Option to Renew Term Sample Clauses
The "Option to Renew Term" clause grants a party, typically the tenant in a lease agreement, the right to extend the duration of the contract beyond its original expiration date. This clause usually outlines the conditions under which the renewal can be exercised, such as providing written notice within a specified timeframe and agreeing to predetermined or renegotiated terms for the renewal period. Its core practical function is to provide flexibility and security for the party seeking continuity, while also giving both parties clarity on the process and terms for extending their contractual relationship.
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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.
(b) Annual Base Rent for the Second Extended Term shall be an amount equal to the "Fair Market Base Rental Rate", as determined by Landlord. Landlord shall notify Tenant in writing of its determination of Fair Market Base Rental Rate and the new proposed Base Rent at least ninety (90) days prior to the end of the Extended Term. If, within forty-five (45) days after Tenant's receipt of Landlord's notice and proposal, Tenant does not agree in writing to Landlord's proposal or a modified version thereof subsequently approved by Landlord in writing, Tenant by written notice to Landlord, may withdraw its exercise of the option for the Second Extended Term at any time prior to or within thirty (30) days after the expiration of such forty-five (45) day period, and this option shall be canceled and of no further force and effect. If Tenant does not withdraw its exercise of the option by the end of such thirty (30) day period, then the new Base Rent and provisions for periodic adjustment for the Second Extended Term shall be in accordance with the terms of Landlord's proposal as set forth in its notice to Tenant or, if applicable, any subsequent modified proposal approved in writing by both Landlord and Tenant.
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:
(a) Option Term 1 - $44,000.00 per month
(b) Option Term 2 - $45,000.00 per month If Lessee elects to exercise this option, Lessee shall provide Lessor written notice no later than six (6) months prior to the expiration date of the original Lease Term for the First Renewal Term and no later than six (6) months prior to the expiration of the First Renewal Term for the Second Renewal Term.
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.
(b) During any such subsequent term, the License Fee to be paid pursuant to Section 4.1(a), above, shall be increased to RCT during RCT and RCT during RCT, per that number of gaming devices actually installed by MGI in each Store for any particular month. ARTICLE
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. (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 one (1) additional period of two (2) 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 SAFEWAY at least twelve (12) months 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.
(b) During any such subsequent term, the License Fee to be paid pursuant to Section 4.1(a), above, shall be increased to RCT during year 6 and RCT during year 7, per that number of gaming devices actually installed by MGI in each Store for any particular month. ARTICLE 6
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. Provided that (1) this Agreement shall then be in full force and effect in accordance with its terms, (2) there shall not then exist any uncured default hereunder at the time of exercise of any option or at the beginning of any extension term, (3) [SELECTED RESPONDENT] named herein is the party under this Agreement and (4) prior to the renewal of the Term of this Agreement, the City approves of the renewal, which approval shall not be unreasonably withheld, [SELECTED RESPONDENT] shall have one option to extend the Term from the date upon which it would otherwise expire, for a period of five (5) years, such period may only be exercised in the manner hereinafter set forth.
Option to Renew Term
Option to Renew Term. 9 ARTICLE III - RENT