Common use of First Extension Option Clause in Contracts

First Extension Option. StadCo may renew this Agreement and extend the Term for an additional period of fifteen (15) years (such option, the “First Extension Option” and such period, the “First Extension Period”) on the same lease terms as the Initial Term, by delivering written notice of the exercise thereof to the Authority not earlier than thirty six (36) months prior to the Initial Term Expiration Date and not later than eighteen (18) months prior to the expiration of the Initial Term Expiration Date.