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Option of renewal Sample Clauses

Option of renewal. 21.1 The Lessee shall have the right to renew this lease upon the terms and subject to the conditions set out below. 21.2 The period for which this lease may be so renewed is (specify period) commencing on (specify date) (or the date immediately following the date of expiry of the initial term of this lease). 21.3 All the terms of this lease shall continue to apply during the renewal period, save that 21.3.1 the Rent shall be (specify, adapting clause 5.1); and 21.3.2 there shall be no further right of renewal. 21.4 The right of renewal shall be exercised by notice in writing from the Lessee to the Lessor given and received not later than (specify date) (or at least (specify) months/days prior to the date on which the renewal period is to commence), and shall lapse if not so exercised. 21.5 If the right of renewal is duly exercised, this lease shall be renewed automatically and without the need for any further act of the parties. 21.6 The Lessee may not, however, exercise the right of renewal while in breach or default of any of the terms of this lease. 21.7 If this lease does not endure at least for the full term for which it is initially contracted (or until (specify date)), the right of renewal shall lapse and any notice of exercise thereof given prior to such lapsing shall be null and void.
Option of renewal. If: (a) not more than six (6) months nor less than three (3) months prior to the expiration of the Term, the Lessee serves a notice in writing on the Lessor of the Lessee’s desire to renew the Term; (b) at the date of service of the notice, the Lessee is not in arrears of any Amounts Payable and there is no outstanding breach or non- observance of the Lessee’s Obligations; and (c) the Minister consents in accordance with section 18(1) of the LAA, the Lessor will, at the cost of the Lessee, grant to the Lessee a further lease of the Leased Premises for the Further Term specified in item 9 of Schedule 1 pursuant to this Lease and otherwise on the same terms and conditions of this Lease.
Option of renewal. If Lessor is willing to renew this lease with the Lessee, select the second checkboxThis also requires the number of times that Lessor will be willing to renew and the period of time that makes up each of these terms of renewal.
Option of renewal. (a) If: (i) there is a Further Term that commences immediately following the Termination Date; (ii) the Tenant notifies the Landlord not more than the maximum number of months and not less than the minimum number of months referred to in Item 8(b) before the Terminating Date that it requires a further lease for that particular Further Term; and (iii) at the date of that notice and at the Terminating Date there is no subsisting Event of Default by the Tenant, the Landlord must grant to the Tenant a lease of the Premises for that particular Further Term commencing on the day after the Terminating Date. (b) The lease for that particular Further Term will be on the same terms and conditions as this Lease except that: (i) the term will be the applicable term specified in Item 8(a). Item 8(a) will be amended in the Lease of the first Further Term to refer to one Further Term of 5 years; (ii) the commencing date will be the day after the Terminating Date; (iii) the terminating date will be the last day of the applicable term specified in Item 8(a) calculated from the date of commencement of the lease for that particular Further Term; (iv) the Rent will be determined in accordance with clauses 4.4, 4.5 and 4.6 (as applicable) (except that the time period stipulated in clause 4.4(a) will not apply) as if the commencing date of the lease for that particular Further Term were for the purposes of those clauses a Review Date for which a Market Review was specified; (v) the amount of public risk insurance will be the amount reasonably required by the Landlord; (vi) Item 9A and the definition of “Amortisation Rent” and all references to “Amortisation Rent” will be omitted; (vii) the definition of “Amortised Items” Attachment 2, clause 14.7 and clause 17.10 will be omitted; (viii) the Rent Review Dates in Item 10 will be the relevant dates specified in Item 8(c); and (ix) Item 8 and this clause 3.3 will be deleted from the Lease of the second Further Term.
Option of renewal. (a) The Lessor hereby grants to the Lessee the option to renew this Lease for the further term or terms (if any), specified in Item 5 of the reference schedule, so long as the term of the lease plus any option does not exceed 21 years, upon the terms, covenants, conditions and restrictions of this Lease (excepting any exercised right of renewal). The Lessee may exercise such option if and only if: (i) the Lessee has first given to the Lessor written notice of such exercise of option not less than 3 months and not more than 6 months prior to the expiration of the Term; and (ii) the Lessee is not, at the time of giving the notice under this clause in breach of any of the terms, covenants or conditions of this Lease.
Option of renewal. If and only if no earlier than six (6) months or no later than three (3) months before the date of Termination, the Lessee gives notice to the Lessor exercising an option of renewal for a Further Term, and the Lessor is satisfied that: (a) there is no Rent, Outgoings or other money payable under this Lease which is due but unpaid; (b) there is no unremedied breach of the Lessee's Obligations; (c) the Lessee has correctly and punctually observed and performed all of the Lessee’s Obligations up to the expiry of the Term; and (d) there have been no breaches of any of the essential terms of this Lease during the Term, the Lessor will grant the Lessee a lease of the Premises for the relevant Further Term at the Rent payable immediately before Termination as varied and reviewed pursuant to this Lease and otherwise on the same terms and conditions of this Lease except for: (e) the provision of renewal unless there is more than one (1) Further Term in which event the number of Further Terms will be reduced by the Further Term then exercised; and (f) any incentive or inducement to enter into this Lease or any waiver or abatement of Rent or Outgoings or any other payment to the Lessee or any benefit given to the Lessee, which is expressly excluded and which will not apply to a Further Term.
Option of renewal. 20.1 The Lessee will have the right to renew this lease on the terms set out below. 20.2 The period for which this lease may be so renewed is 6/12 (six or twelve) months starting on this day of 20 . 20.3 Any and all the terms of this lease will continue to apply during the renewal period. 20.4 The Lessee must exercise its right of renewal by giving the Lessor written notice no later than 2 (two) month/s prior to the termination of the lease agreement, and will lapse (fall away) if not so exercised. The Lessor should also request the Lessee to advise in writing whether the Lessee intends on renew in the lease agreement no later than 3 (three) month/s prior to the termination of the lease agreement, and will lapse (fall away) if no answer is given by the Lessee no later than 2 (two) month/s prior to the termination of the lease agreement. 20.5 If the right of renewal is properly exercised in writing, this lease will be renewed automatically and without the need for any further act of the parties. 20.6 The Lessee may not, however, exercise the right of renewal whilst in breach or default of any of the terms and/or clauses of this lease. 20.7 If this lease does not endure the full term for which it is initially contracted, the right of renewal will lapse and any notice or exercise of the right given before lapsing of this lease agreement, will be of no force. The Lessee will also be bound by Clause 8 above regarding early termination of the agreement.
Option of renewal. (a) The Landlord hereby grants to the Tenant the option to renew this Lease for the further term or terms (if any) specified in Item 6 of the reference schedule upon the terms, covenants, conditions and restrictions of this Lease (excepting any exercised right of renewal). The Tenant may exercise such option if and only if: (i) the Tenant has first given to the Landlord written notice of such exercise of option not less than 3 months and not more than 6 months prior to the expiration of the Term; and (ii) the Tenant is not, at the time of giving the notice under this clause in breach of any of the terms, covenants or conditions of this Lease. (b) If the Tenant validly exercises the option to extend under subclause (ii) then prior to the expiration of the then current Term, the Tenant must execute a deed recording the extension of lease, such deed to be prepared by the Landlord's solicitors at the reasonable expense of the Tenant in all respects including all duty; (c) Upon such extension of lease commencing and during any extended term the Tenant shall pay such rent as is agreed or determined in accordance with the provisions of this Lease.
Option of renewal. 21.1 The Lessee shall have the right to renew this lease upon the terms and subject to the conditions set out below. 21.2 The period for which this lease may be so renewed shall be agreed to by the parties, in writing, and shall commence on the day after the termination date, provided that written notice of such renewal is given to the Lessor by the Lessee as provided for in this lease. 21.3 All the terms of this lease shall continue to apply during the renewal period, save that the Rent shall escalate by 8%(eight percent). 21.4 The right of renewal shall be exercised by notice in writing from the Lessee to the Lessor given and received not later than 3 months (three months) before the expiry of the lease. 21.5 If the right of renewal is duly exercised, this lease shall be renewed automatically and without the need for any further act of the parties. 21.6 The Lessee may not, however, exercise the right of renewal while in breach or default of any of the terms of this lease. 21.7 If this lease does not endure at least for the full term for which it is initially contracted the right of renewal shall lapse and any notice of exercise thereof given prior to such lapsing shall be null and void. 21.8 Should the Lessee not exercise its option in terms of clause 21.1 above, nor give notice of its intention to terminate this lease, this lease shall continue on the same terms, subject to an 8% (eight percent) escalation of the Rent, on a month-to-month basis. The Lessee shall then be required to give at least 2 (two) months’ written notice of its intention to terminate this lease.
Option of renewal. 21.1. The Lessee shall have the right to renew this lease upon the terms and subject to the conditions set out below. 21.2. The period for which this lease may be so renewed is (specify period) ........................... commencing on (specify date) (or the date immediately following the date of expiry of the initial term of this lease). 21.3. All the terms of this lease shall continue to apply during the renewal period, save that 21.3.1. the rent shall be (specify, adapting clause 5.1) .........................................; and 21.3.2. there shall be no further right of renewal. 21.4. The right of renewal shall be exercised by notice in writing from the Lessee to the Lessor given and received not later than (specify date) .......................... (or at least (specify) months/days prior to the date on which the renewal period is to commence), and shall lapse if not so exercised. 21.5. If the right of renewal is duly exercised, this lease shall be renewed automatically and without the need for any further act of the parties. 21.6. The Lessee may not, however, exercise the right of renewal while in breach or default of any of the terms of this lease. 21.7. If this lease does not endure at least for the full term for which it is initially contracted (or until (specify date) ), the right of renewal shall lapse and any notice of exercise thereof given prior to such lapsing shall be null and void.