Common use of Demise and Term Clause in Contracts

Demise and Term. 2.1 Upon and subject to the terms and conditions set forth herein, Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, the Premises. Each party hereby expressly covenants and agrees to observe and perform all of the obligations herein contained on its part to be observed and performed. 2.2 The term of this Lease (the "Term") shall commence on the "Commencement Date" and, unless this Lease is sooner terminated as provided herein, shall continue to and end at midnight on the "Expiration Date," such terms as defined in Schedule A hereto. 2.3 If Schedule A specifically so provides and provided no default has occurred and is continuing beyond any applicable grace period, Tenant shall have the option to extend the term of this Lease (the "Extension Term"), on the same terms and conditions contained in this Lease, except that the annual Base Rent during the Extension Term shall be as set forth in Schedule A. If applicable, Tenant may exercise such extension option by giving notice to Landlord of its intention to extend the Term on or before the date that is six months before the Expiration Date of the initial Term of this Lease. If so extended, the word "Term" shall include the Extension Term as if the same were originally included in the initial Term of this Lease.

Demise and Term. 2.1 Upon and subject to the terms and conditions set forth herein, Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, the Premises. Each party hereby expressly covenants and agrees to observe and perform all of the obligations herein contained on its part to be observed and performed. 2.2 The term of this Lease (the "TermTERM") shall commence on the "Commencement DateCOMMENCEMENT DATE" and, unless this Lease is sooner terminated as provided herein, shall continue to and end at midnight on the "Expiration DateEXPIRATION DATE," such terms as defined in Schedule A hereto. 2.3 If Schedule A specifically so provides and provided no default has occurred and is continuing beyond any applicable grace period, Tenant shall have the option to extend the term of this Lease (the "Extension TermEXTENSION TERM"), on the same terms and conditions contained in this Lease, except that the annual Base Rent during the Extension Term shall be as set forth in Schedule A. If applicable, Tenant may exercise such extension option by giving notice to Landlord of its intention to extend the Term on or before the date that is six months before the Expiration Date of the initial Term of this Lease. If so extended, the word "Term" shall include the Extension Term as if the same were originally included in the initial Term of this Lease.