Conditions of Renewal. Unless each of the following Conditions of Renewal is satisfied at the end of the Initial Term and the first Renewal Term, Licensee shall have no right to renew (or further renew) this Agreement:
A. Licensee must have given Licensor notice of its election to renew not less than sixty (60) or more than one hundred eighty (180) days prior to the scheduled expiration date of the Initial Term or the first Renewal Term, as the case may be. If Licensee shall fail to timely submit such notice of its intention to renew, Licensee shall be deemed to have elected not to renew this Agreement, and it shall expire at the end of the Initial Term or the first Renewal Term, as the case may be.
B. At the time Licensee elects to renew and at the time of renewal, Licensee must not be in default under this Agreement or any other agreement between Licensee and Licensor relating to the Licensed Restaurant.
C. Licensee must have replaced such equipment, furnishings, decor and signs which are not in good working order or which are obsolete or otherwise not in conformity with Licensor's then current standards and decorates or remodels the building and the site to conform to Licensor's then-current standards.
D. Licensee must have presented evidence satisfactory to Licensor that Licensee has the right to remain in possession of the Licensed Restaurant for each of the Renewal Terms, or Licensee must have commenced business operations with respect to the Licensed Restaurant.
E. Licensee must have executed a general release, in a form prescribed by Licensor, of any and all claims against Licensor and its affiliates and its or their respective officers, directors, shareholders, agents and employees, in their corporate and individual capacities, including, without limitation, claims under federal, state and local laws, rules and ordinances arising from the negotiation, execution or performance of this Agreement, except for such claims as are expressly identified and reserved by Licensee in a notice submitted to Licensor simultaneously with Licensee's notice of its election to renew or within ten (10) days after the claims arises, if that is later. Such notice shall specify in detail the nature of such claims and the nature and amount of any relief or damages demanded, or to be demanded, of Licensor.
F. Licensee must have undertaken and satisfactorily accomplished any reasonable remedial actions and curative measures recommended by Licensor during the Initial Term and the first Renewal Te...
Conditions of Renewal. The following conditions must be met (prior to each renewal period, unless and to the extent expressly waived in writing by Able Oil):
1. You must give Able Oil written notice of its election to renew this Agreement not less than nine (9) months prior to the end of the current term of this Agreement;
2. At least six (6) months prior to the expiration of the current term of this Agreement, Able Oil shall have the right to give notice of all required modifications to the nature and quality of the products and services offered in connection with the Franchised Business, as well as your advertising, marketing and promotional programs.
3. You must not be in default of any provision of this Agreement, any amendment hereof or successor hereto, or any other agreement between you and Able Oil or its subsidiaries, affiliates and suppliers. You must have substantially complied with all of the terms and conditions of such agreements during the terms thereof;
4. You must have satisfied all of your monetary obligations to Able Oil and its subsidiaries, affiliates and suppliers, and must have timely met those obligations throughout the term of this Agreement;
5. Unless waived by Able Oil, you must attend Able Oil's then current qualification and training programs at your sole expense;
6. You and, where applicable, your shareholders, members, directors and officers shall execute a general release, in a form prescribed by Able Oil, of any and all claims against Able Oil and its subsidiaries and affiliates, and their respective officers, directors, agents and employees. You will not be required, however, to release Able Oil from violations of, or failure to comply with, federal or state franchise registration and disclosure laws;
7. Your operation and management of the Franchised Business shall be in full compliance with the System;
8. You must maintain, and be in good standing with, all necessary and appropriate licenses and permits; and
9. You must pay to Able Oil a renewal fee equal to twenty-five percent (25%) of the then current initial franchise fee charged by Able Oil. In the event that any of the foregoing conditions to renewal have not been met at least two (2) months prior to the expiration of the current term of this Agreement, then Able Oil shall have no obligation to renew this Agreement and shall give you at least thirty (30) days prior written notice of its intent not to renew this Agreement, which notice shall set forth the reasons for such refusal to renew.
Conditions of Renewal. Should Tenant default in any covenant or condition of this Lease prior to its expiration, the Landlord may, at its option, rescind any renewal of this Lease that it has granted to any one or more of the tenants named herein as permitted by law.
Conditions of Renewal. Notwithstanding the provisions of subsection 4.B above, the franchise shall not be renewed beyond the Initial Term unless the Franchisee has:
(i) substantially complied with all of the terms and conditions of this Agreement;
(ii) agreed, in writing, to make such reasonable capital expenditures, remodel and modernize the interior and exterior of the building, furniture, fixtures and equipment in accordance with Franchisor's then existing plans, standards and specifications so that Franchisee's motel will reflect the then common image intended to be portrayed by Knights Inn Motels; Capital expenditures, remodeling and modernization shall be done by Franchisee over a reasonable period of time not to exceed thirty six (36) months.
(iv) entered into Franchisor's then current form of standard Franchise Agreement and all other agreements and legal instruments and documents then customarily used by Franchisor in the grant of franchises for Knights Inn Motels; provided, that Franchisee shall not be required to pay another initial franchise fee if Franchisee exercises its right to renew the Franchise.
Conditions of Renewal. 2 III. DUTIES OF ABLE OIL .................................................. 3 A. Pre-Opening Obligations........................................ 3 B. Post-Opening Obligations....................................... 3
Conditions of Renewal. The conditions set out in this agreement will remain in force for the duration of the provision of The Service by Us to You including any Renewal Terms unless any changes are agreed by Us and You.
Conditions of Renewal. The conditions set out in this agreement may be changed by Us at the commencement of any Renewal Term. By continuing to receive the services provided by Us and by paying any renewal fee You are agreeing to the Terms and Conditions of service as current at the commencement of the Renewal Term.
Conditions of Renewal. Tenant's option to renew, as provided in paragraph l above, shall be strictly conditioned upon and subject to each of the following:
(a) Tenant shall notify Landlord in writing of Tenant's exercise of its option to renew at least twelve (12) months prior to the Expiration Date;
(b) At the time Landlord receives Tenant's notice as provided in paragraph 3(a) above, and on the Expiration Date, Tenant shall not have been in default, beyond any applicable notice and cure periods, under the terms or provisions of this Lease;
(c) Landlord shall have no obligation to do any work or perform any services for the Renewal Term with respect to the Premises or the Building which Tenant agrees to accept in their then "as is" condition;
(d) The Annual Base Rent during the Renewal Term shall not be less than the Rent (Base Rent and Additional Rent) payable at the end of the expiring Lease Term; and
(e) The option to renew granted herein to Tenant is personal to Tenant and may not be exercised by any other person or entity other than Tenant or a permitted assignee pursuant to Article 15 of this Lease. EXHIBIT G HOLIDAYS New Year's Day Memorial Day Independence Day Labor Day Thanksgiving Day Christmas Day EXHIBIT H BUILDING DESCRIPTION - MT. LAKES CORPORATE CENTER I BUILDING PROFILE PROPERTY: Mt. Lakes Corporate Center I One Old Bloomfield Avenue ADDRESS: Xx. Xxxxx, Xxx Xxxxxx 00000 (Xxxxxx County) LOCATION: - 1/2 mile north of Cherry Hill Road Interchange with X-00 - 0 Xxxx xxxx xx X-000 and Xxxxx 000 - 0 Xxxxx xxx Xxxxx 00 OWNER/DEVELOPER: 485 Properties LLC (a subsidiary of TIAA-CREF) MANAGEMENT: Xxxxx & Xxxxx Management Services, Inc. EXCLUSIVE LEASING AGENT: Xxxxx & Xxxxx 000 Xxxxxxx Xxxxxx Xxxxx 000 Xxxxxxxxx, Xxx Xxxxxx 00000 Xxxx Xxxxx/Xxxxx Xxxxxx Phone 000.000.0000 Fax 000.000.0000 ARCHITECT: MJS Architects Dover, NJ CONTRACTOR: March Associates Wayne, NJ AVAILABILITY: December 2000 BUILT: 1978/Totally Redeveloped 2000 BLOCK & LOT #: Block 118.04 Lot 2 Borough of Mt. Lakes, Xxxxxx Co. LOT SIZE: 12+ Acres (Additional 60,000+ SF may be developed) ZONING: Office Building BUILDING DESCRIPTION - MT. LAKES CORPORATE CENTER I TYPE OF CONSTRUCTION: Steel Frame - Type 2C non-combustable FACADE: Brick & glass exterior BUILDING: 49,843 square feet gross ROOF: EPDM membrane roof on insulation board
Conditions of Renewal. It shall be a condition to the exercise by Hyatt Gaming of any renewal option provided in Section 2.2 hereof that the Equity Return as of the date such renewal option is exercised is equal to or greater than fifteen percent (15%) (the "Renewal Threshold"). For purposes of this Agreement, "Equity Return" shall mean and refer to the simple average annual percentage return on the Owner"s cash equity in the Casino, which return shall be calculated by:
(a) dividing, for each full Fiscal Year, one hundred percent (100%) of the Adjusted Net Profit for such year by Unrecovered Equity;
(b) dividing, for any partial Fiscal Year, one hundred percent (100%) of the Adjusted Net Profit (adjusted to take into account any seasonal variations) by the "Prorated Amount;" the "Prorated Amount" shall equal the number of days in the partial Fiscal Year divided by 365, and multiplied by Unrecovered Equity; and
Conditions of Renewal. The Option is for the renewal of this Lease for the further term as specified in Item 7 of the Reference Schedule from the day after the date of expiry of the term of this Lease, containing identical covenants to the covenants of this Lease (except this clause):
(a) at a rent which will be determined in accordance with clause 6 of this Lease; and
(b) containing the further options for renewal as are specified in Item 7 of the Reference Schedule.
