Additional Option Provisions Sample Clauses
The "Additional Option Provisions" clause defines supplementary terms related to options within a contract, such as purchase, renewal, or extension rights. This clause outlines the specific conditions under which a party may exercise these options, including timeframes, notice requirements, and any associated costs or limitations. By clearly detailing these extra options, the clause ensures both parties understand their rights and obligations regarding future actions, thereby reducing uncertainty and potential disputes over the exercise of contractual options.
Additional Option Provisions. The term “Shares” shall be deemed to include any other equity securities that may be issued by the Company in substitution therefor. The number of Shares to be received upon the exercise of the options may be adjusted from time to time as hereinafter set forth. The term “Company” means and includes Micronetics as well as (i) any successor corporation resulting from the merger or consolidation of such corporation with another corporation, or (ii) any corporation to which such corporation has transferred its property or assets as an entirety or substantially as an entirety.
Additional Option Provisions. Notwithstanding the provisions of ---------------------------- Paragraph 39.2 of the Lease providing that the options are personal to LESSEE, LESSEE shall have the right to assign the options as a part of the assignment of the Lease in the following circumstances: (a) in an Affiliate Transaction; or (b) in an assignment to which LESSOR is obligated to provide its consent in accordance with Paragraph 12 of the Lease and section 16 of this Addendum; provided, however, in the case of preceding clause (b), LESSOR shall have the right to elect to terminate this Lease rather than permit the assignment of the options, by giving LESSEE notice of such termination in LESSOR's Notice under subsection 16.6, and such termination shall be effective upon the later to occur of (i) the expiration of thirty (30) days following the delivery of such LESSOR's Notice, or (ii) the date of the proposed assignment. In addition, subject to Paragraph 39 of the Lease, LESSOR is granting to LESSEE two (2) successive options to extend the Lease term for successive five (5) year periods, with the first option period beginning upon the expiration of the Original Term and the second option period beginning on the expiration of the first option period. Each option shall be exercised only by written notice delivered to LESSOR no earlier than 365 days and no later than 180 days before the expiration of the Lease, or previous option period, whichever is applicable. Regardless of cause, if LESSEE fails to timely give notice of the exercise of an option, all option rights will automatically lapse and terminate and be of no further force or effect without any requirement of notice or demand by LESSOR. The Base Rent for each option period shall be adjusted in accordance with subsection 22.1 of this Addendum at the beginning of each option period. The other terms and conditions of the Lease shall remain in effect during each option period, except:
(a) except as provided in subsection 22.2 of this Addendum, no tenant improvements or allowances shall be provided by LESSOR, and LESSEE shall be deemed to have extended the term of the Lease and accepted the Premises "AS IS" in their then existing condition and without representation or warranty from LESSOR; (b) upon the exercise of the first option, LESSEE shall have only one remaining option to extend the Lease for an additional five (5) year period, and upon the exercise of the second option, LESSEE shall have no further right to extend the term of t...
Additional Option Provisions. Except for an option already exercised and except as otherwise stated in Section 10.2, all of the terms and conditions of the Lease shall apply during each Option Term. Tenant shall have no other right or option to extend the Lease Term beyond the expiration of the second Option Term.