Option to Extend Term. Landlord will grant (1) Option to Extend the Lease term and all provisions contained in this Lease, except for the minimum monthly rent, for one three (3) year period ("Extended Term") following expiration of the initial term by giving notice of exercise of the Option ("Option Notice") to Landlord at lease one hundred fifty (150) days before the expiration of the initial term, provided that if Tenant is in default of a material term of this Lease beyond the applicable cure period on the date of giving Option Notice, the Option Notice shall be ineffective, or if Tenant is in default of a material term of this Lease beyond the applicable cure period on the day the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. Landlord shall give Tenant its initial determination of the fair market rent either promptly after the receipt of Tenant's notice exercising Tenant's option to extend, or promptly after receiving a request for such determination prior to receipt of Tenant's exercise of its option if such request is received during the ninety (90) days prior to the date such option must be exercised. If Tenant disagrees with Landlord's initial designation of the Fair Market Rent, Landlord and Tenant agree to negotiate in good faith for a period of up to thirty (30) days following Tenant's receipt of Landlord's initial determination of Fair Market Rent in an effort to agree on the Fair Market Rent, and if the parties cannot agree upon the Fair Market Rent by the end of such thirty day period, then the Fair Market Rent shall be submitted to arbitration as follows: Within fifteen (15) days after the expiration of such thirty (30) day period, Landlord and Tenant shall either agree on the name of a single arbitrator or each give notice to the other specifying the name and address of the arbitrator each has chosen. The two arbitrators so chosen shall meet within ten (10) days after the second arbitrator is appointed and if, within twenty (20) days after the second arbitrator is appointed, the two arbitrators shall not agree upon a determination of the Fair Market Rent in
Option to Extend Term. Tenant shall have the option (“Option”) to extend the Term by five (5) years as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows:
Option to Extend Term. The Company shall have the option to extend the Basic Term of this Lease for the Additional Term provided that (a) the Company shall give the Issuer written notice of its intention to exercise each such option at least 30 days prior to the expiration of the Basic Term and (b) the Company is not in default hereunder in the payment of Basic Rent or Additional Rent at the time it gives the Issuer such notice or at the time the Additional Term commences. In the event the Company exercises such option, the terms, covenants, conditions and provisions set forth in this Lease shall be in full force and effect and binding upon the Issuer and the Company during the Additional Term except that the Basic Rent during any extended term herein provided for shall be the sum of $1,000.00 per year, payable in advance on the first Business Day of such Additional Term.
Option to Extend Term. A. Lessee shall have the option to extend the term on all the provisions contained in this Lease for one (1) three (3)-year periods ("extended term(s)") at an adjusted rental calculated as provided in Subparagraph B below on the condition that:
Option to Extend Term. (a) Subject to clause 2.2(b), the User may, by notice to Western Power given no later than 6 months prior to the expiration of the Term as at the time the notice is given, elect to extend the Term by such period as is specified in Part 2 of Schedule 2 as the “Extension Period”, in which event the Termination Date shall be the last day of the Extension Period.
Option to Extend Term. (a) Landlord hereby grants to Tenant two (2) consecutive options to extend the Term for a period of five (5) years each time, each option to be exercised by Tenant giving written notice of its exercise to Landlord in the manner provided in this Lease at least one hundred eighty (180) days prior to (but not more than two hundred ten (210) days prior to) the expiration of the Term, as it may have been previously extended. No extension option may be exercised by Tenant if an Event of Default has occurred and is then continuing or any facts or circumstances then exist which, with the giving of notice or the passage of time, or both, would constitute an Event of Default either at the time of exercise of the option or at the time the applicable Term would otherwise have expired if the applicable option had not been exercised.
Option to Extend Term. Landlord grants to Tenant two (2) options to extend the Lease Term (each, an Extension Option) for a period of five (5) years (each an Option Term) each, subject to the conditions described in this Section 2.5. Tenant shall have no other right to extend the term beyond the last Option Term.
Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for one (1) additional period of two (2) years, commencing upon the expiration of the initial term hereof. Exercise of such option shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises the extension option under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.
Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the Basic Annual Rent set forth in Paragraph 3.5 and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first extension commencing upon the expiration of the initial term hereof and the second extension commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default beyond the expiration of any applicable notice and cure period hereunder on the date of such notice or on the date any extended term is to commence, or if this Lease has earlier terminated for any reason, then the extension option, at Landlord's election, shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). Except as expressly set forth in this Paragraph 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.
Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three (3) years each, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding extended term hereof. If Tenant is in default hereunder on the date of such notice or the date any extended term is to commence, the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.
