RENEWAL OPTION by 8869Er

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									RENEWAL OPTION.

          Provided that no event of default or sublease has ever occurred under any term or provision contained
in this Lease and no condition exists which with the passage of time or the giving of notice or both would
constitute an event of default pursuant to this Lease and provided that Tenant has continuously occupied the
Premises for the Permitted Use during the Lease Term, Tenant (but not any assignee or sublessee) shall have
the right and option (the "Renewal Option") to renew this Lease, by written notice delivered to Landlord no
later than nine (9) months prior to the expiration of the initial Lease Term, for an additional term (the "Renewal
Term") of ___________ (_____) months under the same terms, conditions and covenants contained in the
Lease, except that (a) no abatements or other concessions, if any, applicable to the initial Lease Term shall
apply to the Renewal Term; (b) the Base Rent shall be equal to the market rate for comparable office space
located in the Building as of the end of the initial Lease Term as determined by Landlord, (c) Tenant shall have
no option to renew this Lease beyond the expiration of the Renewal Term; and (d) all leasehold improvements
within the Premises shall be provided in their then existing condition (on an "As Is" basis) at the time the
Renewal Term commences.

          Failure by Tenant to notify Landlord in writing of Tenant's election to exercise the Renewal Option
herein granted within the time limits set forth for such exercise shall constitute a waiver of such Renewal
Option. In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within
thirty (30) days thereafter, notify Tenant in writing of the proposed rental for the Renewal Term (the "Proposed
Renewal Rental"). Tenant shall within thirty (30) days following delivery of the Proposed Renewal Rental by
Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant
accepts Landlord's proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the
Renewal Term.

          Failure of Tenant to respond in writing during the aforementioned thirty (30) day period shall be
deemed an acceptance by Tenant of the Proposed Renewal Rental. Should Tenant reject Landlord's Proposed
Renewal Rental during such thirty (30) day period, then Landlord and Tenant shall negotiate during the thirty
(30) day period commencing upon Tenant's rejection of Landlord's Proposed Renewal Rental to determine the
rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal
Term during said thirty (30) day period, then the Renewal Option shall terminate and be null and void and the
Lease shall, pursuant to its terms and provisions, terminate at the end of the original Lease Term.

[Optional]

[In the event the following provision is used, the last sentence of the first paragraph must be deleted and
this provision must be substituted for such sentence.]

[ In the event that Landlord and Tenant cannot agree as to the Base Rent of the Premises for the Renewal
Term, such Base Rent shall be determined by a panel of three (3) qualified licensed M.A.I. commercial real
estate appraisers, one appointed by Tenant, one appointed by Landlord and one appointed by the
aforementioned appraisers. Landlord and Tenant shall each bear any expenses incrred in connection with
the appointment of its own commercial real estate appraiser and one-half (1/2) of the expenses incrred in
connection with the appraiser appointed by the first two appraisers. In determining the Base Rent, the
appraisers shall consider the applicable market rental rate then being charged by at least three (3) to five (5)
buildings located in the same vicinity as the Building and comparable as to class (e.g. “Class A”, “Class
B”). In the event that Landlord and Tenant or said appraisers cannot agree upon the Base Rent for the
Renewal Term within ___ (__) days following Tenant’s exercise of its Renewal Option, Landlord shall
thereafter have the right and option to terminate Tenant’s right to renew the Lease provided for herein by
written notice thereof to Tenant whereupon this provision and all rights of Tenant to renew and extend the
Lease shall be null and void. ]

								
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