First Extension Option Clause Samples

First Extension Option. Solely in the case of the First Extension Option, subject to satisfaction of the following conditions, the Termination Date with respect to all Commitments shall be extended for one year (as so extended, the “First Extended Termination Date”) effective upon receipt by the Administrative Agent of the Extension Request in connection with the First Extension Option and payment of the fee referred to in the following clause (ii): (i) immediately prior to such extension and immediately after giving effect thereto, (x) no Default or Event of Default shall exist and (y) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, (ii) the Borrower shall have paid the Fees payable under Section 3.5.(d), and (iii) (x) the 6.75% Senior Notes shall have been paid in full or refinanced pursuant to a Qualified Refinancing Issuance, and (y) the Term Loans shall have been repaid in full. At any time prior to the effectiveness of the First Extension Option, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (i)(x) and (i)(y).

First Extension Option. (a) Tenant shall have the right to extend the Term of this Lease for an additional term of five (5) years commencing on the day following the expiration of the initial Term of this Lease (hereinafter referred to as the "Commencement Date of the First Extension Term") and ending on the day preceding the fifth anniversary of the Commencement Date of the First Extension Term (such additional term is hereinafter called the "First Extension Term") provided that: A. Tenant shall give Landlord notice (hereinafter called the "First Extension Notice") of its election to extend the term of this Lease, which notice shall be given at least eleven (11) months, but not more than twelve (12) months, prior to the expiration date of the initial Term of this Lease; and B. Tenant (i) is the Tenant, or a subsidiary, parent or Affiliate of the Tenant, originally named herein, (ii) actually occupies all of the Leased Premises initially demised under this Lease, and (iii) is not in default under this Lease or the Original Lease as of the time of the giving of the First Extension Notice and the Commencement Date of the First Extension Term and (iv) Tenant shall have exercised its right to extend the term of the Original Lease pursuant to Paragraph 1.1 of Exhibit C to the Original Lease. (b) The Annual Base Rent payable by Tenant to Landlord during the First Extension Term shall be the greater of (i) the product that results from multiplying ninety-five percent (95%) by the fair market rent for the Leased Premises or (ii) the product that results from multiplying the Annual Base Rent payable during the twelve (12) month period preceding the First Extension Term by 102%, such product to be escalated by 2% on each anniversary of the Commencement Date of the First Extension Term. Fair market rent shall be determined by Landlord, subject to the right of Tenant to arbitrate the amount of fair market rent as hereinafter provided. At least fifteen (15) months prior to the expiration of the initial Term, but in no event more than sixteen (16) months prior to the expiration of the initial Term, Tenant may give Landlord notice of its desire to determine Landlord's good faith determination of the fair market rent for the Leased Premises applicable to the First Extension Term. After Landlord receives such notice and at least fourteen (14) months prior to the expiration of the initial Term, Landlord shall give Tenant notice of such determination. The determination of fair market rent shall tak...

First Extension Option. At the written request of Borrower made at least sixty (60) but not more than one hundred twenty (120) days prior to the Initial Maturity Date, the Maturity Date shall be extended to the one-year anniversary of the Initial Maturity Date (the “First Extended Maturity Date”) provided that the following conditions are satisfied: (i) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Service Coverage Ratio is not less than 1.60:1.00; (ii) Borrower has demonstrated to the reasonable satisfaction of Lender that, as of the Initial Maturity Date, the Combined Debt Yield Ratio is not less than twelve percent (12%); (iii) Borrower has delivered to Lender evidence acceptable to Lender (which evidence shall be a new Appraisal obtained by Lender) that, as of the Initial Maturity Date, the Combined Loan-to-Value Ratio does not exceed sixty-five percent (65%); (iv) On or before the Initial Maturity Date, Lender shall have received an extension fee in an amount equal to 0.25% of the outstanding principal balance of the Loan; (v) No Default or Unmatured Default shall have occurred and be continuing on the Initial Maturity Date; (vi) All representations and warranties made hereunder or under any of the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent such representation and warranty is made as of a specified date, in which case such representation and warranty shall have been true and correct as of such specified date; (vii) Lender has received reasonably satisfactory documentation evidencing the extension executed by the Borrower and consented to by each Guarantor; and (viii) If requested by Lender, Lender shall have received a CLTA 110.5 (or equivalent) endorsement to the Title Policy.

First Extension Option. StadCo may renew this Agreement and extend the Term for an additional period of fifteen (15) years (such option, the “First Extension Option” and such period, the “First Extension Period”) on the same lease terms as the Initial Term, by delivering written notice of the exercise thereof to the Authority not earlier than thirty six (36) months prior to the Initial Term Expiration Date and not later than eighteen (18) months prior to the expiration of the Initial Term Expiration Date.

First Extension Option. Borrower shall have the right to extend the Initial Maturity Date to July 9, 2007 (the period commencing on the first (1st) day following the Initial Maturity Date and ending on July 9, 2007 being referred to herein as the “First Extension Term”), provided, that: (a) Borrower shall have given Lender its written notice of such extension (an “Extension Notice”) not less than two (2) months nor more than six (6) months prior to the Initial Maturity Date; (b) the Interest Rate Cap shall be in effect as of the date of the commencement of the First Extension Term (the “First Extension Commencement Date”) for the term of the Loan as extended and assigned to Lender; (c) no Event of Default shall have occurred and be continuing at the time of the delivery of the Extension Notice with respect to the First Extension Term or on the First Extension Commencement Date; and (d) Borrower shall have delivered to Lender an Officer’s Certificate in form reasonably acceptable to Lender certifying whether or not an Event of Default has occurred and is continuing, and if so, describing such Event of Default.

First Extension Option. Borrower shall have the right (the “First Extension Option”) to extend the Initial Maturity Date for twelve (12) months to March 30, 2024 (the “First Extended Maturity Date”), subject to fulfillment of the following conditions: (i) Borrower shall have delivered to Administrative Agent written notice (a “First Extension Notice”) of the exercise of the First Extension Option not less than thirty (30) nor more than ninety (90) days prior to the Initial Maturity Date; (ii) No Default or Event of Default shall exist as of the date the Extension Notice is given or as of the Initial Maturity Date; (iii) Borrower shall have achieved a Debt Service Coverage Ratio of not less than 1.20 to 1.00 as determined by Administrative Agent as of February 28, 2023 based on trailing three (3) month NOI and Applied Debt Service; (iv) If requested by Administrative Agent, Administrative Agent shall have received an updated Appraisal reasonably acceptable to Administrative Agent reflecting that the Principal Balance is less than or equal to fifty percent (50.00%) of the “as-is” value of the Property; and (v) On or prior to the Initial Maturity Date, Borrower shall have paid to Administrative Agent an extension fee in the amount set forth in the Fee Letter.

First Extension Option. Borrower shall have the option (the “First Extension Option”) to extend the Initial Maturity Date to the First Extended Maturity Date upon satisfaction of the following conditions precedent which must be satisfied prior to the Initial Maturity Date:

First Extension Option. Subject to the provisions hereinafter set forth, ---------------------- Landlord hereby grants to Tenant an option to extend the Term of this lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one period of five (5) years (the "First Extension Period") after the expiration of the Term, which First Extension Period shall commence on January 1, 2021 ("First Extension Period Commencement Date") and end on December 31, 2025. ▇. ▇▇▇▇ option shall be exercisable by written notice from Tenant to Landlord of Tenant's election to exercise said option given not later than the date which is eighteen (18) months prior to the First Extension Period Commencement Date. If ▇▇▇▇▇▇'s option is not so exercised, then except as otherwise provided in Paragraph D of this Section 41, said option shall thereunder expire. B. Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant's exercise of said option and on the First Extension Period Commencement Date this Lease is in full force and effect and Tenant is not in Default in payment of Rent or any other monetary obligation under this Lease. C. Rent per square foot of Rentable Area of the Premises payable during the First Extension Period with respect to all space included in the Premises as of the First Extension Period Commencement Date shall be equal to ninety five percent (95%) of the Market Rental Rate (as hereinafter defined in Section 43). Landlord shall give Tenant written notice of the Market Rental Rate and the Rent for the First Extension Period within thirty (30) days following written request by ▇▇▇▇▇▇ made not earlier than twenty four (24) months prior to the First Extension Period Commencement Date. If Tenant disagrees with ▇▇▇▇▇▇▇▇'s determination, then Tenant shall notify Landlord as provided in Section 43C, and such dispute shall be determined in accordance with the provisions of Section 43C. D. If for any reason other than Tenant's failure to timely request Market Rental Rate or otherwise comply with provisions of this Section on a timely basis, the arbitrators fail to arrive at a determination of Market Rental Rate by a date which is 90 days prior to the date on which Tenant must elect to exercise its option to extend the Term, then the date for Tenant's exercise of its option and the Term shall be extended day for day by each day after such 90th day until such arbitrators' determination ...

First Extension Option. Provided that a majority of the common stock of Pledgor or a substantial portion of its assets have not been sold, transferred or conveyed to an entity other than Landlord or a Landlord affiliate entity,(the "Renewal Condition"), Tenant shall have the right to extend the Initial Term of this Lease two (2) consecutive times for a period of five (5) years each (each such extension, an "Extended Term"). Tenant may exercise its option for an Extended Term solely by giving written notice at least one hundred eighty (180) days prior to the termination of the then-current term. Pledgor shall be entitled to exercise these options only if at the time of the giving of such notice, Tenant is then the lessee of the Property pursuant to this Lease, the Renewal Conditions has been met, and at the time of the commencement of the applicable Term or Extended Term no Event of Default shall then exist. During the Extended Term, all of the terms and conditions of this Lease shall remain in full force and effect, as the same may be amended, supplemented or modified. Notwithstanding anything else contained herein, if a majority of the common stock of Pledgor or a substantial portion of its assets are sold to an entity other than Landlord, the Lease will terminate at the end of the Initial Term.