OPTION TO EXTEND TERM OF LEASE. Lessee is hereby granted the option to extend the term of this Lease for two (2) additional successive periods of three (3) years each. The options shall be exercised by the delivery of written notice to Lessor no earlier than two hundred seventy (270) days and no later than one hundred eighty (180) days prior to the expiration of the lease term then in effect. Any extensions granted hereunder shall be on the same terms and conditions applicable to the initial term except as to rent, which shall be increased in accordance with Paragraph B(2) below. Lessee's right to exercise the options granted herein is subject to the terms and conditions set forth in Paragraph 39 of this Lease.
OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option to extend the term of the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Years. Each such option may only be exercised by Tenant if, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options.
OPTION TO EXTEND TERM OF LEASE. This lease may be extended, at the unilateral option of the Lessee, upon its expiration for four further one-year option periods provided notice be given in writing to the Lessor at least one month (30 days) before this lease would expire. Such extension is subject to the availability of funds under the same terms and conditions set forth herein, including the payment amounts identified in Clause V, below.
OPTION TO EXTEND TERM OF LEASE. Tenant shall have the option to extend the term of this Lease for two (2) additional five (5) year terms ("Option Term") under the same terms and conditions contained herein, provided however, that the base rent shall be adjusted as set forth in Section 1.6 of this Lease. Tenant may exercise its Option Term by delivering written notice to Landlord, stating its irrevocable intent to exercise the Option Term, not less than one hundred eighty (180) days prior to the expiration of the Lease Term or first Option Term. In the event that Tenant fails to deliver timely notice of its intent to exercise the Option Term, Tenant's right to the Option Term shall be deemed as null and void. It shall be a condition of the exercise of the Option Term that Tenant not be in Default pursuant to Section 11 of this Lease Agreement.
OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option to extend the term of the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless Time is strictly of the essence with respect to the requirement that Tenant gives timely Notice of its exercise of any options hereunder, including, but not limited to, the options for the Extended Terms, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to such option, and Tenant hereby expressly waives any right to claim relief from forfeiture, or any other form of equitable relief, from consequences of an untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any option however slight.
OPTION TO EXTEND TERM OF LEASE. WITH GRANBY ------------------------------------------
OPTION TO EXTEND TERM OF LEASE. Lessee shall have one - two year renewal option. If immediately prior to the renewal term this Lease shall be in force and effect and Lessee shall not be in default, then, subject to the provisions of this Section, Lessee shall have and hereby is given the option to renew and extend this Lease for an additional term of two years, upon the same terms, covenants, and conditions, as those herein contained, insofar as then in force and applicable to such renewal term except that the Rent for such renewal term shall be the then existing market rental rate for the Premises based upon similarly situated buildings, and except that the terms of the renewal shall not contain a provision for a further renewal. In the event that Lessee wishes to exercise its right to renew pursuant to this Section, Lessee shall give Lessor written notice of such election at least 90, but not more than 180 days prior to the expiration date of the initial term, provided, however, Lessee's failure to give proper notice shall not affect the renewal rights of Lessee if Lessor has not executed a lease agreement with another tenant for the Premises or any part thereof, provided further, Lessee shall reimburse Lessor for any costs incurred by Lessor in seeking a new tenant(s) for the Premises.
OPTION TO EXTEND TERM OF LEASE. The initial term of this lease may be extended for an additional period of N/A at the option of Tenant. Such option to extend shall be exercised by Tenant by giving written notice to Landlord not more than six (6) nor less than two (2) months prior to the expiration of the existing term. Said extended term shall be upon the same terms, covenants and conditions as provided in this lease for the initial term except that the rent payable during said extended term shall be negotiable. Any termination of this lease during the initial term or during the extended term shall terminate all rights of extension hereunder.
OPTION TO EXTEND TERM OF LEASE. Landlord hereby grants to Tenant two ------------------------------ options (the "Lease Options") to elect to extend the term of this Lease for two (2) periods of five (5) years each following the expiration of the initial term (the "extended terms"), by delivering to Landlord notice of exercise of such option (the "option notice") with respect to each such extended term at least one hundred eighty (180) days but not more than one (1) year before the expiration of the immediately preceding term; provided, if Tenant is in material default of its obligations under this Lease either on the date of giving the option notice or on the date on which any extended term is to commence, then at the election of Landlord delivered to Tenant in writing not later than the end of the immediately preceding term, such option notice shall be ineffective and the extended term shall not commence and this Lease shall expire at the end of the then existing term.
OPTION TO EXTEND TERM OF LEASE. (A) Tenant shall, subject to the terms of paragraph (B) and (C) thereof, have the right to extend the term of the Lease for Two (2) periods of five (5) Lease years each (such five year periods being herein sometimes referred to as the "First Extended Term" and the "Second Extended Term", respectively, and any reference to "Extended Term" shall include both the First and Second Extended Term) from the date upon which the Primary Term of the Lease, or the term of the Lease as extended by the First Extended Term, would otherwise expire; the Extended Term to be upon the same terms and conditions as those specified in the Lease including the Annual Minimum Rent specified therefor in Section 3 of the Lease.
