Options to Extend the Term Clause Samples
The "Options to Extend the Term" clause allows one or both parties to prolong the duration of an agreement beyond its original end date. Typically, this clause outlines the conditions under which an extension can be exercised, such as providing written notice within a specified timeframe or agreeing to certain terms for the extended period. Its core practical function is to provide flexibility and continuity, enabling parties to maintain their contractual relationship without renegotiating a new agreement, thereby reducing uncertainty and administrative burden.
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Options to Extend the Term. So long as no Event of Default shall have occurred and be continuing, Lessee is hereby granted the right to extend the Term of this Lease for four consecutive five-year periods (each period, an “Extended Term”) for a maximum possible Term of 35 years, by giving written notice to Lessor of each such extension not later than January 1, 2013, for the first Extended Term and January 1, 2018, for the second Extended Term and January 1, 2023, for the third Extended Term and January 1, 2028, for the fourth Extended Term; subject, however, to the provisions of Section 13.7 hereof L▇▇▇▇▇ agrees to use its best efforts to provide Lessee with prior written notice at least 90 days prior to the foregoing dates. Lessee may not exercise its option for more than one Extended Term at a time. As a condition to exercising any option to extend hereunder, (i) if one or more of the Associated Leases (as defined below) are then still in effect, then at least one of such Associated Leases simultaneously must be extended by Lessee or its applicable Affiliate and (ii) if the Montgomery Lease (as defined in Section 1 of this Agreement) is then still in effect, then the Montgomery Lease simultaneously must be extended by Lessee or its applicable Affiliate. For purposes hereof, “Associated Leases” shall mean, collectively, the Nittany Valley Lease and the Tallahassee Lease as defined in Section 1 of this Agreement. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Minimum Rent shall be determined in accordance with Section 34.2 or 34.3, as the case may be.
Options to Extend the Term. Unless an Event of Default (as defined herein) has occurred and is continuing at the time any option is exercised, Lessee shall have the right and option to extend the Lease Term for two (2) additional periods of five (5) years each, each commencing at midnight on the day on which the then existing term of this Lease expires (each an "Extended Term"), unless this Lease shall expire or be terminated pursuant to any provision hereof. Lessee may exercise its option to extend the Lease Term for any of the Extended Terms by giving written notice of exercise (the "Extended Term Notice") of the option no later than six (6) months prior to expiration of the then existing Lease Term. Upon the delivery of an Extended Term Notice, as applicable, the Lease Term shall be automatically extended for the next succeeding Extended Term on the terms and conditions provided herein. Upon the request of Lessor or Lessee, the parties will, at the expense of Lessee, execute and exchange an instrument in recordable form setting forth the extension of the Lease Term in accordance with this Section 1.04.
Options to Extend the Term. So long as no Event of Default shall have occurred and be continuing, Lessee is hereby granted the right to extend the Term of this Lease for two consecutive five-year periods (each period, an “Extended Term”) for a maximum possible Term of 25 years, by giving written notice to Lessor of each such extension not later than November 30, 2010, for the first Extended Term and November 30, 2015, for the second Extended Term; provided, however, the Term of this Lease shall not extend beyond the term of the Ground Lease (Lessor acknowledging the requirement that it obtain an extension of the term of the Ground Lease as set forth below) unless Lessor purchases the fee interest in the Leased Property from Ground Landlord, and subject, however, to the provisions of Section 13.7 hereof. Lessor agrees to use its best efforts to provide Lessee with prior written notice at least 90 days prior to the foregoing dates. Upon receipt of the notice to extend from Lessee, Lessor shall provide the notice necessary to extend the term of the Ground Lease pursuant to the terms of Section 2 of the Ground Lease. Lessee may not exercise its option for more than one Extended Term at a time. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Minimum Rent shall be determined in accordance with Section 34.2 or 34.3, as the case may be.
Options to Extend the Term. So long as no Event of Default shall have occurred and be continuing, Lessee is hereby granted the right to extend the Term of this Lease for three consecutive five-year periods (each period, an “Extended Term”) for a maximum possible Term of 25 years, by giving written notice to Lessor not later than October 11, 2010, for the second Extended Term and October 11, 2015, for the third Extended Term; subject, however, to the provisions of Section 14.7 hereof. Lessor agrees to use its best efforts to provide Lessee with prior written notice at least 90 days prior to the foregoing dates. Lessee may not exercise its option for more than one Extended Term at a time. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Minimum Rent for the second and third Extended Terms shall be determined in accordance with Section 33.3.
Options to Extend the Term. The Lease provides that Tenant shall have the option to extend the Term of the Lease upon written notice as provided in the Lease ten (10) additional periods of five (5) years each.
Options to Extend the Term. Unless an Event of Default (as defined herein) has occurred and is continuing at the time any option is exercised, Lessee shall have the right and option to extend the Lease Term for four (4) additional periods of five (5) years each, each commencing immediately after the expiration of the then existing term of this Lease (an “Extended Term”), unless this Lease shall expire or be terminated pursuant to any provision hereof. Lessee shall exercise its option to extend the Term for each of the Extended Terms by giving written notice of intent to Lessor at any time not more than 24 nor less than 12 months prior to the expiration of the then existing Term or Extended Term. Upon the request of Lessor or Lessee, the parties hereto will, at the expense of the requesting party, execute and exchange an instrument in recordable form setting forth the extension of the Term in accordance with this Section 1.04. If Lessee timely and properly exercises the foregoing option(s), the Basic Rent due shall be Fair Market Rental as set forth in Section 9.26, and all other terms and conditions of this Lease shall be applicable.
Options to Extend the Term. Two (2) Extension Options (defined in Exhibit “I”), each to extend the Term for an Option Term (defined in Exhibit “I”) of sixty (60) months pursuant to Exhibit “I”. [***] Information has been omitted and submitted separately to the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Options to Extend the Term. Tenant shall have one five-year option to extend the term of this Lease. This option (“Option”) must be exercised upon delivery to Landlord, no later than 180 days prior to the expiration of the Initial Term, written notice pursuant to Paragraph 31 of the Lease. Basic Rent for the Option shall adjust to 100% of Fair Market Value as defined in the term page of the Lease. In the event that Landlord and Tenant are unable to agree upon Fair Market Value, the dispute resolution procedures set forth in Paragraph 37 of this Lease shall be used to resolve the matter. There shall be no increases in Basic Rent during the Option period. There are no other options to extend the Lease Term beside the Option.
(a) In the event that the parties have not agreed upon the Fair Market Value prior to the date four (4) months before the commencement of the extension term, such value shall be determined by binding arbitration in Marin County, California before a single arbitrator as follows:
(i) Landlord and Tenant shall have ten (10) days within which to select one (1) mutually agreeable arbitrator. If Landlord and Tenant fail to agree on one (1) arbitrator within the ten (10) day period, either party may promptly request JAMS to appoint an arbitrator for the matter, and JAMS’ selection shall be binding upon Landlord and Tenant. JAMS shall appoint as arbitrator an individual with the following qualifications: (i) not less than ten (10) years’ experience in the valuation of commercial rental properties in Marin County, California; and (ii) has never been a direct or indirect employee or agent of either Landlord or Tenant
(ii) Landlord and Tenant shall each submit to the arbitrator, in writing, a good faith determination of the Fair Market Value.
(iii) The arbitrator selected must make a determination of the Fair Market Value by choosing either the Landlord’s or Tenant’s determination of the Fair Market Value, and the arbitrator’s choice shall be final and binding upon the parties. In determining the Fair Market Value, the arbitrator shall consider all relevant factors such as market conditions and comparables. From the date of appointment, the arbitrator shall have 30 days within which to render a decision as to the Fair Market Value. Landlord and Tenant agree to cooperate with the arbitrator and with each other in this regard.
(iv) Judgment upon the award rendered by the arbitrator shall be binding upon the parties and may be entered in any court of competent jurisdiction only ...
Options to Extend the Term. 4 3.3. ACCELERATED COMMENCEMENT ................................................5
Options to Extend the Term. Unless an Event of Default (as defined herein) has occurred and is continuing at the time any option is exercised, Lessee shall have the right and option to extend the Lease Term for four (4) additional periods of five (5) years, commencing at midnight on the day on which the then existing term of this Lease expires (the "Extended Term"), unless this Lease shall expire or be terminated pursuant to any provision hereof. Lessee shall, if at all, exercise its option to extend the Lease Term for the Extended Term by giving notice of intent to exercise to Lessor at any time not more than 18 or less than 15 months prior to the expiration of the then existing Lease Term (which notice of intent will not extend the then existing Lease Term, but shall obligate the parties to begin the determination of Fair Market Rental (as defined herein) for the Premises for such Extended Term pursuant to subsection 1.05(e)) and then by delivering to Lessor a written instrument of exercise of option no later than 12 months prior to the expiration of the then existing Lease Term and after the Fair Market Rental for the Premises for the Extended Term has been determined as provided in subsection 1.05(e), provided that, if such Fair Market Rental value has not been so determined at least 20 days prior to the date by which Lessee must deliver such instrument of exercise Lessee shall have an additional 30 days after determination thereof within which to make such delivery. Upon the delivery of the written instrument of exercise referred to in the immediately preceding sentence, as applicable, the Lease Term shall be automatically extended for the Extended Term on the terms and conditions provided herein.