Document ID: 13918

Text:
2.2.3 Exercise of Option. The option contained in this Section2.2 shall be exercised by Tenant, if at all, only in the manner set forth in this Section2.2. Tenant shall deliver notice (the Exercise Notice) to Landlord not more than twelve (12)months nor less than nine (9)months prior to the expiration of the initial Lease Term or initial Option Term, as applicable, stating that Tenant is exercising its option. Concurrently with such Exercise Notice, Tenant shall deliver to Landlord Tenants calculation of the Market Rent (the Tenants Option Rent Calculation). Landlord shall deliver notice (the Landlord Response Notice) to Tenant within thirty (30)days after receipt of Tenants Exercise Notice (the Landlord Response Date), stating that (A)Landlord is accepting Tenants Option Rent Calculation as the Market Rent, or (B)rejecting Tenants Option Rent Calculation and setting forth Landlords calculation of the Market Rent (the Landlords Option Rent Calculation). Within ten (10)business days of its receipt of the Landlord Response Notice, Tenant may, at its option, accept the Market Rent contained in the Landlords Option Rent Calculation. If Tenant does not affirmatively accept or Tenant rejects the Market Rent specified in the Landlords Option Rent Calculation, the parties shall follow the procedure set forth in Section2.2.4 below, and the Market Rent shall be determined in accordance with the terms of Section2.2.4 below.

Named Entities:
106
107
Rent

Tokenized Text:
2
.
2
.
3
Exercise
of
Option
.
The
option
contained
in
this
Section2
.
2
shall
be
exercised
by
Tenant
,
if
at
all
,
only
in
the
manner
set
forth
in
this
Section2
.
2
.
Tenant
shall
deliver
notice
(
the
Exercise
Notice
)
to
Landlord
not
more
than
twelve
(
12
)
months
nor
less
than
nine
(
9
)
months
prior
to
the
expiration
of
the
initial
Lease
Term
or
initial
Option
Term
,
as
applicable
,
stating
that
Tenant
is
exercising
its
option
.
Concurrently
with
such
Exercise
Notice
,
Tenant
shall
deliver
to
Landlord
Tenants
calculation
of
the
Market
Rent
(
the
Tenants
Option
Rent
Calculation
)
.
Landlord
shall
deliver
notice
(
the
Landlord
Response
Notice
)
to
Tenant
within
thirty
(
30
)
days
after
receipt
of
Tenants
Exercise
Notice
(
the
Landlord
Response
Date
)
,
stating
that
(
A
)
Landlord
is
accepting
Tenants
Option
Rent
Calculation
as
the
Market
Rent
,
or
(
B
)
rejecting
Tenants
Option
Rent
Calculation
and
setting
forth
Landlords
calculation
of
the
Market
Rent
(
the
Landlords
Option
Rent
Calculation
)
.
Within
ten
(
10
)
business
days
of
its
receipt
of
the
Landlord
Response
Notice
,
Tenant
may
,
at
its
option
,
accept
the
Market
Rent
contained
in
the
Landlords
Option
Rent
Calculation
.
If
Tenant
does
not
affirmatively
accept
or
Tenant
rejects
the
Market
Rent
specified
in
the
Landlords
Option
Rent
Calculation
,
the
parties
shall
follow
the
procedure
set
forth
in
Section2
.
2
.
4
below
,
and
the
Market
Rent
shall
be
determined
in
accordance
with
the
terms
of
Section2
.
2
.
4
below
.