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Option Periods Sample Clauses

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.
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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. 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. 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 PeriodsTenant 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. (a) Lessee acknowledges that it has exercised the option provided under paragraph 6 of the Ninth Amendment (as to the First Option Period.). Lessor and Lessee acknowledge that the terms and provisions of Section 7 of the Ninth Amendment continue to be effective, with the modifications set forth herein. Lessee acknowledges that the Second Option Period described in said Section 7 is the last extension option provided to Lessee pursuant to the terms of the Lease; and Lessor acknowledges that the Second Option Period, as amended below, remains in full force and effect. (b) Said Section 7 of the Ninth Amendment is amended by deleting the second sentence of said Section 7 and replacing said sentence with the following: “Should Lessee elect to exercise such option to extend the term for the Second Option Period has hereinabove set forth, then all terms and conditions of this Lease shall remain the same except that during such Second Option Period, the annual Base Rent payable for the Second Option Period (the “Renewal Rental Rate”) shall be one hundred (100%) percent of the market rental rate for comparable space in comparable buildings in the general vicinity of the Building (with respect to age, use, quality and location, but in no event less than the annual Base Rent in effect during the last twelve (12) months of the then expiring Term), determined as follows: “In the event Lessee timely exercises its right to renew the Term for the Second Option Period (by providing written notice to Lessor at least 180 days prior to the expiration of the First Option Period), within thirty (30) days after Lessor receives notice of Lessee’s exercise of such option, Lessor shall notify Lessee in writing of Lessor’s good faith determination of the Renewal Rental Rate (“Landlord’s Renewal Term Rental Notice”). Lessee shall have fifteen (15) days from the date of Landlord’s Renewal Term Rental Notice to either accept or dispute Lessor’s determination of the Renewal Rental Rate. In the event that Lessee disputes Lessor’s determination of the Renewal Rental Rate, Lessee shall so notify Lessor and advise Lessor of Lessee’s determination of the Renewal Rental Rate. If Lessor and Lessee cannot agree upon the Renewal Rental Rate within thirty (30) days of the date of Landlord’s Renewal Term Rental Notice (the “Negotiation Period”), Lessor and Lessee shall simultaneously exchange, within the following fifteen (15) days, on a date determined by Lessor, statements setting forth each suc...
Option PeriodsThe Authority, in its sole discretion, may extend the Contract for Three (3)
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Option Periods. This Term Contract for Professional Services may be renewed, upon the mutual agreement of the parties, for up to three (3) additional one (1) year terms. The County may exercise its options by written notice to the Consultant from the Department, prior to the expiration of the current term if it so desires to extend the Agreement for an additional year. Written notice may be in the form of a letter issued by the Department and countersigned by the Consultant.
Option Periods. AURA shall have the unilateral right to extend the term of this Contract up to a total performance period of [insert]. AURA may exercise its right to extend the Contract in multiple increments. Rates paid/applicable budgets during options periods shall be as agreed by the Parties and designated in Appendix 1. If no rate or budget has been negotiated for an option period, Contractor and AURA shall cooperate in good faith to set reasonable rates/budget commensurate with the rates/budget agreed for the base period, taking into account the nature of the work required during the option period.
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.
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