Coach 2013 Annual Report Download - page 579

ARTICLE 48
RENEWAL OPTIONS
48.01 (a) For purposes hereof, the following terms shall have the following meanings:
“First Extension Option” shall mean Tenant’s right to extend the Term of this Lease with respect to the Extension Premises for an additional
term (the “First Extension Term”) of ten (10) years commencing on the day immediately following the Expiration Date of the initial Term of this Lease (the
“Commencement Date of the First Extension Term”) and ending on the last day of the month in which occurs the ten (10) year anniversary of the Expiration
Date of the initial term of this Lease.
“Second Extension Option” shall mean Tenant’s right to extend the term of this Lease with respect to the Extension Premises for an
additional term (the “Second Extension Term”) of ten (10) years (but only if Tenant has exercised the First Extension Option) commencing on the day
immediately following the Expiration Date of the First Extension Term (the “ Commencement Date of the Second Extension Term”) and ending on the last day
of the month in which occurs the ten (10) year anniversary of the Expiration Date of the First Extension Term.
“Extension Term” shall mean the First Extension Term or the Second Extension Term, as the case may be.
“Extension Premises” shall mean either (i) the entire Premises demised by this Lease as of the day immediately preceding the Applicable
Commencement Date or (ii) one (1) or more full floors of the Premises contiguous to the condominium unit owned by Tenant or Tenant’s affiliate (and in the
case of this clause “(ii)”, may also include all (but not less than all) of the space then leased by Tenant on any floor of the Building on which Tenant does not
then lease such full floor), in either case, as designated by Tenant in an Extension Notice. If Tenant gives an Extension Notice that does not specify the
Extension Premises, Tenant will be deemed to have irrevocably elected to designate as the Extension Premises the entire Premises demised by this Lease as of
the day immediately preceding the Applicable Commencement Date.
“Extension Notice” shall mean a written notice given by Tenant to Landlord electing to extend the Term of this Lease for the First Extension
Term, the Second Extension Term, the Third Extension Term or the Fourth Extension Term, as the case may be.
“Applicable Commencement Date” shall mean the Commencement Date of the First Extension Term, the Commencement Date of the Second
Extension Term, the Commencement Date of the Third Extension Term or the Commencement Date of the Fourth Extension Term, as applicable.
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