Common use of OPTION TO EXTEND AGREEMENT Clause in Contracts

OPTION TO EXTEND AGREEMENT. 19.1 At the end of the initial Term, Medical Center shall have the option to: (a) Renegotiate this Agreement for a five year renewal term, or (b) Terminate this Agreement. If Medical Center terminates this Agreement at the end of the initial Term, Medical Center shall have the option to purchase the Equipment in cash at a price to be mutually agreed upon by the parties. Medical Center shall exercise such option by giving written notice to GKF not less than ninety (90) days prior to the expiration of the initial Term. If Medical Center does not issue such notice, Medical Center shall be deemed to have elected not to exercise such option, and GKF shall remove the Equipment, at its sole cost and expense, within ninety (90) days after the expiration of the initial Term. Medical Center shall exercise one (1) of the two (2) options referred to above by mailing an irrevocable written notice thereof to GKF at Xxxx Xxxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx, 00000, by registered mail, postmarked on or before the end of the year immediately preceding the expiration of the initial Term of this Agreement. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the two (2) options referred to above Medical Center is exercising.

OPTION TO EXTEND AGREEMENT. 19.1 At the end of the initial Term, Medical Center shall have the option to: (a) Renegotiate this Agreement for a five year renewal term, or (b) Terminate this Agreement. If Medical Center terminates this Agreement at the end of the initial Term, Medical Center shall have the option to purchase the Equipment in cash at a price to be mutually agreed upon by the parties. Medical Center shall exercise such option by giving written notice to GKF not less than ninety (90) days prior to the expiration of the initial Term. If Medical Center does not issue such notice, Medical Center shall be deemed to have elected not to exercise such option, and GKF shall remove the Equipment, at its sole cost and expense, within ninety (90) days after the expiration of the initial Term. Medical Center shall exercise one (1) of the two (2) options referred to above by mailing an irrevocable written notice thereof to GKF at Xxxx Fxxx Xxxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx, 00000, by registered mail, postmarked on or before the end of the year immediately preceding the expiration of the initial Term of this Agreement. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the two (2) options referred to above Medical Center is exercising.