Res19 15814 - Laserfiche WebLink

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ADDENDUM I. General Provisions Regarding Option to Extend. The following provisions will apply to the option to extend the Term, as described in Section II (Option to Extend Termination Date), below. (The option to extend is hereafter referred to as the "Option"). (c) Tenant shall have no right to exercise an Option (i) during the period commencing with the giving of any notice of default and continuing until such default is cured; (ii) during any period during which rent is unpaid (without regard to whether notice thereof has been given to Tenant); (iii) during any time Tenant is materially in default under this Lease; (iv) in the event that Tenant has been given One (1) or more notices of separate defaults, whether or not such defaults have been cured, during the Twelve (12) month period immediately preceding the attempt to extend the Term. (d) An Option shall terminate and be of no further force or effect (notwithstanding Tenant's due and timely exercise of such Option) if, after such exercise and prior to the commencement of an extended term, (i) Tenant fails to pay rent for a period of Thirty (30) days after such rent becomes due; or (ii) if Tenant commits a material breach of this Lease. II. Option to Extend Termination Date. Tenant, at Tenant's sole discretion, will have the option to extend the Termination Date for up to One (1) period of Five (5) years ("Extension Period"), upon the following terms and conditions: (a) Tenant shall give written notice to Landlord of its election to extend the Termination Date of this Lease not later than Six (6) months and no earlier than Twelve (12) months prior to the Termination Date. (b) Rent during any Extension Period will not change. III. Upon the recording of the Memorandum of Lease, Tenant may elect to obtain a leasehold policy of title insurance, insuring Tenant's leasehold interest in the YMCA Site. Addendum 1 82483.00016\32493585.5