Common use of Second Option Period Clause in Contracts

Second Option Period. If an Event of Default by Tenant shall not then exist, and Tenant has exercised the right to the First Option Period, Tenant shall have the right to extend the Term of the Lease for a Second Five (5) Year Option Period; provided, however, that the right to exercise the Second Option shall be personal to Tenant to the extent that if, during the Agreed Initial Term, Tenant shall have assigned this Lease or subleased the entire Premises or substantially all the Premises, for the balance of the Agreed Initial Term and the First Option Period such that the original Tenant hereunder (as such Tenant may have changed through any one or more mergers, affiliations, associations or combinations as described in Paragraph 13(j) above) is no longer in possession of all or substantially all of the Premises, then the Second Option shall be null and void and Tenant shall have no right to extend the term of this Lease for the Second Option Period. The Second (2nd) Five Year Option Period shall commence on the day following the date on which the First Option Period terminates and shall terminate on the last day of the Sixtieth (60th) month thereafter. The failure by Tenant to exercise any Option Period herein shall terminate Tenant's right to any successive Option Periods. Tenant shall exercise the right to the Second Five Year Option Period by delivering written notice to Landlord not later than six (6) months prior to the expiration of the First Option Period.