Common use of Term of the Tenancy Clause in Contracts

Term of the Tenancy. 3.1.1 The Lessor is hereby letting to the Lessee and the Lessee is hereby renting from the Lessor the Object of the Lease and the Attached Areas for a term of 7.5 years, commencing from the Date of Delivery of Possession of the Object of the Lease (hereinafter: "the Term of the Tenancy" or "the First Term of the Tenancy"). If and insofar as the actual Date of Delivery shall be postponed due to the provisions of Section 5.1, the date of commencement of the Term of the Tenancy shall be deemed to be the actual Date of Delivery and the date of termination of the Term of the Tenancy shall be postponed accordingly. 3.1.2 The Lessee hereby undertakes to open the Object of the Lease for day-to-day business activity and to manage a business whose object is specified below in the Object of the Lease, throughout the entire Term of the tenancy. 3.1.3 Since the Lessee is renting from the Lessor an additional area within the confines of the Science Park, pursuant to the First Lease (hereinafter: "the Object of the Lease Forming the Subject Matter of the First Lease"), it is agreed that the term of the tenancy of the Object of the Lease Forming the Subject Matter of the First Lease shall be adjusted so that the present term of the tenancy of the Object of the Lease Forming the Subject Matter of the First Lease shall be extended so that it shall terminate at the end of the Term of the Tenancy pursuant to Section 3.1.1 above and any option granted in this Lease shall also be granted to the Lessee in respect of the Object of the Lease Forming the Subject Matter of the First Lease. 3.1.4 If the Lessee ceases to use the Object of the Lease or vacates same before expiry of the Term of the Tenancy, this shall not exempt it from the complete fulfillment of its obligations, including payment of the rent, and the other payments which it is obligated to pay hereunder until expiry of the Term of the Tenancy, excluding where the Lessee has ceased using the Object of the Lease and/or has vacated same following a fundamental breach by the Lessor. It is hereby clarified that the rent shall be paid until the expiration of the Term of the Tenancy and/or until an alternative lessee has been found, which shall be acceptable to and approved by the Lessor, whichever of the two occurs earlier. The Lessor's approval shall only be withheld on reasonable grounds, however in any event where the Lessor has agreed to an alternative lessee who has been introduced by the Lessee, the Lessee shall remain liable, together with the alternative lessee, for the performance of its obligations hereunder.