Extension of Development Term Sample Clauses

Extension of Development Term. 1. Upon expiration of the initial Development Term, if Master Franchisee has substantially complied with all of the terms of this Agreement during the Development Term, and any subsequent terms, including, without limitation, the Development Schedule, subject to the terms of this Section 3.D, Master Franchisee shall have the option to extend this Agreement for two (2) additional terms of ten (10) years each provided that: (a) Master Franchisee shall give Franchisor written notice of its request for an extension of the Development Term not less than six (6) months and not more than eighteen (18) months prior to the expiration of the Development Term. (b) Master Franchisee agrees to further develop PLANET BEACH® businesses in the Development Area in accordance with a development schedule to be mutually established by the parties; (c) Master Franchisee is not in default of this Agreement and any other agreement between Master Franchisee and Franchisor; (d) Master Franchisee is current with respect to all monetary obligations, including amounts owing to Franchisor and its Affiliates; (e) Master Franchisee must enter into a new master franchise agreement which may contain terms and conditions materially different from this Agreement, but consistent with Franchisor’s then-current commercial policies; provided, however, that Master Franchisee will pay a renewal fee of Fifty Thousand Dollars (US$50,000.00) to Franchisor upon execution of the new master franchise agreement for the renewal rights in place of the Development Fee. (f) Master Franchisee and each Owner must, execute and deliver to Franchisor a general release (in a form prescribed by Franchisor) of all claims against Franchisor and its Affiliates, and each of their respective officers, directors, shareholders, partners, agents, representatives, independent contractors, servants and employees in their corporate and individual capacities, including claims arising under this Agreement and under any applicable law, rules or regulations; and (g) Master Franchisee and any of its managers must be in compliance with Franchisor’s then-current qualification and training requirements. 2. If Master Franchisee fails to satisfy the conditions set forth in this Section 3.D, Master Franchisee’s Development Rights and all other rights granted under this Agreement shall be deemed to have expired and Franchisor shall have the right to operate and grant Franchises and Development Rights for the PLANET BEACH® business in th...
Sample 1
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Extension of Development Term. On expiration of the Development Term, if Master Franchisee has substantially complied with all of the terms of this Agreement during the Development Term, subject to the terms of this Section 3.5, Master Franchisee may seek extension of the Development Term subject to this Agreement for one (1) successive term not to exceed the length to the current Development Term. To extend the Development Term, Master Franchisee must: (a) deliver to Franchisor written notice of the request for an extension of the Development Term not more than 12 months nor less than six (6) months prior to the expiration of the then-current Development Term (the “Extension Notice”); (b) within 60 days following the timely issuance of the Extension Notice, engage in good faith discussions with Franchisor concerning new minimum development obligations for the extended Development Term; (c) execute an amendment to this Agreement, on mutually acceptable terms, to reflect and govern Master Franchisee’s obligations during the extended Development Term; (d) pay Franchisor an extension fee equal to the amount set forth in Exhibit A to this Agreement; and Muscle Maker Development International LLCMaster Franchise Agreement – Saudi Arabia1419.001.308072.5 (e) execute and deliver to Franchisor, a general release by Master Franchisee and its related parties, in a form satisfactory to Franchisor, of any and all claims against Franchisor and its related parties. If all of the foregoing requirements are not satisfied prior to the expiration of the Development Term, the Development Term will expire (as defined), and Master Franchisee will have no further rights to grant Franchises pursuant to this Agreement.
Sample 1
Extension of Development Term. If the Extender Standard is met with respect to a given state, then the Development Term shall be deemed to be extended for such state through the period ending March 31, 2003. During any Nonexclusive Year for any state,
Sample 1

Related to Extension of Development Term

  • Amendment Term The term of the Master Agreement may be amended past the initial term and stated renewal periods for a reasonable period if in the judgment of the Lead State a follow-on competitive procurement will be unavoidably delayed (despite good faith efforts) beyond the planned date of execution of the follow-on master agreement. This subsection will not be deemed to limit the authority of a Lead State under its state law to otherwise negotiate contract extensions.

  • Development Period The Contractor may commence pre-construction activities like utility shifting, boundary wall construction or any other activity assigned to the Contractor by the Authority to enable construction of the Project Highway immediately after signing of the Agreement, to the extent that such work is ready for execution. The Parties agree that these works may be taken up and completed to the extent feasible by the Contractor, before declaration of the Appointed Date, but no claim against the Authority for delay shall survive during this period and that the undertaking of these works by the Contractor shall not count towards the Scheduled Construction Period of the project which starts counting only from the Appointed Date. No construction activity of the Project Highway shall be undertaken during the development period.

  • Research Term The term “

  • Agreement Term This Agreement commences on the Effective Date and continues until terminated in compliance with this Clause.

  • Extension Term The options to extend the Term of this Lease as described above shall not be deemed exercised by Tenant unless at least twenty-four (24) months prior to the Lease Expiration Date for the Primary Term or at least twenty-four (24) months prior to the expiration of the Extension Term for the first (1st) Extension Term, Tenant shall have delivered written notice to Landlord of Tenant's irrevocable election to so extend this Lease at the end of the Primary Term or the first (1st) Extension Term, as applicable. Tenant's failure to deliver one (1) such timely notice to Landlord shall terminate all future Extension Terms, if any, following the Extension Term to which such notice specifically relates. Subject to the provisions of paragraph 5 of this Lease, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if such Extension Term had originally been included in the Primary Term of the Lease. The right of Tenant to exercise its rights with respect to the Extension Terms shall be conditioned upon this Lease being in full force and effect and no Event of Default then existing as of the Lease Expiration Date (for the first (1st) Extension Term), or expiration of the first (1st) Extension Term (for the second (2nd) Extension Term). The Primary Term, together with any Extension Term with respect to which Tenant properly exercises its option, and for which the conditions related thereto are satisfied, shall constitute the "TERM" of this Lease.

  • Development Phase contractual phase initiated with the approval of ANP for the Development Plan and which is extended during the Production Phase while investments in xxxxx, equipment, and facilities for the Production of Oil and Gas according to the Best Practices of the Oil Industry are required.

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Patent Term Extension The Parties will cooperate in selecting a patent within the Patent Rights to seek a term extension for or supplementary protection certificate under in accordance with the applicable laws of any country. Each Party agrees to execute any documents and to take any additional actions as the other Party may reasonably request in connection therewith.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.

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