Lease Extension Term. The term of lease for the Premises shall be extended by two (2) years and two (2) months (the "2014 Extension Term"), through April 30, 2014, unless sooner terminated in accordance with the Lease. Tenant has no further rights to extend or renew the term of the Lease.
Lease Extension Term. The City has heretofore received rentals from PCH in the amount of $ for the Lease Extension Term (the “Lease Extension Term Rentals”). The City shall deposit the Lease Extension Term Rentals in an appropriate fund or account of the City and shall utilize that amount to defease a commensurate portion of the principal amount of the YMCA Bonds outstanding with the then latest stated maturity date (rounded to the nearest authorized denomination of the YMCA Bonds) on the Optional Call Date occurring on December 1, 2027.
Lease Extension Term. Lessee has the option right to extend the Primary Term for [strike through the below Option One or Two Clause that does not apply]: Option One: An additional period of _______ months beginning on the _____day of _____________, 20___ (being one day after the end of the Primary Term) and ending on the ________ day of ______________, 20____, herein after referred to as the “Extension Term” subject to (i) Lessee paying Lessor, at any time within the Primary Term, proportionate to Lessor’s _______ percentage (____%) ownership in the Lease (which is deemed to be one hundred percent, 100%, unless otherwise specified), an “Extension Payment” equal in a lump sum cash amount to the compensation received by Lessor for this [Paid Up, if applicable] Lease, plus _______ Dollars ($__________) per acre and fraction thereof of the Leased Premises, and (ii) by commencing the drilling operations of an Exploration Test Well to test for the presence of Leased Hydrocarbons to a minimum depth of _________________ feet from the surface or test the __________ geologic formation), within the first three hundred and sixty five (365) days of the Extension Term on the Leased Premises or on lands unitized or pooled in a common production unit, with the Leased Premises. Option Two: An additional period of _______ months beginning on the _____day of _____________, 20___ (being one day after the end of the Primary Term) and ending on the ________ day of ______________, 20____, herein after referred to as the “Extension Term” by timely exercising an option right of first refusal by offering in writing and to pay Lessor, at any time within the Primary Term, proportionate to Lessor’s _______ percentage (____%) ownership in the Lease (which is deemed to be one hundred percent, 100%, unless otherwise specified), an “Extension Payment” comprised of a lump sum cash bonus payment, new offered delay rental payment terms and new offered royalty terms plus offer to commit to commencement of drilling operations of at least one Exploration Test Well to test for the presence of Leased Hydrocarbons to a minimum depth of _________________ feet from the surface or test the __________ geologic formation), within the first three hundred and sixty five (365) days of the Extension Term on the Leased Premises or on lands unitized or pooled in a common production unit, with the Leased Premises. Within thirty (30) days of receipt of such written Extension Payment offer, Lessor shall either (i) accept such offer,...
