Option for Renewal. Lessee shall, provided the Agreement is in full force and effect and Lessee is not in default under any of the terms and conditions of the Agreement at the time of notification or commencement, have one (1) option to extend this Agreement for a term of _____ (__) years as of the date the extension term is to commence, subject to the approval of AG and OSC, on the same terms and conditions set forth in the Agreement, except as modified by the terms, covenants and conditions as set forth below: If Lessee elects to exercise said option, then Lessee shall provide Lessor with written notice no earlier than the date which is ____(__) months prior to the expiration of the term of the Agreement but no later than the date which is ____(__) months prior to the expiration of the term of the Agreement. If Lessee fails to provide such notice, Lessee shall have no further or additional right to extend or renew the term of the Agreement.
Option for Renewal. If the Parties mutually agree to renew this Agreement for a further agreed period then they may do so by way of the signature and addition of an addendum to be added to this Agreement provided that this is executed no later than 60 (sixty) days prior to the expiration of this Agreement. As part of this renewal process the Parties may renegotiate the remuneration for services provided in Annexure 1.
Option for Renewal. If the Tenant shall be desirous of taking a tenancy of the Demised Premises for a further term equivalent to the period set forth in Section 5 of the Second Schedule from (and including) the day immediately following the Expiry Date at the rent (to be mutually agreed upon) and on the terms and conditions hereinafter mentioned and shall, not less than three (3) months before the Expiry Date, give to the Landlord notice in writing of such its desire, then AND PROVIDED ALWAYS that the Tenant shall have, throughout the term of the tenancy punctually paid the Rent herein reserved in the manner herein stipulated and duly performed and observed all the Tenant's obligations under and in relation to the tenancy and this Agreement up to the Expiry Date, the Landlord shall let the Demised Premises to the Tenant for the aforesaid further term commencing on the day immediately following the Expiry Date at a rent to be mutually agreed upon between the Landlord and the Tenant in writing at least one (1) month prior to the Expiry Date and subject to in all other respects to the same terms and conditions of this Agreement mutatis mutandis save and except for this Clause 8.
Option for Renewal. 6.6.1 The Lessor covenants with the Lessee that if the Lessee shall be desirous of taking a renewal of the Lease of the Premises for the Further Term specified in the Schedule from the expiration of the Term and shall at least three (3) calendar months prior to the expiration of Term signify such desire by notice in writing to the Lessor and:
(a) if the Lessee shall not then or at the expiration of the Term be in default hereunder, and
(b) shall not have persistently been in default under the Lease during the Term of which written notices have been sent to the Lessee, then the Lessor will at the cost of the Lessee execute a new Lease to the Lessee of the Premises for such Further Term at an annual rental to be reviewed to market in accordance with clause 2 of Appendix A and otherwise such Lease shall be subject to the covenants agreements and provisions as are herein contained (including any guarantees) save and except this present covenant for renewal
6.6.2 The Lessor hereby notifies the Lessee that this option to renew must be exercised by the date set out in the Schedule as after that date the option will not be exercisable.
Option for Renewal. The parties may elect to renew this Agreement for an additional term, subject to mutual agreement of the parties in writing, at least [****] prior to expiration of the Initial Term, on [****].
Option for Renewal. LESSEE shall have the option to renew this lease with all its rights and responsibilities for a period of three years at the following rent schedule: Year 1,2,3 $12.44 per s.f. $2799 per month $33,588 per year LESSEE shall give LESSOR at least 90 days notice of his desire to exercise this option for renewal.
Option for Renewal. 30.1 The User shall have the right to extend this Agreement for an additional period of (5) years ("extended term") on the same terms and conditions except for fees and this option, upon condition that:
30.1.1 The User shall notify Pan American of its desire to so extend this Agreement on or before December 31, 1989; and
30.1.2 At both the date of receipt of notice to Pan American and on January 1, 1991:
30.1.3 the User shall be in possession of and occupying the Space under this Agreement,
30.1.4 the User shall not be under notice of termination from Pan American, and
30.1.5 the User shall not be in default in the performance of any of the terms, covenants and agreements contained herein and to be performed by the User.
30.2 Upon the date the option shall have become effective and throughout the extended term User shall pay to Pan American the following fees:
30.2.1 A basic annual fee of Two Hundred Thousand Twenty Two Dollars and Eighty Four Cents ($200,022.84) multiplied by a fraction the numerator of which shall be all Urban Consumers of the Bureau of Labor Statistics of the United States Department of Labor, all items, Selected Large Cities for the New York - Northeastern New Jersey area (hereinafter called "the CPI") as published for the month of December 1990 and the denominator of which shall be the CPI published for the month of June 1985.
30.2.2 In computing the basic annual fee for the extended term, in no event shall the basic annual fee be less than Two Hundred Thousand Twenty Two Dollars and Eight Four Cents ($200,022.84).
30.2.3 The basic annual fee for the extended term as computed in Section 30.2.1 above shall be payable in equal monthly installments each and every month throughout the extended term.
Option for Renewal. The Tenant shall have the option to renew this tenancy for a further term of 2 years ("Option for Renewal") immediate after the expiry of the Term, subject to the terms and conditions of this Tenancy Agreement.
3.1 If the Tenant intends to exercise its Option for Renewal, the Tenant shall not less than six (6) months before the expiration of the Term give to the Landlord notice in writing of such intention, and if the Tenant shall have at all times up to the expiration of the Term observed and performed its obligations under this Tenancy Agreement then the Landlord will let and the Tenant will take and Premises for the renewed term from the date immediately following the expiry of the Term at the new monthly rent as defined and determined in the manner as provided hereunder but otherwise, on the same terms and conditions as this Tenancy Agreement save and except the provisions regarding the Option for Renewal, the Rent Free Period and the Fitting-out Period, if any. The parties shall execute a renewal tenancy agreement and the Tenant will pay to the Landlord the required additional sum to make up the a new deposit in order to restore the ratio of deposit to rent plus management fees as set out in this Tenancy Agreement and if the Tenant shall not have exercised its Option for Renewal as aforesaid then this Tenancy Agreement shall forthwith be terminated al the expiration of the Term and the Tenant shall then forthwith yield up vacant possession of the whole of the Premises in the manner as provided hereinbefore.
3.2 The new monthly rent for the renewed term (exclusive of the Management Fees (the "New Rent") shall be determined in the following manner:
(i) The Landlord and the Tenant shall through mutual negotiation agree upon the New Rent which shall reflect the then prevailing market rent for office space in Beijing in a similar and comparable position to the Premises.
(ii) Where the Landlord and the Tenant shall fail to so agree within 3 months of the Tenant exercising the option, a surveyor experienced in valuing rent for office properties in Beijing and acceptable to both the Landlord and the Tenant shall be appointed to determine the fair prevailing market rent for the Premises with reference to office space in Beijing in a similar and comparable position to the Premises. The surveyor shall act as an expert and not as an arbitrator. The surveyor shall determine the New Rent in accordance with his own judgment and opinion as to the true current market ...
Option for Renewal. 11 7.1. First Renewal Option.......................................... 11 7.2. Second Renewal Option......................................... 11 7.3. Revised Rent.................................................. 12
Option for Renewal. The Tenant shall have a right to renew the tenancy by giving to the Landlord a written notice of its intention so to do not less than six (6) months before the expiration of the original term hereby created and if the Tenant shall have paid the rent hereby reserved in full and shall have performed and observed the several stipulations herein contained and on the Tenant’s part to be performed and observed in all material respects up to the termination of the tenancy hereby created then the Landlord will let the said premises to the Tenant for a further term of two years commencing from the 1st day of April 2005 to the 31st day of March 2007 at prevailing market rent as provided in clause 7 of this Second Schedule (exclusive of rates, government rent and management fee). Time is of the essence for the purpose of this clause.
