Option to Extend Initial Term. Tenant shall have the right to extend the Initial Term of Lease for two (2) one (1) year options, by giving the Landlord written notification of said intent to extend, at least ninety (90) days prior to the end of the initial term. The rent for the First Option term shall be $16.00 per RSF. The rent for the Second Option term shall be $16.00 per RSF. Option Duration Monthly Rent Annual Rent 1 June 1, 2014 - May 31, 2015 $ 4,205.34 $ 50,464.00 2 June 1, 2015 - May 31, 2016 $ 4,205.34 $ 50,464.00
Option to Extend Initial Term. Upon the mutual written agreement of the parties, the Term may be extended. Neither party shall be under any obligation to agree to an extension of the Term. In the event the parties mutually agree to an extension under this Subsection 2.1, the Term shall be deemed to end on the date as agreed amount the parties. “Term” shall include the initial term and any extension thereof.
Option to Extend Initial Term. (a) If Tectonic completes and delivers to Xxxxx a Feasibility Study with respect to all or a portion of the Premises before the expiration of the Initial Term and is not in default of this Lease, then Tectonic may elect to extend the Initial Term by five Lease Years. Tectonic shall give notice of its election to extend the Initial Term on or before 5:00 p.m. Alaska time on the last day of the fifteenth Lease Year, failing which the option to extend the Initial Term shall automatically expire. If Tectonic achieves Commercial Production prior to the end of the Initial Term, as extended, then this Lease shall continue in effect thereafter for so long as Commercial Production from the Premises exists or is deemed to exist. If Commercial Production from the Premises ceases but the Mine is then processing minerals from adjoining or nearby properties,
Option to Extend Initial Term. Section 2.2 of the lease is hereby amended to provide that the term of the Lease will continue on a year-to-year basis upon written agreement of the Tenant and District unless earlier terminated as provided in the Lease. Neither party shall be under any obligation to agree to an extension of the Term.
Option to Extend Initial Term. (i) Tenant shall have the right and option to extend the Initial Term subject to all the provisions contained in this Lease, except for Fixed Rent (which shall be calculated as set forth in Section l(b)(ii) below), for up to two (2) consecutive extensions (each, an “Extension Option”) of five (5) years each (each, an “Extended Term”), provided that Tenant is not in default hereunder beyond the expiration of any notice and cure periods herein provided at the time of the exercise of the option and provided the cure is made timely. For each Extended Term, Tenant must elect to continue leasing all of the square footage of the Premises it is then leasing upon the expiration of the Initial Term, or if applicable, the immediately preceding Extended Term. Tenant shall exercise an Extension Option by delivering written notice to Landlord no later than 270 days prior to the expiration of the Initial Term, or if applicable, the immediately preceding Extended Term. Upon determination of Tenant’s new Fixed Rent for an Extended Term (as determined pursuant to Section 1 (b)(ii) below), the Extended Term shall commence without notice or further documentation upon the expiration of the Initial Term, or if applicable, the immediately preceding Extended Term, except that the parties hereto shall execute an amendment to the Lease evidencing the new Fixed Rent payment schedule for the Extended Term.
Option to Extend Initial Term. Landlord hereby grants Tenant one (1) option to extend the then current Term of this Lease for the entire Premises for a total period of five (5) years (the "Option Term"), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below, provided that Tenant is not then in default under this Lease beyond applicable cure periods after Tenant's receipt of written notice of such default. Upon the proper and timely exercise of such option to extend, and provided that, as of the end of the Term, Tenant is not in default under this Lease beyond applicable cure periods after Tenant's receipt of written notice of such default, the Term shall be extended for the Option Term. The extension of the Term will be on the same terms, covenants and conditions as in this Lease, other than Base Rent and adjustment of the Base Year (which shall be determined pursuant to Section 3.3(a) below) and other than the fact that there shall be no Landlord work to be performed by Landlord within the Premises nor shall there be any obligation of Landlord to provide an allowance to Tenant for any improvements or alterations to be installed in the Premises. The Term of this Lease shall include the Option Term upon Tenant's timely exercise of the option right contained herein.
Option to Extend Initial Term. Provided Lessee shall in all respects be current in the performance of its obligations under this lease agreement, and not otherwise, and not while holding over, and it shall desire to extend the initial term of this lease agreement, it shall have the option to do so for one additional three (3) year term, which options shall be exercised by giving notice to Lessor of its election to extend the initial term not less than six (6) months prior to the commencement of the extended term, whereupon this lease agreement shall be extended for such additional term without the necessity for any extension agreement, and all of the terms and conditions of this lease agreement shall continue as though the initial term included the extended term with annual modifications to base rent. 19.
Option to Extend Initial Term. Upon the mutual written agreement of the Parties, the Term hereof may be extended for a maximum of one (1) additional period of _____ (__) years (hereinafter referred to as the “Renewal Term”) subject to the terms set out below. Neither Party shall be under any obligation to agree to an extension of the term. The Licensee Fee for the Licensed Premises during the Renewal Term shall be ______ and __/100 Dollars ($____). The Licensee shall exercise its renewal option (hereinafter referred to as the “Renewal Option”) by notifying the Licensor in writing, in accordance with Section 10 of this License Agreement, of its exercise of the Renewal Option not fewer than ___ (__) days prior to the end of the Term. The Parties shall then commence the process of executing a renewal agreement (hereinafter referred to as the “Renewal Agreement”) memorializing the agreement of the Parties as to the terms that shall govern during the Renewal Term. The renewal of this License Agreement shall be binding upon the Parties and their respective successors and assigns upon the full completion of the (i) execution of the Renewal Agreement by all necessary Parties; (ii) approval of the Renewal Agreement by the Office of the Attorney General, as to form, and the Office of the New York State Comptroller, as necessary; and (iii) delivery of the fully executed and approved Renewal Agreement to the Licensor by the Licensee.
Option to Extend Initial Term. The HPUD shall have the option to renew this Agreement for one (1) additional five (5) year term by providing OLVRPSD with written notice of its intent to exercise its next option no less than two (2) weeks prior to the expiration of the prior term.
Option to Extend Initial Term. 4.2 The Initial Term may be extended by the Department in its absolute discretion for up to two additional periods of up to two years each (as specified in Item 6 of the Contract Details) (each an Option Period), on the terms and conditions then in effect, by giving Notice to the SRSS Provider. Such Notice must be given: s. 47G(1)(a)
