COMPLIANCE INFO_2022 - Laserfiche WebLink

Home Browse Search

location for other uses, Landlord shall be entitled to do so and to utilize said buildings its own use or for rental to other tenants. ARTICLE 2 TERM Section 2.01 (a) The initial term of this lease shall be Ten (10) years. This Lease shall commence on the Commencement Date and terminate on May 30th , 2031 (the "Original Lease Term"), unless sooner terminated as hereinafter set forth. The "Lease Term," as such term is used herein, means the Original Lease Term as extended (or as may be extended) pursuant to Section 2.02 below, unless sooner terminated as hereinafter set forth. (b) This Lease shall be deemed to be in full force and effect upon the Commencement Date. Tenant shall be deemed to be in possession of the Demised Property upon the Commencement Date. Section 2.02 (a) Tenants shall have the option to extend the term of this Lease for Two TEN (10) year periods upon and subject to the terms set forth below in this Section 2.02. The first option period (the "Option Period") shall commence at the expiration of the Original Lease Term. The Option Period shall continue for a period of 10 years from and after the commencement date of such Option Period. Except as otherwise expressly provided herein, all the terms and conditions of this Lease applicable to the Original Lease Term shall continue to apply during each Option Period. In no event shall Tenants have any options to extend the term of this Lease except as expressly provided herein. A notice delivered by Tenants to Landlord in order to extend the term of this Lease for any Option Period pursuant to the terms hereof is referred to herein as an "Extension Notice" as long as the rent for the option periods is negotiated at that time. (b) The base rent for the Option Period shall be negotiated at the time the option is exercised. The parties shall attempt to negotiate the rents at the time of the exercise of any option,but they are unable to come to an agreement then the option periods are terminated. (c) To extend the Lease Term for the First Option Period (i) Tenants must and shall deliver to Landlord an Extension Notice not earlier than twelve (12) months prior to the expiration of the Original Lease Term and not later than two(2)months prior to the expiration of the Original Lease Term; and (ii) as of the date such Extension Notice is delivered to Landlord, and as of the date the First Option Period is scheduled to commence, there shall be no existing Event of Default under this Lease. (d) Without limiting anything contained in Section 35.02 hereof,time is of the strictest essence in the performance of each provision of this Section 2.02. Either party, upon request of the other, shall execute and acknowledge,in form suitable for recording, an instrument confirming any Option Period,with Tenants paying all applicable recording costs. 2