OPTION TO EXTEND LEASE Sample Clauses
The "Option to Extend Lease" clause grants the tenant the right to prolong the lease term beyond its original expiration date, typically under pre-agreed conditions. This clause usually specifies the length of the extension period, any changes to rent or terms during the extension, and the timeframe and method by which the tenant must notify the landlord of their intent to exercise the option. Its core practical function is to provide tenants with flexibility and security in their occupancy, while giving landlords advance notice of the tenant’s plans, thereby reducing uncertainty for both parties.
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OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to ▇▇▇▇▇▇▇▇’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after ...
OPTION TO EXTEND LEASE. Landlord grants Tenant the option to extend this lease up to an additional three years. To exercise this option, Tenant must give Landlord written notice on or before April 1, 2026. Tenant may exercise this option only if Tenant is in substantial compliance with the terms of this lease. Tenant will lease the premises on the same terms as in this lease.
OPTION TO EXTEND LEASE. Tenant shall have the right to extend the Term of this Lease for two (2) successive five (5) year periods, each such right of Tenant to be conditioned upon (a) this Lease at the time of election being in full force and effect and Tenant not then being in default under this Lease beyond any applicable notice and cure period, such extension period to commence upon the expiration of the original Term of this Lease, (b) as to the second option, the first option having been exercised. Each option may be exercised for all or a portion, but not less than 70%, of the
OPTION TO EXTEND LEASE. In the event Tenant wishes to extend this lease following the initial term or any extended term thereafter, Tenant shall provide Landlord with a written request to extend the Lease. Following ▇▇▇▇▇▇▇▇’s receipt of Tenant’s extension request, Landlord shall have the option to deny or accept the request, as it deems in the best interest of Williamson County. If the Landlord accepts ▇▇▇▇▇▇’s extension request, the extended term shall begin on the expiration of the Initial Lease Term or the then current “Extension Term” of this Lease, as appropriate. All terms, covenants, and provisions of this Lease shall apply to each such Extension Term. The Base Rent will be adjusted on each new commencement date of each Extension Term (the "Adjustment Date") to reflect increases in the Consumer Price Index for "All Urban Consumers, U.S. City Average, All Items," issued by the Bureau of Labor Statistics of the United States Department of Labor. The adjustments in the Base Rent will be determined by multiplying the Initial Base Rent by a fraction, the numerator of which is the index number for the most recent publication of the above referenced CPI before the adjustment and the denominator of which is the index number for the first month of the first year of the Term. If the product is greater than the Initial Base Rent, Tenant will pay this greater amount as Base Rent until the next rental adjustment. Base Rent will never be less than the Initial Base Rent.
OPTION TO EXTEND LEASE. Tenant may extend the lease term of the expansion premises for two—five year periods upon the same terms and conditions as set forth in Section 1.4 of the original Lease.
OPTION TO EXTEND LEASE. Tenant shall be given one (1) five-year option to extend this Lease. The rental rate will be negotiated by Landlord and Tenant six (6) months prior to the expiration of the original term. In order to exercise the option to extend the Lease, the Tenant must notify Landlord in writing six (6) months in advance of the expiration of the original lease term.
OPTION TO EXTEND LEASE. Subject to the provisions of Article 42 and each and every other provision of this Lease, Lessee shall have the right to extend this Lease by one (1) three (3) year period. Lessee shall give Lessor written notice not less than one hundred twenty (120) days prior to the expiration of the initial term of this Lease of its intent to exercise this option to extend. Base Rent during the first year of said option period shall be at the then current market for like facilities of comparable size, location and quality of construction, and/or a five (5%) percent increase over the previous years base rent, whichever is greater. For each successive year of the option period, the Base Rent shall increase by five percent (5%) pursuant to paragraph 4.3 of this Lease. Base Rent during the option period, prior to the determination of the then current market rate, shall be at the Base Rent in effect during the immediately preceding year plus ten percent (10%), but shall be retroactively adjusted when the then current market rate has been determined; notwithstanding the aforementioned, in no event shall the Base Rent during the first year of the option period be less than that of the last year of the term.
3.4.1 In the event that the parties hereto cannot, prior to the commencement of the option terms, agree upon the current market rate, they shall agree upon a licensed commercial real estate broker who is familiar with the that specific industrial market, or such other person as may be mutually acceptable, (the "Arbiter") and said Arbiter shall determine the then current market rate. The then current market rate so determined shall be binding upon the parties and binding upon the parties and shall be the Base Rent for the first year of the option period. The Arbiter's fees shall be shared equally by-Lessor and Lessee.
OPTION TO EXTEND LEASE. FOR FIVE (5) YEARS: Landlord hereby grants to Tenant an Option to Extend this Lease Agreement for an additional five (5) year period (the "Extended Term") upon the following terms and conditions;
A. Tenant shall give Landlord written notice of Tenant's exercise of this Option to Extend not later than six (6) months prior to the scheduled Lease Termination Date, which Termination Date is currently projected to be September 30, 2002, in which event the Lease shall be considered extended for an additional five (5) years subject to the Basic Rental set forth below and with: (i) the Rent to be determined pursuant to Paragraph B below and the terms and conditions subject to amendment by Landlord (Landlord, in its sole and absolute discretion, may, but is not required to, incorporate its current Lease provisions that are standard in Landlord's leases as of the date of Tenant's exercise of its Option to Extend) and (ii) this Paragraph 52 deleted. In the event that Tenant fails to timely exercise Tenant's option as set forth herein in writing, Tenant shall have no further Option to Extend this Lease, and this Lease shall continue in full force and effect for the full remaining term hereof, absent this Paragraph 52.
B. The following summarizes the Basic Monthly Rental and the related per square foot charge by period under the Lease Agreement that would be applied to the Extended Term: Monthly Period PSF Rate Basic Rental ------ -------- ------------ 10101/02-09/30/03 $2.25 $68,850.00 10/01/03-09/30/04 $2.30 $70,380.00 10/01/04-09/30/05 $2.35 $71,910.00 10/01/05-09/30/06 $2.40 $73,440.00 10/01/06-09/30/07 $2.45 $74,970.00
C. The option rights of Tenant under this Paragraph 52, and the Extended Term thereunder, are granted for Tenant's personal benefit and may not be assigned or transferred by Tenant (except as provided for in Paragraph 46), either voluntarily or by operation of law, in any manner whatsoever. In the event that Landlord consents to a sublease or assignment under Paragraph 16, the option granted herein and any Extended Term thereunder shall be void and of no force and effect, whether or not Tenant shall have purported to exercise such option prior to such assignment or sublease.
D. Notwithstanding anything to the contrary in this Paragraph 52, this Option to Extend is automatically forfeited by Tenant (without notice from Landlord) in the event Tenant is, at any time during the Term of this Lease, in default of said Lease and if Tenant does not complete...
OPTION TO EXTEND LEASE. Provided Tenant is not in default under this Lease beyond applicable notice and cure periods as of the date of exercise, Tenant shall have the right to extend the term of this Lease per the terms and conditions in Rider “A” attached hereto.
OPTION TO EXTEND LEASE. The parties have agreed that Tenant shall have the option to extend this Lease for a period of one additional one year on the same terms contained herein, and for a second year, with rent to be adjusted based on the increase or decrease in the Consumer Price Index. The CPI to be utilized will be the "All Urban Consumers, Western States Average." The base period for the purpose of adjustment shall be January, 1995. Tenant shall be afforded a right of first refusal to lease any additional space in or about the premises located at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ which Landlord may offer for Lease at any time within the term hereof, including the period of any renewal option. Landlord is under no obligation to conform the term, rental, or provisions of an offer to lease any such additional space to the terms and provisions of the January 1, 1995 Lease, as originally undertaken or as amended herein. Tenant shall notify Landlord of its election to renew the tenancy not later than 90 days before the expiration of the lease term, including any extension thereof.