Common use of Option for Renewal Clause in Contracts

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. Lessee shall, provided the this 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: (i) 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.