Option for Extension. Company shall have an option to extend Executive’s employment through March 31, 2014. Company may exercise this option for extension by providing written notice to Executive by May 1, 2013. If Company exercises this option for extension, Executive’s annual base salary and benefits shall continue on the same basis as before the extension. If, and only if, Executive continues employment with Company through December 31, 2013, Executive shall be eligible to receive a 2013 annual performance bonus of twenty-five percent (25%) of Executive’s 2013 annual base salary. Company agrees that Executive shall be eligible to receive the 2013 annual performance bonus even though Executive may not be an employee of Company on the date that the 2013 annual performance bonus is paid in 2014.
Option for Extension. The Lessee agrees to exercise its lease option in accordance with the Agreement for Lease for a period of Five (5) years only. The extended lease shall commence on 1st January 2016 and expire on 31st December 2020 based on the revised rent as set out in Schedule 1. The Lessee may lease the premises for One (1) further extensions of five (5) years each after 31st December 2020, provided that the Lessee shall no more than twelve (12) months nor less than six (6) months before the expiration of each extension of the Lease, give to the Lessor notice in writing of his desire and if the Lessee shall have paid all rent payable and shall have performed and observed the terms and conditions in the Lease Agreement up to the termination of the tenancy hereby created, the Lessor will let the Premises to the Lessee for a further term of Five (5) years at a rent to be decided between the Lessor, subject to any increase or decrease in rent not exceeding 10% of the rent in the preceding term, and the Lessee and upon the covenants and conditions contained in the Lease. All other terms and conditions as per Lease Agreement signed and dated 13 February 2006 remains unchanged.
Option for Extension. The Company shall have the option, but not the obligation, to extend the Term by a period of time determined by the Company, however up to another one-year-period (the “Extension Term”). Should the Company wish to exercise this option it shall inform the Consultant giving three months’ written notice prior to the end of the Term. The financial terms and other provisions contained herein shall apply mutatis mutandis to the Extension Term. Position and duties of the Consultant may be modified by the Company.
Option for Extension. Company shall have an option to extend Executive’s employment through June 30, 2015. Company may exercise this option for extension by providing written notice to Executive by November 1, 2014. If Company exercises this option for extension, Executive’s annual base salary and benefits shall continue on the same basis as before the extension.
Option for Extension. Provided that the Lessee is not in default of any of the terms or conditions of this Lease at the time of giving an Extension Notice, as described in subparagraph (c) below, and up to and including the last day of the Initial Term (the "Termination Date"), the Lessor shall extend the term of this Lease at the option of the Lessee for one additional ( ) year period as provided below.
Option for Extension. Borrower may elect to extend the First Extended Maturity Date ("Extension Option") of each of the Notes from the First Extended Maturity Date to April 23, 2013 (the "Second Extended Maturity Date"), by giving Lender written notice of such election sixty (60) days prior to, and not later than the First Extended Maturity Date provided, with respect to such extension, all of the following have been simultaneously satisfied, as to each of the Notes that remains outstanding, as reasonably determined by Lender: (a) there shall not, at the time of the exercise of such option to extend, exist any uncured Event of Default or any event or state of facts that would, after notice or the passage of time or both, constitute an Event of Default (as defined in the Loan Agreement); (b) there has been no material adverse change in the cash flow or financial condition of Borrower or any Guarantor; (c) unless previously paid in full, each of the Notes is being extended simultaneously; (d) Lender has received an appraisal satisfactory to Lender, in Lender's sole discretion, (at Borrower's sole cost and expense) evidencing a loan-to-value ratio (using the aggregate principal balance of all of the Notes) of not greater than sixty-five (65%) percent (in the event such "as is" value is not adequate to meet the required loan-to-value percentage, the Borrower may pay down the outstanding principal balance of one or more of the Notes such that said loan-to-value percentage may be met, subject to the payment of unwinding costs as described in Section 4.1 of each of the Notes); and (e) Borrower has paid to Lender, at the time of the giving of such notice, an extension fee equal to one-eighth of one percent (0.25%) of the sum of the then unrepaid aggregate principal amount of each of the Notes.
Option for Extension. Provided Lessee is not in default (at the time the option is exercised and as of the last day of the then existing term), Lessee shall have the option to renew this Lease (the "Option") for two additional five (5) year-terms on the same terms and conditions except for rent which shall be adjusted in accordance with paragraph 4 below. The Option must be exercised in writing delivered to Lessor not less than one year prior to the applicable termination date (e.g., the first option to extend must be exercised no later than April 30, 2012.
Option for Extension. Provided that the Tenant is not in default of the terms of its obligations to the City either at the time of giving of an Extension Notice, as described in subparagraph (c) below, or on the last day of the Initial Term (the “Termination Date”), the term of this Ground Lease may be extended at the option of the Tenant for one twenty-four (24) year period as provided below.
Option for Extension. The Borrower may, by written request to the -------------------- Agent and the Lenders given not later than one hundred eighty (180) days prior to the Maturity Date then in effect (the "Effective Maturity Date") request (an "Extension Request") that such Effective Maturity Date be extended to a date which is twenty-four (24) months after such Effective Maturity Date. No later than the date (the "Extension Response Date") which is 30 days after such Extension Request has been delivered to each of the Lenders, each Lender will notify the Borrower in writing (with a copy to the Agent) whether or not it consents to such Extension Request (which consent may be granted or denied by each Lender in its sole discretion and may be conditioned on receipt of such financial information or other documentation as may be specified by such Lender); provided, that any Lender that fails to so advise the Borrower on or prior to the Extension Response Date shall be deemed to have denied such Extension Request. The extension of the Maturity Date contemplated by an Extension Request shall become effective as of the applicable Effective Maturity Date; provided, that (i) all of the Lenders (other than Non- Consenting Lenders which have been replaced by Replacement Lenders in accordance with Section 3.1.3(b)) shall have consented to such Extension Request; and (ii) (x) each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of each of the date of such Extension Request and such Effective Maturity Date as if made on and as of such date, except to the extent relating to an earlier date, (y) no Default or Event of Default shall have occurred and be continuing on the date of such Extension Request or on such Effective Maturity Date and (z) on each of the date of such Extension Request and such Effective Maturity Date, the Agent shall have received a certificate of the Borrower as to the matters set forth in clauses (x) and (y) above; and
Option for Extension. The TENANT is hereby granted an option to renew this lease, which option may be exercised a maximum of ONE (1) time, upon the following terms and conditions:
a. Notice of the exercise of the option for extension shall be sent to the LANDLORD, in writing, at least EIGHT (8) months before the expiration of the Original Lease Term.
b. No default by the TENANT shall exist on the date of the giving of the notice of extension or on the date of the commencement of the extended term.
c. The extended term shall be for a term of five (5) years to commence at the expiration of the Original Lease Term and all of the terms and conditions of this lease, other than the basic rent, shall apply during any such extended term.
d. The basic annual rent (payable in equal monthly installments) shall be at a rate determined by taking the FIFTH year monthly lease amount, paid in the Original Lease Term, and increasing said monthly lease amount, for the 12 (TWELVE) months following by the same percentage as the percentage increase in the Consumer's Price Index for the New York, New York/Northeastern New Jersey Metropolitan Area, taken from the time period of TWELVE months prior to the renewal period or by increasing the base rent by 3%whichever is greater, but in no event shall said increase be greater than 5%.
e. During any extended term, the basic annual rent shall be adjusted for each year of such extended term using the formula described in the above paragraph (paragraph d). The new annual rent as so determined pursuant to the terms of this section shall be due and payable by the TENANT in equal monthly installments commencing with the first month of each year of the extended term of the lease.
