Common use of Form and Manner of Renewal and Extension Clause in Contracts

Form and Manner of Renewal and Extension. The Renewal Right shall be exercised, if at all, strictly in the following manner: 2.3.1 Between eight (8) months and fourteen (14) months before the expiration of the Term, Franchisee shall notify Franchisor in writing (the “Renewal Notice”) that it intends to exercise its Renewal Right and no sooner than immediately after the expiration of any waiting period(s) by applicable law and no more than thirty (30) days after Franchisee receives Franchisor’s Disclosure Document, if applicable, and execution copies of the Renewal Franchise Agreement, Franchisee shall execute the copies of the Renewal Franchise Agreement and return them to Franchisor. 2.3.2 If Franchisee shall have exercised its Renewal Right in accordance with Section 2.3.1 and satisfied all of the conditions contained in Section 2.2, Franchisor shall execute the Renewal Franchise Agreement executed by Franchisee and at or prior to the expiration of the Term deliver one fully executed copy thereof to Franchisee. 2.3.3 If Franchisee fails to perform any of the acts, or deliver any of the notices required under Sections 2.2 or 2.3 in a timely fashion, such failure shall be deemed an election by Franchisee not to exercise its Renewal Right and shall automatically cause the Renewal Right to lapse and expire.