Common use of Extension Terms Clause in Contracts

Extension Terms. In addition to the Initial Term, Master Tenant has the option (provided Master Tenant is not in default under the terms of this Lease) (individually, a “Extension Option”, and collectively, the “Extension Options”) to exercise separate and successive extension options to extend the Initial Term of this Lease for up to seven (7) additional periods of five (5) years each (each individually, an “Extension Term”, and collectively, the “Extension Terms”), each Extension Term will be upon the same terms and conditions as the Initial Term. Master Tenant shall have thirty (30) days prior to the expiration of the current term of this Lease in which to elect to renew this Lease for the next applicable Extension Term. If Master Tenant does not provide such notice, Landlord will notify Master Tenant of such failure, and this Lease will automatically terminate pursuant to the provisions of Section 1.4(a) hereof unless Master Tenant thereafter elects to exercise the Extension Option within five (5) days after receipt of Landlord’s notice. If Master Tenant timely provides notice to exercise an Extension Option, provided Master Tenant is not in default under the terms of this Lease, the Term of this Lease will be automatically extended for the additional period of years equal to the previous Extension Term so exercised. The Initial Term and, if applicable, any Extension Terms of this Lease are sometimes hereinafter referred to individually and/or collectively as the “Term”.

Extension Terms. In addition Tenant shall have two (2) options to extend the Term of the Lease in accordance with the provisions of this Lease. At the end of the Initial Term, Master Tenant has shall have the option (provided Master Tenant is not in default under the terms of this Lease) (individually, a “Extension Option”, and collectively, the “Extension Options”) to exercise separate and successive extension options to extend the Initial Term of this the Lease for up to seven (7) additional periods a period of five (5) years each (each individuallysuch extension period, an the “Extension First Extended Term”). At the end of the First Extended Term, and Tenant shall have an additional option to extend the Term of the Lease for an additional period of five (5) years (such second extension period, the “Second Extended Term” and, together with the First Extended Term, collectively, the “Extension TermsExtended Term”). Notwithstanding anything herein to the contrary and for the purposes of clarification, each Extension if Tenant exercises both options, the Extended Term will be upon the same terms and conditions as for an aggregate period of ten (10) years following the Initial Term. Master Each Extended Term will be subject to each of the following at the time Tenant exercises such option: (x) there being no applicable law prohibiting such extension; and (y) no default by Tenant then exists under the Lease beyond applicable notice and cure periods. Tenant shall be deemed to have thirty exercised each of its options to extend the Term for each Extended Term unless Tenant has provided notice to City electing not to exercise such option no later than six (306) days months prior to the expiration of the current term of this Lease in which to elect to renew this Lease for Initial Term or First Extended Term, as applicable. The Extended Term shall be upon the next applicable Extension Term. If Master Tenant does not provide such notice, Landlord will notify Master Tenant of such failure, and this Lease will automatically terminate pursuant to the provisions of Section 1.4(a) hereof unless Master Tenant thereafter elects to exercise the Extension Option within five (5) days after receipt of Landlord’s notice. If Master Tenant timely provides notice to exercise an Extension Option, provided Master Tenant is not in default under the same terms of this Lease, including the Term of this Lease will be automatically extended for the additional period of years equal to the previous Extension Term so exercised. The Initial Term and, if applicable, any Extension Terms of this Lease are sometimes hereinafter referred to individually and/or collectively as the “Term”rental provisions set forth in Article 5.