Option to Renew Term. (a) MGI shall have the right and the option, (provided that at the time of its exercise of the option to extend contained in this section 5.2 it is not in defaut of a material provision of this Agreement) to extend the term for RCT after the Initial Term expires, on the same terms and conditions as the Initial Term, except that the License Fee shall be increased as provided in subsection (b), below. Such option must be exercised by a written notice given to VONS at least RCT prior to the date of expiration of the Initial Term. After the exercise of any option, all references in this Agreement to the "term" shall be deemed to mean the term as extended and all references to the termination, cancellation, expiration or end of the term shall be deemed to mean the date of termination, cancellation, expiration or end of the term as extended.
Option to Renew Term. (a)Provided that no Event of Default has occurred under the Master Lease and provided that Tenant has not given Landlord a six (6) month notice of termination on or before the end of the Extended Term, Tenant shall be deemed to have extended the Term of this Master Lease for an additional ten (10) years subsequent to the Extended Term (the "SECOND EXTENDED TERM"). The Second Extended Term shall be on and subject to the same terms, covenants and conditions as herein contained, except for Base Rent, which shall be determined as hereinafter provided.
Option to Renew Term. Tenant shall have the right and option to renew and extend the term of this Lease for one (1) extended term of five (5) years (the "Extended Term"), upon the same terms and conditions except Base Rent, which shall be determined as set forth herein below provided Tenant is not in default. The Extended Term shall commence on the day immediately succeeding the expiration date of the Primary Term, and shall end at midnight on the day immediately preceding the fifth (5th) anniversary of the first day of such Extended Term. Tenant shall exercise its right to lease the premises for the Extended Term by giving notice of such exercise to Landlord at least one hundred and eighty (180) days prior to the beginning of the Extended Term, provided Tenant shall not Xxxx any option to renew unless and until Tenant has had at least ten (10) days following receipt from Landlord of notice of the expiration of such option to renew in which to exercise its option to renew. Reference to the "term" of this Lease shall include the Extended Term. Base Rent for the Extended Term shall be determined by an appraisal to be performed by a mutually selected and qualified appraiser licensed by the State of North Carolina having a designation comparable to the current M.A.I. standard who shall render a fair market/rental value. In the event that Landlord and Tenant cannot agree on the selection of an appraiser, or a fair rental value each shall select one appraiser and the two so chosen shall select a third appraiser. The three appraisers shall arrive at a single fair rental value by average, majority vote or such other method as the appraisers determine. The appraisal process shall be commenced in sufficient time so that it will be completed no later than ninety (90) days prior to the lease term. The cost of the initial appraisal(s) shall be paid by Tenant. The fee for the second appraiser shall be paid by Landlord and the cost of the third appraiser, if necessary, shall be shared equally by Landlord and Tenant.
Option to Renew Term. (a) ETT shall have the right and the option, (provided that at the time of its exercise of the option to extend contained in this section 5.2 it is not in defaut of a material provision of this Agreement) to extend the term for one (1) additional period of five (5) years after the Initial Term expires, on the same terms and conditions as the Initial Term, except that the License Fee shall be increased as provided in subsection (b), below. Such option must be exercised by a written notice given to TERRIBLE XXXXXX at least RCT prior to the date of expiration of the Initial Term. After the exercise of any option, all references in this Agreement to the "term" shall be deemed to mean the term as extended and all references to the termination, cancellation, expiration or end of the term shall be deemed to mean the date of termination, cancellation, expiration or end of the term as extended.
Option to Renew Term. Subject to the written consent of the other Party, each Party has an option to renew for another ten (10) years by giving notice of its exercise of the option at least ninety (90) days prior to expiration of the initial ten (10) year period. Such written consent, if provided, shall be provided not later than thirty (30) days subsequent to such Party's receipt of the ninety (90)-day option exercise notice.
Option to Renew Term. So long as this Lease is in full force and effect and Lessee is not in material default hereunder, this Lease shall automatically renew for up to four consecutive renewal periods of five years each (individually, the “Extended Term” and collectively, the “Extended Terms”), unless Lessee delivers written notice to Lessor of its intent to terminate this Lease at the end of the then-current Term. The renewal shall be upon the same terms and conditions as herein contained, except that there shall be no provision to extend the Term hereof beyond the fourth Extended Term and except that at the commencement of each Extended Term, the monthly Rent shall be reset at (i) one hundred and ten percent (110%) of the monthly depreciation charge attributable to the Leasehold Improvements as of the first day of the applicable Extended Term, as determined for financial reporting purposes in accordance with generally accepted accounting principles (“GAAP”) as the same are applied by Lessor; plus (ii) five percent (5%) of the total fair market value at the date of inception of the Initial Term of this Lease for any Leasehold Improvements that are fully depreciated as of the first day of the applicable Extended Term.
Option to Renew Term. Provided Sublessee shall not be in material default of any terms or conditions of the Sublease at the time of the exercise of the particular Option to Extend provided herein, Tenant shall have the right and option to extend the Initial Term for one (1) three (3) year period, herein referred to as the “Extended Term”, ending concurrently with the termination of the Master Lease on January 31, 2015. Future extended terms shall commence on the day next following the term expiration date for the preceding initial term or extended term, unless sooner terminated as herein provided, and shall terminate on the third anniversary of such extended term commencement date. Tenant may exercise its right to extend the initial term only by giving Landlord written notice of its intention to do so, at least one hundred eighty (180) days prior to the end of the initial term. The Sublease as extended shall be upon, and subject to the terms and conditions set forth herein for the initial term, except for the exclusion of any free rent, and, further, that the rent as defined below shall be as specified in Section 2 hereon. Landlord agrees and covenants that:
Option to Renew Term. Provided Sublessee shall not be in material default of any terms of conditions of this Sublease, as amended, at the time of exercise of the particular Option to Extend as provided herein, Sublessee shall have the right and option to extend the existing Term covering 143,232 square feet and ending August 14, 2004, for one (1) five year period, such five year period is herein referred to as the "Extended Term." The Extended Term shall commence on the day next following the Term Expiration Date for the preceding term unless sooner terminated as herein provided and shall terminate on the fifth anniversary of such Extended Term Commencement Date. Sublessee may exercise its right and option to extend the existing Term only by giving Sublessor written notice of intention to do so at least one hundred and twenty (120) days prior to the end of the existing Term. The Sublease as extended shall be upon and subject to the terms and conditions set forth in the Primary Lease, as amended, except for exclusion of any free rent and, further, that the Rent (defined in Article Three), shall be adjusted as specified in Section C hereof. Sublessor agrees and covenants that:
Option to Renew Term. So long as Tenant is not in default under the terms of this Lease, both at the time of the exercise of this option to renew and at the expiration of the Initial Term of Lease, Tenant shall have an option to extend the Term of this Lease for the First Extended Term. So long as Tenant is not in default under the terms of this Lease, both at the time of the exercise of this option to renew and at the expiration of the First Extended Term of this Lease, Tenant shall have an option to extend the Term of this Lease for the Second Extended Term. So long as Tenant is not in default under the terms of this Lease, both at the time of the exercise of this option to renew and at the expiration of the Second Extended Term of this Lease, Tenant shall have an option to extend the Term of this Lease for the Third Extended Term. The Extended Term shall be on and subject to the same terms, covenants and conditions as herein contained. The option for the First Extended Term shall be exercised only by written notice from Tenant to Landlord and given no less than nine (9) months prior to the expiration of the Initial Term. The option for the Second Extended Term shall be exercised only by written notice from Tenant to Landlord and given no less than nine (9) months prior to the expiration of the First Extended Term. The option for the Third Extended Term shall be exercised only by written notice from Tenant to Landlord and given no less than nine (9) months prior to the expiration of the Second Extended Term.
Option to Renew Term. Lessor does hereby grant to Lessee the right, privilege and option, in the absence of Lessee’s default beyond applicable notice and/or cure periods at the time of each possible extension, to extend the Term of this Lease for two (2) one (1)-year option terms at the expiration of the initial Term on the terms and conditions herein set forth except that the monthly Rent shall be as follows:
