Common use of Fourth Option Clause in Contracts

Fourth Option. One (1) -five (5) year term commencing April 1, 2017 and ending March 31, 2022. The rental rate applicable to any such renewal terms however, shall be as stated at paragraph 3. If Lessee elects to exercise the option to renew this Lease for such additional terms, Lessee shall render notice of such intention, in conformity with Paragraph 24, at least sixty (60) days before the expiration of the then current term. In the event of non-renewal and if Lessee maintains tenancy, Lessee shall be a ‘holdover’ tenant pursuant to paragraph 16, for a period of time not to exceed six (6) months at which time this Lease shall automatically be renewed for the next option period at the rate applicable to said option period as provided at Paragraph 3 or, if no option period is applicable, this Lease shall automatically be renewed for a term equivalent to the primary term at a rate which is ten (10) percent higher than the rent being paid for the immediately preceding option period. If Lessee wishes to avoid having this Lease automatically renew as provided herein, Lessee shall notify Lessor of such at least sixty (60) days before the expiration of the then current term.

Fourth Option. One (1) -five –five (5) year term commencing April 1, 2017 and ending March 31, 2022. The rental rate applicable to any such renewal terms however, shall be as stated at paragraph 3. If Lessee elects to exercise the option to renew this Lease for such additional terms, Lessee shall render notice of such intention, in conformity with Paragraph 24, at least sixty (60) days before the expiration of the then current term. In the event of non-renewal and if Lessee maintains tenancy, Lessee shall be a ‘holdover’ tenant pursuant to paragraph 16, for a period of time not to exceed six (6) months at which time this Lease shall automatically be renewed for the next option period at the rate applicable to said option period as provided at Paragraph 3 or, if no option period is applicable, this Lease shall automatically be renewed for a term equivalent to the primary term at a rate which is ten (10) percent higher than the rent being paid for the immediately preceding option period. If Lessee wishes to avoid having this Lease automatically renew as provided herein, Lessee shall notify Lessor of such at least sixty (60) days before the expiration of the then current term.