Additional Option Period Sample Clauses
The Additional Option Period clause grants one party the right to extend the term of an agreement beyond its original expiration by exercising an option for an extra period. Typically, this clause outlines the conditions under which the extension can be activated, such as providing written notice within a specified timeframe and agreeing to any predetermined terms for the extension period. Its core practical function is to provide flexibility and continuity in contractual relationships, allowing parties to plan for future needs without renegotiating a new agreement.
Additional Option Period. As consideration for the Additional Option during [***] year of the Additional Option Period, MERCK shall pay to VICAL [***] for each CANCER TARGET for which it has not yet exercised an Additional Option as of the [***] anniversary of the Amendment Effective Date of this Fifth Amendment. As consideration for the Additional Option during [***] year of the Additional Option Period, MERCK shall pay to VICAL [***] for each CANCER TARGET for which it has not yet exercised an Additional Option as of the [***] anniversary of the Amendment Effective Date of this Fifth Amendment. Such payments shall be made within 30 days after the start of the [***] years of the Additional Option Period, and upon issuance of an invoice to MERCK by VICAL. No payment shall be required for Merck obtaining the Additional Option during [***].
Additional Option Period. In the event Buyer elects to extend the Total Option Period by an Additional Option Period pursuant to Section 2(d), Buyer shall have until 11:59 p.m. Corpus Christi Time on the last day of the Additional Option Period to complete the Diligence Investigations.
Additional Option Period. If Tenant is still in possession of this additional space through all its option renewals and desires to continue an additional option period as contained in ARTICLE 43 of the Lease Agreement, then the rents as contained in Exhibit "D" shall be changed to Two Hundred Fifty-Eight Thousand Two Hundred Dollars ($258,200) annually, payable Twenty-One Thousand Five Hundred Sixteen Dollars and 67/100 ($21,516.67) monthly, fully net. SECOND AMENDMENT TO LEASE AGREEMENT ▇▇▇▇▇▇▇ PARK ASSOCIATES ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Rochester, New York 14610 and ▇▇▇▇▇▇ INTERACTIVE, INC. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Rochester, New York 14623 For the purposes of modifying the Lease Agreement dated July 1, 1998, and lst Amendment to Lease dated XXXX XX, XXXX with respect to space located at ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, Rochester, New York 14610, the parties thereto hereby agree to the following:
1. BINDING EFFECT: IT IS NOTED AND AGREED THAT ▇▇▇▇▇▇ INTERACTIVE, INC. IS THE LEGAL SUCCESSOR TO ▇▇▇▇▇▇ ▇. BLACK CORPORATION AND ▇▇▇▇▇▇ BLACK INTERNATIONAL. LTD. AND AS SUCH INHERITS ALL RIGHTS AND DUTIES PREVIOUSLY INCUMBENT UPON ▇▇▇▇▇▇ ▇. BLACK CORPORATION AND ▇▇▇▇▇▇ BLACK INTERNATIONAL. LTD. THIS SECOND AMENDMENT TO THE LEASE AGREEMENT AND THE AGREEMENT SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF THE PARTIES HERETO, THEIR SUCCESSORS AND ASSIGNS.
Additional Option Period. If Tenant is still in possession of this additional space through all its option renewals and desires to continue an additional option period as contained in ARTICLE 43 of the Lease Agreement, then the rents as contained in Exhibit "D" shall be changed to Three Hundred Four Thousand, One Hundred Dollars ($304,100) annually, payable Twenty-Five Thousand Three Hundred Forty One Dollars and 67/100 ($25,341.67) monthly, fully net.
Additional Option Period. The term of the Additional Option shall commence on the Amendment Effective Date of this Fifth Amendment and shall expire on the [***] anniversary thereof (the “Additional Option Period”). Such Additional Option Period shall be automatically renewed for [***] additional [***] terms, for a total of [***], unless MERCK notifies VICAL in writing prior to the first anniversary of the Amendment Effective Date of this Fifth Amendment (for the [***] year of the Additional Option Term), or the [***] anniversary of the Amendment Effective Date of this Fifth Amendment (for the [***] year of the Additional Option Term) that it does not desire to further extend the Additional Option Period or MERCK does not make the payment for the [***] year of the Additional Option Term or the [***] year of the Additional Option Term as provided in Paragraph 5(c) below.