First Option Term. The rent payable by Tenant during the first Option Term shall be equal to the Rent per square foot in effect as of the commencement of the first Option Term increased by _________ and shall be increased annually on the anniversary of the commencement of the first Option Term by _________ thereafter.
First Option Term. The Authority, at its sole discretion, may elect to extend the term of the Contract for the period of March 26, 2021 through March 25, 2022 (“First Option Term”) by giving written notice to the Contractor prior to the expiration of the Initial Term, unless earlier terminated as provided herein.
First Option Term. Provided Tenant is not in Default as provided herein, Tenant shall have the right, upon prior written notice given to Landlord no later than July 2, 2012, time being of the essence, given in accordance with the terms of this Lease (“Tenant’s First Option Renewal Notice”), to extend the term of this Lease for one additional five (5) year period commencing on the First Option Term Commencement Date and ending on the First Option Term Expiration Date (the “First Option Term”), on the same terms and conditions and at the rental set forth herein. Tenant’s failure to give Tenant’s First Option Renewal Notice shall be deemed an election by Tenant not to exercise the option provided herein.
First Option Term. The First Option shall be exercisable at any time on or prior to the First Option Expiration Date (as defined). The First Option shall expire (the "First Option Expiration Date") upon the earlier to occur of (i) December 15, 2002 and (ii) the date that is seven (7) days after Contango's receipt of a Cheniere Additional Sale Notice.
First Option Term. Tenant shall have an option to extend the term of this Lease for an additional period of five (5) years (first option term) (Years 11-15) from the date upon which it would otherwise expire, upon the same terms and conditions as herein provided, except that (i) Owner shall have no obligation to perform any work in the demised premises except as otherwise set forth herein and (ii) the Annual Fixed Rental for each year of the first option term shall be the greater of (x), the Annual Fixed Rental for lease year 10 and (y), the Fair Rental Value of the premises for like office, research and testing space with ancillary assembly space.
First Option Term. The monthly Base Rent payable by Tenant during the First Option Term shall equal $2.32 for each rentable square foot for the first year of the First Option Term and $2.36 for each rentable square foot for the second year of the First Option Term. Tenant shall pay Additional Rent during the First Option Term in accordance with the terms of this Lease. Tenant shall not be entitled to any concessions or allowances in connection with its lease of the Premises during the First Option Term, and shall, during the First Option Term, continue to accept the Project, Buildings and Premises in their then existing, “as is” condition.
First Option Term. The First Option Term shall be exercised by Tenant, if at all, by Xxxxxx’s delivery of irrevocable notice of such exercise delivered to Landlord on or before the date which is twelve (12) months prior to the expiration of the initial Lease Term.
First Option Term. 2 force majeure .................................... 41 Guarantor ........................................ 1
First Option Term. The term “First Option Term” has the meaning set forth in Section 7.03(a).
First Option Term. Provided Tenant is not in default of any term or condition in the lease, Tenant shall be entitled to renew the lease (“First Option to Renew”) for (1) one additional (2) two year term. (“First Option Term”) Tenant must notify Landlord in writing of Tenant’s exercise of this First Option to Renew not less than (6) Six months, and not more than (9) nine months prior to the expiration of the initial term. The new Base Rent for this First Option Term will be Four Hundred Forty-Three Thousand Four Hundred Fifty-Three Dollars and 50/100s ($443,453.50) due and payable as follows:
(i) For the 12 month period from September 1, 2011 thru August 31, 2012 Tenant shall pay to Landlord the sum of Two Hundred Nineteen Thousand One Hundred Eighty-Two Dollars and no/100s ($219,182) in equal monthly installments of Eighteen Thousand Two Hundred Sixty-Five Dollars and 17/100s. ($18,265.17)
(ii) For the 12 month period from September 1, 2012 thru August 31, 2013 Tenant shall pay to Landlord the sum of Two Hundred Twenty-Four Thousand Two Hundred Seventy-One Dollars and 50/100s ($224,271.50) in equal monthly installments of Eighteen Thousand Six Hundred Eighty-Nine Dollars and 29/100s. ($18,689.29)
