Common use of TERM AND OPTIONS Clause in Contracts

TERM AND OPTIONS. 1.1 The lease term, subject to all of the provisions and conditions herein contained, shall be for a period of ten (10) years commencing as provided in Section 4.2 of this Lease (the "Commencement Date"), and terminating on the tenth anniversary of the Commencement Date, unless sooner terminated as provided herein. 1.2 Subject to the conditions hereinafter set forth, Landlord hereby grants to Tenant the option to renew the lease term (the "Renewal Option") for two (2) additional consecutive periods of five (5) additional years each (each being referred to herein as a "Renewal Term"), to commence at the expiration of the initial lease term. Tenant shall exercise the Renewal Option by delivering written notice of such election to Landlord at least six (6) months but no more than twelve (12) months prior to the expiration of the initial lease term, or current Renewal Term. The renewal shall be upon the same terms and conditions as this Lease, except: (a) the rental shall be as provided in Section 3.2 of this Lease; (b) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Terms; and (c) Tenant shall not have the right to assign the Renewal Option to any sublessee of the demised premises or assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such Renewal Option. Notwithstanding the foregoing, Tenant shall not have the right to exercise the Renewal Option, unless: (i) this Lease shall be in full force and effect on the date of the exercise of the Renewal Option and the date of the expiration of the then existing lease term; and (ii) on the date of the exercise of the Renewal Option and the date of the expiration of the existing lease term there shall exist no default on the part of Tenant under this Lease. 1.3 Subject to the conditions hereinafter set forth, Landlord hereby grants to Tenant the exclusive right and option to purchase the demised premises pursuant to Article XXI of this Lease. 1.4 This lease shall be contingent upon Tenant receiving state and federal regulatory approval for the operation of a bank branch facility upon the demised premises within ninety (90) days of the date of this Lease. If Tenant does not obtain said approvals within said ninety (90) day period, Tenant may terminate this Lease by written notice to Landlord within ten (10) days thereafter. Upon receiving said approvals, Tenant shall give Landlord written notice. Landlord shall not be obligated to begin "Landlord's Work" as provided in Section 4.1 of this Lease until Landlord receives written notice of said approvals from Tenant.

TERM AND OPTIONS. 1.1 The lease term, subject to all of the provisions and conditions herein contained, term shall be for a period beginning on the date of ten substantial completion of the Addition and either: (101) years commencing as provided in Section 4.2 possession by LESSEE: or (2) issuance of this Lease the Certificate of Occupancy (the "Commencement Date"), and terminating expiring at midnight on the tenth anniversary of July 31, 1999. LESSOR and LESSEE agree to execute a certificate indicating the Commencement DateDate when same has occurred. Thereafter, unless sooner terminated as and provided herein. 1.2 Subject to the conditions hereinafter set forthLESSEE is not then in default under any provision hereof, Landlord hereby grants to Tenant the LESSEE shall have the option to renew the this lease term agreement for four (the "Renewal Option"4) for two (2) additional consecutive periods of successive five (5) additional years each (each being referred to herein as a "Renewal Term")periods, to commence at the expiration of the initial lease term. Tenant provided LESSEE shall exercise the Renewal Option by delivering have given written notice of such election its intention to Landlord at least six (6) months but no more than LESSOR twelve (12) months prior to the expiration termination date of the initial original lease term, or current Renewal Termperiod and twelve (12) months prior to the termination of any renewal period. The renewal shall Each five (5) year term Shall be upon renewed under the same terms and conditions as this Leaseset forth herein, except: (a) except as to the rental amount set forth herein. The basic rental amount shall be as provided in Section 3.2 of this Lease; (b) Tenant shall have no option increased, for each renewal period, to renew this Lease beyond the expiration of the Renewal Terms; and (c) Tenant shall not have the right to assign the Renewal Option to any sublessee of the demised premises or assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such Renewal Option. Notwithstanding the foregoing, Tenant shall not have the right to exercise the Renewal Option, unless: (i) this Lease "Market Rental Rate." The "Market Rental Rate" shall be in full force determined by agreement between LESSOR and effect on the date of the exercise of the Renewal Option and the date of the expiration of the then existing lease term; and (ii) on the date of the exercise of the Renewal Option and the date of the expiration of the existing lease term there shall exist no default on the part of Tenant under this Lease. 1.3 Subject to the conditions hereinafter set forthLESSEE, Landlord hereby grants to Tenant the exclusive right and option to purchase the demised premises pursuant to Article XXI of this Lease. 1.4 This lease shall be contingent upon Tenant receiving state and federal regulatory approval for the operation of a bank branch facility upon the demised premises within ninety (90) 90 days of the date notice by LESSEE of this Leaseintent to renew. If Tenant does not obtain said approvals within said ninety (90) day periodShould LESSOR and LESSEE be unable to agree, Tenant may terminate this Lease by written notice to Landlord each shall, within ten (10) days thereafterdays, select a licensed real estate appraiser and LESSOR and LESSEE agree to accept the written agreement of the two appraisers as to the "Market Rental Rate" of like properties of familiar quality. Upon receiving said approvalsShould the two appraisers fail to reach agreement as to the "Market Rental Rate" within 30 days, Tenant the appraisers shall give Landlord written noticeagree upon a third appraiser, and thereafter an agreement between any two of the appraisers shall be accepted by LESSOR and LESSEE as to "Market Rental Rate." LESSOR and LESSEE each agree to pay their own appraiser's fees. Landlord If a third appraiser is required, his fee shall not be obligated to begin "Landlord's Work" as provided in Section 4.1 of this Lease until Landlord receives written notice of said approvals from Tenantshared between the parties hereto.