Seven (7) years (“ Term ”) commencing as of July 15, 2016 (“ Commencement Date ”) and ending on July 14, 2023 (“ Expiration Date ”).  Subject to the terms hereof, Tenant and Landlord have a one-time option (but not the obligation) to mutually agree to extend the initial Term for an additional period of three (3) years (“Option Term”) under the terms of this Lease.  In order to exercise the foregoing option, Tenant shall (i) not be in Default and (ii) deliver to the Landlord an irrevocable written notice (unless Landlord does not agree to extend) to extend during the period commencing February 15, 2022 and ending July 14, 2022 (the “ Option Exercise Period ”).  If Tenant provides the written notice during the Option Exercise Period, and Landlord agrees to the extension, then the initial Term shall be extended from July 15, 2023 through July 14, 2026.  If Tenant does not exercise the option during the Option Exercise Period or Landlord does not agree to the extension (in its sole discretion), then the option will lapse and be of no further force or effect and the Term will automatically expire on July 14, 2023 as originally scheduled.  The monthly base rent payable during the Option Term shall initially be 103% of the base rent payable under this Lease immediately prior to the commencement of the Option Term and thereafter such option rent shall be subject to the Annual Increase (defined below) set forth in Section 1.3 below.