Common use of Second Option to Extend Clause in Contracts

Second Option to Extend. Tenant at its option may extend the Term of this Lease for an additional five (5) years by serving written notice thereof upon Landlord at least one year before the expiration of the initial extended Term hereof or as otherwise set forth in Section 26.1 above, provided that at the time of such notice and at the commencement of such second extended term, there shall exist no event of default as defined in Article 18 of this Lease. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such second extended Term shall commence upon the expiration date of the extended Term of this Lease, expire upon the annual anniversary of said date five (5) years thereafter, and be upon the same terms, covenants and conditions as provided in this Lease for the initial extended Term, except that the Annual Rent payable during the second extended Term shall be at the Prevailing Rate for Comparable Space at the commencement of such second extended Term. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial extended Term shall continue to be made during such second extended Term. Any termination of this Lease during the initial Term or the initial extended Term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Article 14 of this Lease shall terminate the option of Tenant contained herein.

Second Option to Extend. Provided that Tenant at its shall not then be in default under this Lease, and provided that Tenant has previously and validly exercised the First Option, Tenant shall have the option may (the "Second Option') to extend the Term of this Lease for an additional five period of Three (53) years Lease Years beyond the First Option Term (the "Second Option Term"). The Second Option shall be exercised by serving delivery of written notice thereof upon by Tenant to Landlord at least given not later than one year before hundred twenty (120) days prior to the expiration last day of the initial extended Term hereof or as otherwise Sixth Lease Year. If written notice is not given by Tenant by the deadline set forth herein, then this Lease shall terminate at the end of the Lease term set forth in Section 26.1 above1.02 (or, provided that if the First Option has been properly exercised, at the time end of such notice the First Option Term). If this Lease is extended pursuant to this Section 1.03(b), all terms, covenants and at the commencement of such second extended term, there shall exist no event of default as defined in Article 18 conditions of this Lease. Upon Lease shall remain in full force and effect, except, however, that: (i) the service term of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without for the necessity period of the execution Second Option Term; (ii) Minimum Rent for the first Lease Year of any further instrument or document. Such second extended the Second Option Term shall commence upon the expiration date be increased by three percent (3 %) of the extended Term of this Lease, expire upon the annual anniversary of said date five (5) years thereafter, and be upon the same terms, covenants and conditions as provided in this Lease for the initial extended Term, except that the Annual Minimum Rent payable during the second extended Term last Lease Year of the First Option Term, and shall be at the Prevailing Rate for Comparable Space at the commencement of such second extended Term. Payment of all additional rent and other charges required subject to be made by Tenant annual increases thereafter as provided in this Lease for the initial extended Term Section 3.01; and (iii) there shall continue be no further option to be made during such second extended Term. Any termination of this Lease during the initial Term or the initial extended Term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Article 14 of this Lease shall terminate the option of Tenant contained hereinextend.