OPTION TO EXTEND THE TERM Clause Samples
The "Option to Extend the Term" clause grants one or both parties the right to prolong the duration of an existing agreement beyond its original expiration date. Typically, this clause outlines the conditions under which the extension can be exercised, such as providing written notice within a specified timeframe and agreeing to any revised terms, like updated rent or service fees. Its core function is to provide flexibility and predictability for both parties, allowing them to continue their relationship without renegotiating a new contract, thereby reducing uncertainty and administrative burden.
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OPTION TO EXTEND THE TERM. Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, the option (the "Option") to extend the term of this Lease for an additional term (the "Option Term"), which Option Term shall be a period of sixty (60) months. The Option Term shall be exercised, if at all by written notice to Landlord on or before the date that is three (3) months prior to the expiration date of the initial term of the Lease. If Tenant exercises the Option. each of the terms, covenants and conditions of this Lease except this paragraph shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the expiration date of the initial term provided that the rent to be paid shall be the Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlords other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease shall be and remain the expiration date of the initial term. As used herein, the term "Fair Market Rental" for the Premises shall mean the rental and all other monetary payments that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term taking into account the age of the Building, the quality of construction of the Building and the Premises, the services provided under the terms of this Lease, the rental and other monetary payments, and any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable to the Premises in the locality of the Building and all other factors that would be relevant to a third party desiring to lease the Premises If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term, on or before the date that is one hundred fifty (150) days prior to the expiration date of the initial term. If Tenant disputes Landlord's determination of the Fair Market Rental for th...
OPTION TO EXTEND THE TERM. The parties hereby acknowledge and agree that Tenant did exercise the Option to Extend the Term of the Lease in accordance with the terms and conditions set forth in Addendum 1 of the Lease. Tenant further acknowledges and agrees that the Option to Extend the Lease as set forth in Addendum 1 is of no further force and effect, and Tenant does not have any additional rights under the Lease to further extend the Term of the Lease.
OPTION TO EXTEND THE TERM. OF THE CONTRACT (MAR 2000) para.
OPTION TO EXTEND THE TERM. OF THE CONTRACT (MAR 2000) (NAVSEA VARIATION) (APR 2015)
OPTION TO EXTEND THE TERM. OF THE CONTRACT (FAR 52.217-9) (MAR 2000)
(a) The Government may extend the term of this contract by written notice to the Contractor within 29 days of the end of the current period of performance; provided that the Government gives the Contractor a preliminary written notice of its intent to extend at least 30 days before the contract expires. The preliminary. notice does not commit the Government to an extension.
(b) If the Government exercises this option, the extended contract shall be considered to include this option clause.
(c) The total duration of this contract, including the exercise of any options under this clause, shall not exceed 2 years. (End of Clause)
OPTION TO EXTEND THE TERM. Tenant shall have the option to extend the Term for a period of one (1) year. If Tenant exercises said option, Tenant shall have the conditional right to extend the Term for a second extension period of one (1) year, as hereafter provided. The first such extension shall be referred to in this Lease as the "First Extended Term," the second such extension shall be referred to as the "Second Extended Term," and each such extension shall be referred to as an "Extended Term." If Tenant wishes to exercise an option to extend the Term, Tenant shall deliver written notice of such exercise to Landlord no later than 120 days before the expiration of the Term. If not exercised in this fashion, such options shall expire and be of no further effect. If one or more of said options are exercised, the "Term" shall be deemed to include the Initial Term and the Extended Term(s) as to which options are exercised and shall end on the last day thereof, unless sooner terminated pursuant to the terms of this Lease. The option is personal to Tenant and shall not be assigned except as provided below.
OPTION TO EXTEND THE TERM. OF THE CONTRACT (52.217-9) (MAR 2000)
OPTION TO EXTEND THE TERM. Provided the Tenant is not then in material default at the time of the exercise of the applicable option in respect of any of the terms and conditions of this lease beyond any cure period herein provided and provided the Tenant remains in occupation of all of the Premises (or if the Tenant has exercised any of its rights to cancel this lease with respect to portions of the Premises as provided for in Section 8 of Schedule "F" of this lease, the Premises as defined after such cancellation(s)), the Tenant shall have two (2) consecutive options to extend the Term for the entirety of the Premises for periods of five (5) years each upon the same terms and conditions as set out in this lease, save and except that:
OPTION TO EXTEND THE TERM. Landlord grants to Tenant ------------ ------------------------- options to renew this Lease for six (6) separate but consecutive five (5) year terms. In order to exercise any such option the Tenant must be in full compliance with the terms of the Lease and must notify Landlord in writing at least one hundred eighty (180) days prior to the expiration of the then current term. The rates for the option periods are set forth on Schedule I attached ---------- hereto and made a part hereof. Tenant shall pay full Additional Rent (as described in Section 4.02) during any extension period. The Initial Term and any extended term may be referred to herein as the "Demised Term" .
OPTION TO EXTEND THE TERM. Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, the option (the "Option") to extend the term of this Lease for an additional term (the "Option Term"), which option Term shall be a period of Sixty (60) months. The Option Term shall be exercised, if at all, by written notice to Landlord on or before the date that is six (6) months prior to the expiration date of the initial term of the Lease. If Tenant exercises the Option, each of the terms, covenants and conditions of this Lease except this paragraph shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the expiration date of the initial term, provided that the rent to be paid shall be the greater of (i) the rent applicable to the period immediately prior to the commencement of the Option Term, or (ii) the Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in