Common use of Extensions of Term Clause in Contracts

Extensions of Term. Tenant may elect to extend the term of this Lease for six (6) additional terms of five years each upon the terms, covenants, conditions, conditional limitations, and agreements herein contained, in accordance with and subject to the following conditions: a. Each extension of the term of this Lease shall be for a period of 5 years commencing on the date of termination of the original or then current extended term and expiring on the fifth anniversary of the date of commencement of such extension period. The term of this Lease may be extended a maximum of six times so that the final termination date of this Lease, in any event, shall be no later than [July 31, 2056]. b. The election to extend shall be exercised, if at all, at least 90 days prior to the date of commencement of the extension period so elected. The election to extend shall be exercised only by written notice to Landlord, which notice shall be executed and acknowledged by Tenant in form proper for recording. During each extended term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the annual Basic Rent for each extended term shall be payable in the amounts and at the times set forth in subparagraph c below. c. The Basic Rent for each extended term shall be annual rental at the rate of $1.00 per year, payable on July 1 of each year beginning on July 1 of the first year of the extended term, without set-off or abatement. The notice of election to extend the term of this Lease given in accordance with the provisions of this paragraph shall automatically extend the term of this Lease for the extended term without further writing. However, either party, upon request of the other, will execute and acknowledge, in form proper for recording, an instrument confirming said extension, which shall have been properly elected by Tenant. All references in this Lease to the “term” of this Lease, or to the “term” hereof, shall be deemed to include the original term specified in paragraph 2 hereof (Demised Premises and Term) and each extended term thereof elected pursuant to the provisions of this paragraph. The notice of election to extend the term of this Lease given in accordance with the provisions of this paragraph shall have no effect, and the extension period shall not become effective, if Landlord has delivered to Tenant a written notice of default under the terms of this Lease at the time the notice is given or immediately prior to the expiration date of the Lease, and neither Tenant nor the Leasehold Mortgagee has cured, or taken steps to cure, such default. A termination of this Lease pursuant to paragraph 20 (Default; Termination), or any other provision hereof, or pursuant to present or future law, shall extinguish all extension periods theretofore elected and all rights of election of extension periods not theretofore exercised.

Extensions of Term. Tenant may elect shall have the option to extend the Initial Term upon the same terms and conditions contained in this Agreement (except that the rent shall be increased as hereafter provided) for a second term of this Lease five (5) years (hereafter the "First Extended Term") to commence on the day after expiration of the Initial Term; for six (6) additional terms a third term of five (5) years each upon (hereafter the terms"Second Extended Term"), covenants, conditions, conditional limitations, and agreements herein contained, in accordance with and subject to commence on the following conditions: a. Each extension day after expiration of the First Extended Term and for a fourth term of this Lease shall be for a period five (5) years (hereafter the "Third Extended Term"), to commence on the day after expiration of 5 years commencing on the Second Extended Term. 15.1. Not later than twelve (12) months from the date of termination expiration of the original Initial Term or then current extended term of any extension thereof, Landlord shall send Tenant a reminder notice and expiring on the fifth anniversary of Tenant shall have ninety (90) days from the date of commencement such notice to exercise its option to extend the term. 15.2. Tenant will have the option to terminate this Agreement at any time after the end of the fifth (5th) year of the Initial Term and during any extended term with the payment of a penalty of one (1) year Basic and Additional Rent (as such terms are defined herein below) and after having notified Landlord of the exercise of such extension period. The term of this Lease may be extended a maximum of six times so that the final termination date of this Lease, in any event, shall be no later than [July 31, 2056]. b. The election to extend shall be exercised, if at all, option at least 90 120 days prior to the intended date of commencement of the extension period so electedtermination. The election to extend shall termination penalty will be exercised only by written notice to Landlord, which notice shall be executed and acknowledged paid by Tenant in form proper for recordingtwelve (12) equal monthly installments of Basic and Additional Rent following the date of termination. During each extended term, Should Landlord lease all or part of the terms and conditions of this Lease shall continue in full force and effect, except that Premises during the annual Basic Rent for each extended term shall be payable in twelve (12) months following the amounts and at the times set forth in subparagraph c below. c. The Basic Rent for each extended term shall be annual rental at the rate of $1.00 per year, payable on July 1 of each year beginning on July 1 termination of the first year of Lease Agreement, the extended term, without set-off or abatement. The notice of election amount to extend the term of this Lease given in accordance with the provisions of this paragraph shall automatically extend the term of this Lease for the extended term without further writing. However, either party, upon request of the other, be paid as penalty by Tenant will execute and acknowledge, in form proper for recording, be reduced by an instrument confirming said extension, which shall have been properly elected by Tenant. All references in this Lease amount equal to the “term” of this Lease, or Basic and Additional Rent per square feet payable by the new tenant to the “term” hereof, shall be deemed to include the original term specified in paragraph 2 hereof (Demised Premises and Term) and each extended term thereof elected pursuant to the provisions of this paragraph. The notice of election to extend the term of this Lease given in accordance with the provisions of this paragraph shall have no effect, and the extension period shall not become effective, if Landlord has delivered to Tenant a written notice of default under the terms of this Lease at the time the notice is given or immediately prior to the expiration date of the Lease, and neither Tenant nor the Leasehold Mortgagee has cured, or taken steps to cure, such default. A termination of this Lease pursuant to paragraph 20 (Default; Termination), or any other provision hereof, or pursuant to present or future law, shall extinguish all extension periods theretofore elected and all rights of election of extension periods not theretofore exercisedLandlord.