Option Right Sample Clauses

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”), and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

Option Right. 7.1 The policyholder has the right to increase the insured capital each year of insurance. This is an exception to Article 2.5. These increases will be accepted by the insurer without further examination of the health of the insured person, provided that the following conditions are met: - the insurance is accepted upon commencement without any increase in premium; - the increase does not exceed 15% of the last insured capital; - after application of the option right, the insured capital must not exceed twice the capital insured upon commencement; - The increase shall take effect on the next contract expiry date and the written request for increase shall be made at least one month before the contract expiry date. 7.2 The right of option referred to in the previous paragraph expires: - when the insured person reaches the age of 60; - if the option right has not been exercised for three consecutive years; - if the insured is wholly or partially incapacitated for work. - if the insured has undergone treatment and/or examination by a medical specialist in the year immediately preceding the request for an increase: 1. heart and/or vascular diseases, 2. malignant diseases, 3. diseases of the brain or nervous system, 4. diabetes; - if antibodies against HIV have been found in the blood of the insured (the insured is HIV positive). 7.3 The increase shall take effect on the next contract expiry date.

Option Right. Landlord hereby grants the Tenant named in this Lease and to any Tenant Affiliate ("Original Tenant") one (1) option (the "Option") to extend the Lease term for a period of five (5) years (the "Option Term"), which Option shall be exercisable only by written notice delivered by Tenant to Landlord as set forth below. The rights contained in this Article 31 shall be personal to the Original Tenant and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of the Original Tenant's interest in this Lease).

Option Right. Landlord hereby grants to the Original Tenant, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, an Option Nullification Default has not occurred under this Lease and then remains uncured. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the end of the initial Lease Term, an Option Nullification Default has not occurred under this Lease and then remains uncured, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee or sublessee or Transferee of Tenant’s interest in this Lease) if the Original Tenant or a Permitted Transferee, as the case may be, occupies at least seventy-five percent (75%) of the Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Option Right. Provided Tenant is not in default under this Lease (after any applicable notice and lapse of applicable cure periods) as of either the date of exercise or the commencement of the renewal term (“Renewal Term Commencement Date”), Tenant shall have the option to renew this Lease (“Renewal Option”) for the entire Premises for one period of five (5) years (“Xxxxxxx Xxxx”), exercisable by giving written notice thereof (“Renewal Notice”) to Landlord of its exercise of the Renewal Option at least nine (9) months, but no more than twelve (12) months, prior to the expiration of the initial Term of this Lease. The rights contained in this Section 2.2 are personal to the Tenant originally named under this Lease or any Permitted Transferee (as defined below) to whom this Lease has been assigned (the “Original Tenant”) and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease), and only if the Original Tenant occupies the entire Premises without sublease or assignment to any other person or entity.

Option Right. Landlord hereby grants the Original Tenant, any assignee of Tenant permitted under Article 14 of this Lease, and any “Affiliate” (as that term is defined in Section 14.8 below) (collectively, the “Right Holders”), two (2) options to extend the Lease Term for a period of five (5) years each (each an “Option Term” and collectively, the “Option Terms”), which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such notice, Tenant is not in Default under this Lease beyond any applicable notice and cure periods set forth herein. Upon the proper exercise of each such option to extend, and provided that, as of the end of the initial Lease Term or the first Option Term, as the case may be, Tenant is not in Default under this Lease beyond any applicable notice and cure periods set forth herein, the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the Right Holders, and may only be exercised by such Right Holders (and not any other assignee, sublessee or other transferee of Tenant’s interest in this Lease) if such entities occupy at least one (1) full floor of the Premises.

Option Right. Your Option is to purchase, on the terms and conditions set forth below, the following number of shares (the "OPTION SHARES") of the Company's Common Stock, par value $.01 per share (the "COMMON STOCK"), at the exercise price specified below (the "EXERCISE PRICE").

Option Right. Landlord hereby grants the Tenant named in this Lease (the “Original Tenant”), one (1) option to extend the Lease Term for a period of ten (10) years (the “Option Term”), which option may be irrevocably exercised only by Tenant by written notice (the “Option Exercise Notice”) delivered by Tenant to Landlord not earlier than fifteen (15) months and not later than twelve (12) months prior to the expiration of the initial Lease Term, provided that, as of the date of delivery of such notice, Tenant is not in Default under this Lease and Tenant has not previously been in default under this Lease more than once. Upon the proper exercise of such option to extend, and provided that, at Landlord’s option, as of the end of the initial Lease Term, Tenant is not in Default under this Lease, the Lease Term, as it applies to the Premises, shall be extended for a period of ten (10) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant or a Permitted Transferee Assignee (and not by any assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease) if Original Tenant or a Permitted Transferee Assignee occupies the entire Premises.

Option Right. The Parties agree to include in Section 1 of the Agreement the following second paragraph:

Option Right. Subject to the compliance with the conditions set forth in this Agreement, the Option may be exercised pursuant the Vesting Schedule of Appendix I. Under no circumstances will the Shares Subject to Option be acquired, accrued, earned, accumulated or otherwise be due to the Beneficiary, on a date other than as provided in the Vesting Schedule, it being understood that no Shares Subject to Option shall be acquired, accrued, earned or accumulated on a monthly, quarterly, biannual or annual basis, unless the terms and conditions are met. Moreover, the Option is granted pro-rata to time served.