Laserfiche WebLink
<br /> higher than Tenant desires, Tenant may revoke its exercise of the option to extend, by <br /> written .notice to landlord given no later than thirty (30) days after landlord's 'notice <br /> providing the Fair Market Rent, notwithstanding anything to the contrary herein contained. <br /> 1.2.2.1 Failure to Exercise. If Tenant shall fail to exercise or <br /> shall revoke the option herein granted, said option shall terminate and shall be null and <br /> void and of no further force and effect. Tenant's exercise of said option shall not operate <br /> to cure any default by Tenant of any of the terms or provisions in the lease, nor to <br /> extinguish or impair any rights or remedies of landlord arising by virtue of such d~fault. <br /> Under no circumstances whatsoever shall the assignee under a complete or partial <br /> assignment of the Lease, or a subtenant under a sublease of the Premises, have any right <br /> to exercise the option to renew granted herein. Time is of the essence of this grant of an <br /> option. <br /> 1.2.2.2 Definition of Fair Market Rent. The term Fair Market <br /> Rent for the purpose of this Lease shall mean and refer to the rate then being charged by <br /> Landlord for nonrenewal, nonexpansion, then current, comparable, nonencumbered, <br /> nonequity space in the Building, similarly improved, taking into consideration the floor level <br /> on which the Premises are located, tenant improvements or allowances provided or to be <br /> provided for such comparable space (but only if tenant improvements paid for by landlord <br /> are agreed to by the Parties in connection with Tenant's exercise of its option to extend), <br /> rental abatement concessions, if any, the length of the relevant term, the extent of services <br /> to be provided to the Premises, the date as of which the Fair Market Rent is to become <br /> effective (which, for purposes of determining the Fair Market Rent only, shall be deemed <br /> to be that rate in effect for leases which will cover the same basic time period to be covered <br /> by the option to extend), and any other relevant and generally applicable economic terms <br /> or conditions. In addition to the nonrenewal, nonexpansion, then-current, comparable, <br /> nonencumbered, nonequity space in the Building, or in the event there is no such <br /> nonrenewal, nonexpansion, then-current, comparable, nonencumbered, nonequity space <br /> in the Building, the term Fair Market Rent as used in this Lease shall mean and refer to the <br /> rate then being charged to tenants for nonrenewal, nonexpansion, then-current, <br /> comparable nonsublease, nonencumbered, nonequity space in buildings in the Redwood <br /> Shores area of Redwood City, California, which the Parties consider to be reasonably <br /> equivalent to the Building. <br /> 3 <br /> " - ' -- ,,-- <br /> ~ 'Y' r -, <br />