Common use of LESSEE’S OPTION TO EXTEND Clause in Contracts

LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all of the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially and adversely impair Lessee’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration of the Lease, describing any changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”). Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within 60 days of receipt of the Expiration Notice, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”); (b) this Lease shall be in effect at the time the Extension Notice is given and on the last day of the term, and (c) there shall not be an Event of Default by Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at the time the Extension Notice is given and on the last day of the term. When Lessee has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the option has been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Lease.

LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all of the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially and adversely impair LesseeXxxxxx’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration of the Lease, describing any changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”). Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within 60 sixty (60) days of receipt of the Expiration Notice, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”); (b) this Lease shall be in effect at the time the Extension Notice is given and on the last day of the term, ; and (c) there shall not be an Event of Default by Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at the time the Extension Notice is given and on the last day of the term. When Lessee Xxxxxx has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the this option has been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Lease.

LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all of the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially and adversely impair harm Lessee’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration of the Leaseexpiration, describing any changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”). below. 3.2.1 Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within 60 days of receipt of the Expiration NoticeLessor’s written notice of impending expiration, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”)extend; (b) this Lease shall be in effect at the time the Extension Notice notice of intent to extend is given and on the last day of the term, and (c) there shall not then be an Event of Default by Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at the time the Extension Notice is given and on the last day of the term. Mortgagee. 3.2.2 When Lessee has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the option has had been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Lease.

LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all of the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially and adversely impair harm Lessee’s rights under the this Lease. Not more than 365 days nor less than 180 days before the last day of the current initial term, Lessor shall give Lessee written notice, stating the date of expiration of the Leaseexpiration, describing any changes that Lessor intends to make to the terms of the this Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”)below. Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within 60 days of receipt of the Expiration NoticeLessor’s notice of impending expiration, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”)extend; (b) this Lease shall be in effect at the time the Extension Notice notice of intent to extend is given and on the last day of the initial term, and (c) there shall not then be an Event of Default by Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at the time the Extension Notice is given and on the last day of the termMortgagee. When Lessee has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the option has been exercised exercised, and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Lease.

LESSEE’S OPTION TO EXTEND. The Lessee may shall have the option (collectively, the “Extension Options”) to extend the principal term Term of this Lease specified in Section 3 hereof (herein referred to as the “Original Term”) for one three separate periods of five (15) additional years each (each such extension period of 99 years, subject hereafter referred to all as the “Extended Term”). Such option to extend may be exercised as hereinafter provided. The Lessee may exercise each of the provisions aforesaid Extension Options by giving written notice to the Lessor of this Lease; Lessee’s election to extend the Original Term or the applicable Extended Term, provided that Lessor may make changes to the terms of the Lease for the renewal period such written notice shall be given not less than six (6) months prior to the beginning of such renewal period but only if these changes do not materially and adversely impair Lessee’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration of the LeaseOriginal Term or the applicable Extended Term. Upon exercise of said Extension Option as aforesaid, describing any changes that Lessor intends to make to the terms Term of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”). Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within 60 days of receipt of the Expiration Notice, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”); (b) this Lease shall be automatically extended by the applicable aforesaid five (5) year period without the requirement of any further instrument, upon the same terms and conditions set forth in effect at this Lease, except that Base Rent for the time Extended Term shall be determined as provided in the balance of this Section 34. In the event that any Extension Notice Option is given and on duly exercised, all references contained in this Lease to the last day Term hereof, whether by number of years or number of months, shall be construed to refer to the termOriginal Term hereof extended as aforesaid, whether or not specific reference thereto is made in this Lease. The second Extended Term is available to the Lessee only if it exercised its option for the first Extended Term, and (c) there shall not be an Event of Default by the third Extended Term is available to the Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at only if it exercised its option for the time the Extension Notice is given and on the last day of the term. When Lessee has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the option has been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Leasesecond Extended Term.