Common use of Term; Option to Extend Clause in Contracts

Term; Option to Extend. The initial term of this Lease shall commence on July 1, 1989 or such earlier date as the parties shall mutually agree upon. This date shall hereinafter be referred to as the "Commencement Date." The initial term of this Lease shall end at midnight on June 30th, 1999. Upon the condition that there is no default by Tenant in the performance of any provision of this Lease, Tenant may extend the term of this Lease for one (1) additional period of ten (10) years. Tenant shall exercise this option for an extended term by notifying Landlord in writing at least one hundred and eighty (180) days prior to the expiration of the initial term. If Tenant exercises the option to extend the term of this Lease, all of the terms and conditions set forth in this Lease shall continue to apply during the extended term, except that there shall be no privilege to extend the term of this Lease for any period of time beyond the expiration of the extended term.