SUBTENANT DEFAULTS UNDER THE TERMS
AND PROVISIONS OF THIS SUBLEASE, SUBLANDLORD MAY, AT ITS OPTION, TERMINATE THE
LICENSE BY NOTICE TO SUBTENANT AND UPON THE EFFECTIVE DATE OF SUCH NOTICE,
SUBLANDLORD MAY ENTER INTO THE PREMISES, AND SUBTENANT HEREBY GRANTS ACCESS TO
THE PREMISES TO SUBLANDLORD FOR SUCH PURPOSE, TO REPOSSESS AND REMOVE THE
FURNISHINGS FROM THE PREMISES, ALL AT SUBTENANT'S SOLE COST AND EXPENSE.
NOTWITHSTANDING THE ABOVE, IF SUBTENANT IS REQUIRED TO VACATE THE PREMISES
(OTHER THAN DUE TO A DEFAULT BY SUBTENANT UNDER THIS SUBLEASE) PRIOR TO THE
EXPIRATION DATE, OR PRIOR TO THE EXPIRATION OF THE EXTENSION TERM (AS DEFINED IN
PARAGRAPH 24 (A) BELOW) IF SUBTENANT TIMELY AND PROPERLY ELECTS TO EXTEND THE
TERM OF THIS SUBLEASE IN ACCORDANCE WITH PARAGRAPH 24 BELOW, THEN SUBTENANT
SHALL HAVE AN OPTION TO PURCHASE THE WORK STATIONS LOCATED IN THE PREMISES AND
LISTED ON EXHIBIT C ATTACHED HERETO FOR THE PURCHASE PRICE OF $1.00, AND UPON
PAYMENT OF SUCH AMOUNT (AND ANY TAXES RELATED TO SUCH SALE) THE WORK STATIONS
SHALL BE DEEMED TRANSFERRED TO SUBTENANT AND SUBLANDLORD AGREES TO CONFIRM SUCH
TRANSFER BY EXECUTION OF ANY BILL OF SALE, WITHOUT REPRESENTATION OR RECOURSE,
AS MAY BE REASONABLY REQUESTED BY SUBTENANT.
SUCH OPTION SHALL BE EXERCISED, IF
AT ALL, WITHIN TEN (10) DAYS OF THE DATE SUBTENANT IS REQUIRED TO VACATE THE
PREMISES, TIME BEING OF THE ESSENCE.
24.
OPTION TO EXTEND.
(A)
PROVIDED THAT THE CONDITIONS SET FORTH IN
THIS PARAGRAPH 24(A) ARE SATISFIED, SUBTENANT SHALL HAVE THE RIGHT TO EXTEND
THIS SUBLEASE FOR ONE (1) SUCCESSIVE EIGHTEEN (18) MONTH TERM (THE "EXTENSION
TERM"), SUCH EXTENSION TERM SHALL COMMENCE, IF AT ALL, IMMEDIATELY AFTER THE
EXPIRATION OF THE INITIAL TERM OF THIS SUBLEASE ON THE EXPIRATION DATE, AND
SHALL END ON THE DAY PRIOR TO THE EIGHTEEN (18) MONTH ANNIVERSARY OF THE
COMMENCEMENT OF THE EXTENSION TERM.
THE EXTENSION TERM SHALL BE UPON ALL OF THE
TERMS AND CONDITIONS OF THIS SUBLEASE (OTHER THAN THIS PARAGRAPH 24(A)),
INCLUDING, WITHOUT LIMITATION, THE PAYMENT OF ALL RENT PAYABLE HEREUNDER DURING
THE EXTENSION TERM.
THE BASE RENT FOR THE EXTENSION TERM SHALL BE $6,000.00 PER
MONTH FOR THE INITIAL SIX (6) MONTHS OF THE EXTENSION TERM, AND THEN SHALL
INCREASE TO $6,350.00 FOR THE BALANCE OF THE EXTENSION TERM, AND SUBTENANT SHALL
CONTINUE TO PAY ALL ADDITIONAL RENT PAYABLE HEREUNDER.
SUBTENANT'S RIGHT TO
EXTEND THE TERM OF THIS SUBLEASE AND EXERCISE ANY OPTION TO EXTEND SET FORTH IN
THIS PARAGRAPH IS SUBJECT TO AND CONTINGENT UPON THE FULL AND COMPLETE
SATISFACTION BY SUBTENANT OF EACH OF THE FOLLOWING CONDITIONS:
(I)
SUBTENANT SHALL NOTIFY ("EXTENSION
NOTICE") SUBLANDLORD, TIME BEING OF THE ESSENCE, NOT LATER THAN 30 DAYS PRIOR TO
THE EXPIRATION DATE, THAT IT DESIRES TO EXTEND THE TERM OF THIS SUBLEASE.
IF
SUBTENANT FAILS TO NOTIFY SUBLANDLORD BY SUCH DATE, TIME BEING OF THE ESSENCE,
SUBTENANT'S OPTION TO EXTEND THIS SUBLEASE SHALL BE DEEMED NULL AND VOID AND OF
NO FURTHER FORCE OR EFFECT;
(II)
SUBTENANT SHALL NOT BE IN DEFAULT