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Extension Option
Extension Option contract clause examples

Extension Option. Section 1 (Extension Option) of Exhibit J to the Lease is hereby deleted in its entirety and is replaced with the Extension Option set forth on Exhibit J attached hereto. Additionally, [Exhibit D] of the First Amendment is hereby deleted in its entirety and shall be of no further force or effect.

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 that no Event of Default has occurred and is continuing as of the date that Sub-Subtenant exercises the following extension option (the “Extension Option”) and as of the initial Expiration Date, Sub-Subtenant may, upon written notice to Sub-Sublandlord given at least three (3) months prior to the Expiration Date, extend the Sub-Sublease Term to March 1, 2023 (the “Extension Term”). If Sub-Subtenant exercises the Extension Option, then during the Extension Term, Sub-Subtenant shall continue to pay Sub-Sublandord the Base Rent and Operating Expense Reimbursement pursuant to Sections 4 and 5 respectively. The monthly Base Rent for the Extension Term shall be $26,372.09.

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

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. 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. 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. 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. The Option shall continue to apply to the New Premises subject to all of the terms, conditions and provisions of [Article 42] of the Existing Lease; provided, however, that the first grammatical sentence of [Article 42] is hereby amended by replacing the term “three (3) years” with the term “five (5) years.”

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.

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