Extension Options. Tenant shall, provided the Lease is in full force and effect and there is no uncured Event of Default at the time of notification or commencement, have
one (1) option two (2) options to extend the Term of this Lease
as to the entire Premises for a term of
three (3) five (5) years
(the each (each an "Extension
Term"), Term" and collectively, the 32 "Extension Terms"), for a minimum of two (2) contiguous floors of the Premises, on the same terms and conditions set forth in the
Lease ("Tenant's Ext...ension Option"), Lease, except as modified by the terms, covenants and conditions as set forth below: 41.1If 41.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term of the Lease (unless Tenant is exercising same in conjunction with an exercise of the right of first offer described above) but no later than the date which is twelve (12) months prior to the expiration of the then current Term of this Lease. If Tenant fails to provide such notice, time being of the essence, Tenant shall have no further or additional right to extend or renew the term of the Lease. 41.2The 41.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be set increased for the each Extension Term as hereinafter provided. The Annual Rent and Monthly Installment for the first Extension Term shall be increased to equal the then current fair market rental for comparable space in the Building and in similar buildings in the East Cambridge submarket same rental market as of the date the applicable Extension Term is to commence, taking into account the specific provisions of the Lease which will remain constant. constant and taking into consideration that the Base Year for each Extension Term shall be readjusted to be the actual Expenses and Taxes for the first full calendar year of the Extension Term. Landlord shall advise Tenant of Landlord's determination of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt of Tenant's notice of written request to exercise of Tenant's an Extension Option. Term. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the extension term. If, If Landlord and Tenant are unable to agree on or before the date which is 270 a mutually acceptable fair market rental within thirty (30) days prior to the commencement after Tenant's exercise of the applicable Extension Term, Tenant has not agreed with Landlord's determination of the new Annual Rent after negotiating in good faith, either party may elect by notice (the "Arbitration Notice") to the other party to have the new Annual Rent arbitrated as described as follows. 41.2.1 If either party sends the Arbitration Notice, first extension option, then such new Annual Rent shall be determined as follows: Landlord and Tenant shall each appoint a qualified MAI appraiser commercial real estate retail broker doing business in Boston, Massachusetts that is not currently engaged to represent the area and, party appointing such broker and who has at least ten (10) years of relevant experience in the market in which the Building is located. Those brokers shall, in turn, those two (2) independent MAI appraisers shall appoint a third (3rd) MAI appraiser commercial real estate retail broker doing business in Boston, Massachusetts that is not currently engaged to represent Landlord or Tenant and who is similarly qualified and the majority determination of the three brokers shall decide be the new fair market rental for the Premises for the determining the Annual Rent for the Premises as of the commencement of the applicable first Extension Term, which determination shall be consistent with the second sentence of Section 41.2 above and shall be binding on Landlord and Tenant. Term. Landlord and Tenant shall equally share in the expense of this appraisal. 41.2.2 A qualified MAI appraiser shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions hereof and: (i) shall be (A) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience in the appraisal of improved office and life sciences space in the greater Cambridge, Massachusetts metropolitan area, or (B) a licensed commercial real estate broker with not less than 15 years' experience representing landlords and/or tenants in the leasing of office and life sciences space in the greater Cambridge, Massachusetts metropolitan area; (ii) devoting substantially all of his or her time to professional appraisal or brokerage work, as applicable, at the time of appointment; and (iii) shall be in all respects impartial and disinterested. 41.3The 41.3 This option to extend the Term for the Extension Term is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to extend the Term of this Lease shall be "personal" to the originally-named Tenant as set forth above and any assignee that is that, except in connection with a transfer to a Permitted Transferee, and that Transferee pursuant to Section 9.8, in no event will any assignee or sublessee (other than a Permitted Transferee) have any rights to exercise the aforesaid option to extend. renew. As each extension option is exercised, the number of extension options remaining to be exercised is reduced by one and upon exercise of the last of the two (2) extension options, Tenant shall have no further right to extend the Term of this Lease.
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