Extension Right Sample Clauses
An Extension Right clause grants one or both parties the ability to prolong the duration of an agreement beyond its original term. Typically, this clause outlines the conditions under which an extension can be exercised, such as providing written notice within a specified timeframe or agreeing to certain terms for the extended period. Its core practical function is to provide flexibility and continuity in contractual relationships, allowing parties to maintain their arrangement without renegotiating a new contract, thereby reducing administrative burden and uncertainty.
POPULAR SAMPLE Copied 6 times
Extension Right. Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.
Extension Right. In addition to extension rights of the State set forth in the Contract, the State CIO reserves the right to extend any Contract if the State CIO determines such extension to be in the best interest of the State.
Extension Right. Tenant shall have the right (“Extension Right”) to extend the Base Term of this Lease for 5 years (“Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise the Extension Right at least 7 months prior, and no earlier than 12 months prior, to the expiration of the Base Term of this Lease.”
Extension Right. The Commonwealth reserves the right, upon notice to the Grantee, to extend the term of the Grant Agreement for up to three months upon the same terms and conditions.
Extension Right. Tenant shall have 1 right (an “Extension Right”) to extend the term of this Lease for 5 years (an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior to the expiration of the Base Term of the Lease.
Extension Right. If, upon expiration of the Initial R&D Term, Merck (a) has not designated its fifth (5th) Elected Candidate in accordance with Section 2.10 and [***], Merck may, at its written election, extend the R&D Collaboration for [***] that will begin upon the expiration of the Initial R&D Term and end on the earlier to occur of (i) the fourth anniversary of the Effective Date and (ii) the date on which Merck designates its fifth (5th) Elected Candidate hereunder (the “R&D Extension Term”, and together with the Initial R&D Term, the “R&D Term”). Merck may exercise such right by providing written notice to Moderna at [***] prior to the expiration of the Initial R&D Term and, subject to [***], the R&D Extension Term will automatically go into effect. Absent further agreement of the Parties but subject to Section 2.8(c) for an applicable R&D Program, the maximum duration of the R&D Term is four (4) years, and all R&D Programs will terminate upon expiration of the R&D Term.
Extension Right. Section 33 entitled “Extension Right” is hereby added to this Lease: 33. EXTENSION RIGHT.
A. Tenant shall have the right (the “Extension Right”) to extend the Term for three (3) periods of five (5) years following the expiration of the Term (the “Extension Period”) on the condition that: (1) Tenant shall exercise the Extension Right by giving Landlord written notice (the “Extension Notice”) of Tenant’s election to extend at least six (6) months prior to the commencement of the applicable Extension Period (an “Extension Period”), and there exists no event of default under the Lease; and (2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(1) hereof, the Extension Period shall commence on the expiration of the Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and (3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Minimum Rent for the Extension Periods shall be determined as provided in Section 33.B hereof.
B. If the Tenant exercises the Extension Right as provided in this Section 33, then during each Extension Period the Minimum Rent shall be equal to the product of the “Fair Rental Value” (hereinafter defined) on a square footage basis multiplied by the then square footage of the Premises (exclusive of any Storage Space). “Fair Rental Value” means what Landlord and Tenant agree to be the fair rental value of the Premises during the subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such as “free rent” and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no “down time” or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections ▇.▇(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Minimum Rent for the Extension Period within thirty (30) days after T...
Extension Right. So long as there exists no Default of Tenant (as defined in Section 12.01) on the first day of the Extended Term (as defined below), this Lease is still in full force and effect, and Tenant shall not have sublet, assigned or otherwise transferred all or any portion of its interest under this Lease (except in the event of a “Permitted Transfer”, as defined in Section 7.01), Tenant shall have the right to extend the term of this Lease for three (3) additional period(s) (the “Extended Term(s)”) of three (3) years each. The Extended Term shall commence on the day succeeding the expiration of the Original Term (or the immediately preceding Extended Term) and shall end on the day immediately preceding the 3rd anniversary of the commencement of such Extended Term. All of the terms, covenants and provisions of this Lease shall apply to any Extended Term except that (i) the Base Rent for the Extended Term shall be the greater of (a) the product of (1) the Base Rent on the day preceding the commencement of such Extended Term without giving effect to any abatements, set-offs or concessions then in effect (the “Initial Rent”) times (2) a fraction, the denominator of which shall be the Index (as hereinafter defined) for the nearest month prior to the Rent Commencement Date, and the numerator of which shall be the Index for the nearest month prior to the commencement of such Extended Term, or (b) the Initial Rent; and (ii) Tenant shall have no further right to extend the term of this Lease beyond the Extended Term(s) hereinabove provided. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord notice in writing of its intention to do so not later than six (6) months, nor sooner than one (1) year, prior to the expiration of the Original Term of this Lease, or the immediately preceding Extended Term, as applicable, it being agreed that time is of the essence with respect to the giving of any such notice. If Tenant fails to give any such notice to Landlord, this Lease shall automatically terminate at the end of the Original Term, and Tenant shall have no further option to extend the term of this Lease, it being agreed that time is of the essence with respect to the giving of any such notice. If Tenant gives such notice, the extension of this Lease shall be automatically effected without the execution of any additional documents.
Extension Right. Subject to Article 2 of the Lease Amendment, Lessee has the right to extend the Term of the Lease pursuant to Article 1 of the Lease Amendment.
Extension Right. Section 39 of the Lease is hereby deleted and replaced in its entirety with the following: