RIGHTS OF EXTENSION Clause Samples

The "Rights of Extension" clause grants a party the ability to prolong the duration of an agreement or lease beyond its original term, typically under specified conditions. This clause often outlines the process for exercising the extension right, such as providing written notice within a certain timeframe, and may detail any changes to terms, like rent adjustments or renewal periods. Its core function is to provide predictability and flexibility for both parties, allowing continued business relationships without renegotiating a new contract, and reducing uncertainty about future occupancy or service arrangements.
RIGHTS OF EXTENSION. Landlord hereby agrees that Tenant shall have the right to extend the term of this Lease for two (2) periods of five (5) years each and one (1) period of four (4) years, eleven (11) months. The first five (5) year period shall immediately follow the expiration of the initial Lease Term (specified in Section "1.2" above) and the second five (5) year period shall follow the expiration of the first extension term and the four (4) year, eleven (11) month period shall immediately follow such second extension term and shall be at the Minimum Rent and Additional Rent for said respective extension term as set forth in Section "1.2" and upon all of the other terms, conditions and provisions of this Lease; provided, however, the foregoing rights of extension shall be deemed exercised unless Tenant gives Landlord written notice of its election not to extend the term of this Lease no later than six (6) months prior to the expiration of the then current Lease Term. Notwithstanding any of the other terms and conditions set forth in this Article XVIII, the term of this Lease shall not be extended for any option period in the event that the Tenant is in default of any of the terms and conditions of this Lease on the part of the Tenant to be kept, observed and performed beyond any applicable time period in which Tenant may cure the default. Notwithstanding the aforesaid, the parties understand and agree that, in no event shall the term of this Lease extend beyond a period of twenty-nine (29) years and eleven (11) months.
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RIGHTS OF EXTENSION. 4.1 If the Term is greater than 3 years, the Farmer has one right to extend the Term by a 12-month period provided that the Farmer gives to the Processor written notice of their desire to extend the Term: (a) no earlier than 30 calendar days before; and (b) no later than 7 calendar days before, the conclusion of the Term. 4.2 If the Term is 3 years or less, the Farmer has no rights of renewal unless otherwise notified in writing by the Processor.
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RIGHTS OF EXTENSION. 4.1 If the Term is greater than 3 years, the ▇▇▇▇▇▇ has one right to extend the Term by a 12-month period provided that the ▇▇▇▇▇▇ gives to the Processor written notice of their desire to extend the Term: (a) no earlier than 30 calendar days before; and (b) no later than 7 calendar days before, the conclusion of the Term. 4.2 If the Term is 3 years or less, the ▇▇▇▇▇▇ has no rights of renewal unless otherwise notified in writing by the Processor.
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RIGHTS OF EXTENSION. Tenant shall have the right to extend the Lease Term for two (2) terms of ten (10) years each in accordance with Section 2.4(b).
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RIGHTS OF EXTENSION. Tenant shall have the right to extend the Lease Term ------------------- for one (1) term of five (5) years in accordance with Section 2.4.
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RIGHTS OF EXTENSION. There are two (2) rights of extension beyond the Expiration Date, for a period of five (5) years each.
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RIGHTS OF EXTENSION. The Tenant shall have the right to extend this Lease for a further period of five (5) years (the “Extension Term”) commencing on the day following the last day of the Term, subject to the following terms and conditions:
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RIGHTS OF EXTENSION. 11.1 If the Tenant duly and punctually observes and performs the covenants, agreements, conditions, and provisos in this Lease on the part of the Tenant to be observed and performed, the Landlord shall at the expiration of the initial Term, at the Tenant’s written request delivered to the Landlord in the manner provided in this Lease not later than twelve (12) months prior to the expiration of the initial Term, grant to the Tenant an extension lease of the Premises for a further term of FIVE (5) YEARS (the “First Extension Term”) from the expiration of the Term, upon all of the covenants, agreements, conditions, and provisos contained in this Lease except this covenant for renewal and any provisions for Landlord’s Work, Tenant’s Work, exclusive use, free rent, bonuses, leasehold improvements, or incentives or inducements of any kind, and except the Basic Rent to be paid during the First Extension Term, which shall be determined in accordance with Article 11.3 below. 11.2 If the Tenant duly and punctually observes and performs the covenants, agreements, conditions, and provisos in this Lease on the part of the Tenant to be observed and performed, the Landlord shall at the expiration of the First Extension Term, at the Tenant’s written request delivered to the Landlord in the manner provided in this Lease not later than twelve (12) months prior to the expiration of the First Extension Term, grant to the Tenant an extension lease of the Premises for a further term of FIVE (5) YEARS (the “Second Extension Term”) from the expiration of the First Extension Term, upon all of the covenants, agreements, conditions, and provisos contained in this Lease except this covenant for renewal and any provisions for Landlord’s Work, Tenant’s Work, exclusive use, free rent, bonuses, leasehold improvements, or incentives or inducements of any kind, and except the Basic Rent to be paid during the Second Extension Term, which shall be determined in accordance with Article 11.3 below. 11.3 The Basic Rent for an Extension Term shall be the then-Fair Market Rent for the Premises, but, in any event, being the rent which would be paid for the Premises in their then-current condition (including all leasehold improvements and Non-Standard Improvements thereto) or in whatever condition the Landlord is entitled to require the Tenant to leave the Premises at the expiration of the initial Term or the First Extension Term, as the case may be, whichever condition would result in higher rent,...
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RIGHTS OF EXTENSION. The Landlord hereby grants to TELUS the right to extend the initial term of this Agreement for three further and consecutive period(s) of five year(s) each. Such extensions shall take effect automatically and without further notice, unless TELUS gives notice to the Landlord, at least ninety (90) days prior to the end of the current term of this Agreement, that it shall not exercise such right of extension. Each extension term will be subject to the same terms and conditions that apply during the initial term except that the Rent (defined herein) in each extension term shall be equal to the Rent prevailing in the year immediately preceding the beginning of such extension term, changed by an amount equal to the change in the Consumer Price Index Canada (all items), not seasonally adjusted, from start of the immediately preceding term to the start of the current extension term (using the same month for each start).
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Related to RIGHTS OF EXTENSION

  • Modification of Rights The rights of the Optionee are subject to modification and termination in certain events as provided in this Option Agreement and the Plan.

  • Waiver of Stay or Extension Laws The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  • Termination and Waiver of Rights of First Refusal The rights of first refusal established by this Section 4 shall not apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering or (ii) an Acquisition. Notwithstanding Section 5.5 hereof, the rights of first refusal established by this Section 4 may be amended, or any provision waived with and only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities held by all Major Investors, or as permitted by Section 5.5.

  • Restoration of Rights and Remedies If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

  • Waiver of Stay, Extension or Usury Laws The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.