Option to Extend Term Contract Clauses (63)

Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times preceding the Expiration Date, (ii) there then exists no default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except as a Permitted Transfer), and (iv) Tenant remains creditworthy, as determined by Landlord in Landlord's commercially reasonabl...e discretion, Tenant shall have the right and option (an "Extension Option") to extend the Term for one (1) additional period of five (5) years, exercisable in the following manner. If Tenant is desirous of exercising the Extension Option under this section, Tenant shall give Landlord written notice not less than nine (9) months in advance of the scheduled Expiration Date of Tenant ‘s intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party, except for a Permitted Transfer (who shall be permitted to exercise the Extension Option pursuant to the same conditions which Tenant can). Promptly after receipt of Tenant's Extension Notice, Landlord and Tenant shall negotiate the Fixed Rent for the Extension Option in good faith. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: (a) the Extension Option period shall begin at the original Expiration Date and thereafter the Expiration Date shall be one hundred thirty-two (132) months from the Commencement Date; (b) all references to the Term in this Lease shall be deemed to mean the Term as extended pursuant to this section; (c) after the Extension Option provided herein, there shall be no further options to extend; and (d) the Fixed Rent payable by Tenant shall be the then market rate as reasonably determined by Landlord and Tenant negotiating in good faith. View More

Option to Extend Term. a. Subject to Section 9(b) below, provided the Lease or Tenant's right of possession thereunder has not been earlier terminated, Tenant shall have the right to extend the Term of the Lease as to all, but not less than all, of the Premises being leased under the Lease for one (1) period of three (3) years (the "Extended Term") beginning on July 1, 2021, subject to the following terms and conditions: (i) Tenant shall give written notice to Landlord of the exercise of Tenant's right to extend the T...erm of the Lease no later than January 1, 2021, time being of the essence (the "Renewal Notice"). If no such Renewal Notice is timely given, the Lease shall terminate as of June 30, 2021; (ii) Tenant shall not be in default under the Lease beyond the passage of any applicable period of cure, grace or notice at the time of giving the Renewal Notice or at any time thereafter to and including the commencement of the Extended Term; and (iii) The extension of the Term hereunder for the Extended Term shall be on the same terms and conditions as are applicable to the Term expiring on June 30, 2021; provided, however, (1) Tenant shall have no further right to extend the Term of the Lease beyond the end of the Extended Term, (2) Article 45 of the Lease and Section 3 of this Amendment shall not apply to the Extended Term, (3) Tenant shall lease the Premises in its then-existing "AS-IS" condition, without any obligation on the part of Landlord to make any alterations or improvements thereto or to provide any allowances to Tenant (provided, however, that this provision shall not be construed to amend any provisions of the Lease, including without limitation any maintenance and/or repairs obligations of Landlord under the Lease), and Landlord shall not pay any brokerage commissions or finder's fees, and (4) the Base Rent payable by Tenant to Landlord for the Extended Term shall be as follows: 4 Months Price Per SquareFoot Monthly Annually 7/1/2021 to 6/30/2022 $ 9.00 $ 33,497.25 $ 401,967.00 7/1/2022 to 6/30/2023 $ 9.20 $ 34,241.63 $ 410,899.60 7/1/2023 to 6/30/2024 $ 9.40 $ 34,986.02 $ 419,832.20 b. It is acknowledged and agreed by the parties that the right of Tenant to extend the Term of the Lease under this Section 9 is personal to Entellus Medical, Inc. (the "Original Tenant") and its Affiliates (as defined in Article 21(a) of the Lease) and should said Original Tenant assign the Lease or sublet all or any part of the Premises to any person or entity other than an Affiliate, the right of Tenant to extend the Term of the Lease under Section 9(a) above shall automatically terminate, and said Section 9(a) above shall become null and void and of no further force or effect. View More