Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, Lessee, at its option, may renew this Lease for one Renewal Term consisting of a period equal to five years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall be exercised upon irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the Basic Term. The Renewal Rent for the Renewal Term shall be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its option to extend the term of this Lease for the Renewal Term in accordance with the provisions of this paragraph, all of Lessee's rights to extend the Term for such Renewal Term shall expire. Lessee shall pay all reasonable costs and expenses, including, without limitation, reasonable legal fees and expenses, incurred by Lessor, Owner Participant and the Indenture Trustee in connection with the exercise of such option.
Exercise of Renewal Option. Buyer and Seller acknowledge and agree that pursuant to the terms of this Amendment Seller has exercised the first of its two successive Renewal Options under Article 3(i)(ii) of the Master Repurchase Agreement and Seller shall have only one (1) remaining Renewal Option available under Article 3(i)(ii) of the Master Repurchase Agreement.
Exercise of Renewal Option. Tenant has properly exercised its first renewal option to extend the Lease Term to February 29, 2012 (the “First Renewal Term”) and Landlord and Tenant agree that the Basic Rental for the First Renewal Term is as follows: From To Annual Rate psf R.S.F Annual Basic Rent Monthly Basic Rent 3/01/07 to 2/29/12 $ 21.00 16,446 $ 345,366.00 $ 28,780.50
Exercise of Renewal Option. Subject to the provisions hereinafter set forth, BarkBox, Inc. (“Tenant Named Herein”) or any Permitted Transferee (as hereinafter defined) shall have the one (1) time option (the "Renewal Option") to extend the Term of this lease for one (1) additional period of five (5) years (the "Renewal Term"), which Renewal Term shall commence on October 1, 2038 and end on September 30, 2043, provided that (a) this lease shall not have been previously terminated, (b) Tenant Named Herein or any Permitted Transferee shall occupy at least seventy-five percent (75%) of the Demised Premises for the conduct of its business, (c) Tenant shall not be in default under this lease, beyond the expiration of applicable notice and cure periods herein provided (x) on the date Tenant gives Landlord written notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Option, or, at the option of Landlord, (y) on the Expiration Date, and (d) at least thirty (30) days prior to the commencement of the Renewal Term, Tenant shall deliver to Landlord a new Letter (hereinafter defined) or an amendment to the existing Letter extending the final expiry date thereof to sixty (60) days following the final day of the Renewal Term. The Renewal Option may be exercised with respect to the entire Demised Premises only (provided, however, if at the time of the exercise of the Renewal Option the Demised Premises consists of more than one (1) full floor, then Tenant may exercise the Renewal Option for only the one (1) full floor) and shall be exercisable by Tenant delivering the Renewal Notice to Landlord at least fifteen (15) months, but no more than twenty-four (24) months prior to the Expiration Date. Time is of the essence with respect to the giving of the Renewal Notice. Upon the giving of the Renewal Notice, Tenant shall have no further right or option to extend or renew the Term of this lease.
Exercise of Renewal Option. If Lessee desires to exercise its Renewal Option, it shall notify Lessor thereof not less than one year prior to the expiration of the Basic Term or the then current Renewal Term. Lessor shall notify Lessee of its consent to or denial of such request within thirty (30) days of receipt of such request. If Lessor shall have consented to such request, Lessee and Lessor shall have thirty (30) days from the date of such consent to agree upon the terms and conditions of the Renewal Term. Any such exercise shall be irrevocable as to Lessee, but be binding on Lessor only if Lessor shall have consented thereto, the parties shall have agreed on such terms and conditions and on the effective date of the Renewal Term no Lease Default or Lease Event of Default shall have occurred and be continuing.
Exercise of Renewal Option. Except as otherwise provided in Section 33(D) below, Tenant shall exercise the First Renewal Option or the Second Renewal Option, as applicable, by delivering to Landlord a notice (a “Renewal Notice”) after the date that is fifteen (15) months, and on or before the date that is twelve (12) months, prior to the initial Expiration Date or the First Renewal Expiration Date, with respect to the First Renewal Option and the Second Renewal Option, respectively.
Exercise of Renewal Option. AD may exercise its option to renew by giving written notice of such exercise to Franchisor not more than one hundred eighty (180) days nor less than one hundred twenty (120) days prior to the expiration of the primary term.
Exercise of Renewal Option. Sublessor is required to provide Landlord with written notice of its intent to exercise its option to renew the Prime Lease for an additional five (5) years commencing the day after April 27, 2012 (the “Prime Lease Expiration Date”), not less than two hundred seventy (270) days prior to the Prime Lease Expiration Date or by July 31, 2011. To exercise Sublesee’s Renewal Option, Sublessee must give Sublessor written notice of its intent to renew this Sublease Agreement for the entire Renewal Term by June 30, 2011. Upon timely receipt of such notice, Sublessor shall provide written notice to Sublessee by July 15, 2011, of its intent to renew or not renew the Prime Lease with Landlord. In the event Sublessor determines not to renew its Prime Lease with the Landlord, Sublessee’s right to renew its possession of the Premises for an additional period of five (5) years shall extend to the entire Building, not just the Premises, on the same terms and conditions contained in the Prime Lease, or such other terms as the Sublessee and Landlord shall mutually agree. In the event that Sublessor chooses to not renew the Prime Lease and advises Sublessee to this effect by July 15, 2011, Sublessee shall give written notice to Landlord by July 31, 2011 advising whether it will be renewing its possession of the Premises and the rest of the Building.
Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of
Exercise of Renewal Option. Master Franchisee may exercise its option to renew by giving written notice of such exercise to Franchisor not more than 180 days nor less than 120 days prior to the expiration of the primary term.
