(i) First Extension Option shall mean Tenants right to extend the term of the Lease with respect to the Extension Premises for an additional term (the First Extension Term) of either # five (5) years (the Five Year Option), or # ten (10) years (the Ten Year Option) as specified in the Extension Notice, in either case, commencing on the day immediately following the New Expiration Date (the Commencement Date of the First Extension Term) and ending on the last day of the month in which occurs the five (5) year anniversary of the New Expiration Date (if Tenant shall have selected the Five Year Option) or the ten (10) year anniversary of the New Expiration Date (if Tenant shall have selected the Ten Year Option) (the Expiration Date of the First Extension Term). If Tenant shall not specify in the Extension Notice whether Tenant has selected the Five Year Option or the Ten Year Option, Tenant shall be deemed to have selected the Ten Year Option.
(i) Firstii) Second Extension Option shall mean Tenants right to extend the term of thethis Lease with respect to the Extension Premises for an additional term (the FirstSecond Extension Term) of either # five (5) years (the Five(but only if Tenant has exercised the First Extension Option and selected the Five Year Option), or # ten (10) years (the Ten Year Option) as specified in the Extension Notice, in either case,Option for purposes thereof) commencing on the day immediately following the New Expiration Date of the First Extension Term (the Commencement Date of the FirstSecond Extension Term) and ending on the last day of the month in which occurs the five (5) year anniversary of the New Expiration Date (if Tenant shall have selected the Five Year Option) or the ten (10) year anniversary of the New Expiration Date (if Tenant shall have selected the Ten Year Option)First Extension Term (the Expiration Date of the FirstSecond Extension Term). IfFor purposes of clarification, if Tenant shall not specify inhave exercised the First Extension Notice whether Tenant has selected the Five Year Option or the Ten Year Option, Tenant shall be deemed to haveand selected the Ten Year Option.Option for purposes thereof, Tenant shall have no further right to extend the term of the Lease and the Second Extension Option shall be void and of no further force and effect (it being the intention of Landlord and Tenant that under no circumstances shall the term of the Lease be extended pursuant to this [Article 9] beyond the date that is ten (10) years following the New Expiration Date).
Subject to and in accordance with the provisions of this [Article 9], Tenant shall have the right to exercise the First Extension OptionOption and the Second Extension Option, provided that # no monetary or material non-monetary default after notice and the expiration of any applicable cure period has occurred and is then continuing at the time Tenant gives the Extension Notice, # Tenant shall mean Tenantsbe in actual occupancy of at least seventy (70%) of the rentable square foot area of the Extension Premises at the time Tenant gives the Extension Notice and on the date immediately preceding the Applicable Commencement Date, and # with respect to the Second Extension Option, Tenant shall have theretofore exercised the First Extension Option and selected the Five Year Option with respect thereto. Subject to the provisions of this [Article 9], the Extension Term shall commence on the Applicable Commencement Date and shall expire on the Applicable Expiration Date, unless the Extension Term shall sooner end pursuant to any of the terms, covenants or conditions of the Lease or pursuant to Legal Requirements. Tenant may exercise each Extension Option by giving Landlord an Extension Notice no later than the date that is seven hundred thirty (730) days prior to the Applicable Commencement Date, as to which date time is of the essence, and upon the giving of such notice, subject to the provisions of this [Article 9], the term of the Lease shall be extended for the Extension Term with respect to the Extension Premises without execution or delivery of any other or further document, with the same force and effect as if the Extension Term had originally been included in the term of the Lease. All of the terms, covenants and conditions of the Lease shall continue in full force and effect during the Extension Term with respect to the Extension Premises, including items of additional rent and escalations (except as hereinafter set forth) which shall remain payable on the terms herein set forth (provided, however, that Tenant shall have no further right to extend the term of thethis Lease with respect to the Extension Premises for an additional term (the First Extension Term) of either # five (5) years (the Five Year Option), or # ten (10) years (the Ten Year Option) as specified in the Extension Notice, in either case, commencing on the day immediately following the New Expiration Date (the Commencement Date ofbeyond the First Extension Term) and ending on the last day of the month in which occurs the five (5) year anniversary of the New Expiration DateTerm (if Tenant shall have selected the Five Year Option) or the ten (10) year anniversary of the New Expiration Date (if Tenant shall(or been deemed to have selectedselected) the Ten Year Option) (the Expiration Date of the Firstor Second Extension Term)Term, as applicable, for any reason). If Tenant shall not specify in the Extension Notice whether Tenant has selected the Five Year Option or the Ten Year Option, Tenant shall be deemed to have selected the Ten Year Option.
Extension Option shall mean Tenants rightOptions. Landlord hereby grants to Tenant two (2) consecutive options to extend the termTerm (each, an Extension Option and collectively, the Extension Options) for successive periods of five (5) years each (each, an Extension Term) commencing on the Leasefirst day following the Expiration Date, on the terms and subject to the conditions set forth in this Paragraph; provided, however, that # an Extension Option shall be exercised, if at all, only with respect to the entire Premises; # the second Extension Premises forOption may be exercised only if the first Extension Option has been duly exercised; and # if Tenant is in monetary or material non-monetary default beyond applicable notice and cure periods under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises an additional term (the First Extension Term)Option or upon the commencement of either # five (5) years (the Five Year Option), or # ten (10) years (the Ten Year Option) as specifiedthe applicable Extension Term, Landlord shall have, in addition to all of Landlords other rights and remedies provided in this Lease, the right to terminate such Extension Notice,Option and to unilaterally nullify Tenants exercise of such Extension Option, in either case, commencingwhich event this Lease shall expire on the day immediately followingExpiration Date, unless sooner terminated pursuant to the New Expiration Date (the Commencement Date of the First Extension Term)terms hereof, and ending on the last day of the month in which occurs the five (5) year anniversary of the New Expiration Date (if Tenant shall have selectedno further rights under this Lease to renew or extend the Five Year Option) or the ten (10) year anniversary of the New Expiration Date (if Tenant shall have selected the Ten Year Option) (the Expiration Date of the First Extension Term). If Tenant shall not specify in the Extension Notice whether Tenant has selected the Five Year Option or the Ten Year Option, Tenant shall be deemed to have selected the Ten Year Option.Term.
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.