First Renewal Term. The term of the First Renewal Agreement shall commence on October 1, 2023 and continue through September 30 2024 (“First Renewal Term”), unless terminated sooner as provided in the Original Agreement. The Board shall have two (2) remaining options to renew the Agreement after the First Renewal Term expires.
First Renewal Term. If this Lease shall be in force and effect and there shall be no Event of Default (as defined in Section 19 hereof) on the date for the expiration of the Initial Term, and provided the Renewal Conditions (as defined below) have been satisfied to the reasonable satisfaction of Landlord, Tenant shall be entitled to a renewal of the term of this Lease for a period of twenty (20) years beginning immediately upon the expiration of the Initial Term (the “First Renewal Term”). The First Renewal Term shall be upon the same terms, conditions and covenants contained herein for the Initial Term, except as to the annual rent payable by Tenant to Landlord during the First Renewal Term. The annual rent payable by Tenant to Landlord during the First Renewal Term for the lease of the Premises and the Improvements shall be determined in accordance with Section 3 hereof.
First Renewal Term. Tenant shall have the option (the “First Renewal Option”) to extend the term of this Lease, for one (1) additional period of five (5) years (being referred to herein as a “First Renewal Term”) upon the terms and conditions contained in this Section if each of the following conditions shall be fully satisfied: (i) At the time of the exercise of the First Renewal Option and at the commencement of the First Renewal Term, this Lease shall be in full force and effect, (ii) the Tenant named in this Lease shall have continuously occupied the Premises, without interruption, sublease or assignment since the original Commencement Date through the date of the commencement of the First Renewal Term, (iii) no event of default shall exist at the time of the exercise of the First Renewal Option or at the commencement of the First Renewal Term, (iv) no facts or circumstances shall exist at the time of the exercise of the First Renewal Option or at the commencement of the First Renewal Term which, with notice and/or lapse of time, could constitute an event of default, (v) Tenant shall have provided written notice to Landlord in accordance with the terms of this Lease of Tenant’s exercise of the First Renewal Option (the “First Renewal Notice”) and such First Renewal Notice shall actually be received by Landlord no later than nine (9) months prior to the commencement of the First Renewal Term, and (vi) prior to the commencement of the First Renewal Term, Tenant shall have executed and delivered to Landlord such documents as may reasonably be requested by Landlord to evidence the extension of the expiration date of the Lease in accordance with this Section 1.3. The First Renewal Notice shall be irrevocable once given by Tenant to Landlord. In the event the Tenant fails to deliver to Landlord the First Renewal Notice as required above, or if the other terms and conditions for the exercise of the First Renewal Option have not been satisfied, then the First Renewal Option shall be null and void and this Lease shall expire or terminate as otherwise provided in the Lease, without regard to any extension contemplated by this Section 1.3.
First Renewal Term. At the expiration of the Term, the Company may, at its sole election, renew Executive's employment on the terms and conditions contained in this Agreement unless different terms are agreed to by the Company and evidenced in a writing signed by the Company and Executive, for an additional term of one (1) year (the "First Renewal Term") by providing written notice to Executive of its intent to renew not less than sixty (60) calendar days prior to the expiration of the Term ("Renewal Notice").
First Renewal Term. Effective as of January 1, 2017, the monthly Base Rent payable hereunder shall escalate as follows: The Price Index for September 2011 and the Price Index for November 2016 shall be determined. The product of 100% (one hundred percent) plus the percentage change between the beginning index and the ending index (“Escalation Factor”) shall be multiplied times $8,640.00 (Eight thousand, six hundred forty & xx/100 dollars), and such amount shall become the monthly Base Rent payable by Tenant for the period January 1, 2017 through December 31, 2021 (“First Renewal Term Monthly Base Rent”). The following example illustrates the intentions of the parties hereto as to computation of the escalation of monthly Base Rent for the First Renewal Term: Price Index Assumptions: September 2011 - 200.00; November 2016 - 220.00 • Monthly Base Rent for First Renewal Term is $9,504.00, calculated as follows: (Percentage Increase = 220.0 divided by 200.0 [110.0%]) X $8,640.00 = $9,504.00
First Renewal Term. If this Lease shall be in force and effect and there shall be no Event of Default (as defined in Section 19 hereof) on the date for the expiration of the Initial Term, and provided the Renewal Conditions (as defined below) have been satisfied to the reasonable satisfaction of Lessor, Lessee shall be entitled to a renewal of the term of this Lease for a period of twenty (20) years beginning immediately upon the expiration of the Initial Term (the “First Renewal Term”). The First Renewal Term shall be upon the same terms, conditions and covenants contained herein for the Initial Term.
First Renewal Term. The Tenant shall have the option to renew this Lease for a one (1) year term thereafter (“First Renewal Term”). If Tenant desires to exercise its option to renew, then the Tenant shall exercise such option by giving written notice of its intent to renew to Landlord not more than 60 days prior to the end of the Initial Term. The Base Rent for the First Renewal Term shall be set forth in Section 5 below.
First Renewal Term. The Tenant shall have the option to renew this Lease for a one (1) year term thereafter (“First Renewal Term”). If Tenant desires to exercise its option to renew, then the Tenant shall exercise such option by giving written notice of its intent to renew to Landlord not more than 60 days prior to the end of the Initial Term. The Base Rent for the First Renewal Term shall be set forth in Section 5 below. Notwithstanding anything to the contrary contained herein, in the event Tenant fails to exercise the First Renewal Term, then Tenant shall reimburse Landlord an amount equal to $76,156.00, which amount equals the unamortized cost of the Tenant Improvement Program (plus one-half (1/2) of the Additional Allowance, if used by Tenant). If Tenant exercises the First Renewal Term, then Tenant’s broker will be paid a commission of 3% of Base Rent for such one (1) year First Renewal Term.
First Renewal Term. The first renewal term commenced on April 9, 2017 and will end on April 8, 2019 with one option to renew for one (1) additional 24 month term.
First Renewal Term. This Agreement as it relates to Additional Requirements shall be automatically renewed for a successive (*****) year term unless and until it is terminated by either party by giving written notice to the other party of its intention to terminate this Agreement as it relates to Additional Requirements not less than twenty-four (24) months prior to the end of the initial term.
