EXTENSION TERM AND RENT Sample Clauses

The "Extension Term and Rent" clause defines the conditions under which a lease or rental agreement may be extended beyond its original term, as well as the rent that will apply during the extension period. Typically, this clause outlines the process for exercising an extension option, such as providing written notice within a specified timeframe, and specifies whether the rent will remain the same, increase by a set amount, or be determined by market rates. Its core practical function is to provide both parties with clarity and predictability regarding the continuation of the lease and the financial terms that will govern the extended period, thereby reducing uncertainty and potential disputes.
EXTENSION TERM AND RENT. 29.1 Lessee shall have the right to extend the initial Lease term for two (2) additional five-year terms, on the same terms and conditions as stated herein except for rent, which is stated below. The extension options shall be exercised by Lessee delivering to Lessor a written notice of exercise at least nine (9) months prior to the then applicable expiration date of the Lease term. Lessee shall not be required to extend the Lease for the entire leased premises, provided the unleased space is in a leasable configuration. Between thirteen (13) and eleven (11) months prior to the then expiration date of the lease term, Lessee may request Lessor to advise Lessee of the Market Rent Lessor proposes for the next option term. Lessor will provide Lessee with written notice of such rent within thirty (30) days after its receipt of Lessee’s written request. 29.2 For Years 11-15, the annual rent shall be the lesser of (a) 95% of “Market Rent”, or (b) $23.00/RSF or USF, as the case may be (in the latter case, the initial Base indices and cap shall be retained). 29.3 For Years 16-20, the rent shall be 95% of Market Rent.
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EXTENSION TERM AND RENT. This Agreement will expire on 31st August 2022. Party A will grant Party B an option to lease the Building for a further period of five years to 31st August 2027 at a rent to be calculated at 102.5% of the rent of the previous year. Rental relating to the 1st year’s renewal will therefore be 102.5% of the 2021-2022 rental.
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Related to EXTENSION TERM AND RENT

  • Term and Rent Lessor demises the above premises for a term of twenty years, commencing January 1, 1993, and terminating o December 31, 2012, or sooner as provided herein at the annual rent of Twenty Four Thousand Dollars ($24,000.00), payable in equal installments in advance on the first day of each month for that month's rental, during the term of this lease. All rental payments shall be made to Lessor, at the address specified above.

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Initial Term and Renewal This Agreement shall become effective upon its execution and, shall have an initial term of five (5) years. Following the expiration of the initial term, the Agreement shall automatically renew for successive one-year terms until such time that the Agreement is terminated by either Party upon giving the other Party six (6) months’ written notice of termination.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Extension of Lease Term The Term of the Lease shall be extended (the “Extension Term”) commencing December 11, 2021 (the “Extension Term Commencement Date”) and expiring June 30, 2024.