Extension of Term Clause Samples
The Extension of Term clause allows for the continuation of an agreement beyond its original expiration date. Typically, this clause outlines the conditions under which the term can be extended, such as requiring mutual written consent or automatic renewal unless notice is given by one party. Its core practical function is to provide flexibility for both parties, ensuring that the contractual relationship can continue seamlessly if desired, and preventing unintended lapses in the agreement.
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Extension of Term. 2.1 The Parties hereby agree to extend the term of the Initial Agreement for a period of one year commencing July 1, 2018 and ending June 30, 2019 (the “Extension Term”).
Extension of Term. 2.1 In accordance with Section 6.3 of the Initial Agreement, the term of the Initial Agreement is extended for a period of twenty-one (21) months commencing July 1, 2024 and ending March 31, 2026 (the “Extension Term”).
Extension of Term. In the event of any Change of Control, as defined on Schedule B, the Term of the Executive’s Agreement shall be automatically extended for 24 months from the effective date (the “COC Effective Date”) of any such Change of Control (the “Extended Term”).
Extension of Term. Upon mutual agreement of Seller and Buyer, the term of this Agreement may be extended. Such extension may be made subject to the terms and conditions hereunder and to any other terms and conditions as Buyer may determine to be necessary or advisable. Under no circumstances shall such an extension by Buyer be interpreted or construed as a forfeiture by Buyer of any of its rights, entitlements or interest created hereunder. Seller acknowledges and understands that Buyer is under no obligation whatsoever to extend the term of this Agreement beyond the initial term.
Extension of Term. The Employment Term may be extended by written amendment to this Agreement signed by both parties.
Extension of Term. (a) Subject to the provisions of this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇, at Tenant's sole option, shall have the right to extend the term of this lease for an additional five years commencing on the day following the expiration of the initial term of this Lease (hereinafter referred to as the "Commencement Date of the Extension Term") and ending on the day preceding the fifth anniversary of the Commencement Date of the Extension Term (such additional term is hereinafter called the "Extension Term" and the last day of such Extension Term is hereinafter called the "Extension Expiration Date") provided that:
(i) Tenant shall give Owner notice (hereinafter called the "Extension Notice") of its election to extend the term of the Lease not later than the day occurring twelve (12) months and not earlier than twenty-four (24) months prior to the last day of the initial term of this Lease.
(ii) Tenant shall not be in default under this lease either as of the time of giving the extension notice or the Commencement Date of the Extension Term.
(iii) The Tenant named herein shall, as of the Commencement Date of the Extension Term, be in actual occupancy of the Premises.
(b) Effective as of the Commencement Date of the Extension Term, the Base Tax Year shall be the tax year during which the Commencement Date of the Extension Term occurs.
(c) The fixed Annual Base Rent payable by Tenant to Owner during the Extension Term shall be ninety (90%) of the fair market rent for the Premises as determined by the Owner and set forth in a written notice to Tenant, which determination shall be as of the date (hereinafter called the "Determination Date") occurring twelve (12) months prior to the Commencement Date of the Extension Term and which determination shall be made by Owner and given in writing to Tenant within ninety (90) days after the occurrence of the Determination Date, but in no event shall such fixed Annual Base Rent be less than the Annual Base Rent with respect to the Premises for the last full year of the initial term of the Lease. In addition, the Annual Base Rent payable during the Extension Term shall increase no less than three (3%) percent annually.
Extension of Term. If the term of NASPO ValuePoint Master Agreement is extended for any reason, the Term of this Participating Addendum shall be automatically modified to account for that extension, so long as such extension complies with the Colorado Procurement Code.
Extension of Term. The term of the Lease is hereby extended for a period of twelve (12) years, commencing on April 1, 2011 and ending on March 31, 2023, or until the term shall sooner cease or expire as hereinafter provided, by law or otherwise, both dates inclusive. From and after the date hereof, all references in the Lease to (i) “term” shall be deemed to mean the term of the Lease as extended by this Agreement, and (ii) “Expiration Date” shall be deemed to mean March 31, 2023.
Extension of Term. Provided Exporter's goods and services are in demand and Exporter is processing sales generating Transaction Fees, as set forth in Section 6, within fifteen (15) years from the Effective Date, Exporter shall have an option to (a) continue with its membership under Section 2 at no additional fee, or (b) option of developing single point of sales, distribution, networking, and logistics facilities separate and distinct from AmericaTowne for a mutually agreeable reduced rate, which shall be agreed upon in writing prior to thirty (30) days from the termination of fifteen (15) years from the Effective Date. The Exporter has the option of choosing option (b) above at its discretion.
Extension of Term. Upon prior written notice to Provider at least one- hundred eighty (180) days prior to the Expiration Date with respect to a System, Customer shall have the option to renew the term of this Agreement with respect to the System for one (1) additional five (5)-year period at the Renewal Rate.