Options to Extend Sample Clauses
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Options to Extend a. Landlord hereby grants to Tenant two (2) options (singularly an “Extension Option” and collectively the “Extension Options”) to extend the term of this Agreement for additional terms of five (5) years each (singularly an “Option Period” and collectively the “Option Periods”), on the same terms, conditions and covenants set forth in this Agreement, except the monthly rental shall be adjusted as hereinafter provided. Each Extension Option shall be exercised automatically without providing any notice of extension unless Tenant provides written notice delivered to the Landlord that Tenant will not extend the Term of this Agreement at least one (1) year prior to the expiration of the Primary Term or the preceding Option Period.
b. Base Rent for the Extension Options shall be as set forth in Section 3.4 of this Agreement.
c. Notwithstanding the foregoing, any option to extend the Term of this Agreement shall be deemed null and void, at Landlord’s sole discretion, if one or more of the following has occurred:
1) Tenant has been late in the payment of Rent on three (3) or more occasions within any twelve (12) month period, after Tenant first receiving written notice from Landlord that Tenant was late in the payment of Rent for the first two occasions before a third late payment is to occur. For this purpose, a payment shall be deemed to be late if it is received by Landlord after the tenth (10th) day of the month in which such Rent is due.
2) Tenant is in default beyond any applicable cure period in the performance of any of its obligations under this Agreement at the time Tenant exercises any Extension Option, or at the time of commencement of any Option Period.
3) This Agreement has ever been assigned by Tenant other than as set forth in this Agreement.
d. Notwithstanding anything to the contrary contained in the Agreement, at any time after the ninth full year after the Commencement Date, Landlord may elect to terminate the Agreement for any reason or no reason by giving Tenant three hundred sixty five (365) days prior written notice of such election (“Notice”), such termination to be effective as of the date three hundred sixty five (365) days after the date of the Notice (the “Termination Date”). In the event of any termination of the Agreement by Landlord as provided herein, Landlord hereby reserves any and all rights and remedies available to Landlord under the Agreement, at law or in equity with respect to any past due amounts due from Tenant under the ...
Options to Extend. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for four additional one-year terms (“Option Periods") through March 31, 2028. City shall provide Contractor written notice in the form of Exhibit E of its intention to exercise its option prior to the end of the then current term.
Options to Extend. Two options of five years each. To exercise an option to extend, the Licensee shall provide written notice to the Licensor at least 90 days prior to end of the relevant Term.
Options to Extend. So long as no Event of Default shall have occurred and be continuing as of the exercise of the Renewal Term option specified herein the Landlord hereby grants to the Tenant an option to renew this Lease in whole or in part (if in part, in full floor increments) for four successive terms of five years each (each a “Renewal Term”), the first Renewal Term to commence at the expiration of the Basic Term and each other Renewal Term to commence at the expiration of the preceding Renewal Term; provided that in the event any portion of the Premises is subject to subleases at the commencement of the Renewal Term, the Tenant shall be required to renew the entire floor for each space subleased. The Tenant shall have no right to extend the Lease except as provided in this Section 2.3 and Section 2.5. Annual Base Rent during each Renewal Term shall be payable to the Landlord by the Tenant as described in Section 3.1. The amount of Annual Base Rent for each Renewal Term, shall equal the annual Fair Market Rental Value of the Premises (or the portion thereof) determined as of the commencement of each Renewal Term during such period. If the Landlord and the Tenant cannot agree on such Fair Market Rental Value by 120 days prior to the commencement of such Renewal Term, such Fair Market Rental Value shall be determined by the Appraisal Procedure. Any option to extend shall be subject to the following additional terms and conditions:
(a) Tenant shall deliver to Landlord, no less than eighteen (18) months prior to the expiration of the Current Term, written notice (each, an “Extension Notice”) of its intention to exercise the applicable Renewal Term. If Tenant decides to renew the Current Term as to less than all of the Premises then being leased, then Tenant must indicate in the Extension Notice that Tenant exercises its renewal option with respect to less than all of the Premises then being leased and shall specify in such Extension Notice the particular floors of the Project as to which Tenant is not exercising its option to renew, which election shall be within the parameters set forth in subparagraphs (b) and (c) below, but shall otherwise be determined by Tenant in its sole discretion.
(b) The portion of the Premises which Tenant elects to exclude from the Premises during any applicable Renewal Term shall be vacated and surrendered by Tenant prior to the commencement of the applicable Renewal Term as provided in Article 20 hereof, subject, however, to the holdover provi...
Options to Extend. Landlord hereby grants to Tenant two (2) options to extend (“Option(s) to Extend”) the Term for the Premises for an additional five (5) years per extended option term (“Option Term(s)”), upon each and all of the terms and conditions of this Lease as amended below; provided, however, Tenant is not in default of this Lease on the date of exercise of the Option to Extend and has not been in monetary default of this Lease, for more than thirty (30) days, more than three (3) times during the Term, as extended. Tenant shall give to Landlord written notice on or prior to 180 eighty (180) days before expiration of the then current Term or first Option Term of the exercise of the Option(s) to Extend for such Option Term, time being of the essence. The Term as defined in Paragraph 2 hereof shall also include any Options to Extend properly exercised hereunder. If notice of exercise of any Option to Extend is not timely given, all further Options to Extend shall automatically expire. The rent for the Option Terms shall consist of Base Rent as set forth in Paragraph 3.1 herein, Tenant’s Share of Project Expenses pursuant to Paragraph 5, and any other charges under this Lease. The Options to Extend are personal to Tenant and may not be assigned without Landlord’s written consent which may be withheld in its sole discretion, except that Tenant’s Affiliate(s), if any, shall have Tenant’s rights to such Options to Extend.
Options to Extend. Tenant shall have the option to extend the term of this Lease for two, ten year periods, subject to the following provisions:
29.1.1 Tenant shall have no right to exercise an option: (a) during the period commencing with the giving of any notice of default and continuing until said default is cured, (b) during the period of time any Rent is due and unpaid, or (c) in the event that Landlord has given three or more notices of separate monetary or material non-monetary defaults, whether or not the defaults are cured, during the 12 months immediately preceding the exercise of the option.
29.1.2 The period of time within which an option may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise an option because of Section 29.1.1.
29.1.3 An option shall terminate and be of no further force or effect, notwithstanding Tenant’s due and timely exercise of the option, if, after such exercise and prior to the commencement of the extended term, (a) Tenant fails to pay Rent for a period of 30 days after such Rent becomes due, or (b) if Tenant commits a default under this Lease and such default is continuing after the expiration of the applicable cure periods set forth in Section 17.1.
29.1.4 Tenant shall exercise the option by delivery of written notice to Landlord not less than 12 months prior to the expiration of the initial term and, if exercised, the first option period, of this Lease. If said notice is not delivered within said time period(s), this option shall terminate.
Options to Extend. Four (4) periods of five (5) Lease Years each
Options to Extend. Provided that (i) Tenant has not sublet any portion of the Premises without Landlord’s consent in violation of this Lease, (ii) the Premises have been expanded pursuant to the terms of Section 2.1(d) above, and (iii) at the time of exercise and at all times prior to the commencement of the Extended Term (as defined below), Tenant shall not be in Default under this Lease, the Term of this Lease shall be subject to two (2) extension options, each for an additional period of sixty (60) months (each, an “Extension Option” and collectively, the “Extension Options”), commencing as of the expiration of the then-current Term, and expiring on the date that is sixty (60) full calendar months thereafter (each, an “Extended Term”), exercisable as follows:
(1) The Extension Options shall be upon the same material terms and conditions contained in this Lease, except that (i) the initial Monthly Base Rent for the Premises shall be equal to the greater of (A) the Fair Market Rent (as defined in Section 2.2(d)(2) below) for the Premises as of the first month of the Extension Option determined in the manner set forth in Section 2.2(d)(3) below, or (B) the Monthly Base Rent in effect as of the expiration of the then- current Term; and (ii) Tenant shall accept the Premises in an “as is” condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises unless required by the terms and conditions of this Lease, including without limitation any maintenance and repair obligations of Landlord under this Lease.
(2) Tenant’s election to exercise an Extension Option must be given to Landlord in writing no less than 270 days and no more than 365 days prior to the expiration of the then-current Term (the “Extension Notice”). Within thirty (30) days of Landlord’s receipt of the Extension Notice, Landlord shall send Tenant written notice of Landlord’s determination of the Fair Market Rent for the Premises (the “Fair Market Rent Notice”). For purposes of this Section, the term “Fair Market Rent” shall mean the base rental rate, periodic rental rate adjustment and other charges and increases, if any, for space comparable in size, location and quality to the Premises under a primary lease (and not sublease) to new or renewing tenants, for a comparable term with a tenant improvement allowance, if applicable and taking into consideration such amenities as existing improvements, view, floor on which the Premises are situated and the like, situated in compa...
Options to Extend. Provided there exists no uncured defaults under this Lease at the time Lessee exercises any option to extend (in accordance with this ARTICLE XXXIV), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "EXTENDED TERM"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in SECTION 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTEND") not more than three hundred sixty (360) days prior and not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then such option to extend and all future options to extend granted in this ARTICLE XXXIV shall be null and void and of no further force or effect.
Options to Extend. Lessor hereby grants to Lessee the option to extend the term of this Lease for 2 additional 7 year period(s) commencing when the prior term expires upon each and all of the following terms and conditions:
(i) In order to exercise an option to extend, Lessee must give written notice of such election to Lessor and Lessor must receive the same at least 9 months but not more than 12 months prior to the date that the option period would commence, time being of the essence. If proper notification of the exercise of an option is not given and/or received, such option shall automatically expire. Options (if there are more than one) may only be exercised consecutively.
(ii) The provisions of paragraph 39, including those relating to Lessee’s Default set forth in paragraph 39.4 of this Lease, are conditions of this Option.
(iii) Except for the provisions of this Lease granting an option or options to extend the term, all of the terms and conditions of this Lease except where specifically modified by this option shall apply.
(iv) The monthly rent for each month of the option period shall be calculated as follows, using the method(s) indicated below: (Check Method(s) to be Used and Fill in Appropriately)