in the future, Tenant simultaneously shall deliver to Landlord an original, signed reaffirmation of each guarantor’s guaranty, in form and substance acceptable to Landlord. Tenant’s rights under this Section 3 shall terminate if (a) this Lease or Tenant’s right to possession of the Premises is terminated, (b) Tenant assigns any of its renewal interest in this Lease (except for a permitted assignment), (c) Tenant fails to timely exercise its option right hereunder shall be binding upon Tenant and not subject under this Section 3, time being of the essence with respect to rescission except as provided hereinTenant’s exercise thereof, or (4) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Second Amendment.

Appears in 1 contract

Sources: Lease Agreement (Primerica, Inc.)

Renewal Option. If Tenant Providing Lessee is not in default under of this Lease beyond any term or condition of the Lease, as amended by the Amendment, notice and beyond all applicable any cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew Lessor hereby grants Lessee an option to extend the Lease for all or a portion of the Leased Premises (but no less than one floor) Term for one (1) additional period of five (5) years (the “Renewal Term”), year term by delivering giving written notice to Lessor two hundred seventy (the “Renewal Notice”270) of the exercise thereof days prior to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current original Lease Term. The Annual Base Rent payable for each month during the Renewal Term renewal term will be at the market rental rates prevailing for renewals of similar quality space located in the submarket called North ▇▇▇▇▇▇ and South Forsyth Counties of Atlanta, Georgia. Market Rate shall be defined as the Fair Market Rent (as defined below) then fair market rental value of the Premises as of the date of commencement of the renewal term, determined in accordance with the provisions set forth below. The fair market rental value of the Premises shall mean the rental (taking into consideration any tenant improvement allowance, or other concessions) that would be agreed to by a lessor and a lessee, each of whom is willing, but neither of whom is compelled, to enter into the lease transaction. The fair market rental value shall be determined assuming the fair market rental value shall be projected to the commencement date of the Renewal Termrenewal term. Within The fair market rental value to be determined shall take into account the following factors: i. Rental for comparable premises in comparable existing buildings, (taking into consideration, but not limited to, use, and location within the applicable building improvements to the Premises, definition of rentable area, quality, age and location of the applicable buildings); ii. The length of the rental term; iii. The quality and credit worthiness of the Lessee. If the Lessor and Lessee are unable to agree upon the fair market rental value, the determination of fair market rental value shall be determined by three appraisers selected according to the provisions of the American Arbitration Association, and appraisers to have the MAI designation and a minimum of ten (10) years experience in the Atlanta commercial real estate market. Lessee's renewal rate shall be decided no later than thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement date upon which Lessee must exercise notice to renew. The cost of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder arbitration shall be binding upon Tenant shared equally by Lessor and not subject to rescission except as provided hereinLessee.

Appears in 1 contract

Sources: Lease (SQL Financials International Inc /De)

Renewal Option. If Provided Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Default when Tenant named herein is occupying the entire Leased Premises at the time of delivers such electionnotice, Tenant may renew the this Lease for all or a portion of the Leased Premises two (but no less than one floor) for one (12) additional period periods of five three (53) years (each on the “Renewal Term”)same terms provided in this Lease, by delivering written notice (except that the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent market rate for space of equivalent size, quality and utility taking into account the credit standing of Tenant; Tenant shall deliver written notice to Landlord indicating whether or not Tenant elects to preserve its option to extend the Lease Term no later than one hundred twenty (as defined below120) as days prior to the expiration of the commencement date of the Renewal Lease Term, including any extension thereof (“Election Date”). Within thirty (30) days after receipt of Tenant’s Renewal Noticethe Election Date, Landlord shall deliver provide Tenant with a proposed Base Rent Renewal Rate. The proposed Base Rent Renewal Rate shall be determined by Landlord in its reasonable discretion, taking into account the factors described hereinabove. If Tenant shall object to Tenant written notice of Landlord’s Fair Market proposed Base Rent proposal for Renewal Rate, Landlord and Tenant shall negotiate in good faith to determine a mutually acceptable Base Rent Renewal Rate. If Landlord and Tenant reach mutual agreement on or before the day 90 days prior to the expiration of the Lease Term (the “Renewal Target Date”), such rate shall be the Base Rent Renewal Rate, and Landlord and Tenant shall enter into an agreement confirming Tenant’s exercise of this Renewal Option at such Base Rent Renewal Rate. If Landlord and Tenant fail to reach mutual agreement on or before the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent ProposalTarget Date, Tenant shall may notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market the Renewal Target Date that Tenant invokes the arbitration procedure set forth below to determine the Base Rent ProposalRenewal Rate. Notwithstanding anything contained herein to the contrary: (a) if Tenant fails to deliver written notice indicating whether or not it elects to preserve its Renewal Option prior to the Election Date, Tenant will shall be deemed to have rejected elected not to extend the Lease Term and the renewal option set forth herein shall automatically terminate, and (b) Tenant’s rights hereunder shall terminate if (i) this Lease expires or is canceled, or because of an event of Default, this Lease or Tenant’s right to possession of the Premises is terminated, or (ii) Tenant fails to timely exercise its renewal option hereunder, time being of the essence with respect to Tenant’s exercise thereof. Upon delivery and receipt of such notice that Tenant rejects Landlord’s Fair Market proposed Base Rent ProposalRenewal Rate, the parties will attempt within seven (7) days thereafter to mutually appoint an appraiser who will select (in the manner set forth below) the Base Rent Renewal Rate (the “Deciding Appraiser”). The Deciding Appraiser must have at least five (5) years of full-time commercial appraisal experience with projects comparable to the Property and be a member of a reputable national appraisal association. The Deciding Appraiser may not have any material financial or business interest in common with either of the parties. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith are not able to agree upon a Deciding Appraiser within such seven (7) day period, each party will within fifteen (15) days thereafter separately select an appraiser meeting the Fair Market Rent. If by that date criteria set forth above, which is six two appraisers will, within seven days of their selection, mutually appoint a third appraiser meeting the criteria set forth above (6) months prior to the commencement and who also does not have any material financial or business interest in common with either of the Renewal Term two selecting appraisers) to be the Deciding Appraiser. Within twenty (20) days after the “Trigger Date”)appointment (by either method) of the Deciding Appraiser, Landlord and Tenant have not agreed in writing as will submit to the Fair Market RentDeciding Appraiser their respective determinations of Base Rent Renewal Rate and any related information. Within twenty-one (21) days after such appointment of the Deciding Appraiser, then within ten the Deciding Appraiser will review each party’s submittal (10and such other information as the Deciding Appraiser deems necessary) business days following and will select, in total and without modification, the Trigger Date (submittal presented by either Landlord or Tenant as the “Withdrawal Deadline”)Base Rent Renewal Rate. Subject to the previous sentence, Tenant shall have if the Deciding Appraiser timely receives one time right to withdraw its party’s submittal, but not both, the Deciding Appraiser must designate the submitted proposal as the Base Rent Renewal Notice, and Rate for the applicable extension of the Lease shall expire upon the expiration Term. Any determination of the then current TermBase Rent Renewal Rate made by the Deciding Appraiser in violation of the provisions of this Rider 2 shall be beyond the scope of authority of the Deciding Appraiser and shall be null and void. If the determination of Base Rent Renewal Rate is made by a Deciding Appraiser, Landlord and Tenant does not withdraw its Renewal Notice by will each pay, directly to the Withdrawal DeadlineDeciding Appraiser, one-half (1/2) of all fees, costs and expenses of the parties shall proceed Deciding Appraiser. Landlord and Tenant will each separately pay all costs, fees and expenses of their respective additional appraiser (if any) used to determine the Fair Market Rent in accordance with Deciding Appraiser. LANDLORD: Rainier Asset Management Company, LLC, as agent for the procedure set forth in Paragraph C below. In all eventsTenant-in-Common Owners Date: TENANT: NEI, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder shall be binding upon Tenant and not subject to rescission except as provided herein.Inc. Date:

Appears in 1 contract

Sources: Industrial Real Estate Lease (Network Engines Inc)

Renewal Option. If A. Tenant is not in default under any term or condition of shall have the Lease, as amended by right to extend the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Lease Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor"Renewal Option") for one (1) additional period of five (5) years commencing on the day following the Termination Date of the initial Lease Term and ending on the fifth (5th) anniversary of the Termination Date (the "Renewal Term"), by delivering written if: 1. Landlord receives notice of exercise (the “"Initial Renewal Notice") of the exercise thereof to Landlord not earlier than less then twelve (12) full calendar months nor later than nine (9) months before prior to the expiration of the then current initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and 2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 3. No more than fifty percent (50%) of the Premises is sublet (except in connection with a Permitted Transfer) for a term that extends beyond the date of Tenant's Initial Renewal Notice; and 4. The Lease has not been assigned (except in connection with a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice. B. The initial Base Rent payable Rental rate per rentable square foot for each month the Premises during the Renewal Term shall be equal the Fair Prevailing Market Rent (as defined belowhereinafter defined) as rate per rentable square foot for the Premises. C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with the terms and conditions of the commencement date Lease. In addition, if such is standard in the market at the time, the Base Year shall be adjusted to a current Base Year. Such new Base Year, however, shall be given appropriate consideration in the determination of the Renewal Term. Prevailing Market rate. D. Within thirty (30) days after receipt of Tenant’s 's Initial Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to applicable Base RentRental rate for the Premises for the Renewal Term. Tenant, if any, and the other terms and conditions offered. Within ten within fifteen (1015) business days after receipt the date on which Landlord advises Tenant of the applicable Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its 49 52 option, or (ii) if Tenant disagrees with Landlord’s Fair Market Rent Proposal's determination, Tenant shall notify provide Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposalwith written notice of rejection (the "Rejection Notice"). If Tenant rejects Landlord’s Fair Market Rent Proposalfails to provide Landlord with either a Binding Notice or Rejection Notice within such fifteen (15) day period, then ▇▇▇▇▇▇’s written notice Tenant's Renewal Option shall include Tenant’s determination be null and void and of the Fair Market Rentno further force and effect. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to provides Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposalwith a Binding Notice, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt enter into the Renewal Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Fair Prevailing Market Rent. If by that date which is six (6) months prior to Base Rental rate for the commencement of Premises during the Renewal Term (the “Trigger Date”), Term. Upon agreement Tenant shall provide Landlord with Binding Notice and Landlord and Tenant have not agreed in writing as to shall enter into the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent Amendment in accordance with the procedure set forth in Paragraph C belowterms and conditions hereof. In all eventsNotwithstanding the foregoing, ▇▇▇▇▇▇’s exercise of its renewal option right hereunder if Landlord and Tenant are unable to agree upon the Prevailing Market Base Rental rate for the Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant's Renewal Option shall be binding upon null and void and of no force and effect. E. If Tenant is entitled to and not subject properly exercises its Renewal Option, Landlord shall prepare an amendment (the "Renewal Amendment") to rescission except as provided herein.reflect changes in the Base Rental, Lease Term, Termination Date and other appropriate terms. The Renewal Amendment shall be: 1. sent to Tenant within a reasonable time after receipt of the Binding Notice; and 2. revised by Landlord to the extent necessary to address any requested revisions by Tenant that are reasonably necessary to accurately reflect the terms and conditions hereof; and

Appears in 1 contract

Sources: Office Lease (Trenwick Group Inc)