FIRST OPTION TO EXTEND Sample Clauses

FIRST OPTION TO EXTEND. Borrower shall have the option to extend the term of this Agreement from the Original Maturity Date to the First Extended Maturity Date, upon satisfaction of each and every one of the following conditions precedent in Administrative Agent’s discretion: (i) Borrower shall provide Administrative Agent with a written notice requesting to exercise the First Option to Extend in a form reasonably acceptable to the Administrative Agent not less than ninety (90) days and not more than one hundred twenty (120) days prior to the Original Maturity Date; provided, such request may be revoked by written notice to Administrative Agent up to thirty (30) days prior to the Original Maturity Date; such notice requesting to exercise the First Option to Extend shall be promptly provided to the Lenders and each Lender response shall be promptly provided to Administrative Agent. The Administrative Agent shall inform ▇▇▇▇▇▇▇▇ of its decision to approve the Borrower’s request to extend the Agreement no later than twenty (20) days prior to the Original Maturity Date. (ii) All Lenders have approved ▇▇▇▇▇▇▇▇’s request to exercise the First Option to Extend, in their sole discretion. (iii) As of the date of ▇▇▇▇▇▇▇▇’s delivery of notice of request to exercise the First Option to Extend, and as of the Original Maturity Date, no Default or Event of Default shall exist, and no default under the Loan Documents shall exist (iv) Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Original Maturity Date, as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date. (v) On or before the Original Maturity Date, Borrower shall pay to Administrative Agent, for the ratable account of each Lender, an extension fee in the amount of three one-hundredths of one percent (0.03%) of the aggregate principal amount of the Revolver Commitments of all of the Lenders in effect on the Original Maturity Date, in immediately available funds. (vi) The Borrower shall have paid all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent (including reasonable attorneys’ fees and expenses) in connection with such extension. Except as modified by this First Option to Extend, the terms and ...

FIRST OPTION TO EXTEND terms and provisions of this Article XXXIII. Such five-year renewal period is sometimes herein referred to as the "First Renewal Term". The conditions of such First Renewal Term shall be as follows: (a) That this Lease is in full force and effect and Lessee is not in default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited in this Lease, at the time of exercise of the right of renewal, but Lessor shall have the right at its sole dis- cretion to waive the non-default conditions herein. (b) ments) payable by Lessee under the terms of this Lease immediately prior to commencement of such First Renewal Term. (c) That Lessee shall exercise its right to the First Renewal Term provided herein, if at all, by notifying Lessor in writing of its election to exercise the right to renew the term of this Lease no later than nine (9) months prior to end of the initial ten-year, zero-month term. Upon notification with respect to such renewal, and for a period of thirty (30) days thereafter, the parties hereto shall make a good faith effort to agree upon the fair market Base Rent of the Premises for such First Renewal Term. In the event that Lessor and Lessee fail to agree within the thirty (30) day time period set forth in this subparagraph (c), the fair market Base Rent of the Premises for such First Renewal Term shall be determined by appraisal in the manner set forth in Article XXXV hereof. Any determination by appraisal or any agreement reached by the parties hereto with respect to such fair market Base Rent and resulting Base Rent of the Premises for such First Renewal Term shall be expressed in writing and shall be executed by the parties hereto, and a copy thereof delivered to each of the parties.

FIRST OPTION TO EXTEND. The Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2021, to 12:01AM on the 31st Day of December 2026. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than December 31st, 2020. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.

FIRST OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the Maturity Date (for purposes of this Section, “Original Maturity Date”), to the First Extended Maturity Date, upon satisfaction of each of the following conditions precedent: (a) Borrower shall provide Lender with written notice of Borrower’s request to exercise the First Option to Extend not more than one hundred twenty (120) days but not less than thirty (30) days prior to the Original Maturity Date; and (b) As of the date of Borrower’s delivery of notice of request to exercise the First Option to Extend, no Default shall have occurred and be continuing, and no event or condition which, with the giving of notice or the passage of time or both, would constitute a Default shall have occurred and be continuing, and Borrower shall so certify in writing; and (c) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the First Option to Extend and shall deliver to Lender, at Borrower’s sole cost and expense, such title insurance endorsements reasonably required by Lender; and (d) There shall have occurred no material adverse change, as determined by Lender in its sole discretion, in the financial condition of Borrower or any Guarantor that could reasonably be expected to threaten the ability of Borrower or Guarantor to fulfill their obligations under the Loan Document, from that which existed as of the later of: (A) the Effective Date; or (B) the date upon which the financial condition of such party was first represented to Lender; and (e) On or before the Original Maturity Date, Borrower shall pay to Lender an extension fee equal to twenty five (25) basis points of the Loan amount on the Original Maturity Date; and (f) The Property supports a Debt Yield of at least twelve and one-half percent (12.50%). If the Debt Yield is not at least 12.50%, at the time of execution of such extension, then Borrower shall pay down the outstanding principal balance of the Loan at the time of such extension such that the Debt Yield is at least 12.50%. Except as modified by this First Option to Extend, the terms and conditions of this Agreement and the other Loan Documents as modified and approved by Lender shall remain unmodified and in full force and effect.

FIRST OPTION TO EXTEND. [Terms to be negotiated in each instance.]

FIRST OPTION TO EXTEND. On or before one hundred twenty (120) days prior to the expiration of the term, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “First Extension Period”). The maximum term of the Lease with one extension is forty-four and one-half (44 1/2) years.

FIRST OPTION TO EXTEND. Section 2.12 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:

FIRST OPTION TO EXTEND. B orrower shall have the option to extend the term of the L oan from the Initial Maturity Date, to the First Extended Maturity Date, upon satisfaction of each and every one of the following conditions precedent; (a) Borrower shall provide Lender with written notice of Borrower’s request to exercise the First Option to Extend not less than 30 days prior to the Initial Maturity Date and no more than 60 days to the Initial Maturity Date. (b) As of the date of Borrower’s delivery of notice of request to exercise the First Option to Extend, and as of the Initial Maturity Date, no Event of Default shall exist, and no event or condition which, with the giving of notice or the passage of time or both, would constitute an Event of Default shall be in existence, and Borrower shall so certify in writing to the best of Borrower’s knowledge.

FIRST OPTION TO EXTEND. Tenant at its option may extend the Term of this Lease for an additional five (5) years by serving written notice thereof upon Landlord at least one year before the expiration of the initial Term hereof or as otherwise set forth in Section 26.1 above, provided that at the time of such notice and at the commencement of such extended Term, there shall exist no event of default as defined in Article 18 of this Lease. Upon the service of said notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended Term shall commence upon the expiration date of the initial Term of this Lease, expire the annual anniversary of said date five (5) years thereafter, and be upon the same terms, covenants and conditions as provided in this Lease for the initial Term, except that the Annual Rent payable during the extended Term shall be at the Prevailing Rate for Comparable Space at the commencement of such extended Term. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial Term shall continue to be made during such extended Term. Any termination of this Lease during the initial Term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Article 24 of this Lease shall terminate the option of Tenant contained herein.