Common use of INITIAL TERMS Clause in Contracts

INITIAL TERMS. The initial term of this License Agreement shall commence on the Close of Escrow, as defined in the Option Agreement, and expire (subject to the extension rights set forth below) on the following dates: (i) JULY 1, 2005, as to the Phase I Parcel ("Phase I Term"), (ii) JULY 1, 2006, as to the Phase II Parcel ("Phase II Term"), and (iii) JULY 1, 2007, as to the Phase III Parcel ("Phase III Term"), unless sooner terminated pursuant to the terms and provisions contained herein.

INITIAL TERMS. The initial term of this License Agreement shall commence on the Close of Escrow, as defined in the Option Agreement, and expire (subject to the extension rights set forth below) on the following dates: (i) JULY 1, 20052006, as to the Phase I Parcel ("Phase I Term"), (ii) JULY 1, 20062007, as to the Phase II Parcel ("Phase II Term"), and (iii) JULY 1, 20072008, as to the Phase III Parcel ("Phase III Term"), unless sooner terminated pursuant to the terms and provisions contained herein.