Common use of Demise of Leased Premises and Term Clause in Contracts

Demise of Leased Premises and Term. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, and subject to the terms and conditions hereof, Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Leased Premises for a 50-year term commencing on the Effective Date and expiring on , 2064, subject to renewal or early termination in accordance with the express provisions of this Lease (the “Term”). Upon expiration of the Term, the Parties may (but shall have no obligation to) renew the Term for such period or periods, and on such terms, as are mutually-acceptable to the Parties.

Demise of Leased Premises and Term. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, and subject to the terms and conditions hereof, Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Leased Premises for a 50-year term commencing on the Effective Date and expiring on August 3, 2064, subject to renewal or early termination in accordance with the express provisions of this Lease (the “Term”). Upon expiration of the Term, the Parties may (but shall have no obligation to) renew the Term for such period or periods, and on such terms, as are mutually-acceptable to the Parties.