80A - JOINT WORK CENTER MOU - Laserfiche WebLink

Home Browse Search

EXHIBIT 3 Schedule Extension Ontions I. Grit of Option. Subject to all of the terms and conditions of Otis Schedule "d•11 in connection with Tenant's lease of the Premises, Tenant shill have two (2) oplions (each an "Extension Option") to extend the tern of this Lease as to the entire Premises then subject to this Lease, each for an additional term (each "Extension Term") of sixty (60) months, subject to and upon the terms and conditions contained in this Schedule '7�1 ". The Extension Term shall commence upon the day immediately following the then scheduled Expiration Date, and shall be upon the same terms and conditions as are provided for in this Lease, as then amended, except that; (a) If Tenant fails to timely exercise die Extension option, the Extension Option (and any other rights to extend or renew the Term) shall lapse and Tenant shall have no Rather right to extend the Term of ilia Lease, (b) there shall be no further options to extend to Term pursuant to this Schedule " el" or otherwise following the second (2'd) Extension Term, (a) Tenant shall not be entitled to any credit against Rent or any other rent concession or rent allowance or abatement of Rent, except as specifically provided in the definition of the FMRR, (d) the Luse Rent for One Extension Term shall be as provided in Section 3 of this e I " - L, and (a) the Disc Year for the Extension Temw shall be the calendar year in which the Extension Tenn commences. 2 Exercise An Extension Option maybe exercised only by Tenant giving written notice of exercise (an "Extension Notice") to Landlord on or before the date that Is not more than twelve (12) and not less than nine (9) months prior to the then scheduled Expiration Date, If Tenant does not deliver an Extension Notice to Landlord within the time period set forth above (time being of the essenca), then Tenant shall be deemed to have fbrever waived and relinquished Owe Extension Option, end any other options or rights to renew or extend the Term efrective after the then Expiration Date shall terminate. 3 Almunl Buse Rent. The Bose Rent payable for the Premises during an Extension Teri, (the "Extension Term Rase Rent") shall be equal to (a) Ilia Rentable Area of the Premises then subject to this Lease, multiplied by (b) the FMRR of the Premises as of the first day (an "Adjustment Date") of such Extension Term, and shall be determined as follows. 3.1 1f Tenant duly exercises the Extension Option, Landlord shall within thirty (30) days thereafter, deliver to Tenant a written notice (a "Itlarket Rent Notice") or Landlord's determination of what Landlord dun believes the FMRR (and Extension Term Base Rent) would be for the Premises during the Extension Term. 3.2 Wu rip ten p bJ days after Tenant's receipt of u Market Reni Nokee Tenant shall deliver to Landlord written notice (a "Mm-ket (tent lesponse Notice") electing either: (a) to accept the FMRR (and Extension Term Base Rent) set forth lit the Market Rent Notice, in which case the FMRR (and Extenslon Tenn Base Rem) shall be asset forth In the Market Rent Notice, or (b) to reject Landlord's determination of the FMRR (and Extension Term Base Rent), in which case the FMRR, (trod Extension Term Base Rent) shall be determined in accordance with Schedule "J-3". 3.3 B'Tenant fails to dolivcr Tenant's Maket Rent Response Notice within ten (10) days after its receipt are Market Rent Notice (or fails in its Market Response Notice to expressly reject Landlord's determinationof iliaFMRR(and Extension Term Base Rent) set forth Ina Market Rent Notice), Tenant shall cmuluslvciv be deemed to have accepted Landlord's determination of the FMRR (and Extension Term Base Rent) set forth in the Market Rent Notice. No/ n'Chfe Center Vr— 00',irSmrot dno Leme .b Exhibit 1 80A-707