Options to Extend Term Clause Samples
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Options to Extend Term. (a) Provided that Tenant is not in default under this Lease, subject to the terms of this Section 2.04, Landlord hereby grants to Tenant three (3) option(s) (the "Option(s)") to extend the Lease Term for additional period(s) of five (5) years each (the "Extension(s)"). Each Option shall be exercised only by written notice delivered to Landlord not more than three hundred sixty-five (365) days nor less than two hundred and seventy (270) days before the expiration of the Lease Term. If Tenant fails to deliver Landlord written notice of the exercise of an Option within the prescribed time period, such Option and any succeeding Options shall lapse and there shall be no further right to extend the Lease Term. Tenant acknowledges and agrees that time is of the essence in exercising each Option.
(b) If Tenant timely and properly exercises an Option hereunder, then said additional five (5) year Extension (each, an "Extension Period") shall be under the same terms and conditions as provided in this Lease, except as follows:
(i) the Extension Period shall begin on the day after the expiration of the original Lease Term or the preceding Extension of the Lease Term, as applicable; and
(ii) the annual Base Rent payable by Tenant during such Extension Period shall be determined based on the Fair Market Rental Rate (as defined in subsection (c) below), which Fair Market Rental Rate shall increase by two percent (2%) on each anniversary date of the Term Commencement Date during such Extension Period (i.e. shall include a two percent (2%) annual escalator).
(c) For purposes of this Section 2.04, the "Fair Market Rental Rate" shall mean the arm's length, fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Fair Market Rental Rate is being determined hereunder, for space comparable to the Premises (excluding the Tenant Improvements/Equipment) in the same geographic submarket. The determination of Fair Market Rental Rate shall take into account all relevant factors, including any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs, leasing commissions and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Fair Market Rental Rate shall also take into consideration any reasonably anticipated changes in the Fair Ma...
Options to Extend Term. 40.1 Landlord grants to Tenant the right to extend the term of this Lease for two (2) periods of three (3) years each under the same terms and conditions existing in the original Lease except as set forth in this Article 40. Tenant shall exercise such right to extend the term of this Lease by written notice to Landlord given no later than six (6) months prior to the end of the original term or the first extended term, as the case may be.
40.2 Basic Annual Rent shall be increased on the first day of the extension term, and on the same day of each year thereafter, pursuant to Section 6.1.
40.3 Tenant shall not have the right to exercise an option to extend the term, notwithstanding anything set forth above to the contrary: (a) during the time commencing from the date Landlord gives to Tenant a written notice that Tenant is in default under any provision of this Lease and continuing until the default alleged in said notice is cured; or (b) after the expiration or earlier termination of this Lease. The period of time within which the option to extend may be exercised shall not be extended or enlarged by reason of the Tenant’s inability to exercise the option because of the foregoing provisions. At the election of Landlord, all rights of Tenant under the provisions of this Article 40 shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of an option to extend if, after such exercise, but prior to the commencement of the extension term, (1) Tenant fails to pay to Landlord a monetary obligation of Tenant after such obligation becomes due for a period of forty-five (45) days after Landlord gives notice to Tenant of such default, or (2) Tenant fails to commence to cure a non-monetary default within forty-five (45) days after the date Landlord gives notice to Tenant of such default.
Options to Extend Term. Tenant shall have options (each, an “Option”) to extend the Term of this Lease upon the following terms and conditions:
42.1. Tenant shall have two (2) consecutive Options to extend the Term of this Lease by three (3) years each on the same terms and conditions as this Lease. Basic Annual Rent shall equal ninety-five percent (95%) of the fair market value (“FMV”) for comparable office/research and development projects in the Brisbane/Peninsula market as of the date Tenant exercises the respective Option, increased on each annual anniversary of the commencement of each extended term by such percentage, if any, that constitutes a market rate annual increase for such market. In the event that Landlord and Tenant disagree as to the FMV, they shall hire an appraiser reasonably acceptable to both parties, the cost of which shall be split equally by Landlord and Tenant, which appraiser’s decision as to the FMV shall be binding on both parties.
42.2. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer an Option, either separately or in conjunction with an assignment or transfer of Tenant’s interest in this Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion.
42.3. The Options are conditional upon Tenant giving Landlord written notice of its election to exercise the applicable Option at least nine (9) months prior to the end of the expiration of the then-current Term of this Lease.
42.4. Notwithstanding anything contained in this Section 42, Tenant shall not have the right to exercise an Option:
(a) During the time commencing from the date Landlord delivers to Tenant a written notice that Tenant is in default under any provisions of this Lease and continuing until Tenant has cured the specified default to Landlord’s reasonable satisfaction; or
(b) At any time after an event of Default as described in Section 24 of the Lease (provided, however, that, for purposes of this Subsection 42.4(b), Landlord shall not be required to provide Tenant with notice of such Default) and continuing until Tenant cures any such Default, if such Default is susceptible to being cured; or
(c) In the event that Tenant has committed a Default two (2) or more times and a service or late charge has become payable under Section 24.1 for each of such Defaults during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise the Option, whether or not Tena...
Options to Extend Term. The parties acknowledge and agree that the Extended Term constitutes for purposes of Section 3.02 of the Lease the first Option Term, and, notwithstanding anything to the contrary set forth is such Section 3.02 of the Lease, the terms and conditions of this First Amendment shall control. Accordingly, Tenant shall have the right to extend the Term for only one (1) additional period of 5-years, which right is subject to all of the terms and conditions of Section 3.02 of the Lease.
Options to Extend Term. Tenant shall have the option to extend the Term of this Lease for Phase 1A and Phase 1B only (but not Phase 2A), at the Minimum Rental set forth in Section 3.1(b) and (c), below, and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of ten (10) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least eighteen (18) months prior to the expiration of the initial term hereof, exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by written notice to Landlord at least eighteen (18) months prior to the expiration of the first extended term hereof. If Tenant is in material default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the Term of this Lease beyond its prescribed term.
Options to Extend Term. (a) New Albertson’s as the Receiving Party shall have ten (10), and SVU as the Receiving Party shall have ten (10), consecutive options to extend the TSA for a period of one (1) year each on the terms and conditions (including, without limitation, payment timing and fee arrangements) contained in the TSA. Such extension terms shall be exercised, if at all, by the Receiving Party giving written notice to the Service Provider twelve months preceding the extension term being exercised. For such exercise to be valid, the Receiving Party must (i) not be in default under the TSA as of the date of the notice of exercise or as of January 1 of the extension term being exercised, and (ii) be in compliance with the Dispute Resolution Process set forth in Exhibit C hereto.
(b) Upon the proper exercise of an extension term by the Receiving Party, the term of the TSA shall be extended for the applicable twelve-month period without the execution of any further instrument. As used in this Services Agreement, the term “Term” shall include all Annual Extension Terms (as defined below).
(c) For clarification purposes, the following chart defines and sets forth the key dates for each annual extension term: 18-month Anniversary of Effective Date 30-month Anniversary of Effective Date through 42-month Anniversary of Effective Date First Annual Extension Term 30-month Anniversary of Effective Date 42-month Anniversary of Effective Date through 54-month Anniversary of Effective Date Second Annual Extension Term 42-month Anniversary of Effective Date 54-month Anniversary of Effective Date through 66-month Anniversary of Effective Date Third Annual Extension Term 54-month Anniversary of Effective Date 66-month Anniversary of Effective Date through 78-month Anniversary of Effective Date Fourth Annual Extension Term 66-month Anniversary of Effective Date 78-month Anniversary of Effective Date through 90-month Anniversary of Effective Date Fifth Annual Extension Term 78-month Anniversary of Effective Date 90-month Anniversary of Effective Date through 102-month Anniversary of Effective Date Sixth Annual Extension Term 90-month Anniversary of Effective Date 102-month Anniversary of Effective Date through 114-month Anniversary of Effective Date Seventh Annual Extension Term 102-month Anniversary of Effective Date 114-month Anniversary of Effective Date through 126-month Anniversary of Effective Date Eighth Annual Extension Term 114-month Anniversary of Effective Date 126-month Anniversa...
Options to Extend Term. Tenant shall have the right to be exercised as hereinafter provided, to extend the term of the Lease for the following additional periods: (a) the first option, if exercised, shall extend the term of the Lease for the period from April 1, 2006 through December 31, 2010, and (b) the second option, if exercised, shall extend the term of the Lease for the period from January 1, 2011 through December 31, 2015. Said extensions shall be upon all of the terms and conditions of the Lease, except as modified by the following terms and conditions:
(a) That Tenant is not then in default under any of the terms, covenants, conditions, provisions or agreements of this Lease or the Sublease;
(b) Tenant shall exercise its right to extend the term of the Lease by notifying Landlord not less than one (1) year prior to the termination of the original term (or previously extended term) of the Lease of Tenant's election to exercise such right, otherwise said option (including any options for further extensions of the term) shall be null and void; and
(c) The new rental shall be subject to the mutual agreement of both Landlord and Tenant but in no event shall the rental be less than the then fair market value of the Leased Premises. The parties shall have thirty (30) days after Landlord receives Tenant's notice in which to agree on the new rental for the extended term. If Landlord and Tenant are unable to agree on the new rental for the extended term within said 30-day period, then, within ten (10) days thereafter, Landlord and Tenant will each choose an appraiser to determine the fair market rental value of the Leased Premises by giving notice to the other party of the identity of the appraiser it selected. If a party does not appoint an appraiser within such ten day period, the single appraiser appointed shall be the sole appraiser and shall set the new base rental for the extended term. If the two appraisers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the new rental for the extended term. If they are unable to agree within twenty (20) days after the second appraiser has been appointed, they shall select a third impartial appraiser meeting the qualifications stated in this paragraph within five (5) days after the aforesaid twenty (20) day period; if the two appraisers are unable to agree upon the third appraiser, either party may apply to the Presiding Judge of the San Francisco Superior Court for appointment of the th...
Options to Extend Term. 1. Landlord hereby grants to Tenant one (1) option(s) (the "Option(s)") to extend the Lease Term for additional term(s) of five (5) years each (the "Extension(s)"), on the same terms and conditions as set forth in the Lease, but at an increased rent as set forth below. Each Option shall be exercised only by written notice delivered to Landlord at least one hundred eighty (180) days before the expiration of the Lease Term or the preceding Extension of the Lease term, respectively. If Tenant fails to deliver Landlord written notice of the exercise of an Option within the prescribed time period, such Option and any succeeding Options shall lapse, and there shall be no further right to extend the Lease Term. Each Option shall be exercisable by Tenant on the express conditions that (a) at the time of the exercise, and at all times prior to the commencement of such Extension, Tenant shall not be in material default under any of the provisions of this Lease and (b) Tenant has not been ten (10) or more days late in the payment of rent more than a total of three (3) times during the Lease Term and all preceding Extensions.
Options to Extend Term. At the expiration of the initial term of this lease, if County is not in default, County shall have xx options to extend this lease for additional xx-year periods on the same terms and conditions as the initial term. The exercise of any option shall be by written notice to Lessor 60 days prior to the end date of this lease or any option period. The written notice to Lessor for this purpose may be signed by the County Executive Officer.
Options to Extend Term. Licensee must exercise its options to ---------------------- extend the Term by delivering written notice thereof to Licensor not later than six (6) months prior to the expiration of the Term, or any extension of the Term. Notwithstanding anything herein to the contrary, Licensee shall have no right to exercise any option to extend the Term if (a) at the time of purported exercise of any option, Licensee is in default under this Agreement, or (b) during any Year of the Term, including any option period, Licensee received more than two notices of default from Licensor, regardless of whether such defaults were cured.