Common use of First Option Term Clause in Contracts

First Option Term. Provided Tenant is not in Default as provided herein, Tenant shall have the right, upon prior written notice given to Landlord no later than July 2, 2012, time being of the essence, given in accordance with the terms of this Lease (“Tenant’s First Option Renewal Notice”), to extend the term of this Lease for one additional five (5) year period commencing on the First Option Term Commencement Date and ending on the First Option Term Expiration Date (the “First Option Term”), on the same terms and conditions and at the rental set forth herein. Tenant’s failure to give Tenant’s First Option Renewal Notice shall be deemed an election by Tenant not to exercise the option provided herein.

First Option Term. Provided Tenant is not in Default as provided herein, Tenant shall have the right, upon prior written notice given to Landlord no later than July February 2, 20122010, time being of the essence, given in accordance with the terms of this Lease (“Tenant’s First Option Renewal Notice”), to extend the term of this Lease for one additional a five (5) year period commencing on the First Option Term Commencement Date and ending on the First Option Term Expiration Date (the “First Option Term”), on the same terms and conditions and at the rental set forth herein. Tenant’s failure to give Tenant’s First Option Renewal Notice shall be deemed an election by Tenant not to exercise the option provided herein.