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Option Right
Option Right contract clause examples

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”) 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 fifteen (15) months nor less than 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 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 “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 originally named Tenant herein (“Original Tenant”)1"> and 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 fifteen (15) months nor less than 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 3">initial Lease Term, Tenant is not in5"> monetary or material non-monetary default under this Lease, after the expiration of any applicable notice and cure period; 7">and # Tenant 9">has not previously been in default under this Lease, after the expiration9">(and/or any Affiliate of11"> any applicable notice and cure period, more than twice; and # the Lease then remains in full force and effect and Original Tenant or 13">a13">any Permitted 15">Assignee15">Assignee) physically occupies the 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 17">Assignees,17">Assignee and may be exercised by Original Tenant or such Permitted 19">Assignees19">Assignee (and not by any assignee, sublessee or other “Transferee”, as that term is defined in 21">[Section21">Section 14.23">1]23">1 of this Lease, of Tenant’s interest in this 25">Lease).25">Lease.

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”)1"> the1">, 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 3">fifteen (15)3">eighteen (18) months nor less than 5">twelve (12)5">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 7">entire7">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 9">“Transferee”,9">“Transferee,” as that term is defined in 11">[Section11">Section 14.13">1]13">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”) the3">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 5">“Option Term5">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than 7">fifteen (15)7">twelve (12) months nor less than 9">twelve (12)9">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 entire 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 25">[Section25">Section 14.27">1]27">1 of 29">this Lease, of Tenant’29">Tenant's interest in this Lease).

Option Right. Landlord hereby grants to the 1">Tenant originally named 3">Tenant herein (“Original Tenant3">in this Lease (the "Original Tenant")5"> the5">, 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 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">fifteen (15)11">twelve (12) months nor less than 13">twelve (12)13">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 entire 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">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 29">other assignee, sublessee or other 31">“Transferee”,31">"Transferee," as that term is defined in 33">[Section33">Section 14.35">1]35">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">the5">and its Permitted Assignees (as defined in [Section 14.8], below) one (1) option to extend the Lease Term7"> for the entire Premises for a period of five (5) years (the 9">“Option Term9">"Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not 11">more11">earlier than fifteen (15) 13">months nor less13">months, and not later than twelve (12) 15">months15">months, prior to the 17">expiration of the initial Lease 19">Term,19">Expiration Date, provided that the following conditions (the 21">“Option Conditions21">"Option Conditions") are satisfied: # as of the date of delivery of such notice, Tenant is not in default 23">under this Lease, after the expiration of any23">beyond all applicable notice and cure 25">period;25">periods under this Lease; #27"> 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 29">under this Lease, after the expiration of any29">beyond all applicable notice and cure 31">period;31">periods under this Lease; # Tenant has not previously been in default 33">under this Lease, after the expiration of any33">beyond all applicable notice and cure 35">period,35">periods under this Lease more than 37">twice;37">two (2) times in any twelve (12) month period; and # the Lease then remains in full force and effect and 39">Original Tenant 41">(and/or 43">a43">any Permitted 45">Assignee45">Transferee) occupies 47">at least seventy (70%) of the49"> entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at 51">Landlord’51">Landlord's option, exercised in 53">Landlord’53">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 proper55"> 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 named1">Original Tenant 3">herein (“Original Tenant3">and its "Permitted Assignees", as that term is defined in Section 14.8, below, 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)5"> the5">, one (1) option to extend the Lease Term for a period of 7">five (5)7">seven (7) 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">fifteen (15)11">twelve (12) months nor less than 13">twelve (12)13">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 entire 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 37">[Section37">Section 14.39">1]39">1 of this Lease, of 41">Tenant’41">Tenant's interest in this Lease).

Option Right. Landlord hereby grants to 1">the originally named Tenant 3">herein (“Original Tenant”) the3">one (1) option to extend the Lease Term for a period of five (5) years 5">(the “Option Term5">(an "Option Term")7">, which7">. The option9"> to extend shall be 11">irrevocably exercised11">exercisable only by13"> written notice delivered by Tenant to Landlord 15">not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term,15">as provided 17">that the following conditions (the “Option Conditions”) are satisfied: #17">in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this 19">Lease, after the expiration of19">Lease beyond any applicable notice and cure 21">period; #21">periods. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the end of the23"> initial Lease Term, Tenant is not in default under this 25">Lease, after the expiration of25">Lease beyond any applicable notice and cure 27">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 entire Premises at the time the option to extend27">periods (unless such condition precedent is29"> 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 31">Term, as it applies to the Premises,31">Term shall be extended for a period of five (5) years. 33">The rights contained33">In the event that Tenant fails to timely and appropriately exercise its option to extend in35"> accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall 37">automatically terminate and shall be 39">personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant39">of no further force or 41">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).41">effect.

Option Right. Landlord hereby grants 1">the Original Tenant and its Permitted Transferee Assignee, two (2) options (each, an "Option to 3">the originally named Tenant herein (“Original Tenant3">Extend")5"> the option to extend the 7">then current Lease Term for9"> the entire Premises each by a period of five (5) years 11">(the “Option Term11">(each an "Option Term")13">, which13">. Each such option shall be 15">irrevocably exercised15">exercisable only by 17">written notice17">"Notice" (as that term is defined in [Section 29.18] of this Lease) delivered by Tenant to Landlord 19">not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term,19">as provided 21">that the following conditions (the “Option Conditions”) are satisfied: #21">below, provided that, as of the date of delivery of such 23">notice,23">Notice, # Tenant has not received written notice that Tenant is 25">not25">then in27"> monetary or material non-monetary default under this Lease, 29">after29">which default remains uncured, and # Tenant has not been in monetary or material non-monetary default under this Lease (beyond the31"> expiration of any applicable notice and cure 33">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,33">periods) more than 35">twice; and #35">once during the 37">Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the 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.37">preceding twelve (12) month period. Upon the proper exercise of such 39">option39">Option to 41">extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord),41">Extend, the Lease Term, as it applies to the43"> entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall 45">be personal to Original Tenant and any Permitted Assignees, and may45">only be exercised by 47">the Original Tenant or 49">such49">its Permitted 51">Assignees51">Transferee Assignee (and not 53">by any55"> other assignee, sublessee or other 57">“Transferee”, as that term is defined in [Section 14.1]57">transferee of 59">this Lease, of Tenant’59">the Original Tenant's interest in this Lease)61">.61"> if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy percent (70%) of the entire then-existing Premises.

Option Right. Landlord hereby grants to the 1">originally named Tenant herein (“Original 3">Tenant”) the3">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 5">five (5)5">ten (10) 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">fifteen (15)9">twelve (12) months nor less than 11">twelve (12)11">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 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 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 7">(“Original Tenant7">(the "Original Tenant") 9">the9">and its Permitted Transferee Assignee one (1) option to extend the Lease Term for 11">the entire Premises by a period of five (5) years (the 13">“Option Term13">"Option Term")15">, which15">. 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 fifteen (15) months nor less than twelve (12) 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 is not 27">then in29"> monetary default under this Lease, 31">after31"># Tenant has not been in monetary default under this Lease (beyond the33"> expiration of any applicable notice and cure 35">period; # as of the end of35">periods) more than once during the Lease Term,37"> Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously 39">been in default under this Lease, after39">assigned the 41">expiration of any applicable notice41">Lease (other than to its Permitted Transferee Assignee), and 43">cure period,43"># more than 45">twice; and45">twenty-five percent (25%), in the aggregate, of the Premises has not been either #47"> subleased or otherwise transferred by Tenant during the 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 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 Article 8 below or a Casualty pursuant to Article 11 below, then the Lease 49">then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term.51"> 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 53">that Tenant satisfies all53">that, at Landlord's election, as of the 55">Option Conditions (except those, if any, which are waived55">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 57">Landlord)57">Tenant during the immediately preceding 12-month period to other than its Permitted Transferee (as that term is defined in [Section 14.8] below),59"> 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 the61"> entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall 63">be personal to Original Tenant and any Permitted Assignees, and may63">only be exercised by 65">the Original Tenant or 67">such67">its Permitted 69">Assignees69">Transferee Assignee (and not 71">by any73"> other assignee, sublessee or 75">other “Transferee”, as that term is defined in [Section 14.1]75">transferee of 77">this Lease, of Tenant’77">the Original Tenant's interest in this Lease)79">.79"> if Original Tenant or its Permitted Transferee Assignee is in occupancy of at least 75% of the entire then-existing Premises.

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