Common use of Term; Commencement Date; Certain Conditions Clause in Contracts

Term; Commencement Date; Certain Conditions. (a) The initial term of the Lease (the “Initial Term”) shall be for a period commencing at 12:01 a.m. on the earlier of (a) the date in which the Tenant Improvement Work (hereinafter defined) commences; or (b) the date in which the Building Shell has reached Substantial Completion (the “Commencement Date”). Anticipated start date for the Tenant Improvement Work is on or about March 1, 2008, but the actual start date for the Tenant Improvement Work shall be mutually agreed upon by the parties, in writing. This Lease shall remain in effect for a period of Ten (10) calendar years, expiring at midnight on the date that is Ten (10) calendar years from the Commencement Date. The “Substantial Completion” of the Building shall mean that either (1) the Landlord’s architect shall have delivered its Certificate of Substantial Completion for the Building Shell in which the Leased Premises are located (herein the “Building Shell”), or (ii) the Landlord shall have obtained a Certificate of Occupancy or the local equivalent for the Building Shell from the appropriate City and/or County authorities. Substantial Completion of the Building shall occur no more than six (6) months after the construction of Tenant Improvement Work within the Building has begun or Tenant will be entitled to a fifty percent (50%) reduction in the Base Rent for each month or portion thereof beyond such six (6) months until the Substantial Completion of the Building Shell. Tenant shall have the right to extend the term of this Lease for a period of five (5) years (“First Extension Term”) upon written notice to Landlord, no later than 12 months prior to the Term Expiration Date of the Initial Term. The Base Rent for the first year of the First Extension Term shall be the amount of the non-discounted, annual base rent paid by Tenant in the year prior to the First Extension Term, plus any increase as provided for in Section 3.3 of the Lease and escalating each year thereafter as provided for in Article 3. Additional Rent shall be paid as provided for in Article 4. Thereafter, Tenant shall have the right to extend the term for an additional five (5) years (“Second Extension Term”), upon written notice to Landlord, no later than 12 months prior to the Term Expiration Date of the First Extension Term. The Base Rent for the first year of the Second Extension Term shall be the amount of the non-discounted annual base rent paid by Tenant in the fifth year of the First Extension Term plus any increase as provided for in Section 3.3 and escalating each year thereafter as provided for in Article 3. Additional Rent shall be paid as provided for in Article 4. Upon the expiration of the Initial Term and all Extension Terms, including any and all extensions of any kind, whatsoever, allowed for by this Lease, this Lease shall terminate as to the Facility (the “Term Expiration Date”).

Term; Commencement Date; Certain Conditions. (a) The initial term of the Lease (the “Initial Term”) shall be for a period commencing at 12:01 a.m. on the earlier 1st day of (a) the date in which the Tenant Improvement Work (hereinafter defined) commences; or (b) the date in which the Building Shell has reached Substantial Completion January, 2007 (the “Commencement Date”). Anticipated start date for the Tenant Improvement Work is on or about March 1, 2008, but the actual start date for the Tenant Improvement Work shall be mutually agreed upon by the parties, in writing. This Lease shall remain in effect for a period of Ten (10) calendar years, expiring at midnight on the date that is Ten (10) calendar years from the Commencement Date. The “Substantial Completion” of the Building shall mean that either (1) the Landlord’s architect shall have delivered its Certificate of Substantial Completion for the Building Shell in which the Leased Premises are located (herein the “Building Shell”), or (ii) the Landlord shall have obtained a Certificate of Occupancy or the local equivalent for the Building Shell from the appropriate City and/or County authorities. Substantial Completion of the Building shall occur no more than six (6) months after the construction of Tenant Improvement Work within the Building has begun or Tenant will be entitled to a fifty percent (50%) reduction in the Base Rent for each month or portion thereof beyond such six (6) months until the Substantial Completion of the Building Shell. Tenant shall have the right to extend the term of this Lease for a period of five (5) years (“First Extension Term”) upon by written notice to Landlord, no later than 12 months prior to the Term Expiration Date of the Initial TermJanuary 1, 2016. The Base Rent for the first year of the First Extension Term shall be the amount of the non-discounted, annual base rent paid by Tenant in the tenth year prior to of the First Extension Term, Initial Term plus any increase as provided for in Section 3.3 3.2 of the Lease and escalating each year thereafter as provided for in Article 3. Additional Rent shall be paid as provided for in Article 4. Thereafter, Tenant shall have the right to extend the term for an additional five (5) years (“Second Extension Term”), upon twelve (12) months written notice to Landlord, no later than 12 months prior to the Term Expiration Date of the First Extension Term. The Base Rent for the first year of the Second Extension Term shall be the amount of the non-discounted annual base rent paid by Tenant in the fifth year of the First Extension Term plus any increase as provided for in Section 3.3 3.2 and escalating each year thereafter as provided for in Article 3. Additional Rent shall be paid as provided for in Article 4. Upon the expiration of the Initial Term and all Extension Terms, including any and all extensions of any kind, whatsoever, allowed for by this LeaseTerms (the “Term Expiration Date”), this Lease shall terminate as to the Facility Facility. (b) For purposes of this Lease, “Lease Year” shall mean a period of twelve (12) successive calendar months commencing on the Commencement Date and on the same date in each successive year during the term of this Lease. The terms “Term Expiration Dateof this Lease”), “Lease Term”, or “Term”, when hereinafter used in this Lease, shall mean and include the Initial Term of this Lease, as the same may be shortened by any early termination of this Lease, and, to the extent this Lease may be extended or renewed, any Extension Term of this Lease.