Renewal Right Sample Clauses

Renewal Right. Tenant shall have the option to renew the term of this Lease for one (1) renewal period (hereafter the “Renewal Term”), having a term of one (1) to five (5) years commencing immediately following the expiration of the initial Lease Term, said Renewal Term to be upon all of the terms, conditions, covenants and provisions of this Lease. The failure of Tenant to exercise the option for the Renewal Term in the manner and within the time herein provided shall terminate the rights of Tenant with respect to such Renewal Term. Tenant’s right to exercise the option to renew the Lease Term will be subject to the following conditions: (i) Tenant shall deliver to Landlord a written notice exercising the option to renew the Lease Term at least one hundred eighty (180) days before the last day of the initial Lease Term; and (ii) Tenant shall not be in material default under any provision of this Lease, after receipt of notice and expiration of any applicable cure period, at the date Tenant delivers to Landlord a notice of Tenant’s election to renew the Lease Term. Effective the first (1st) day of the Renewal Term, the Monthly Base Rent for the Premises shall be at the then fair market rental for the Premises (reflecting the then prevailing rent structure, inducements and concessions for comparable commercial lease renewals) as agreed upon by the parties within thirty (30) days after Tenant exercises the option to renew, and, if they cannot agree within such timeframe, to be established by an evaluation of the Premises performed by a commercial real estate broker mutually agreed upon by the parties, or if they cannot agree on one (1) broker, then by a board of three (3) qualified commercial real estate brokers, one (1) selected by each of the parties and the third (3rd) broker (who shall not have provided services to or received compensation from either party during the prior two years) to be selected by the two (2) brokers chosen by the parties. If a board of brokers is utilized, the broker whose determination of fair market rent is neither the highest nor the lowest shall be binding. Each party shall pay one-half (1/2) of the fees for such brokers in connection with the foregoing fair market rent determination. The final determination of the fair market rental for the Renewal Term shall be made, in all events, no later than ninety (90) days after Tenant exercises the option to renew.

Renewal Right. (a) Provided that (A) on the date Tenant exercises the First Renewal Option and at the commencement of the First Renewal Term (i) this Lease has not been terminated, (ii) Tenant occupies at least 1 full floor of the Building and (iii) Tenant is an Intercept Tenant or an assignee of Tenant’s interest in this Lease in accordance with the terms hereof, and (B) on the date Tenant exercises the First Renewal Option Tenant is not in monetary or material non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall have the option (the “First Renewal Option”) to extend the initial Term of this Lease, at Tenant’s sole discretion as indicated by Tenant in the First Renewal Notice, for either an additional (x) 10 year period (the “Ten Year Renewal Term”) or (y) 5 year period (the “First Five Year Renewal Term”), to commence at the expiration of the initial Term. (b) The First Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 16 months before the last day of the initial Term. Tenant shall specify in the First Renewal Notice whether Tenant elects the Ten Year Renewal Term or the First Five Year Renewal Term (failing which Tenant shall have been deemed to have elected the Ten Year Renewal Term). Time is of the essence with respect to the giving of the First Renewal Notice. (c) Provided that (A) Tenant exercised the First Renewal Option for the First Five Year Renewal Term, (B) on the date Tenant exercises the Second Renewal Option and at the commencement of the Second Renewal Term (i) this Lease has not been terminated, (ii) Tenant occupies at least 1 full floor of the Building and (iii) Tenant is an Intercept Tenant or an assignee of Tenant’s interest in this Lease in accordance with the terms hereof, and (C) on the date Tenant exercises the Second Renewal Option Tenant is not in monetary or material non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall have the option (the “Second Renewal Option”; the First Renewal Option and Second Renewal Option are each a “Renewal Option”) to extend the term of this Lease for an additional 5 year period (the “Second Renewal Term”; the First Five Year Renewal Term, the Second Renewal Term and the Ten Year Renewal Term are each a “Renewal Term”), to commence at the expiration of the First Five Year Renewal Term. For the avoidance of doubt, if Tena...

Renewal Right. (a) Provided that on the date Tenant exercises the Renewal Option and at the commencement of the Renewal Term (i) this Lease shall not have been terminated and (ii) Tenant shall not be in default under this Lease beyond any applicable grace or cure periods, Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for an additional five (5) year period (the "Renewal Term"), to commence at the expiration of the initial Term. (b) The Renewal Option shall be exercised with respect to the entire Premises only and shall be exercisable by Tenant giving notice to Landlord (the "Renewal Notice") at least 18 months before the last day of the initial Term. Time is of the essence with respect to the giving of the Renewal Notice.

Renewal Right. Tenant shall have the one time right to renew the Term of the Lease through and including December 31, 2018 (the period of time between December 31, 2013 and December 31, 2018 being referred to herein as the “Renewal Term”) by giving Landlord prior written notice not earlier than December 31, 2012, and not later than March 31, 2013, that Tenant has exercised such renewal right, subject to the following conditions: (a) There shall not be an Event of Default under any of the terms or provisions of the Lease at the time such notice is given or at the time of the commencement of the Renewal Term. (b) Tenant shall occupy the Premises during the Renewal Term under the same terms and conditions as specified in the Lease, except Tenant shall lease the Premises in their then “as-is” condition, with Tenant being entitled to no additional tenant improvement allowance or other right to require that improvements be made to the Premises, and the Base Monthly Rental for any Renewal Term shall be the then Market Rate (as defined below), but not less than the Base Monthly Rental for the premises in effect immediately prior to the commencement of such Renewal Term. (c) As used herein, the term “Market Rate” shall be initially determined by Landlord as the amount of base annual rent per square foot, including escalations of such base annual rent, then being charged in comparable first-class office buildings located in Birmingham, Alabama (the “Comparable Buildings”) for space comparable to the Premises and taking into consideration all other relevant factors establishing similarity or dissimilarity between the comparable lease and the leasing of the Premises to Tenant for the Renewal Term, including without limitation, escalations (including type, base year and stop), length of renewal term, size and location of the Premises, building standard work letter and/or tenant improvement allowances, quality and quantity of any existing tenant improvements, quality and creditworthiness of Tenant, amenities offered, location of building, the cost and provision of parking spaces, and other generally applicable terms and conditions of tenancy. In determining Market Rate, Landlord shall be entitled to accord the greatest weight to recent transactions in the Building. The reference to the foregoing factors is illustrative only and the presence or absence of such factors shall be taken into account in determining Market Rate. (d) Within thirty (30) days after Landlord receives the notice ...

Renewal Right. Tenant to have three (3), five (5) year options to renew at a rate equal to 95% of the then market rate for comparable buildings in the market. Market rate shall be defined to include all concessions common in the market at that time for comparable tenants entering into new leases in comparable buildings including tenant improvements and commissions. Tenant shall provide 9 months written notice to Landlord of their intent to exercise this option.

Renewal Right. Provided that no Event of Default has occurred and is continuing at the time such Notice is given, and no Noticed Default or Event of Default is continuing at the time the corresponding Renewal Term is to take effect, Tenant shall have the right and option, in its sole discretion (each such right and option, a “Renewal Option”) to extend and renew this Lease upon all the same terms and conditions (except as this Lease otherwise expressly states), as follows (each such extended term, a “Renewal Term”): (i) the Initial Term may be extended for an additional term of five (5) years (the “First Extended Term”); and (ii) the First Extended Term may be extended for an additional term of five (5) years. Tenant shall exercise each Renewal Option, if at all, by giving written Notice to Landlord of such exercise not less than three (3) months, nor more than twelve (12) months, before the expiration of the then current Term. After the last Renewal Term, Tenant shall have no further right to renew or extend the Term. If Tenant fails to validly and timely exercise any Renewal Option, then all subsequent Renewal Options shall terminate.

Renewal Right. 12.01 (a) (I) Provided that (i) when it exercises the first option to extend described below (x) this Lease is in full force and effect, (y) Tenant is not in monetary default under this Lease or in non-monetary default under this Lease beyond applicable notice and grace periods, and (z) Tenant delivers to Landlord the certification described in Section 12.03, and (ii) when the First Extended Term commences, Tenant and its Affiliates Occupy more than 50% of the Renewal Premises (or 60% of the Renewal Premises if the Renewal Premises consists of space determined pursuant to clause (ii) of the definition of "Renewal Premises" below), Tenant shall have the option to extend the term of this Lease for the Renewal Premises for an additional period of five (5) years (the "First Extended Term"). Such option to extend the term of this Lease may be exercised only by Tenant giving written notice to Landlord not earlier than the date that is 24 months prior to the original Expiration Date and not later than the date that is 15

Renewal Right. 154 ARTICLE 13 ARBITRATION.................................................. 160

Renewal Right. For so long as no Event of Default has occurred and is continuing, and Sublessee (and not a sub-sublessee or an assignee of Sublessee) is in occupancy of the Sublease Premises, Sublessee shall have the one time right to renew this Lease for the period from July 1, 2003, through February 28, 2006, at the then escalated Base Rent rate, with such Base Rent rate continuing to escalate at a rate of three percent (3%) per annum, on each anniversary of the Commencement Date. Such right must be exercised no later than October 31, 2002 by a notice to Sublessor.