• June 4, 2018

Renewal Option

Renewal Option

Tenant or Tenant’s parent, affiliate, subsidiary or permitted assignee or subtenant shall have the right to renew this Lease (“Renewal Option”) at its option for two (2) additional terms of five (5) years each (“First Renewal Term” and “Second Renewal Term”, respectively). Such Renewal Options shall be exercised by Tenant no later than nine (9) months prior to the term expiration date of the Lease. The Base Rent for the First Renewal Term (“First Renewal Rent”) shall be subject to a 5% rental escalation from Year 10, and the Base Rent for the Second Renewal Rent shall be at 95% of FMV. Years 12 through 15 and Years 17 through 20 shall be subject to annual 2.5% increases. FMV to be determined based upon all relevant market conditions. For the First Renewal Term, landlord in the form of a free fixed rent credit, shall provide tenant with a $15 psf tenant improvement allowance for paint, flooring and other purposes.

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