Option Periods Sample Clauses
The Option Periods clause defines specific timeframes during which a party, typically the buyer or lessee, has the right to extend or renew an agreement under predetermined terms. In practice, this clause outlines the duration of each option period, the process for exercising the option—such as providing written notice before the current term expires—and any conditions or payments required to activate the extension. Its core function is to provide flexibility and predictability for both parties by clearly establishing how and when the agreement can be continued beyond its initial term, thereby reducing uncertainty and facilitating long-term planning.
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Option Periods. The Contract shall have two (2), five (5) year option periods effective November 1, 2042 and November 1, 2047 (the “Option Periods”). The Option Periods will automatically commence unless the Airports Authority provides written notice to the Contractor prior to November 1, 2041 (initial 5-year Option Period) or November 1, 2046 (second 5-year Option Period).
Option Periods. Tenant shall have three (3) options to extend the Initial Term for seven (7) years each (each such option period, an “Option” and, collectively with the Initial Term, the “Term”). The Option must be exercised if at all by written notice (the “Option Notice”) delivered by Lessee to Lessor not less than six (6) months prior to the then-scheduled Expiration Date, provided, however, that the Option shall not be exercisable unless, as of the date of the Option Notice and at the then-scheduled Expiration Date, Lessee is not in default hereunder. In the event the Term of this Lease shall be extended under this Section, then all of the terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except that each Option Period shall commence immediately upon the expiration of the Initial Term or prior Option Period, as applicable.
Option Periods. The Airports Authority, at its sole discretion, may extend the Base Term for up to three (3) option periods of (1) year each (Option Period). The Airports Authority shall notify Contractor in writing whether it intends to exercise an Option Period no later than sixty (60) days prior to the expiration of the Operating Period.
Option Periods. If DC Water determines it to be advantageous, it may extend the term of the contract for four (4) one (1) year periods or a fraction of a year. Option to Extend the Term of the Contract: DC Water may extend the term of this contract by written notice to the Contractor before the expiration of the contract; provided that the DC Water gives the Contractor a preliminary written notice of its intent to extend at least thirty days before the contract expires. The preliminary notice does not commit DC Water to an extension. The exercise of this option is also subject to the availability of funds at the time of the exercise of the option. The pricing and deliverables for the option period shall be determined at the time the option is exercised. If DC Water exercises this option, the extended contract shall be considered to include this option provision. The total duration of this contract including the exercise of any options under this provision shall not exceed five (5) years.
Option Periods. Upon 60 written days’ notice prior to the expiration of the preceding term, and with the mutual agreement between City and Company, this Agreement shall have two (2) one-year extensions.
Option Periods. If DC Water determines it to be advantageous, it may extend the term of the contract for two (2) one-year periods or a fraction of a year.
Option Periods. (delete this clause if not applicable)
i. This Agreement may be renewed, at the option of the College, for [no.] additional [no.] year terms.
ii. The College may exercise its first option by written notice to the Contractor, not later than December 1, [year] if it so desires to extend the Agreement for the time period from [date] through [date].
iii. The College may exercise its second option by written notice to the Contractor from the Department not later than December 1, [year] if it so desires to extend the Agreement for the time period from [date] through [date].
iv. Written notice of the College’s intent to exercise any option under this Agreement may be in the form of a letter issued by the College and countersigned by Contractor.
Option Periods. The parties shall have the option to renew or extend this Agreement beyond its current term. Discussions concerning renewal will be commenced by the parties no later than 30 days prior to the expiration date of this Agreement.
Option Periods. (A) Tenant shall, subject to the terms of paragraphs (B) and (C) hereof, have the right to extend the Term for the Option Periods set forth in Section 1.6.D. of this Lease from the date upon which the initial Term would otherwise expire upon the same terms and conditions as those specified in this Lease.
(B) If Tenant elects to exercise its option for any Option Period, Tenant shall do so by giving Landlord notice of such election (the “Option Notice”), in accordance with the provisions of Section 18.1 of this Lease, at least 180 days before the beginning of the Option Period for which the Term is to be extended by the exercise of such option. Landlord shall deliver notice (the “Option Base Rent Notice”) to Tenant indicating Landlord’s good faith determination of the Option Period Base Rent within the 30-day period following the later of (a) Landlord’s receipt of the Option Notice, or (b) the date that is 180 days prior to the commencement of the Option Period. If Tenant, in good faith, does not agree with Landlord’s determination of the Option Period Base Rent, then Tenant shall notify Landlord of such disagreement within 15 days after its receipt of the Landlord Option Period Base Rent Notice (the “Objection Period”). Tenant’s failure to notify Landlord in writing of its objection to the Option Period Base Rent within the Objection Period shall be deemed an agreement by Tenant of the amount of the Option Period Base Rent contained in the Option Period Base Rent Notice. If Landlord and Tenant cannot agree in good faith on the amount of the Option Period Base Rent prior to the expiration of the Objection Period, either Landlord or Tenant may nullify the Option Notice by written notice to the other party, in which case the term of the Lease shall expire as if the Option Period in question were not exercised by Tenant. Once the Option Period Base Rent is determined (or deemed approved by Tenant), the parties shall execute an amendment to the Lease setting forth the Base Rent for the applicable Option Period.
(C) Notwithstanding anything to the contrary contained in paragraph (A) of this Section, if (i) an “Event of Default” (as defined in Section 15.1) shall exist as of the date Tenant shall have given Landlord the Option Notice for such Option Period, or (ii) Tenant fails to give Landlord the Option Notice for such Option Period in the manner required in paragraph (B) above, or (iii) Tenant having given the Option Notice thereafter commits an Event of Defau...
Option Periods. The first Option Period granted herein shall commence sixty (60) days and end fifteen (15) days prior to the end of the third year of the Lease. If the Option is not exercised within the required time frame of the third year of the Lease, Tenant shall have the opportunity to exercise the second Option Period beginning sixty (60) days and ending fifteen days before the end of the fourth year of the Lease. If the Option is not executed within the required time frame of fourth year of the Lease, Tenant will have the opportunity to exercise the third Option Period beginning sixty (60) days and ending fifteen (15) days before the end of fifth year of the Lease. Buyer may exercise the Option only during Option Periods as set forth herein, and only during the dates set forth above, provided however, that Buyer is not then in default under the Lease Agreement.