Common use of First Option Period Clause in Contracts

First Option Period. If an Event of Default by Tenant shall not then exist, Tenant shall have the right to extend the Initial Term of this Lease for a period of five (5) years ("First Option Period"). The First Option Period shall commence on the day following the date on which this Lease otherwise terminates according to the provisions of Paragraph 2, and shall terminate at midnight on the last day of the sixtieth (60th) month thereafter. Tenant shall exercise the right to the First Option Period by delivering written notice to Landlord not later than six (6) months prior to the expiration of the Agreed Initial Term of this Lease.