OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after ...
OPTION TO EXTEND LEASE. Landlord grants Tenant the option to extend this Lease for an additional Three (3) years. To exercise this option, Tenant must give Landlord written notice on or before January 1st 2013. Tenant may exercise this option only if Tenant is in substantial compliance with the terms of this Lease. Tenant will Lease the premises on the same terms as in this Lease.
OPTION TO EXTEND LEASE. Tenant shall have the right to extend the Term of this Lease for two (2) successive five (5) year periods, each such right of Tenant to be conditioned upon (a) this Lease at the time of election being in full force and effect and Tenant not then being in default under this Lease beyond any applicable notice and cure period, such extension period to commence upon the expiration of the original Term of this Lease, (b) as to the second option, the first option having been exercised. Each option may be exercised for all or a portion, but not less than 70%, of the
OPTION TO EXTEND LEASE. In the event Tenant wishes to extend this lease following the initial term or any extended term thereafter, Tenant shall provide Landlord with a written request to extend the Lease. Following Landlord’s receipt of Tenant’s extension request, Landlord shall have the option to deny or accept the request, as it deems in the best interest of Xxxxxxxxxx County. If the Landlord accepts Tenant’s extension request, the extended term shall begin on the expiration of the Initial Lease Term or the then current “Extension Term” of this Lease, as appropriate. All terms, covenants, and provisions of this Lease shall apply to each such Extension Term. The Base Rent will be adjusted on each new commencement date of each Extension Term (the "Adjustment Date") to reflect increases in the Consumer Price Index for "All Urban Consumers, U.S. City Average, All Items," issued by the Bureau of Labor Statistics of the United States Department of Labor. The adjustments in the Base Rent will be determined by multiplying the Initial Base Rent by a fraction, the numerator of which is the index number for the most recent publication of the above referenced CPI before the adjustment and the denominator of which is the index number for the first month of the first year of the Term. If the product is greater than the Initial Base Rent, Tenant will pay this greater amount as Base Rent until the next rental adjustment. Base Rent will never be less than the Initial Base Rent.
OPTION TO EXTEND LEASE. Tenant may extend the lease term of the expansion premises for two—five year periods upon the same terms and conditions as set forth in Section 1.4 of the original Lease.
OPTION TO EXTEND LEASE. FOR FIVE (5) YEARS: Due to the increase in the ----------------------------------------- square footage of the Leased Premises, Section B of Lease Paragraph 48 ("Option to Extend Lease for Five (5) Years") is hereby deleted and replaced with the following:
OPTION TO EXTEND LEASE. LESSEE and LESSOR agree to negotiate in good faith an extension of this Lease at the end of the term. LESSOR hereby grants to LESSEE the right of first refusal to re- let the Premises at the end of the term. If LESSOR receives an acceptable offer from a bona fide prospective tenant to lease the Premises at the end of the term, LESSOR shall give notice of the same to LESSEE and LESSEE shall have fifteen (15) calendar days from LESSEE's receipt of said written notice to exercise LESSEE's right of first refusal and match the terms proposed by the bona fide prospective tenant except with a 2.5% surcharge on the cash rent.
OPTION TO EXTEND LEASE. Last Chance is given the option to extend this Lease following the Initial Term, on the terms and conditions thereof as exist at the time of the exercise of any such option, for four (4) five (5) year periods. Last Chance shall exercise its option(s) to extend by giving written notice thereof to Landlord at least ninety (90) days before the expiration of the Initial Term or any Extended Term.
OPTION TO EXTEND LEASE. Provided Tenant is not in default under this Lease beyond applicable notice and cure periods as of the date of exercise, Tenant shall have the right to extend the term of this Lease per the terms and conditions in Rider “A” attached hereto.
OPTION TO EXTEND LEASE. Provided Tenant is not in material default of this Lease at the time such options are exercised, Tenant shall have options to extend the term of this Lease for two (2) additional five (5) year terms. Any additional term shall commence on the day next following the prior term and shall end on the fifth anniversary of the prior term's expiration date. Tenant shall give notice of its intent to extend the Lease not later than one year prior to the expiration of the initial term or one year prior to the previous extension term (if Tenant has extended the Lease for the first (1st) additional five (5) year term). Base Rent for the first year of the first extension term shall be the previous year's Base Rent plus two percent (2%). Base Rent for the 2nd, 3rd, 4th, and 5th year of the first extension term shall be the first year's Base Rent, increased by two percent (2%) each year. Base Rent for the first year of the second extension term shall be the greater of (i) the previous year's Base Rent plus two percent (2%) or (ii) the prevailing market rental. Base Rent for the 2nd, 3rd, 4th and 5th year of the second extension term shall be the first year's Base Rent (excluding the credit discussed below) as determined above, increased by two percent (2%) each year. Notwithstanding the foregoing, if the Base Rent for the first year of the second extension term is the prevailing market rental, Tenant shall be given a credit equal to ten percent (10%) of the Base Rent for such first year.
