Common use of Option to Extend the Lease Term Clause in Contracts

Option to Extend the Lease Term. ▇. ▇▇▇▇▇ and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, one (1) option (the "Option") to extend the Lease Term for an additional term (the "Option Term") of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the average amount of Base Monthly Rent paid during the initial ten year term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined.

Option to Extend the Lease Term. ▇. ▇▇▇▇▇ and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, one two (12) option options (the "Option"“Options”) to extend the Lease Term for an additional term (the "“Option Term") ”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the average amount of Base Monthly Rent paid during applicable to the initial ten year term, and (ii) ninety five percent (95%) period immediately prior to the commencement of the Fair Market Rental as hereinafter defined.Option