Common use of First Option Period Clause in Contracts

First Option Period. So long as there is no Event of Default, as defined herein, under this Lease, Tenant will have the option to extend the Term for five additional one year terms (a “Renewal Term” or collectively the “Renewal Terms”) on the same terms, covenants, and conditions of this Lease. Tenant will exercise its option to renew the Lease, if at all, by giving Landlord written notice (the “Option Notice”) at least sixty (60) days but not more than ninety (90) days prior to the expiration of the initial Term or Renewal Term.