Second Option to Extend Clause Samples
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Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five (5) years (herein referred to as the "Second Additional Term"), the Second Additional Term to commence immediately after the expiration of the First Additional Term. If Tenant desires to extend the Term for the Second Additional Term, then Tenant shall give notice (the "Second Extension Notice") thereof to Landlord no later than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the...
Second Option to Extend. On or before one hundred twenty (120) days prior to the expiration of the First Extension Period, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “Second Extension Period”). The maximum term of the Lease with the second extension is fifty-four and one-half (54 1/2) years.
Second Option to Extend. The Borrower shall have the option to extend the term of the Loans from the Maturity Date (for purposes of this Section, "First Extended Maturity Date"), to the Second Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
(a) The Borrower shall provide the Administrative Agent with written notice of the Borrower's request to exercise the Second Option to Extend not more than ninety (90) days but not less than thirty (30) days prior to the First Extended Maturity Date;
(b) As of the date of the Borrower's delivery of notice of request to exercise the Second Option to Extend, and as of the First Extended Maturity Date, no Event of Default shall have occurred and be continuing, and the Borrower shall so certify in writing;
(c) On or before the First Extended Maturity Date, the Borrower shall pay to the Administrative Agent on behalf of the Banks an extension fee in the amount of One Hundred Fifty Thousand Dollars ($150,000.00); and
(d) The Borrower shall have previously exercised the First Option to Extend in accordance with the terms of Section 2.7 hereof.
Second Option to Extend. Provided Tenant has extended the Lease for an additional ten (10) year period as set forth in Paragraph 44 above, Landlord hereby grants to Tenant an Option to Extend ("Second Option to Extend") this Lease for an additional term equal to nine (9) years and eleven (11) months reduced day for day by (i) any Early Occupancy Period as provided in Paragraph 2C above, and (ii) the period between the date of execution of this Lease and the Lease Commencement Date (the "Build-Out Period") except to the extent that legal counsel for Tenant delivers to Landlord and Tenant prior to the exercise of the Second Option to Extend, a legal opinion to the effect that all or some portion of such Build-Out Period is not includible for Proposition 13 reassessment purposes in the calculation of the overall maximum term of this Lease (which term was to be in all events less than 35 years in duration as of the date of execution of this Lease), in which event such portion of the Build-Out Period which has been so determined not to be includible for Proposition 13 purposes shall not be deducted from such nine year and eleven month term (as so calculated, the "Second Extended Term") on the following terms and conditions;
A. Tenant shall give Landlord written notice of Tenant's exercise of this Second Option to Extend not later than twelve months prior to the expiration date of the First Extended Term, in which event this Lease shall be extended for the Second Extended Term on all of the terms and conditions of this Lease, except that the Basic Rent shall be adjusted as set forth below and this Paragraph 45 shall be of no further force and effect and deemed deleted thereby. In the event that Tenant fails to timely exercise Tenant's option as set forth herein in writing, Tenant shall have no further Option to Extend this Lease, and this Lease shall continue in full force and effect for the full remaining Lease Term, absent this Paragraph 45.
B. The Second Extended Term's monthly Basic Rent shall be adjusted based on annual adjustments in the CPI in an identical manner to that provided in Paragraph 44 above with respect to the First Extended Term, with the first adjustment during the Second Extended Term to be effective as of the date of commencement of the Second Extended Term. The initial "CPI" adjusted Basic Rent for the Second Extended Term shall be calculated by adding to the monthly Basic Rent during the last month of the First Extended Term an amount calculated by multiplying th...
Second Option to Extend. [Terms to be negotiated in each instance.]
Second Option to Extend. In the event Tenant exercises its First Option to Extend above, Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2026, to 12:01PM on 31st Day of December 2031. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than the December 31st, 2025. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
Second Option to Extend. Tenant at its option may extend the Term of this Lease for an additional five (5) years by serving written notice thereof upon Landlord at least one year before the expiration of the initial extended Term hereof or as otherwise set forth in Section 26.1 above, provided that at the time of such notice and at the commencement of such second extended term, there shall exist no event of default as defined in Article 18 of this Lease. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such second extended Term shall commence upon the expiration date of the extended Term of this Lease, expire upon the annual anniversary of said date five (5) years thereafter, and be upon the same terms, covenants and conditions as provided in this Lease for the initial extended Term, except that the Annual Rent payable during the second extended Term shall be at the Prevailing Rate for Comparable Space at the commencement of such second extended Term. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial extended Term shall continue to be made during such second extended Term. Any termination of this Lease during the initial Term or the initial extended Term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Article 14 of this Lease shall terminate the option of Tenant contained herein.
Second Option to Extend. Should the initial option to extend be exercised by Rhodia, Rhodia shall have the right, at its sole option, to extend this Agreement for a second (*****) period by giving PCS written notice at least one year prior to the expiration of the initial renewal term.
Second Option to Extend. Section 2.13 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
Second Option to Extend. Subject to approval of CMS and requisite State approvals, the State may request continued performance for up to two additional years starting on November 1, 2021 and ending no later than October 31, 2023 at mutually agreed rates and on the same terms specified in this Contract. If the State exercises this option, it shall provide written notice to Contractor at least thirty (30) days prior to the end of the current Contract term in form substantially equivalent to Exhibit B, Sample Option Letter. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract. Any agreed increase in rates under this Section 5.D shall be limited as follows: In no event will the rates agreed under this Section 5.D exceed the rates covering the period from November 1, 2020 to October 31, 2021 as specified in this Contract plus a maximum percentage increase equal to the mathematical mean of the annual percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley metropolitan area for calendar year 2018 and calendar year 2019 as published by the US Department of Labor, Bureau of Labor Statistics. If the CPI-U is for some reason not available as specified in this Section, the Parties will use the CPI-U (U.S.) for the same period.