Common use of Option Term Extension Clause in Contracts

Option Term Extension. Optionee may extend the Option Term for up to six (6) months (“Extended Option Period”) if Optionee is delayed in fulfilling the requirements of this Option and at least one hundred twenty (120) days prior to expiration of the Option Term, Optionee has submitted written notice to the Chief Real Estate Officer requesting that the Option Term be extended and clearly declaring the length of such proposed extension. Extensions beyond the Extended Option Period and any related fee shall be subject to approval by the Board of Supervisors.