Option to Extend Primary Term. Provided Tenant is not in material default of any terms, conditions, covenants, restrictions and reservations of this Lease, including any Event of Default, as set forth in Section 11.1, below, Tenant may request that the County extend the Primary Term of this Lease under the same terms, conditions, covenants, restrictions and reservations for one
(1) additional term of up to ten (10) years (“Extension Term”), provided the Tenant demonstrates to the County’s reasonable satisfaction that the Extension Term is necessary to satisfy a requirement of Tenant’s Lender or investor that the Lease shall remain in effect for a period up to ten (10) years as necessary to enable the Tenant to repay all debt(s) secured by the Premises. The Tenant shall request the desired Extension Term by written notice (“Extension Term Notice”) to the Chief Real Estate Officer at least twelve months prior to the expiration of the Primary Term, which Extension Term Notice shall include adequate information regarding Xxxxxx’s lender’s or investor’s requirement that support the requested Extension Term. Within ninety (90) days of receipt of the Extension Term Notice, the Chief Real Estate Officer shall either grant the requested Extension Term or inform the Tenant that additional information is required to justify the granting of the Extension Term pursuant to this Section 2.2.2, in which case the process described in this Section shall continue until the County has approved the requested Extension Term. Provided the Tenant satisfies the conditions in this Section to granting the Extension Term, the Extension Term shall be granted by the County in accordance with this Section, and is not subject to approval by the Board of Supervisors. No Base Rent shall be payable for the Extension Term.
Option to Extend Primary Term. Upon the full and complete performance of all terms, covenants and conditions contained in this Lease by Tenant and the payment of all Rent and other sums due under the terms of this Lease, Tenant shall have the option to renew this Lease for one (1) Additional term of five (5) Years. If Tenant desires to exercise the option, Tenant must deliver written notice of its election to Landlord not less that one hundred eighty (180) days prior to the expiration of the Primary Term of this Lease. If Tenant exercises it option, this Lease shall be deemed to be extended for the addition five (5) Year Period, subject to the right of Landlord to make any adjustments and to assess any charges against Tenant which are provided in this Lease. Base Rent will be as agreed between Landlord and Tenant and failing such agreement within fifteen (15) business days of Tenant’s notice of election, will bethe average of ninety five percent (95%) of the fair market rental rate or four percent (4%) higher than the Base Rate paid by Tenant at the end of the Primary Term ($16.90 per rentable square foot for year one of the extended term). For years two (2) through five (5) the Base Rent will be increased by four percent (4%) on the anniversary date of the extended term.
Option to Extend Primary Term. In consideration of the acceptance of this lease by the Lessee, the Lessor agrees for himself and his heirs, successors and assigns, that no other lease for the oil, gas and minerals covered by this lease shall be granted by the Lessor during the term of this lease or any extension or renewal thereof granted to the Lessee herein. If at the expiration of its primary term, this Lease has not been or is not being, extended pursuant to any of its provisions, then Lessee, its successors or assigns shall have the option to extend the primary term of said lease for an additional Five (5) years by paying or tendering to Lessor by certified payment and delivery to Lessor or to Lessor's credit in a depository bank as hereinabove provided, the sum of One Hundred Fifty and no/100 Dollars ($150.00) multiplied by the total number of mineral acres subject to this lease and by amending the annual delay rental provision to the sum of Fifty and no/l00 Dollars ($50.00) per net mineral acre during the secondary term. Said payment or tender shall be made on or before the expiration date of the initial primary term. Lessee shall notify Lessor of its intention to exercise this option prior to 30 days before expiration of the initial term.
Option to Extend Primary Term. Upon the full and complete performance of all terms, covenants and conditions contained in this Lease by Tenant and the payment of all Rent and other sums due under the terms of this Lease, Tenant shall have the option to renew this Lease for one (1) additional term of Five (5) years. If Tenant desires to exercise the option, Tenant must deliver written notice of its election to Landlord not less than one-hundred eighty (180) days prior to the expiration of the Primary Term of this Lease. If Tenant exercises its option, this Lease shall be deemed to be extended for the additional Period, subject to the right of Landlord to make any adjustments and to assess any charges against Tenant which are provided in this Lease. Rent shall continue to be calculated according to the terms in this Lease, including any increases pursuant to the Consumer Price Index or Market Rates. Option Period Base Rent shall be the Base Rent adjusted by one-half the difference between the rate determined by the increase in Consumer Price Index and the current rate being charged for similar space in the area.
Option to Extend Primary Term. Provided that no Event of Default has occurred and remains uncured, Tenant shall have the option to extend the Primary Term of this Lease under the same terms, covenants and conditions, for one (1) additional term of up to one (1) year ("Extension Term"). Tenant shall exercise the Extension Term by providing the Chief Real Estate Officer with written notice of its election to extend the Primary Term, together with the declared term of such Extension Term, a minimum of thirty (30) days prior to the expiration of the Primary Term. The accumulation of the Primary Term and Extension Term is hereinafter referred to as the "Term."
Option to Extend Primary Term. Upon the full and complete performance of all terms, covenants and conditions contained in this Lease by Tenant and the payment of all Rent and other sums due under the terms of this Lease, Tenant shall have the option to renew this Lease for one (1) Additional term of five (5)
Option to Extend Primary Term. Provided that no Event of Default has occurred and remains uncured, this Lease shall automatically renew for an additional ten (10) years under the same terms, covenants and conditions (“First Extension Term”). Thereafter, the Tenant shall have the option to extend this Lease for up to two (2) additional, consecutive terms of ten (10) years each (respectively, the “Second Extension Term” and “Third Extension Term”). Tenant shall exercise each Extension Term by providing the Chief Real Estate Officer with written notice of its election to extend the Primary Term, together with the declared term of such Extension Term, a minimum of ninety (90) days prior to the expiration of the Lease term then in effect. The accumulation of the Primary Term and Extension Term(s) is hereinafter referred to as the “Term.”
Option to Extend Primary Term. Tenant shall have two options to extend the term of this Lease (each an “Option to Extend”) for an additional five years each (each an “Extended Term”) upon all the same terms and conditions of this Lease, excepting only that Base Rent shall be determined as provided in paragraph (b) below.
Option to Extend Primary Term. Provided that no Event of Default has occurred and remains uncured, Tenant shall have the option to extend the Primary Term of this Lease under the same terms, covenants and conditions, except for Rent which shall be adjusted as set forth in Section 3.3, for ( ) additional, consecutive terms of ( ) years each (“Extension Term(s)”). Tenant shall exercise each Extension Term by providing the Chief Real Estate Officer with written notice of its election to extend the Primary Term, together with the declared term of such Extension Term, a minimum of thirty (30) days prior to the expiration of the Lease term then in effect. The accumulation of the Primary Term and Extension Term(s) is hereinafter referred to as the “Term.”
Option to Extend Primary Term. Provided Tenant is not in material default of any term, covenant, condition, restriction or reservation of this Lease after applicable notice and cure periods, if any, Tenant shall have the option to extend the Primary Term of this Lease, for six (6) additional, consecutive terms of seven (7) years each (“Extension Term(s)”) under the same terms, covenants and conditions, except for Monthly Rent which shall be adjusted as set forth in Section 3.3. Tenant shall exercise each Extension Term by providing the Chief Real Estate Officer with written notice of its election to extend the Primary Term, together with the declared term of such Extension Term, a minimum of one hundred and twenty (120) days prior to the expiration of the Lease term then in effect, but in no event earlier than two hundred and seventy (270) days prior to the expiration of the Lease term then in effect.
