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Option Right
Option Right contract clause examples

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”), and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than eighteen (18) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: # as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and # the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

Option Right. Landlord hereby grants to the 1">originally named Tenant herein (“Original 3">Tenant”),3">Tenant, and its 5">“Permitted Assignees5">"Permitted Assignees", as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the 7">“Option Term7">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 9">eighteen (18)9">twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the 11">“Option Conditions11">"Option Conditions") are satisfied: # as of the date of delivery of such notice,13"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than 15">twice;15">twice in the twelve (12) month period prior to the date of Tenant's attempted exercise; and # the Lease then remains in full force and 17">effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term.17">effect. Landlord may, at 19">Landlord’19">Landlord's option, exercised in 21">Landlord’21">Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other 23">“Transferee,”23">"Transferee," as that term is defined in Section 14.1 of 25">this Lease, of Tenant’25">Tenant's interest in this Lease).

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”)1">, and 3">its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1)3">any Permitted Assignee the option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 5">eighteen (18)5">fifteen (15) months nor less than 7">nine (9)7">twelve (12) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: # as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the 9">initial Lease Term, Tenant is not in11"> monetary or material non-monetary default under this Lease, after the expiration of any applicable notice and cure period; 13">and # Tenant 15">has not previously been in default under this Lease, after the expiration15">(and/or any Affiliate of17"> any applicable notice and cure period, more than twice; and # the Lease then remains in full force and effect and Original Tenant or 19">a19">any Permitted 21">Assignee21">Assignee) physically occupies the 23">majority of the23">entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted 25">Assignees,25">Assignee and may be exercised by Original Tenant or such Permitted 27">Assignees27">Assignee (and not by any assignee, sublessee or other 29">“Transferee,”29">“Transferee”, as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this 31">Lease).31">Lease.

Option Right. Landlord hereby grants to the 1">Tenant originally named 3">Tenant herein (“Original Tenant3">in this Lease (the "Original Tenant"), and its 5">“Permitted Assignees5">"Permitted Assignees", as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of 7">five (5)7">twelve (12) years (the 9">“Option Term9">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 11">eighteen (18)11">twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the 13">“Option Conditions13">"Option Conditions") are satisfied: # as of the date of delivery of such notice,15"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than 17">twice;17">twice in the twelve (12) month period prior to the date of Tenant's attempted exercise; and # the Lease then remains in full force and 19">effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term.19">effect. Landlord may, at 21">Landlord’21">Landlord's option, exercised in 23">Landlord’23">Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of 25">five (5)25">twelve (12) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any 27">other assignee, sublessee or other 29">“Transferee,”29">"Transferee," as that term is defined in Section 14.1 of this Lease, of 31">Tenant’31">Tenant's interest in this Lease).

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”)1">, and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1)1"> the option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 3">eighteen (18)3">fifteen (15) months nor less than 5">nine (9)5">twelve (12) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: # as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and # the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the 7">majority of the7">entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other 9">“Transferee,”9">“Transferee”, as that term is defined in 11">Section11">[Section 14.13">113">1] of this Lease, of Tenant’s interest in this Lease).

Option Right. Landlord hereby grants to the 1">originally named1">Original Tenant3"> herein (“Original Tenant”), and its 5">“Permitted Assignees5">"Permitted Assignees", as that term is defined in Section 14.8, below,7"> or any other assignee approved by Landlord pursuant to the terms of Section 14 below (any such Permitted Assignee or assignee approved by Landlord is referred to as an “Approved Assignee”), one (1) option to extend the Lease Term for a period of 9">five (5)9">seven (7) years (the 11">“Option Term11">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 13">eighteen (18)13">twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the 15">“Option Conditions15">"Option Conditions") are satisfied: # as of the date of delivery of such notice,17"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than 19">twice;19">twice in the twelve (12) month period prior to the date of Tenant's attempted exercise; and # the Lease then remains in full force and 21">effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term.21">effect. Landlord may, at 23">Landlord’23">Landlord's option, exercised in 25">Landlord’25">Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of 27">five (5)27">seven (7) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any 29">Permitted29">Approved Assignees, and may be exercised by Original Tenant or such 31">Permitted31">Approved Assignees (and not by any 33">other assignee, sublessee or other 35">“Transferee,”35">"Transferee," as that term is defined in Section 14.1 of this Lease, of 37">Tenant’37">Tenant's interest in this Lease).

Option Right. Landlord hereby grants to the originally named Tenant herein 1">(“1">("Original 3">Tenant”3">Tenant")5">, and its 7">“Permitted Assignees”, as that term is7">Permitted Assignees (as defined in 9">Section9">[Section 14.11">8, below,11">8], below) one (1) option to extend the Lease Term for 13">the entire Premises for a period of five (5) years (the 15">“Option Term15">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not 17">more17">earlier than 19">eighteen (18) months nor less19">fifteen (15) months, and not later than 21">nine (9) months21">twelve (12) months, prior to the 23">expiration of the initial Lease 25">Term,25">Expiration Date, provided that the following conditions (the 27">“Option Conditions27">"Option Conditions") are satisfied: # as of the date of delivery of such notice, Tenant is not in default 29">under this Lease, after the expiration of any29">beyond all applicable notice and cure 31">period;31">periods under this Lease; #33"> Tenant is not in default beyond all applicable notice and cure periods under this Lease at the time Landlord and Tenant execute an amendment to this Lease extending the Lease Term for the Option Term, and as of the end of the Lease Term, Tenant is not in default 35">under this Lease, after the expiration of any35">beyond all applicable notice and cure 37">period;37">periods under this Lease; # Tenant has not previously been in default 39">under this Lease, after the expiration of any39">beyond all applicable notice and cure 41">period,41">periods under this Lease more than 43">twice;43">two (2) times in any twelve (12) month period; and # the Lease then remains in full force and effect and 45">Original Tenant 47">(and/or 49">a49">any Permitted 51">Assignee51">Transferee) occupies 53">the majority53">at least seventy (70%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at 55">Landlord’55">Landlord's option, exercised in 57">Landlord’57">Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper59"> exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

Option Right. Landlord hereby grants to the 1">originally named Tenant herein (“Original 3">Tenant”),3">Tenant, and its 5">“Permitted Assignees5">"Permitted Assignees", as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of 7">five (5)7">ten (10) years (the 9">“Option Term9">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 11">eighteen (18)11">twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the 13">“Option Conditions13">"Option Conditions") are satisfied: # as of the date of delivery of such notice,15"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than 17">twice; and #17">twice in the 19">Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies19">twelve (12) month period prior to the 21">Premises, shall be extended for a period21">date of 23">five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant23">Tenant's attempted exercise; and25"> any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

Option Right. Landlord hereby grants 1">to the3"> Tenant originally named 5">Tenant herein (“Original5">in this Lease (the “Original Tenant”), and 7">its7">any assignee of Original Tenant's entire interest in the Lease that has been approved or deemed approved in accordance with the terms of Article 14, below or any assignee of Original Tenant's entire interest in the Lease who does not require Landlord’s consent under Article 14 below (a “Permitted 9">Assignees”9">Assignee”),11"> as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of 13">five (5)13">eight (8) years (the “Option Term”)15">, which15">. Such option17"> to extend shall be 19">irrevocably exercised19">exercisable only by written notice21"> (the "Option Exercise Notice") delivered by Tenant to Landlord not more than 23">eighteen (18)23">twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, 25">stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided 27">that the following conditions (the “Option Conditions”) are satisfied: #27">that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in 29">monetary or material non-monetary default under this 31">Lease, after31">Lease (beyond the33"> expiration of any applicable notice and cure 35">period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice35">periods) and37"> cure period; # Tenant has not previously been in 39">monetary or material non-monetary default under this 41">Lease, after41">Lease (beyond the 43">expiration of any applicable notice45"> and cure period, more than twice; and # the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

Option Right. Landlord hereby grants 1">to the3"> tenant originally named 5">Tenant herein 7">(“Original Tenant7">(the "Original Tenant")9">, and its 11">“Permitted Assignees”, as that term is defined in Section 14.8, below,11">Permitted Transferee Assignee one (1) option to extend the Lease Term for 13">the entire Premises by a period of five (5) years (the 15">“Option Term15">"Option Term")17">, which17">. Such option shall be 19">irrevocably exercised19">exercisable only by 21">written notice21">"Notice" (as that term is defined in [Section 29.18] of this Lease) delivered by Tenant to Landlord 23">not more than eighteen (18) months nor less than nine (9) months prior to the expiration of the initial Lease Term,23">as provided 25">that the following conditions (the “Option Conditions”) are satisfied: #25">below, provided that, as of the date of delivery of such 27">notice,27">Notice, # Tenant is not 29">then in31"> monetary default under this Lease, 33">after33"># Tenant has not been in monetary default under this Lease (beyond the35"> expiration of any applicable notice and cure 37">period; # as of the end of37">periods) more than once during the Lease Term,39"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously 41">been in default under this Lease, after41">assigned the 43">expiration of any applicable notice43">Lease (other than to its Permitted Transferee Assignee), and 45">cure period,45"># more than 47">twice; and #47">twenty-five percent (25%), in the 49">Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority49">aggregate, of the Premises 51">at51">has not been either # subleased or otherwise transferred by Tenant during the 53">time53">immediately preceding 12-month period to other than its Permitted Transferee (as that term is defined in [Section 14.8] below), and/or # during the 55">option55">immediately preceding 12-month period, vacated for more than thirty (30) consecutive days by Tenant other than as a result of Alterations performed pursuant to 57">extend is exercised and as of57">Article 8 below or a Casualty pursuant to Article 11 below, then the 59">commencement of the Option59">Lease Term.61"> Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided 63">that Tenant satisfies all63">that, at Landlord's election, as of the 65">Option Conditions (except those, if any, which are waived65">end of the Lease Term, # Tenant is not then in monetary default under this Lease, # Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) more than once during the Lease Term, # Tenant has not previously assigned the Lease (other than to its Permitted Transferee Assignee), and # more than twenty-five percent (25%), in the aggregate, of the Premises has not been either # subleased or otherwise transferred by 67">Landlord)67">Tenant during the immediately preceding 12-month period to other than its Permitted Transferee (as that term is defined in [Section 14.8] below),69"> and/or # during the immediately preceding 12-month period, vacated for more than thirty (30) consecutive days by Tenant (or its Permitted Transferee Assignee, as the case may be) other than as a result of Alterations performed pursuant to Article 8 below or a Casualty pursuant to Article 11 below, then the Lease Term, as it applies to the71"> entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall 73">be personal to Original Tenant and any Permitted Assignees, and may73">only be exercised by 75">the Original Tenant or 77">such77">its Permitted 79">Assignees79">Transferee Assignee (and not 81">by any83"> other assignee, sublessee or 85">other “Transferee,” as that term is defined in Section 14.185">transferee of 87">this Lease, of Tenant’87">the Original Tenant's interest in this Lease)89">.89"> if Original Tenant or its Permitted Transferee Assignee is in occupancy of at least 75% of the entire then-existing Premises.

Option Right. Landlord hereby grants 1">to the 3">originally named3">Original Tenant5"> herein (“Original Tenant”), and its 7">“Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option7">Permitted Transferee Assignee, two (2) options (each, an "Option to Extend") to extend the 9">then current Lease Term for11"> the entire Premises each by a period of five (5) years 13">(the “Option Term13">(each an "Option Term")15">, which15">. Each such option shall be 17">irrevocably exercised17">exercisable only by 19">written notice19">"Notice" (as that term is defined in [Section 29.18] of this Lease) delivered by Tenant to Landlord 21">not more than eighteen (18) months nor less than nine (9) months prior to the expiration of the initial Lease Term,21">as provided 23">that the following conditions (the “Option Conditions”) are satisfied: #23">below, provided that, as of the date of delivery of such 25">notice,25">Notice, # Tenant has not received written notice that Tenant is 27">not27">then in29"> monetary or material non-monetary default under this Lease, 31">after31">which default remains uncured, and # Tenant has not been in monetary or material non-monetary default under this Lease (beyond the33"> expiration of any applicable notice and cure 35">period; # as of the end of the Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period,35">periods) more than 37">twice; and #37">once during the 39">Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect.39">preceding twelve (12) month period. Upon the proper exercise of such 41">option41">Option to 43">extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord),43">Extend, the Lease Term, as it applies to the45"> entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall 47">be personal to Original Tenant and any Permitted Assignees, and may47">only be exercised by 49">the Original Tenant or 51">such51">its Permitted 53">Assignees53">Transferee Assignee (and not 55">by any57"> other assignee, sublessee or other 59">“Transferee,” as that term is defined in Section 14.159">transferee of 61">this Lease, of Tenant’61">the Original Tenant's interest in this Lease)63">.63"> if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy percent (70%) of the entire then-existing Premises.

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