Extension Options. Landlord hereby grants to Tenant two (2) consecutive options to extend the Term (each, an Extension Option and collectively, the Extension Options) for successive periods of five (5) years each (each, an Extension Term) commencing on the first 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 Option 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 Extension Option or upon the commencement of the 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 Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expire on the Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Term.
Extension Options. Landlord hereby grants to Tenant two (2) consecutive options to extend the Term (each, an Extension Option and collectively, the Extension Options) for successive periods of five (5) years each (each, an Extension Term) commencing on the first day following the Expiration Date, on the terms and subject to the conditions set forth in this Paragraph; provided, however,Exercise. Provided that # an Extension Option shall be exercised, if at all, only with respect to the entire Premises; # the second Extension Option may be exercised only if the first Extension Option has been duly exercised; and # if Tenant is inno monetary or material non-monetary default beyond applicable noticeEvent of Default has occurred and cure periods under anyis continuing at the time of the terms, covenantsexercise of an Extension Option (defined below), and Tenant has not assigned this Lease (except to a Permitted Transferee or conditions of this Leasean Affiliate, as permitted by [Article VII]) either at the time Tenant exercises an Extension Optionof exercise or uponat the commencement of the applicable Extension Term, LandlordPeriod, (defined below), Tenant shall have, in additionhave two (2) options (each, an Extension Option) to allextend the Term of Landlords other rights and remedies provided in this Lease, each for an additional five (5) year period (each, an Extension Period) after the rightexpiration of the initial Term, or the initial Extension Period, as applicable. Tenant may extend the Term for the entire Premises only. Each Extension Option shall be exercisable only by written notice given by Tenant to terminateLandlord (the Extension Election Notice) not later than twenty-four (24) months, nor earlier than thirty-sixth (36th) months, prior to the expiration of the initial Term or the first Extension Period, as applicable. In the event that Tenant does not timely exercise an Extension Option, then such Extension Option (and the second Extension Option, if applicable) shall be null and to unilaterally nullify Tenantsvoid and of no further force or effect, time being of the essence in the exercise of each Extension Option and it being acknowledged and agreed by Tenant that Landlord shall be entitled to rely on any failure by Tenant to give written notice of its exercise of its Extension Option by the date set forth herein for such Extension Option, in which event this Lease shall expire on the Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Term.exercise thereof.
(ii) Second Extension Options. Landlord hereby grants to Tenant two (2) consecutive optionsOption shall mean Tenants right to extend the Term (each,term of this Lease with respect to the Extension Premises for an Extension Option and collectively, the Extension Optionsadditional term (the Second Extension Term) for successive periods of five (5) years each (each, an Extension Term)(but only if Tenant has exercised the First Extension Option and selected the Five Year Option for purposes thereof) commencing on the first day immediately following the Expiration Date,Date of the First Extension Term (the Commencement Date of the Second Extension Term) and ending on the terms and subject tolast day of the conditions set forthmonth in this Paragraph; provided, however, that # anwhich occurs the five (5) year anniversary of the Expiration Date of the First Extension Option shall be exercised, if at all, only with respect toTerm (the Expiration Date of the entire Premises; # the secondSecond Extension Option may be exercised only if the first Extension Option has been duly exercised; and #Term). For purposes of clarification, if Tenant is in monetary or material non-monetary default beyond applicable notice and cure periods under any ofshall have exercised the terms, covenants or conditions of this Lease either at the time Tenant exercises an Extension Option or upon the commencement of the applicable Extension Term, Landlord shall have, in addition to all of Landlords other rights and remedies provided in this Lease, the right to terminate suchFirst Extension Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expire onselected the Expiration Date, unless sooner terminated pursuant to the terms hereof, andTen Year Option for purposes thereof, Tenant shall have no further rights under this Leaseright to renew or extend the Term.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 Options. Landlord hereby grants to Tenant two (2) consecutive options to extendOption and the Term (each, an Extension Option and collectively, the Extension Options) for successive periods of five (5) years each (each, an Extension Term) commencing on the first day following the Expiration Date, on the terms and subject to the conditions set forth in this Paragraph; provided, however,Second Extension Option, provided that # an Extension Option shall be exercised, if at all, only with respect to the entire Premises; # the second Extension Option may be exercised only if the first Extension Option has been duly exercised; and # if Tenant is inno monetary or material non-monetary default beyond applicableafter notice and the expiration of any applicable cure periods underperiod has occurred and is then continuing at the time Tenant gives the Extension Notice, # Tenant shall be 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 thisthe Lease either at the timeor pursuant to Legal Requirements. Tenant exercisesmay exercise each Extension Option by giving Landlord an Extension Option orNotice 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 commencementgiving of such notice, subject to the provisions of this [Article 9], the term of the 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 Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expirebe 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 Expiration Date, unless sooner terminated pursuant to the terms hereof, andherein set forth (provided, however, that Tenant shall have no further rights underright to extend the term of this Lease beyond the First Extension Term (if Tenant shall have selected (or been deemed to renewhave selected) the Ten Year Option) or extend the Term.Second Extension Term, as applicable, for any reason).
Extension Options. Landlord hereby grantsOption to Extend. Tenant two (2) consecutive optionsshall have the right, privilege and option to extend the Term (each, an Extension Option and collectively, the Extension Options)term of this Lease for three (3) successive periods of five (5) yearsone (1) year each (each, an Extension Term) commencing onunder the first day following the Expiration Date, on thesame 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 Option 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 eitherthen in effect. Tenant, if it elects to exercise any option, shall do so by giving Landlord written notice at least thirty (30) days prior to the time Tenant exercises an Extension Option or upon the commencementexpiration of the applicable Extension Term, Landlord shall have, in addition to all of Landlords other rights and remedies provided in this Lease,initial Lease Term or the right to terminate such Extensionthen-current Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expire onPeriod, as the Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Term.case may be.
(i) First Extension Options. Landlord hereby grants to Tenant two (2) consecutive optionsOption shall mean Tenants right to extend the Term (each, an Extension Option and collectively,term of the Extension Options) for successive periods of five (5) years each (each, an Extension Term) commencing on the first 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, onlyLease with respect to the entire Premises;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 second Extension Option may be exercised only ifNotice, in either case, commencing on 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 anyday immediately following the New Expiration Date (the Commencement Date of the terms, covenants or conditions of this Lease either atFirst Extension Term) and ending on the time Tenant exercises an Extension Option or upon the commencementlast day of the 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 Option and to unilaterally nullify Tenants exercise of such Extension Option,month in which event this Lease shall expire onoccurs the five (5) year anniversary of the New Expiration Date, unless sooner terminated pursuant to the terms hereof, andDate (if Tenant shall have no further rights under this Leaseselected 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 renew or extendhave selected the Term.Ten Year Option.
Extension Options. Landlord hereby grants to Tenant two (2) consecutive optionsshall have the right (hereinafter called the Extension Right) to extend the Term (each,term of this lease for two additional periods (hereinafter, each called an Extension Option and collectively, the Extension OptionsPeriod) for successive periods of five (5) years each (each, an Extension Term) commencingeach, to commence on the day (the Renewal Term Commencement Date) next succeeding the expiration of the then term of this lease (including the first day following the Expiration Date,renewal term if Tenant shall exercise its option) and to expire at on the termsday that shall be the day before the fifth (5th) anniversary of the Renewal Term Commencement Date, upon, and subject toto, 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 Option 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 thefollowing terms, covenants or conditions of this Lease either at the time Tenant exercises an Extension Option or upon the commencement of the 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 Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expire on the Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Term.conditions:
Extension Options. LandlordOption Rights. hereby grants to Tenant two (2) consecutivethe originally named herein (“Original “) and any Permitted Transferee Assignee, three (3) options to extend the Lease Term (each, an Extension Option and collectively, the Extension Options) for successive periodsa period of five (5) years each (each, an Extension Term) commencing on“Option Term“, and each such option, the first day following the Expiration Date, on the terms and subject“Option to the conditions set forth in this Paragraph; provided, however, that # an Extension OptionExtend”). Such Options to Extend shall be exercised, if at all,exercisable only with respectby “Notice” (as that term is defined in [Section 29.18] of this Lease) delivered by to (the “Extension Exercise Notice“) as provided below, provided that the entire Premises;following conditions (the “Option Conditions“) are satisfied: # the second Extension Option 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 anyas of the terms, covenants or conditionsdate of delivery of such notice, is not in Default under this Lease; # is not in Default under this Lease either at the time Tenant exercises and execute an Extensionamendment to this Lease extending the Lease Term for the applicable Option Term, and as of the end of the Lease Term or uponthe initial Option Term, as the case may be, is not in Default under this Lease; # has not previously been in Default under this Lease more than once in the immediately preceding thirty-six (36) month period; and # this Lease then remains in full force and effect and Original (or a Permitted Transferee Assignee) has not subleased more than forty percent (40%) of the Premises pursuant to subleases in effect at the time the applicable Option to Extend is exercised and as of the commencement of the applicable Extension Term, LandlordOption Term (in each case, excluding any Permitted Transfer). may, at ’s option, exercised in ’s sole and absolute discretion, waive any of the Option Conditions in which case the Option to Extend, if otherwise properly exercised by , shall have,remain in additionfull force and effect; provided, however, unless delivers written notice to all of Landlords other rights and remedies provided in this Lease, the right to terminate such Extension Option and to unilaterally nullify Tenant within thirty (30) days following ’s exercise of the Option to Extend stating that such Extension Option, inexercise is invalid due to ’s failure to satisfy the Option Conditions, then shall be deemed to have waived the Option Conditions. Upon the proper exercise of the Option to Extend, and provided that satisfies all of the Option Conditions (except those, if any, which event thisare waived by ), the Lease shall expire onTerm or the Expiration Date, unless sooner terminated pursuantinitial Option Term, as applicable, as it applies to the terms hereof,Premises, shall be extended for a period of five (5) years. The rights contained in this [Section 2.2] shall be personal to Original and Tenant shall have no further rights underany Permitted Transferee Assignee and may be exercised by Original or a Permitted Transferee Assignee only (and not by any other assignee, sublessee or “Transferee,” as that term is defined in [Section 14.1] of this Lease to renewLease, of ’s interest in this Lease) if the Original or extendany such Permitted Transfer Assignee physically occupies (as described above) at least seventy percent (70%) of the Term.Premises.
Extension Options. Landlord hereby grantsOption to Renew. Tenant two (2) consecutive optionsshall have the option to extend the Term (each, an Extension Option and collectively, the Extension Options)renew this Lease for successive periodsone (1) additional term of five (5) years each (each, an Extension Term)years, commencing onupon the first day followingexpiration of the Expiration Date, onExtension Term (as such term is defined in the terms and subject to the conditions set forth in this Paragraph; provided, however, that # an Extension Option shall5th Amendment). The renewal option must be exercised, if at all, only with respectby written notice given by Tenant to the entire Premises; # the second Extension Option 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 anyLandlord not later than twelve (12) months prior to expiration of the terms, covenants or conditionsExtension Term of this Lease eitherLease. Notwithstanding the foregoing, at the time Tenant exercises an Extension Option or upon the commencement of the applicable Extension Term, Landlord shall have, in addition to all of Landlords other rightselection, the renewal option shall be null and remedies provided in this Lease, the right to terminate such Extension Option and to unilaterally nullify Tenants exercise of such Extension Option, in which event this Lease shall expire on the Expiration Date, unless sooner terminated pursuant to the terms hereof,void and Tenant shall have no further rightsright to renew this Lease pursuant thereto if on the date Tenant exercises the option or on the date immediately preceding the commencement of the renewal period # the Tenant originally named in this Lease is not in occupancy of the entire Demised Premises then demised hereunder (which Demised Premises, the parties acknowledge, consists of space on the 3rd floor, the 14th floor and all of the 11th and 12th floors, as of the date of that certain Fifth Amendment to Lease entered into between Landlord and Tenant in conjunction with this Lease) or such Tenant does not intend to continue to occupy the entire Demised Premises (but intends to assign this Lease or sublet the space in whole or in part), or # Tenant is in default of any of its obligations under this Lease to renew or extend the Term.Lease.
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