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OPTION TO RENEW LEASE <br />Tenant shall have the right, at its option, to extend the term of this lease for one <br />a r provided that (i) no default under this Lease has occurred and is conti- <br />nuing as of the date of the exercise of the option or as of the actual comencement date of the <br />renewal term, and (ii) Tenant gives Owner written notice of its intent to extend the term of this <br />Lease for an additional onp year period not less than six months before the end of the ini- <br />tial Ise term. The renewal term s611 be governed by all of the provisions of this Lease applica- <br />ble to the initial term, except that the annual basic rent for such renewal term shall be the cur- <br />rent market rent for comparable space in the Building or in similar buildings in the Santa Ana area <br />as of commencement of the renewal term. Annual basic rent during the renewal term shall be subject <br />to the CPI Rental Adjustment as set forth in Rider No. 1, on the first day of the 31st month of the <br />renewal term. <br />Owner shall inform Tenant of the current market rental by giving Tenant 60 days prior written <br />notice. Unless Tenant objects in writing to Owners statement of current market rental. within 15 <br />days after receipt thereof, the amount in Owners statement shall be the basis for competing mural <br />basic rent for the renewal term. If Tenant objects to Owners statement of current market rental, <br />Owner and Tenant shall use their best efforts to agree upon the market rents. If Owner and Tenant <br />are unable to reach agreement as to market rents prior to the expiration of the initial term of this <br />lease, Tenant my either pay the market rental amount initially proposed by Owner, or may terminate <br />this Lease notwithstanding that Tenant has given notice of its intent to exercise its option to <br />extend. <br />Upon the eoaHtion that Tenant shall have exercised its option to renew as described above, and <br />further subject to all the conditions above described, including the provisions for the establish- <br />ment of market rent and rental. increases, Tenant shall have the further right, at its option, to <br />extend the term of this lease for one additional period of nTip vQar <br />OWIER-S INITIALS: <br />TENANT'S rRTIAIS: <br />MAR 1988 <br />RIM N0. 2 <br />