Common use of Option to Renew or Extend Ground Lease Clause in Contracts

Option to Renew or Extend Ground Lease. Borrower will give Funding Lender Notice of Xxxxxxxx’s intention to exercise each option to renew or extend the term of the Ground Lease at least 90 days, but not more than 150 days, before the last day on which the option may be timely exercised. If Borrower intends to renew or extend the term of the Ground Lease, Borrower will deliver to Funding Lender, together with the Notice of such decision, a copy of the notice of renewal or extension that Borrower delivers to Ground Lessor. If Borrower does not intend to renew or extend the term of the Ground Lease or, if Borrower fails to deliver its Notice of exercise of its option to renew or extend the term of the Ground Lease at least 90 days before the last day on which the option may be timely exercised, Funding Lender will have the right, but not the obligation, to renew or extend the term of the Ground Lease for and on behalf of Borrower.

Option to Renew or Extend Ground Lease. Borrower will give Funding Lender Notice of XxxxxxxxBorrower’s intention to exercise each option to renew or extend the term of the Ground Lease at least 90 days, but not more than 150 days, before the last day on which the option may be timely exercised. If Borrower intends to renew or extend the term of the Ground Lease, Borrower will deliver to Funding Lender, together with the Notice of such decision, a copy of the notice of renewal or extension that Borrower delivers to Ground Lessor. If Borrower does not intend to renew or extend the term of the Ground Lease or, if Borrower fails to deliver its Notice of exercise of its option to renew or extend the term of the Ground Lease at least 90 days before the last day on which the option may be timely exercised, Funding Lender will have the right, but not the obligation, to renew or extend the term of the Ground Lease for and on behalf of Borrower.

Option to Renew or Extend Ground Lease. Borrower will give Funding Lender Notice of XxxxxxxxBorrower’s intention to exercise each option to renew or extend the term of the Ground Lease at least 90 days, but not more than 150 days, before the last day on which the option may be timely exercised. If Borrower intends to renew or extend the term of the Ground Lease, Borrower will deliver to Funding Lender, together with the Notice of such decision, a copy of the notice of renewal or extension that Borrower delivers to Ground Lessor. If Borrower does not intend to renew or extend the term of the Ground Lease or, if Borrower fails to deliver its Notice of exercise of its option to renew or extend the term of the Ground Lease at least 90 days before the last day on which the option may be timely exercised, Funding Lender will have the right, but not the obligation, to renew or extend the term of the Ground Lease for and on behalf of Borrower.

Option to Renew or Extend Ground Lease. Borrower will give Funding Lender Notice of XxxxxxxxBorrower’s intention to exercise each any option to renew or extend the term of the Ground Lease at least 90 days, but not more than 150 days, before the last day on which the option may be timely exercised. If Borrower intends to renew or extend the term of the Ground Lease, Borrower will deliver to Funding Lender, together with the Notice of such decision, a copy of the notice of renewal or extension that Borrower delivers to Ground Lessor. If Borrower does not intend to renew or extend the term of the Ground Lease or, or if Borrower fails to deliver its Notice of exercise of its option to renew or extend the term of the Ground Lease at least 90 days before the last day on which the option may be timely exercised, Funding Lender will have the right, but not the obligation, to renew or extend the term of the Ground Lease for and on behalf of Borrower.