Additional Renewal Terms. On or before the first day of the First Renewal Term, if applicable, SRPMIC shall notify MTI in writing of SRPMIC’s willingness to renew this Agreement for one or more five (5) year renewal terms following the First Renewal Term (an “Additional Renewal Term”) on the same terms or on such different terms as SRPMIC may specify in its written notification. Within ninety (90) days following the date of SRPMIC’s written notification, MTI shall notify SRPMIC in writing that MTI: (i) agrees to the extension of the Agreement for the Additional Renewal Term on the terms specified in SRPMIC’s written notification; (ii) desires to extend the Agreement for an Additional Renewal Term but upon terms different than those proposed by SRPMIC in its written notification; or (iii) declines the extension of the Agreement, in which case the Agreement shall automatically expire at the end of the First Renewal Term without any further action by either Party. In the event SRPMIC and MTI agree to extend the Agreement for an Additional Renewal Term on terms different than those contained in this Agreement, then the Parties shall execute an amendment to this Agreement consistent with such modified terms within one (1) year from the date of SRPMIC’s written notification under this Article 8.5(c). In the event either Party desires to extend this Agreement for an Additional Renewal Term but on terms different than those contained in this Agreement, and the Parties are unable to agree upon new terms within one (1) year from the date of SRPMIC’s written notification under this Article 8.5(c), then this Agreement shall automatically expire at the end of the First Renewal Term without any further action by either Party. This Agreement may be renewed for subsequent and successive Additional Renewal Terms according to the process outlined in this Article 8.5(c).
Additional Renewal Terms. The term of the Lease is hereby extended to 11:59:59 pm on September 23rd, 2032 (the “Current Term”), and Lessee shall have the right to extend this Lease for five (5) additional five-year terms (each, an “Additional Renewal Term”) on the same terms and conditions as set forth in the Lease except as amended hereby. The Lease shall automatically renew for each Additional Renewal Term unless Lessee notifies Lessor, in writing, of Xxxxxx's intention not to renew the Lease at least thirty (30) days prior to the expiration of the immediately preceding Current Term or Additional Renewal Term. The annual rent for each Additional Renewal Term shall be the annual rent in effect for the final year of the Current Term or prior Additional Renewal Term increased by four percent (4%) per year. If Xxxxxx shall remain in possession of the Premises at the expiration of this Lease without a written agreement, such tenancy shall be deemed a month-to-month tenancy under the same terms and conditions of the Lease, as amended.
Additional Renewal Terms. If (i) this Agreement enters a First Renewal Term as provided under Section 2.2, (ii) Net Sales of Products during the First Renewal Term have exceeded Licensee's projections for sales of Products during each respective Annual Period of that term, and (iii) Licensee is in compliance with all material terms and conditions contained in this Agreement and there is no outstanding Event of Default existing on the date Licensee delivers its notice of renewal or at any time during the balance of the First Renewal Term, LS&CO. agrees to negotiate in good faith, no later than June 30, 2006, for two additional three (3) year terms, commencing on January 1, 2007 and ending on December 31, 2009 (the "Second Renewal Term"), and commencing on January 1, 2010 and ending on December 31, 2012 (the "Third Renewal Term"), respectively.
Additional Renewal Terms. Notwithstanding the foregoing, in the event that the Board requires the Leased Land upon the expiration of the renewal term as provided for above, the County and the Board may agree to extend or otherwise renew this Agreement for such further and additional term(s) as may be mutually agreeable to the parties, or enter into such new agreement containing such terms as the parties may mutually agree upon.
Additional Renewal Terms. The Sublease is hereby amended to provide that in addition to the five (5) year renewal term that is to commence December 1, 1999, Lessee shall have the option to renew the Sublease for two (2) additional five (5) year renewal terms each, said option to renew to be exercised as provided in paragraph 4 of the Addendum to Sublease. The option to renew may be exercised to commence the first of such renewal terms as of December 1, 2004, and may also be exercised to commence the second of said renewal terms as of December 1, 2009. The terms and conditions of each of said renewal terms shall be the terms and conditions of the Sublease, as currently amended and extended, including the option to purchase the Optioned Premises (as defined therein) at any time during the last ninety (90) days of each of the renewal terms and on the terms and conditions provided in the Addendum to Sublease.
Additional Renewal Terms. Pursuant to section XXV of the SWIS Agreement, the Federal Parties hereby acknowledge and mutually agree that they may agree, in writing, to future additional SWIS Agreement renewal terms by following the renewal provisions set out in Section XXV.
Additional Renewal Terms. At the end of the Fifth Renewal Term, Tenant shall have three (3) separate options to renew the Lease for three (3) consecutive renewal terms of five (5) years each (hereinafter the “Sixth Renewal Term”, the “Seventh Renewal Term” and the “Eighth Renewal Term”, respectively) under the same terms and conditions of this Lease. Such options shall be exercised by Tenant giving written notice to Landlord at least twelve (12) months prior to the end of the preceding renewal term of its intention to so renew; provided that Tenant shall not be in default (beyond the applicable notice and cure period) of any terms of this Lease when it gives notice of its intent to renew and Tenant shall not be in default (beyond the applicable notice and cure period) at the beginning of any renewal term. During each renewal term, the monthly Basic Rent shall increase annually on each January 1st as provided for in Paragraph 3(b) above.
Additional Renewal Terms. Section 7 of the Lease is amended to add Four (4) additional Five (5) year renewal periods (each an “Additional Renewal Term”). Each such Additional Renewal Term shall be deemed automatically exercised by Tenant unless Xxxxxx provides written notice to Landlord of non-renewal at least thirty (30) days prior to expiration of the then current term.
Additional Renewal Terms. Licensee shall have the option to renew this Agreement for additional renewal terms of ten (10) years each, provided that: (1) Licensee provides written notice of its intent to renew at least ninety (90) days prior to the expiration of the Renewal Term then in-effect; (2) Licensee is in good standing, has paid all sums due and owing to Licensor and is not in breach of this Agreement at the time of the exercise of the renewal;and (3) Licensee has paid to Licensor at least total proceeds of $1,000,000 USD during the Renewal Term then in- effect, which payment can be in combination of any of the following: extra $1,000,000 from the earned Royalties; or a makeup payment by Licensee to meet the $1,000,000 total due should the earned Royalties fall short. The financial terms of the Renewal Terms shall otherwise remain as stated for the Initial Term.
Additional Renewal Terms. At the end of the Fifth Renewal Term, Tenant shall have three (3) separate options to renew the Lease for three (3) consecutive renewal terms of five (5) years each (hereinafter the “Sixth Renewal Term”, the
