Common use of Options to Extend Term Clause in Contracts

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. 40.1 Landlord hereby grants to Tenant the right to extend the term of this Lease (the "Extension Option") for one (1) additional term of ten (10) years followed by two (2) periods additional successive terms of three five (35) years each under by giving Landlord written notice of its intention so to do in each instance at least one (1) year (but not more than two years) prior to the expiration of the then-current term. The term as so extended shall be upon the same terms and conditions existing in the original Lease except as set forth in this Article 40Lease, except that the Fixed Rent during the extended term shall be determined in the manner provided in Paragraph 3.2, below. Should Tenant in any instance fail to give timely written notice of its intention to exercise its option to extend the term, Tenant shall be deemed to have elected not to exercise its said right to extend the term, and this Lease shall expire in accordance with its terms. Time is of the essence with respect to the requirement that Tenant give timely notice of its election to exercise its right to extend the term, and Tenant's failure timely to exercise any option shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of such right, and Tenant hereby expressly waives any right to claim relief from forfeiture, or any other equitable relief, from the consequences of any untimely exercise of its right to extend the term of this Lease. The implied covenant of good faith and fair dealing under this Lease by written notice shall not be construed to impose upon Landlord given no later than six (6) months prior any obligation to notify Tenant in advance of the impending deadline for the exercise of any option, nor shall it obligate Landlord to excuse the tardy exercise of any option, however slight. Notwithstanding anything to the end of the original term or the first extended termcontrary set forth above, 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 any option to extend the term, notwithstanding anything set forth above to the contrary: term of this Lease (ai) during the time commencing from the date Landlord gives to Tenant a written notice that Tenant is in default under any material provision of this Lease and continuing until the default alleged described in said notice is cured; , (ii) during the period of time commencing on the day after a monetary obligation to Landlord is due from Tenant and unpaid and continuing until the obligation is paid, or (biii) after as to the expiration or earlier termination of this Leasesecond and third Extension Options, if the prior options were not timely exercised. The period of time within which the any option to extend may be exercised shall not be extended or enlarged by reason of the Tenant’s 's inability to exercise the such option because prior to satisfaction of the foregoing provisionsconditions precedent. At The Extension Option may not be exercised or assigned involuntarily by or to any person or entity other than Tenant except as provided in Article 17, nor shall the election of Landlord, all rights of Tenant under the provisions of Extension Option be assignable apart from 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 defaultLease.

Options to Extend Term. 40.1 Landlord grants Subject to the condition that Tenant shall not, at the right to extend time of exercise of the term Extension Option (as defined below) or at the time of commencement of the Extension Term, be in default of any of the terms of this Lease for two which notice has been received and the time for curing such default has expired, Tenant is hereby granted the option (2the “Extension Option”) periods to extend the Initial Term for one (1) successive period of three ten (310) years each under (the “Extension Term”), such Extension Term to commence (if at all) on the day following the expiration of the Initial Term of this Lease. Tenant must exercise the option to renew for the Extension Term by delivering irrevocable written notice of such election to Landlord at least eighteen (18) months prior to the expiration of the Initial Term. Any such extension of this Lease shall be upon the same terms and conditions existing in the original as this Lease except that the Base Rent during the Extension Term will be as set forth in this Article 40Paragraph 3.1. In the event Tenant shall fails to timely exercise such the Extension Option, Tenant’s right to extend the term of this Lease for the Extension Term shall not be extinguished until Landlord delivers written notice to Tenant notifying Tenant that it has failed to timely exercise the Extension Option and Tenant fails to exercise the Extension Option by providing written notice to Landlord given no later than six within thirty (630) 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 days following Tenant’s inability to exercise the option because of the foregoing provisions. At the election receipt 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 defaultnotice.

Options to Extend Term. 40.1 Landlord grants to Tenant the right to may extend the original term of this Lease for two four (24) separate, consecutive additional periods of three five (35) years each under ("Option Periods"), on the same terms and conditions existing in the original Lease except as set forth herein, except that the Base Rent due for each Option Period so exercised shall be determined in this Article 40accordance with Section 3.06 and the number of Option Periods remaining to be exercised shall, in each case, be reduced by one. Tenant shall may exercise such right to extend the term of this Lease options by written notice to notifying Landlord given no later in writing not less than six three hundred sixty (6360) months days prior to the end expiration of the original term initial Lease Term, or the first extended termthen current Option Period, as the case may be. 40.2 Basic Annual Rent . Should Tenant neglect to timely exercise any option, ▇▇▇▇▇▇'s right to exercise shall be increased on not expire until after notice from Landlord of Tenant's failure to timely exercise the first day of the extension termoption. If Landlord does so notify Tenant, and on the same day of each year thereafter, pursuant to Section 6.1. 40.3 Tenant shall not have the right at any time within fifteen (15) days after such notice to notify Landlord in writing of either ▇▇▇▇▇▇'s unqualified and irrevocable exercise an of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond within such fifteen (15) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the termTerm, 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 and this Lease shall terminate on the then expiration date of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and continuing until the default alleged in said notice is cured; or (b) after the expiration or earlier termination irrevocable exercise of this Lease. The period of time within which the its option to extend may be exercised shall not be extended or enlarged by reason of the Tenant’s inability to exercise Term for 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 defaultapplicable Option Period provided herein.

Options to Extend Term. 40.1 Landlord hereby grants to Tenant the right two options to extend the term of this Lease (each a “Renewal Option”), each option being for two a period of five (25) periods of three additional years (3each a “Renewal Term”) years and each under option being conditioned upon the same terms and conditions existing in the original Lease except as set forth in this Article 40Section 4.1. Each Renewal Option is exercisable only upon strict compliance with the terms set forth herein. If there is a default by the Tenant prior to the start of the Renewal Term which default is not cured within the applicable notice and cure period, the Renewal Option may be terminated by the Landlord at Landlord’s option upon five (5) business days notice to the Tenant in which event the Renewal Option and all subsequent Options shall exercise such right to extend the term of this Lease be void ab initio. The Option may be exercised only by written notice delivered by Tenant to Landlord given no later than six 12 months prior to the expiration of the then current term, TIME IS OF THE ESSENCE. No Renewal Option may not be exercised more than eighteen (618) months prior to the end of the original term or then current Term. The exercise of a Renewal Option is valid only if it is delivered on time and is unconditional. Tenant may only exercise its Renewal Option if, on the first extended termdate of delivery of the notice to Landlord, Tenant is not in default of this Lease beyond the expiration of any applicable cure periods. If the parties do not agree on a monthly Base Rent for each month of the renewal period no later than 240 days prior to the end of the then current Term, the Renewal Option shall become void and the lease shall the terminate as of the case may be. 40.2 Basic Annual end of the then current Term as if there had been no option exercise. The lease of the Premises for the applicable renewal shall be on the same terms and conditions contained in this Lease except that (i) the monthly Base Rent shall be increased on the first day monthly Base Rent as agreed between the parties for such period and (ii) the number of available renewal options shall be reduced by one. The Initial Term and all Renewal Terms (if exercised) are thereafter referred to collectively as the “Lease Term”. Time is of the extension term, and on Essence in exercising the same day of each year thereafter, pursuant to Section 6.1. 40.3 Tenant shall not have the right renewal option. Failure to exercise an option to extend on or before the termrequired date and in strict compliance with this section, notwithstanding anything set forth above to the contrary: (a) during the time commencing from the date Landlord gives to Tenant a written notice terminates that Tenant is in default under option and 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 defaultother unexercised options.