Common use of ▇▇▇▇▇ and Exercise of Option Clause in Contracts

▇▇▇▇▇ and Exercise of Option. Provided Tenant is not in default hereunder as of the date it exercises the option granted herein, Tenant shall have the option to extend the original Lease Term (the “Original Term”) for one (1) additional period of ten (10) years, followed by two (2) additional periods of five (5) years each (the “Extension Term(s)”). Each Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Base Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise such option by delivering to Landlord, no later than nine (9) months prior to the expiration of the Original Term or such Extension Term (“Exercise Date”), as the case may be, written notice of Tenant’s desire to extend the Lease Term. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term.

▇▇▇▇▇ and Exercise of Option. Provided that Tenant is not in default hereunder in the payment of Rent or no material Event of Default (as of the date it exercises the option granted hereindefined in Section 20.1) has occurred, Tenant shall have the option (“Extension Option”) to extend the original Lease Term (the “Original Term”) for one (1) additional period of ten (10) years, followed by two (2) additional periods of five seven (57) years each (the each an “Extension Term(s)Term”). Each Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (ix) this the provision giving two (2) extension options shall be amended to reflect only the remaining options option to extend, if any, (y) any rent abatements or other concessions applicable to the Leased Premises under this Lease shall not apply to the Extension Term, and (iiz) the Minimum Annual Base Rent shall be adjusted as set forth below (the “Base Rent AdjustmentModification”). Tenant shall exercise such each option by delivering written notice (“Tenant’s Interest Notice”) to Landlord, no earlier than eighteen (18) months prior to the expiration of the then existing Term and no later than nine (9) months prior to the expiration of the Original Term or such Extension Term (“Exercise Date”), as the case may be, written notice of then existing Term. Tenant’s desire failure to extend the Lease Term. If Tenant properly exercises its option to extend, Landlord and Tenant timely deliver Tenant’s Interest Notice shall execute an amendment to the Lease reflecting the terms and conditions be deemed a waiver of the Extension Termsuch option.