Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term (the "Second Extension Option") for another period of sixty (60) months commencing upon the expiration of the First Option Term (such extension is referred to as the "Second Option Term"). The Tenant shall exercise the Second Extension Option by giving the Landlord written notice to that effect at least 180 days prior to the expiration of the First Option Term. If the Tenant does not give to the Landlord written notice of the exercise of the Second Extension Option at least 180 days prior to the expiration of the First Option Term, then the Second Extension Option shall terminate and be of no further force and effect. If the Tenant exercises the Second Extension Option as provided in this Section 2(b), the respective rights, duties and obligations of the Landlord and the Tenant during the Second Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Lease.
Appears in 1 contract
Second Extension Option. Provided that Tenant properly exercised the term has been extended for the First Extension Option, and Period as provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this in Section 2(b2.5(1), or Borrower may, at its option, extend the term of the then outstanding principal amount for a period of one (ii1) year to the First Option Term expiressecond anniversary of the original Maturity Date (the applicable period being, the Tenant ("Second Extension Period"), subject to the satisfaction of the following conditions:
(a) Borrower shall have the option to extend the Initial Term notify (the "Second Extension OptionNotice") for another period Administrative Agent of Borrower's exercise of such option between sixty (60) months commencing upon the expiration of the First Option Term and one hundred twenty (such extension is referred to as the "Second Option Term"). The Tenant shall exercise the Second Extension Option by giving the Landlord written notice to that effect at least 180 120) days prior to the expiration last day of the First Option Term. If the Tenant does not give to the Landlord written notice Extension Period;
(b) No Potential Default or Event of Default has occurred and is continuing as of the exercise date of the Second Extension Option Notice, as of the last day of the First Extension Period or would result from the extension of the maturity of the Loans for the Second Extension Period;
(c) Not less than 90% of the rentable area of the Project is leased to tenants under Approved Leases, which tenants are in occupancy of the premises demised thereunder and have commenced paying rent thereunder and none of which tenants is in material default under its Approved Lease;
(d) The Loan to Value Ratio as of the last day of the First Extension Period does not exceed 50%, based on the Appraisal obtained by Administrative Agent under Section 2.5(1)(d) above;
(e) The Debt Service Coverage Ratio as of the end of the calendar quarter most recently ended on the last day of the First Extension Period shall be equal to or greater than 1.55:1.00;
(f) If the Hedge Agreement in effect at least 180 the time of Borrower's giving of the Second Extension Notice is scheduled to mature or expire prior to the end of the Second Extension Period, Borrower shall have obtained and delivered to Administrative Agent not later than ten (10) Business Days prior to the first day of the Second Extension Period one or more replacement Hedge Agreements which meet the requirements of Section 9.15 which shall be effective on or before the beginning of the Second Extension Period and shall have a maturity date not earlier than the end of the Second Extension Period;
(g) The expiration date of any Collateral Letters of Credit, if still outstanding pursuant to the terms of this Agreement or any other Loan Document, shall be extended to a date which is thirty (30) days beyond the end of the Second Extension Period;
(h) Current financial statements regarding Borrower (dated not earlier than ninety (90) days prior to the expiration Second Extension Notice) and all other financial statements and other information as may be required under this Agreement and the Loan Documents regarding Borrower and the Project shall have been submitted promptly to Administrative Agent;
(i) In the reasonable opinion of Administrative Agent, there shall not have occurred any Material Adverse Effect;
(j) Whether or not the extension becomes effective, Borrower shall pay all out-of-pocket costs and expenses incurred by Administrative Agent and the Lenders in connection with the proposed extension (pre- and post-closing), including appraisal fees and legal fees; all such costs and expenses shall be due and payable upon demand, and any failure to pay such amounts shall constitute a default under this Agreement and the Loan Documents;
(k) Not later than the last day of the First Option TermExtension Period, then (i) the Second Extension Option extension shall terminate have been documented to the Lenders' satisfaction and be consented to by Borrower, Administrative Agent and all the Lenders, including the execution and delivery by the Guarantors of no further force reaffirmations of their respective obligations under the Guaranty and effect. If (ii) Administrative Agent shall have been provided with an updated title report and judgment and lien searches, and appropriate title insurance endorsements shall have been issued as required by Administrative Agent; and
(l) Borrower shall pay to Administrative Agent (for the Tenant exercises the Second Extension Option as provided in this Section 2(b), the respective rights, duties and obligations benefit of the Landlord Lenders in accordance with their proportionate shares) on the last day of the First Extension Period a non-refundable extension fee equal to 0.15% of an amount equal to the outstanding principal amount at such time. Any such extension shall be otherwise subject to all of the other terms and provisions of this Agreement and the Tenant during the Second Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Leaseother Loan Documents.
Appears in 1 contract
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term this Lease (the "“Second Extension Option"”) for another period one additional term of sixty five (605) years (the “Second Extension Period”), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Rent per annum for such Second Extension Period (the “Second Option Rent”) shall be the Fair Market Rental Value for the Premises as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this subsection 51.2(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant shall deliver written notice (the “Second Interest Notice”) to Landlord no less than twelve (12) months commencing upon before the expiration of the First Option Term Extension Period.
(such extension is referred to as ii) After receipt of Tenant’s Second Interest Notice, Landlord shall deliver notice (the "“Second Option Term"). The Rent Notice”) to Tenant shall exercise the Second Extension Option by giving the Landlord written notice to that effect at least 180 days prior to no less than ten (10) months before the expiration of the First Extension Period, stating the Second Option Term. If the Tenant does not give to the Landlord written notice Rent, based on Landlord’s determination of the exercise Fair Market Rental Value of the Premises as of the commencement of the Second Extension Option at least 180 days prior Period.
(iii) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring nine (9) months before the expiration of the First Extension Period, exercise the Extension Option Termby delivering written notice (the “Second Exercise Notice”) to Landlord. If Tenant timely and properly exercises its Second Extension Option, then the Lease Term shall be extended for the Second Extension Option shall terminate and be Period upon all of no further force and effect. If the Tenant exercises the Second Extension Option as provided in this Section 2(b), the respective rights, duties and obligations of the Landlord and the Tenant during the Second Option Term shall be governed by the terms and conditions of set forth in the Lease, as amended, except that the Minimum Base Rent rent for the Second Extension Period shall be as set forth belowprovided in subsection 51.2(a), there Tenant shall be no abatement entitled to a refurbishment allowance in the amount of rent$15.00 for each rentable square foot of area in the Premises, which shall be disbursed in the same manner as the Tenant Improvement Allowance, and Tenant shall have no further right options to extend the Lease Term.
(iv) If Tenant wishes to contest the Second Option Rent stated in the Second Option Rent Notice, Tenant must provide, with the Second Exercise Notice, written notice to Landlord that Tenant objects to the stated Second Option Rent. If Tenant provides such written objection, the parties shall follow the procedure described in Section 51.4, and the Second Option Rent shall be determined as set forth in that section.
(v) If Tenant fails to deliver a timely Second Interest Notice or renew Second Exercise Notice, Tenant shall be considered to have elected not to exercise the Term Second Extension Option.
(c) It is understood and agreed that the Second Extension Option hereby granted is personal to Tenant and is not transferable, except to an assignee of Tenant’s entire interest in the Lease consented to by Landlord pursuant to Article 18 or as to which Landlord’s consent is not required pursuant to Article 18.
(d) Tenant’s exercise of the LeaseSecond Extension Option shall, if Landlord so elects in its absolute discretion, be ineffective in the event that an Event of Default by Tenant remains uncured at the time of delivery of the Second Interest Notice or the Second Exercise Notice or at the commencement of the Second Extension Period. If Tenant so requests in connection with its exercise of this option, Landlord will confirm whether or not there exists an uncured Event of Default at the times provided in this subparagraph.
(e) The Second Extension Option shall terminate and shall thereafter be null and void in the event Tenant does not exercise the First Extension Option or for any reason Tenant’s exercise of the First Extension Option is ineffective.
Appears in 1 contract
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall also have the option to extend the Initial Term this Lease (the "“Second Extension Option"”) with respect to the Premises for another period one 3489-000151321/1351 Harbor Bay Pkwy -61- additional term of sixty five (605) years (the “Second Extension Period”), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Base Rent per annum for such Second Extension Period shall be an amount equal to the Fair Market Rental Value for the Premises (as applicable) as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this Section 51.3(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring nine (9) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as twelve (12) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the “Second Option Exercise Notice”) to that effect at least 180 days prior to Landlord. If Tenant timely and properly exercises its Second Extension Option, the expiration Lease Term shall be extended for the Second Extension Period upon all of the First terms and conditions set forth in the Lease, as amended, except that the Base Rent for the Second Extension Period shall be as provided in Section 51.3(a) and Tenant shall have no further options to extend the Lease Term except for the Third Extension Option.
(ii) If Tenant fails to deliver a timely Second Option TermExercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option hereby granted is personal to Tenant and is not transferable except to a Permitted Transferee in connection with an assignment of Tenant's entire interest in this Lease. If In the event of any assignment of this Lease (other than to a Permitted Transferee in connection with an assignment of Tenant's entire interest in this Lease), the Second Extension Option shall automatically terminate and shall thereafter be null and void. In addition, Tenant does may not give to exercise the Landlord written notice of the Second Extension Option, and any attempted exercise of the Second Extension Option shall be ineffective, if at least 180 days prior to the expiration time Tenant delivers the Second Option Exercise Notice the Subletting Threshold is exceeded.
(d) ▇▇▇▇▇▇'s exercise of the First Option Term, then the Second Extension Option shall terminate and shall, if Landlord so elects in its absolute discretion, be ineffective in the event that an Event of no further force and effect. If Default by Tenant remains uncured at the time of delivery of the Second Option Exercise Notice (provided that Landlord must exercise such option to nullify the effectiveness of Tenant's exercise by notice delivered to Tenant exercises within twenty (20) business days following the date of Tenant's delivery of Tenant's Second Option Exercise Notice or Landlord will be deemed to have waived its right to nullify Tenant's exercise of the Second Extension Option as provided in this Section 2(bOption), the respective rights, duties and obligations of the Landlord and the Tenant during the Second Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Lease.
Appears in 1 contract
Sources: Lease Agreement (Penumbra Inc)
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term this Lease (the "Second Extension Option") for another period one additional term of sixty three (603) years (the "Second Extension Period"), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Base Rent per annum for such Second Extension Period (the "Second Option Rent") shall be the Fair Market Rental Value for the Premises (or if Tenant elects a Partial Renewal pursuant to Section 51.5, the Renewal Space) as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this subsection 51.2(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring nine (9) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as twelve (12) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the "Second Exercise Notice") to that effect at least 180 days prior to Landlord. If Tenant timely and properly exercises its Second Extension Option, the expiration Lease Term shall be extended for the Second Extension Period upon all of the First terms and conditions set forth in the Lease, as amended, except that the rent for the Second Extension Period shall be as provided in subsection 51.2(a) and Tenant shall have no further options to extend the Lease Term.
(ii) If Tenant fails to deliver a timely Second Interest Notice or Second Exercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option Termhereby granted is personal to Tenant and is not transferable except to Permitted Transferee in connection with an assignment of Tenant's entire interest in this Lease. If In the Tenant does not give to the Landlord written notice event of any assignment or subletting of the Premises or any part thereof (other than to a Permitted Transferee), the Second Extension Option shall automatically terminate and shall thereafter be null and void.
(d) Tenant's exercise of the Second Extension Option shall, if Landlord so elects in its absolute discretion, be ineffective in the event that a Monetary Default by Tenant remains uncured at least 180 days prior to the expiration time of delivery of the First Option Term, then Second Exercise Notice or at the commencement of the Second Extension Period.
(e) The Second Extension Option shall terminate and shall thereafter be of no further force null and effect. If void in the event Tenant exercises does not exercise the Second First Extension Option as provided in this Section 2(b), the respective rights, duties and obligations or for any reason Tenant's exercise of the Landlord and the Tenant during the Second First Extension Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Leaseis ineffective.
Appears in 1 contract
Sources: Lease Agreement (Shutterfly Inc)
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term this Lease (the "Second Extension Option") for another period one additional term of sixty five (605) years (the "Second Extension Period"), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Basic Annual Rent per annum for such Second Extension Period (the "Second Option Rent") shall be equal to 95% of the Fair Market Rental Value for the Premises as of the commencement of the Second Extension Option for such Second Extension Period; provided, however, that the Second Option Rent shall in no event be less than Basic Annual Rent scheduled to be paid during the year immediately prior to the commencement of the Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this subsection 41.2(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring six (6) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as nine (9) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the "Second Exercise Notice") to that effect at least 180 days prior to Landlord. If Tenant timely and properly exercises its Second Extension Option, the expiration Lease Term shall be extended for the Second Extension Period upon all of the First terms and conditions set forth in the Lease, as amended, except that the rent for the Second Extension Period shall be as provided in subsection 41.2(a) and Tenant shall have no further options to extend the Lease Term.
(ii) If Tenant fails to deliver a timely Second Exercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option Termhereby granted is personal to Tenant and is not transferable except in connection with a Permitted Assignment. If In the Tenant does not give to the Landlord written notice event of any assignment of the Lease (other than a Permitted Assignment) or subletting (other than a Permitted Sublease) of the Premises or any part thereof, the Second Extension Option shall automatically terminate and shall thereafter be null and void.
(d) Tenant's exercise of the Second Extension Option shall, if Landlord so elects in its absolute discretion, be ineffective in the event that a Default by Tenant remains uncured at least 180 days prior to the expiration time of delivery of the First Option Term, then Second Exercise Notice or at the commencement of the Second Extension Period.
(e) The Second Extension Option shall terminate and shall thereafter be of no further force null and effect. If void in the event Tenant exercises does not exercise the Second First Extension Option as provided in this Section 2(b), the respective rights, duties and obligations or for any reason Tenant's exercise of the Landlord and the Tenant during the Second First Extension Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Leaseis ineffective.
Appears in 1 contract
Sources: Lease (Celera CORP)
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall also have the option to extend the Initial Term this Lease (the "Second Extension Option") with respect to the Renewal Space or Premises (as applicable) for another period one additional term of sixty five (605) years (the "Second Extension Period"), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Base Rent per annum for such Second Extension Period shall be an amount equal to the Fair Market Rental Value for the Renewal Space or Premises (as applicable) as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this Section 51.3(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring nine (9) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as twelve (12) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the "Second Option Exercise Notice") to that effect at least 180 days prior to Landlord. If Tenant timely and properly exercises its Second Extension Option, the expiration Lease Term shall be extended for the Second Extension Period upon all of the First terms and conditions set forth in the Lease, as amended, except that the Base Rent for the Second Extension Period shall be as provided in Section 51.3(a) and Tenant shall have no further options to extend the Lease Term except for the Third Extension Option.
(ii) If Tenant fails to deliver a timely Second Option TermExercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option hereby granted is personal to Tenant and is not transferable except to a Permitted Transferee in connection with an assignment of Tenant's entire interest in this Lease. If In the event of any assignment of this Lease (other than to a Permitted Transferee in connection with an assignment of Tenant's entire interest in this Lease), the Second Extension Option shall automatically terminate and shall thereafter be null and void. In addition, Tenant does may not give to exercise the Landlord written notice of the Second Extension Option, and any attempted exercise of the Second Extension Option shall be ineffective, if at least 180 days prior to the expiration time Tenant delivers the Second Option Exercise Notice the Subletting Threshold is exceeded.
(d) Tenant's exercise of the First Option Term, then the Second Extension Option shall terminate and shall, if Landlord so elects in its absolute discretion, be ineffective in the event that an Event of no further force and effect. If Default by Tenant remains uncured at the time of delivery of the Second Option Exercise Notice (provided that Landlord must exercise such option to nullify the effectiveness of Tenant's exercise by notice delivered to Tenant exercises within twenty (20) business days following the date of Tenant's delivery of Tenant's Second Option Exercise Notice or Landlord will be deemed to have waived its right to nullify Tenant's exercise of the Second Extension Option as provided in this Section 2(bOption), the respective rights, duties and obligations of the Landlord and the Tenant during the Second Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Lease.
Appears in 1 contract
Sources: Lease Agreement (Penumbra Inc)
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term this Lease (the "“Second Extension Option"”) for another period one additional term of sixty five (605) years (the “Second Extension Period”), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Base Rent per annum for such Second Extension Period (the “Second Option Rent”) shall be the Fair Market Rental Value for the Premises as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this subsection 51.2(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring nine (9) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as twelve (12) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the “Second Exercise Notice”) to that effect at least 180 days prior to Landlord. If Tenant timely and properly exercises its Second Extension Option, the expiration Lease Term shall be extended for the Second Extension Period upon all of the First terms and conditions set forth in the Lease, as amended, except that the rent for the Second Extension Period shall be as provided in subsection 51.2(a) and Tenant shall have no further options to extend the Lease Term.
(ii) If Tenant fails to deliver a timely Second Exercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option Termhereby granted is personal to Original Tenant and is not transferable except to a Permitted Transferee in connection with an assignment of Tenant’s entire interest in this Lease. If In the Tenant does not give to the Landlord written notice event of any assignment or subletting of the Premises or any part thereof (other than to a Permitted Transferee), the Second Extension Option shall automatically terminate and shall thereafter be null and void.
(d) Tenant’s exercise of the Second Extension Option shall, if Landlord so elects in its absolute discretion, be ineffective in the event that (i) an Event of Default by Tenant remains uncured at least 180 days prior to the expiration time of delivery of the First Option Term, then Second Exercise Notice or at the commencement of the Second Extension Period or (ii) Tenant shall have reduced the size of the Premises below 23,993 rentable square feet by agreement with Landlord or pursuant to an express right in this Lease.
(e) The Second Extension Option shall terminate and shall thereafter be of no further force null and effect. If void in the event Tenant exercises does not exercise the Second First Extension Option as provided in this Section 2(b), the respective rights, duties and obligations or for any reason Tenant’s exercise of the Landlord and the Tenant during the Second First Extension Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Leaseis ineffective.
Appears in 1 contract
Sources: Lease Agreement (Veritone, Inc.)
Second Extension Option. Provided that Tenant properly exercised the First Extension Option, and provided further that there is no outstanding Event of Default when (i) the Tenant gives the Landlord written notice of its intention to exercise its rights under this Section 2(b), or (ii) the First Option Term expires, the Tenant shall have the option to extend the Initial Term this Lease (the "“Second Extension Option"”) for another period one additional term of sixty five (605) years (the “Second Extension Period”), upon the terms and conditions hereinafter set forth:
(a) If the Second Extension Option is exercised, then the Base Rent per annum for such Second Extension Period (the “Second Option Rent”) shall be an amount equal to the Fair Market Rental Value for the Premises as of the commencement of the Second Extension Option for such Second Extension Period.
(b) The Second Extension Option must be exercised by Tenant, if at all, only at the time and in the manner provided in this Section 51.2(b).
(i) If Tenant wishes to exercise the Second Extension Option, Tenant must, on or before the date occurring twelve (12) months commencing upon before the expiration of the First Option Term Extension Period (such extension but not before the date that is referred to as fifteen (15) months before the "Second Option Term"expiration of the First Extension Period). The Tenant shall , exercise the Second Extension Option by giving the Landlord delivering written notice (the “Second Exercise Notice”) to Landlord. If Tenant timely and properly exercises its Second Extension Option, the Term shall be extended for the Second Extension Period upon all of the terms and conditions set forth in the Lease, as amended, except that effect at least 180 days prior the Base Rent for the Second Extension Period shall be as provided in Section 51.2(a) and Tenant shall have no further options to extend the Term.
(ii) If Tenant fails to deliver a timely Second Exercise Notice, Tenant shall be considered to have elected not to exercise the Second Extension Option.
(c) It is understood and agreed that the Second Extension Option hereby granted is personal to the expiration initially named Tenant and is not transferable except to a Permitted Transferee in connection with an assignment of Tenant’s entire interest in this Lease. In the event of any assignment or subletting of the First Premises or any part thereof (other than to a Permitted Transferee), the Second Extension Option Term. If the Tenant does not give to the Landlord written notice of the shall automatically terminate and shall thereafter be null and void.
(d) Tenant’s exercise of the Second Extension Option shall, if Landlord so elects in its absolute discretion, be ineffective in the event that (i) an Event of Default by Tenant remains uncured at least 180 days prior to the expiration time of delivery of the First Option Term, then Second Exercise Notice or at the commencement of the Second Extension Period or (ii) Tenant shall have reduced the size of the Premises below the size of the initial Premises by written agreement with Landlord.
(e) The Second Extension Option shall terminate and shall thereafter be of no further force null and effect. If void in the event Tenant exercises does not exercise the Second First Extension Option as provided in this Section 2(b), the respective rights, duties and obligations or for any reason Tenant’s exercise of the Landlord and the Tenant during the Second First Extension Option Term shall be governed by the terms and conditions of the Lease, except that the Minimum Base Rent shall be as set forth below, there shall be no abatement of rent, and Tenant shall have no further right to extend or renew the Term of the Leaseis ineffective.
Appears in 1 contract