Common use of Term and Extension Clause in Contracts

Term and Extension. The term of this Ground Lease shall be fifty (50) years (the “Term”), commencing on the Effective Date and expiring on , 20 , except that such Term may be extended in writing by the Parties, or is sooner terminated as hereinafter provided; provided, however, no extension of the Term or termination of this Ground Lease may occur without the prior approval of the Board; and provided further, no termination of this Ground Lease may occur until all of the Bonds have been paid or retired under the provisions of the Bond Documents.