Building Lease. The Company is obligated under a building lease agreement for our Las Vegas office at 6830 Spencer Street, Las Vegas until January 2007, with an option to renew for five years. The lease provides for scheduled increases based, in part, on the annual Consumer Price Index. However, we do not indeed to renew the lease and will move to a new location at the termination of the lease."
"1.03 Term: a. Commencement Date: January 15, 2000 contingent upon Building Department sign off stipulating the Building is ready for occupancy by Lessee. b. Number of Calendar Months (Initial Term): 84 (eighty-four) months c. Option to: One (1) five (5) year option."
And what about the option?
"Such option is granted upon the following terms and conditions: ... c. Lessee gives to Lessor and Lessor receives from Lessee written notice of the exercise of each option to extend this Lease no earlier than nine (9) months and no later than six (6) months prior to the expiration of the term immediately preceding the Option Term(s) to be exercised, time being of the essence. If said notification is not given and received, the option to be exercised shall automatically expire."
I never saw any news about VNX exercising the option last year. It look as though the least expired on Jan. 15, 2007.
Do you guys have nothing better to do than start garbage? If you had listened over the last year you would have known that VNX was moving to another office complex in Las Vegas and that it was to take place about the first of February. This wil save them over 50K a month. The old lease is something that the old regime set up so you can't hit Mark up for that one.