Option Term Extension Clause Samples
The Option Term Extension clause allows one or both parties to extend the duration of an existing agreement beyond its original expiration date. Typically, this clause outlines the conditions under which an extension can be exercised, such as providing written notice within a specified timeframe or agreeing to certain terms for the extended period. Its core practical function is to provide flexibility and continuity in contractual relationships, enabling parties to continue their arrangement without renegotiating a new contract from scratch.
Option Term Extension. (a) If a Change of Control of Acceleron occurs, then at that time Celgene shall have an Option on the following:
(i) any Option Compounds not selected by Celgene pursuant to Section 7.2.1 or 7.2.2, but only if Acceleron has not already (x) granted any Third Party any rights to such compound or (y) filed an IND (which is accepted by the applicable Regulatory Authority) on such compound in a field outside of Use in Anemia, in each case, as permitted by Section 7.2.3, and
(ii) any pre-IND compounds under development by Acceleron for which Acceleron intends to file an IND for Use in Anemia with respect to which pre-IND compounds Acceleron has completed toxicology studies and Acceleron has not granted any Third Party any rights (“Pre-IND Anemia Compounds”).
(b) At such time as Celgene’s option under this Section 7.2.4 would apply, Acceleron shall deliver to Celgene written notice setting forth (i) a list of all Option Compounds described in Section 7.2.4(a)(i) and (ii) a list of all Pre-IND Anemia Compounds, together with relevant available data with respect to such Option Compounds and Pre-IND Anemia Compounds (which shall include the information described in Section 7.2.1 or 7.2.2 to the extent available). Within [* * *] days following receipt of such notice, Celgene may provide written notice to Acceleron stating its desire to exercise its option for any such Option Compound or any such Pre-IND Anemia Compound to be a Licensed Compound hereunder. Effective as of the date of Acceleron’s receipt of such notice from Celgene with respect to any such Option Compound or any such Pre-IND Anemia Compound, Celgene’s Option with respect to such compound shall be exercised and the definition of “Licensed Compound” hereunder shall automatically be deemed to include such compound. Furthermore, Acceleron will promptly provide Celgene with such additional information and access to records with respect to the applicable Option Compound or Pre-IND Anemia Compound in Acceleron’s possession or available to Acceleron from a Third Party, as Celgene may reasonably request; provided that such request for additional information shall not extend the [* * *] period for Celgene to exercise its Option unless Acceleron fails to provide the requested information in a timely fashion. Upon Celgene’s exercise of an Option, the initial Development Plan/Budget proposed by Acceleron, if any (including the proposed Initial Development Diseases), with such changes as are determined by Celgene, i...
Option Term Extension. In the event that there are additional bona fide Development activities that Licensee desires to undertake under a Program Plan, where such activities will reasonably require an extension of the Option Term, then Licensee may extend the Option Term for such Program Plan by up to six (6) months by [***].
Option Term Extension. Optionee may extend the Option Term for up to six (6) months (“Extended Option Period”) if Optionee is delayed in fulfilling the requirements of this Option and at least one hundred twenty (120) days prior to expiration of the Option Term, Optionee has submitted written notice to the Chief Real Estate Officer requesting that the Option Term be extended and clearly declaring the length of such proposed extension. Extensions beyond the Extended Option Period and any related fee shall be subject to approval by the Board of Supervisors.
Option Term Extension. One (1) option to extend the initial Term for the entire Premises for a period of five (5) years, subject to the terms of Article 31 below.
Option Term Extension. (PM06.1 N)
A. At least one hundred twenty (120) days prior to expiration of the Option Term, Optionee shall have submitted written notice to the Chief Real Estate Officer requesting that the Option Term be extended and clearly declaring the length of such proposed extension.
B. At least one hundred twenty (120) days prior to expiration of the Option Term, Optionee shall have submitted to the Chief Real Estate Officer a cashier’s check made payable to the “County of Orange” for the sum of Dollars ($ _) (the “Extension Fee”). The Extension Fee shall be in addition to the Option Price. Whether or not Optionee exercises the Option in accordance with the terms of this Option Agreement, the Extension Fee shall be retained by County as consideration for extending the Option Term. Under no circumstances will any portion of the Extension Fee be refunded to Optionee or credited to rent payments owed under the Ground Lease regardless of whether Optionee exercises the Option prior to the expiration of the Extended Option Period.
C. The Option Term shall not be extended beyond the Extended Option Period without the approval by the Board of Supervisors, which may be granted or withheld in the sole and absolute discretion of the Board of Supervisors.
Option Term Extension. Section 5 of the Existing Agreement is hereby deleted in its entirety.