Example ContractsClausesExtension Option
Extension Option
Extension Option contract clause examples

Extension Option. Rider 1 attached to the Lease is hereby deleted in its entirety and is null and void and of no further force or effect and Tenant shall have no further right to extend the Lease beyond June 30, 2026.

Extension Option. If this Lease shall be in full force and effect and if Tenant shall not be in default (beyond any applicable notice and grace period) of any of the terms, conditions, covenants and provisions hereof, at the time of exercise of the option and as of the commencement of the Extension Term, Tenant shall have the right to extend the Term for two (2) additional, consecutive terms of # seven (7) years (the “First Extension Term”) immediately following the initial Term and # provided that Tenant timely exercised the First Extension Term, five (5) years (the “Second Extension Term”; the First Extension Term and the Second Extension Term are sometimes referred to as the “Extension Terms” or, individually, as an “Extension Term”) immediately following the First Extension Period, provided that Tenant gives Landlord written notice at least twelve (12) months and not more than fifteen (15) months prior to expiration of then-current term (the “Extension Notice”) of its exercise of such extended term option, time being of the essence. Except as set forth below with respect to Fixed Rent, Tenant’s occupancy during such Extension Term shall be governed by all of the terms, conditions, covenants and provisions of this Lease (except with respect to # the Extension Terms previously executed, which shall no longer apply, and # Supplemental Rent (if any), which shall not be applicable during the Extension Terms), including, with respect to payment of Additional Rent. Time is of the essence with respect to the matters set forth in this [Section 33.1]. The provisions of this [Article 33] are personal to Tenant and any Successor Entity and shall terminate upon any other assignment of this Lease.

Extension Option. Provided Licensee is not in breach of the Agreement, Licensee shall have an option to extend the Term for an additional six (6) month period commencing immediately upon the Expiration Date (“Extended Term”) upon the same terms as set forth herein, including the License Fee increase as set forth in Section 3(a). Licensee shall exercise the foregoing option by providing written notice to Licensor given no less than six (6) months prior to the Expiration Date. This option shall terminate if written notice is not timely given, time being of the essence.

Extension Option. So long as this Lease is still in full force and effect, and subject to the Conditions (as hereinafter defined), which Landlord may waive, in its discretion, at any time, but only by notice to Tenant, Tenant shall have the right to extend the term of this Lease for one (1) additional period (the “Extended Term”) of five (5) years, commencing on the day succeeding the expiration of the Original Term and ending on the day immediately preceding the fifth (5th) anniversary of the commencement of the Extended Term. All of the terms, covenants and provisions of this Lease applicable immediately prior to the commencement of the Extended Term shall apply to the Extended Term except that # the Annual Fixed Rent for the Extended Term shall be the Market Rate (as hereinafter defined) for the Premises determined as of the commencement of such Extended Term, as designated by Landlord by notice to Tenant (“Landlord’s Notice”), but subject to Tenant’s right to dispute as hereinafter provided; and # Tenant shall have no further right to extend the term of this Lease beyond the Extended Term. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord notice (an “Election Notice”) of its election not later than twelve (12) months nor sooner than fifteen (15) months prior to the expiration of the Original Term. If Tenant fails to give such notice to Landlord, the term of this Lease shall automatically terminate no later than the end of the Original Term, and Tenant shall have no further option to extend the term of this Lease, it being agreed that time is of the essence with respect to the giving of such notice. If Tenant shall extend the term hereof pursuant to the provisions of this Section 2.6, such extension shall (subject to satisfaction of the Conditions, unless waived by Landlord) be automatically effected without the execution of any additional documents, but the parties shall, at the request of either, execute an agreement confirming the Annual Fixed Rent for the Extended Term. Following a request by Tenant made not earlier than eighteen (18) months prior to the expiration of the Original Term, for Landlord’s determination of the fair market rental value for the Extended Term, Landlord shall give Tenant notice of such determination not later than thirty (30) days after receipt of such request. The “Conditions” are that, as of the date of the Election Notice there shall exist no Default of Tenant and Prometheus Biosciences, Inc. (or any successor by Merger, or any Affiliate) shall actually occupy the entire Premises.

Extension Option. The option to extend the term of the Existing Lease set forth in [Section 57] of the Existing Lease shall apply to the Expansion Premises and the Extended Term; provided, however, that Lessee may elect to exercise such option with respect to both the Expansion Premises and the Existing Premises or just the Existing Premises, which election must be made in the notice by which Lessee exercises such option. If such notice does not include such election, such notice shall be deemed Lessee's election to exercise such option with respect to both the Expansion Premises and the Existing Premises. All other provisions of the option to extend set forth in [Section 57] of the Existing Lease shall remain the same.

Extension Option. Provided Licensee is not in breach of the Agreement, Licensee shall have an option to extend the Term for an additional six (6) month period commencing immediately upon the Expiration Date (“Extended Term”) upon the same terms as set forth herein, including the License Fee increase as set forth in Section 3(a). Licensee shall exercise the foregoing option by providing written notice to Licensor given no less than six (6) months prior to the Expiration Date. This option shall terminate if written notice is not timely given, time being of the essence.

Extension Option. Subject to the terms of this Rider Section 7, Tenant shall have the right and option (the "Extension Option") to extend the Term of the Lease with respect to all or a portion of the then Premises, but no less than two (2) contiguous full floors of the Premises (which shall contain either the highest full floor or lowest full floor in the Premises at the time such option is exercised) (the “Extension Premises”) for one (1) consecutive period of five (5) years (the “Extension Term”). The Extension Term shall be under the same terms and conditions as stated in the Lease, with the exceptions that # no further extension options shall exist beyond the Extension Option set forth herein, and

Extension Option. So long as this Lease is still in full force and effect and, unless Landlord shall waive the Conditions (which it may do at any time in its discretion), the Conditions are met as of the date of the Election Notice (as such terms are hereinafter defined) Tenant shall have the right to extend the term of this Lease for one (1) additional period (the “Extended Term”) of seven (7) years commencing on the day succeeding the expiration of the Original Term and ending on the day immediately preceding the seventh anniversary of the commencement of the Extended Term. All of the terms, covenants and provisions of this Lease applicable immediately prior to the expiration of the Original Term shall apply to the Extended Term except that # the Fixed Rent for the Extended Term shall be the Market Rate (as hereinafter defined) for the Premises determined as of the commencement of such Extended Term, as designated by Landlord by notice to Tenant (“Landlord’s Notice”), but subject to Tenant’s right to dispute as hereinafter provided; and # Tenant shall have no further right to extend the term of this Lease beyond the Extended Term hereinabove provided. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord notice (an “Election Notice”) of its election not later than one (1) year, nor sooner than fifteen (15) months, prior to the expiration of the Original Term. If Tenant fails to give such Election Notice to Landlord or the Conditions are neither satisfied nor waived by Landlord, the term of this Lease shall automatically terminate no later than the end of the Original Term, and Tenant shall have no further option to extend the term of this Lease, it being agreed that time is of the essence with respect to the giving of such Election Notice. If Tenant shall extend the term hereof pursuant to the provisions of this Section 2.3, such extension shall (subject to satisfaction of the Conditions, unless waived by Landlord) be automatically effected without the execution of any additional documents, but each party shall, at the other party’s request, execute an agreement confirming the Fixed Rent for the Extended Term. The “Conditions” are that there shall exist no Default of Tenant at the time Tenant gives the Election Notice.

Extension Option. Tenant shall continue to have the Extension Option as defined in and pursuant to the Extension Option Rider attached as Rider No. 1 to the Original Lease (as last amended by Section 8 of the First Amendment), provided, however, effective as of the Effective Date: # the Extension Option may only be exercised by Tenant, if at all, for the entire Premises (i.e., the Existing Premises and the Expansion Space); # the Option Term shall mean and refer to the five (5) year period immediately following the co-terminous expiration of the

Tenant acknowledges and agrees that Tenant shall have one remaining option to extend either, or both, of the Expiration Date and Fourth Expansion Space Expiration Date for one (1) additional Option Term of # five (5) years with respect to the Premises (excluding the Fourth Expansion Space), and # four (4) years and six (6) months with respect to the Fourth Expansion Space, in each case pursuant to, and in accordance with, [Article 22] of the Original Lease. Notwithstanding any provision of the Current Lease to the contrary, Tenant may elect to exercise Tenant’s remaining Option Term with respect to the entire Premises, or either # the Premises (excepting only the Fourth Expansion Space) or # the Fourth Expansion Space, by delivering notice to Landlord of such election not earlier than January 31, 2025 and not later than April 30, 2025. Tenant’s failure to identify in Tenant’s Extension Notice whether Tenant has elected to exercise Tenant’s remaining Option Term with respect to the entire Premises, the Premises (excepting only the Fourth Expansion Space) or the Fourth Expansion Space, shall be considered Tenant’s election to exercise Tenant’s remaining Option Term with respect to the entire Premises. Notwithstanding anything contained in the Current Lease to the contrary, if Tenant timely and properly exercises the extension option for the remaining Option Term pursuant to [Article 22] of the Original Lease with respect to the entire Premises or either # the Premises (excepting only the Fourth Expansion Space) or # the Fourth Expansion Space, then the term of the Lease with respect to the applicable portion of the Premises shall be extended and shall expire on April 30, 2031.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.