Common use of Option of renewal Clause in Contracts

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: (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- 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.