Common use of Term and Extension Options Clause in Contracts

Term and Extension Options. (a) The Initial Term of this Lease shall be for a period commencing on the commencement date of this Lease as mutually agreed upon by the parties and terminating on the twentieth-fifth (25th) anniversary thereof, plus the number of days necessary to end the term on the last day of a calendar month or on such earlier date upon which said term may expire or be terminated pursuant to any of the conditions of limitation or other provisions of this Lease, or pursuant to the provisions of any present or future constitution, law, statute, ordinance, rule, regulation, other governmental order, or controlling judicial determination of any federal, state, local, municipal, or other governmental body, agency, or authority having or asserting jurisdiction, and all departments, commissions, boards, and officers thereof (collectively, the Laws). (b) Provided the Tenant shall keep, observe, and perform all of the terms, covenants, and conditions of this Lease on Tenant's part to be kept, observed, and performed, Tenant shall have the right to extend the term of this Lease for one (1) consecutive period of five (5) Lease Years (hereinafter referred to as the First Extended Term), provided Tenant shall notify Landlord, in writing, by registered or certified mail, return receipt requested, not less than twelve (12) months prior to the expiration of the then existing term hereof, that Tenant elects to extend the term of this Lease, and provided further that this Lease, as extended, shall be upon the same terms, covenants, and conditions as are contained herein, except as to the duration of the term hereof, the fixed annual Minimum Rental rate amount and any other provisions of this Lease which by their terms are applicable only to any portions of the term and excluding any further option of extension. Failure to comply with the provisions of this paragraph shall be deemed a complete waiver of the options herein granted.

Term and Extension Options. (a) The Initial Term of this Lease shall be for a period commencing on the commencement date of this Lease as mutually agreed upon by the parties and terminating on the twentieth-fifth (25th) anniversary thereof, plus the number of days necessary to end the term on the last day of a calendar month or on such earlier date upon which said term may expire or be terminated pursuant to any of the conditions of limitation or other provisions of this Lease, or pursuant to the provisions of any present or future constitution, law, statute, ordinance, rule, regulation, other governmental order, or controlling judicial determination of any federal, state, local, municipal, or other governmental body, agency, or authority having or asserting jurisdiction, and all departments, commissions, boards, and officers thereof (collectively, the Laws). (b) Provided the Tenant shall keep, observe, and perform all of the terms, covenants, and conditions of this Lease on Tenant's ’s part to be kept, observed, and performed, Tenant shall have the right to extend the term of this Lease for one (1) consecutive period of five (5) Lease Years (hereinafter referred to as the First Extended Term), provided Tenant shall notify Landlord, in writing, by registered or certified mail, return receipt requested, not less than twelve (12) months prior to the expiration of the then existing term hereof, that Tenant elects to extend the term of this Lease, and provided further that this Lease, as extended, shall be upon the same terms, covenants, and conditions as are contained herein, except as to the duration of the term hereof, the fixed annual Minimum Rental rate amount and any other provisions of this Lease which by their terms are applicable only to any portions of the term and excluding any further option of extension. Failure to comply with the provisions of this paragraph shall be deemed a complete waiver of the options herein granted.

Term and Extension Options. (a) The Initial Term initial term of this Lease (the "INITIAL TERM") shall be for a period commencing commence on the commencement date of this Lease as mutually agreed upon by (the parties "COMMENCEMENT Date") and terminating on the twentieth-fifth (25th) anniversary thereof, plus the number of days necessary to end the term on the last day of a the calendar month in which occurs the day immediately prior to the twentieth (20th) anniversary of the Commencement Date or on such earlier date upon which said term may expire or be terminated pursuant to any of the conditions of limitation or other provisions of this Lease, Lease or pursuant to the provisions of any present or future constitution, law, statute, ordinance, rule, regulation, other governmental order, or controlling judicial determination of any federal, state, local, municipal, or other governmental body, agency, or authority having or asserting jurisdiction, and all departments, commissions, boards, and officers thereof Laws (collectively, the Lawsas hereinafter defined). (b) Provided the no material non-monetary Event of Default (as hereinafter defined) or monetary Event of Default in excess of $25,000 shall then be continuing and Tenant shall keep, observe, and perform all of then satisfy the terms, covenants, and conditions of this Lease on Tenant's part to be kept, observed, and performedOccupancy Requirement, Tenant shall have the right two (2) separate, successive options to extend the term of this Lease for one (1) consecutive period of five (5) Lease Years (hereinafter referred to as the First Extended Term)same may have been extended by a prior such option) for an additional term of ten (10) years each (such options are herein collectively called "EXTENSION OPTIONS", provided and respectively called the "FIRST EXTENSION OPTION" and the "SECOND EXTENSION OPTION," and such renewal terms are herein collectively called the "EXTENSION TERMS", and respectively called the "FIRST EXTENSION TERM" and the "SECOND EXTENSION TERM". Each Extension Term shall commence on the day after the then current expiration date of the term of this Lease and shall expire on the tenth (10th) anniversary of such then current expiration date. Each of the Extension Options shall be exercisable (separately) only by Tenant shall notify Landlordby written notice to Landlord (each, in writing, by registered or certified mail, return receipt requested, an "EXTENSION NOTICE") given not less later than twelve the date that is twenty four (1224) months prior to the then current expiration date of the then existing term hereof, that Tenant elects to extend the term of this Lease, and provided further that this Lease, as extended, . Each of the Extension Terms shall be upon the same terms, covenants, terms and conditions as are contained hereinin this Lease for the Initial Term, except (i) as to the duration of the term hereof, the fixed annual Minimum Rental rate amount hereof and any other provisions of this Lease which by their terms are applicable only to any portions of the term hereof and excluding excluding, upon the expiration of the Second Extension Term, any further option of extensionor right to extend the term hereof and (ii) the annual Base Rent (as hereinafter defined) for each Extension Term shall be the Fair Market Rent determined as hereinafter set forth. Failure "FAIR MARKET RENT" to comply with the provisions of this paragraph be determined hereunder shall be deemed to mean the fair market renewal rent for the Premises which would be payable by a complete waiver of renewal tenant to lease the options herein grantedPremises.