Options to Extend a. Landlord hereby grants to Tenant two (2) options (singularly an “Extension Option” and collectively the “Extension Options”) to extend the term of this Agreement for additional terms of five (5) years each (singularly an “Option Period” and collectively the “Option Periods”), on the same terms, conditions and covenants set forth in this Agreement, except the monthly rental shall be adjusted as hereinafter provided. Each Extension Option shall be exercised automatically without providing any notice of extension unless Tenant provides written notice delivered to the Landlord that Tenant will not extend the Term of this Agreement at least one (1) year prior to the expiration of the Primary Term or the preceding Option Period.
b. Base Rent for the Extension Options shall be as set forth in Section 3.4 of this Agreement.
c. Notwithstanding the foregoing, any option to extend the Term of this Agreement shall be deemed null and void, at Landlord’s sole discretion, if one or more of the following has occurred:
1) Tenant has been late in the payment of Rent on three (3) or more occasions within any twelve (12) month period, after Tenant first receiving written notice from Landlord that Tenant was late in the payment of Rent for the first two occasions before a third late payment is to occur. For this purpose, a payment shall be deemed to be late if it is received by Landlord after the tenth (10th) day of the month in which such Rent is due.
2) Tenant is in default beyond any applicable cure period in the performance of any of its obligations under this Agreement at the time Tenant exercises any Extension Option, or at the time of commencement of any Option Period.
3) This Agreement has ever been assigned by Tenant other than as set forth in this Agreement.
d. Notwithstanding anything to the contrary contained in the Agreement, at any time after the ninth full year after the Commencement Date, Landlord may elect to terminate the Agreement for any reason or no reason by giving Tenant three hundred sixty five (365) days prior written notice of such election (“Notice”), such termination to be effective as of the date three hundred sixty five (365) days after the date of the Notice (the “Termination Date”). In the event of any termination of the Agreement by Landlord as provided herein, Landlord hereby reserves any and all rights and remedies available to Landlord under the Agreement, at law or in equity with respect to any past due amounts due from Tenant under the ...
Options to Extend. (a) Tenant with the prior written consent of Landlord, which consent shall not be unreasonably withheld, may extend the original Term of this Lease, subject to all the provisions of this Lease including but not limited to provisions for increases in Rent, for one (1) additional period of ten (10) years, followed by six (6) additional periods of five (5) years each, each such period commencing upon the expiration of the term of the immediately preceding period. With respect to each such extended term, Tenant shall give Landlord written notice (in the manner prescribed by Section 18.6) of Tenant's intention to exercise said option not more than thirty (30) months and not less than twenty four (24) months before the end of the Term then in effect. Within sixty (60) days after Landlord's receipt of said notice, Landlord shall advise Tenant in writing whether Landlord consents or does not consent to such extended term. If Landlord does not consent to such extended term, Landlord's written notice shall state the reasons for withholding consent. Landlord's failure to respond within sixty (60) days after its receipt of Tenant's notice of intention to exercise its option shall be deemed to be a grant of consent. If Landlord does not consent to such extended term, then such refusal shall be considered to be Landlord's notice to terminate this Lease as provided below at Section 4.5, Landlord's Special Right of Termination, and Tenant may exercise those rights provided to Tenant by said Section 4.5. After the valid exercise of any option to extend, all references in this Lease to the Term hereof shall be considered to mean the Term as extended, and all references to the end of the Term shall be considered to mean the end of the Term as extended.
(b) Tenant's right to exercise the option to extend for each period is subject to satisfaction of the following conditions precedent: (i) this Lease shall be in effect at the time notice of exercise of an option to extend is given and on the last day of the Term of the Lease prior to its extension; and (ii) Tenant shall not be in Default under any provision of this Lease at the time notice of exercise of the option is given nor shall an Uncured Default exist as of the last day of the Term prior to its extension.
Options to Extend. 2.4.1 Tenant shall have the right to extend the Lease Term (each an “Option to Extend”) for two (2) five-year periods (each an “Extended Term”), provided Tenant is not in Default at the time of exercise and at the time the Extended Term commences of any of the terms, covenants and conditions of the Lease and has provided Landlord with written notice of its intention to extend the Lease not later than twelve (12) months nor earlier than fifteen (15) months prior to the expiration of the Lease Term. The right to extend for the second Extended Term shall be of no force or effect if the Option to Extend for the first Extended Term has not been validly exercised. The Base Rent during each Extended Term shall be the fair market rent (defined below) for the Premises. Within thirty (30) days of Tenant’s exercise of the Option to Extend, Landlord shall notify Tenant in writing of Landlord’s determination of fair market rent and the Base Rent proposed during the applicable Extended Term. The Base Year for the applicable Extended Term shall be changed to the calendar year during which the applicable Extended Term commences (or the following calendar year if the Extended Term commences in the last quarter of a calendar year), and fair market rent shall take that change into account. If Tenant does not agree with Landlord’s proposal, Tenant shall so notify Landlord in writing within thirty (30) days after receipt of the proposal from Landlord. In the event that Landlord and Tenant are unable to agree in writing upon fair market rent within fifteen (15) days after Tenant shall have notified Landlord in writing that Tenant disagrees with such determination, then within five (5) days after the expiration of such 15-day period, the parties shall deliver to each other concurrently at a mutually agreeable place and time their respective final written estimates of fair market rent (including applicable annual increases). If each party’s estimate of fair market rent is the same, then the fair market rent shall equal such estimate. If both parties’ final estimates of fair market rent are within a ten percent (10%) range of the higher final estimate, then fair market rent shall equal the average of the two (2) final estimates. In every other case, fair market rent, based on the two (2) final estimates, shall be determined by arbitration as provided below in Section 2.4.2. Should the determination of fair market rent not be completed or agreed upon prior to the commencement of an...
Options to Extend. Provided that, at the time of giving notice of exercise or at the commencement of the First or Second Option Term, as applicable, no Event of Default or Inchoate Default has occurred which is continuing, Tenant shall have the right and option to extend the term of this Lease for two (2) additional periods of five (5) years each upon the same terms and conditions herein applicable to the Base Term, except for the amount of the Annual Base Rent, the first option being referred to herein as the “First Option,” the second option being referred to herein as the “Second Option,” and the First Option and Second Option being referred to herein, individually, as an “Option” and collectively, as the “Options.” In the event that, at the time of giving notice of exercise or at the commencement of the First or Second Option Term, as applicable, an Inchoate Default has occurred which is continuing, Landlord shall provide Tenant with written notice thereof, Tenant shall have sixty (60) days to cure such Inchoate Default following such written notice, the applicable Option will not expire during such sixty (60) day period so long as Tenant is diligently pursuing such cure and, in the event such Inchoate Default is cured within such sixty (60) day period or Landlord waives in writing the obligation of Tenant to cure such Inchoate Default as a condition to the effectiveness of the exercise of the Option within such sixty (60) day period, the Option shall be deemed to have been timely exercised. The five (5) year period for which the term is extended in the event the First Option is exercised is referred to herein as the “First Option Term”, and the five (5) year period for which the term is extended in the event the Second Option is exercised is referred to herein as the “Second Option Term.” Tenant shall exercise the First Option, if at all, by giving written notice to Landlord of such exercise not less than nine (9) months and not more than twelve (12) months prior to the expiration of the Base Term, and Tenant shall exercise the Second Option, if at all, by giving written notice to Landlord of such exercise not less than nine (9) months and not more than twelve (12) months prior to the expiration of the First Option Term. At Tenant’s request during the three-month periods described in the preceding sentence, Landlord shall, by the later of (a) thirty (30) days after such request and (b) ten (10) months before the commencement of the First or Second Option Term, as applic...
Options to Extend. Sublessee shall have a series of options to extend the term of this Sublease for a period of one year each ("One Year Extensions"), and each such option for a One Year Extension may be exercised by Sublessee throughout the "Initial Lease Term" as defined in the Master Lease. Each such option to extend the Sublease term for a One Year Extension shall be exercised by Sublessee's delivery of written notice thereof to Sublessor at least thirty (30) days prior to the expiration of the then current term of this Sublease, as the same may have been previously extended; provided that no default or event of default then exists under this Sublease on the part of Sublessee. In the event Sublessor elects to exercise its option to extend the term of the Master Lease pursuant to Paragraph 3 of the Addendum No. 1 to the Master Lease, then Sublessee's right to exercise additional options for One Year Extensions shall continue through the five year "extension term" provided in the Master Lease. Notwithstanding the foregoing, if Sublessor requires use of the Subleased Premises for Sublessor's own business operations (and not for assignment or sublease to another person or entity), Sublessor may cancel Sublessee's option to extend the Lease term beyond the first One Year Extension, provided that (i) Sublessor delivers written notice of such cancellation to Sublessee at least one hundred twenty (120) days prior to the expiration of the then current term of this Sublease, and (ii) Sublessor occupies the Subleased Premises for its own business use within sixty days of the expiration of the term of this Sublease and continues such use for a period of at least one year. Any such cancellation shall be effective as of the expiration of the then current term of this Sublease and shall only apply to options to extend following the first One Year Extension; provided that if Sublessor cancels any extension term pursuant to the terms of this Section 5.2, Sublessee shall have no further option to extend the term of this Sublease. Rent payable for each One Year Extension occurring during the Initial Lease Term of the Master Lease will be calculated as set forth in Paragraph 3.1 above. With respect to any One Year Extensions exercised by Sublessee during the five year "extended term" of the Master Lease, the Base Rent payable during each such One Year Extension shall be equal to Sublessee's Share (as defined below) of the Basic Monthly Rent payable by Sublessor under the Master Lease during...
Options to Extend. Two options of five years each. To exercise an option to extend, the Licensee shall provide written notice to the Licensor at least 90 days prior to end of the relevant Term.
Options to Extend. Landlord hereby grants to Tenant two (2) options to extend (“Option(s) to Extend”) the Term for the Premises for an additional five (5) years per extended option term (“Option Term(s)”), upon each and all of the terms and conditions of this Lease as amended below; provided, however, Tenant is not in default of this Lease on the date of exercise of the Option to Extend and has not been in monetary default of this Lease, for more than thirty (30) days, more than three (3) times during the Term, as extended. Tenant shall give to Landlord written notice on or prior to 180 eighty (180) days before expiration of the then current Term or first Option Term of the exercise of the Option(s) to Extend for such Option Term, time being of the essence. The Term as defined in Paragraph 2 hereof shall also include any Options to Extend properly exercised hereunder. If notice of exercise of any Option to Extend is not timely given, all further Options to Extend shall automatically expire. The rent for the Option Terms shall consist of Base Rent as set forth in Paragraph 3.1 herein, Tenant’s Share of Project Expenses pursuant to Paragraph 5, and any other charges under this Lease. The Options to Extend are personal to Tenant and may not be assigned without Landlord’s written consent which may be withheld in its sole discretion, except that Tenant’s Affiliate(s), if any, shall have Tenant’s rights to such Options to Extend.
Options to Extend. Provided there exists no uncured defaults under this Lease at the time Lessee exercises any option to extend (in accordance with this ARTICLE XXXIV), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "EXTENDED TERM"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in SECTION 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTEND") not more than three hundred sixty (360) days prior and not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then such option to extend and all future options to extend granted in this ARTICLE XXXIV shall be null and void and of no further force or effect.
Options to Extend. Tenant shall have the option to extend the term of this Lease for two, ten year periods, subject to the following provisions:
29.1.1 Tenant shall have no right to exercise an option: (a) during the period commencing with the giving of any notice of default and continuing until said default is cured, (b) during the period of time any Rent is due and unpaid, or (c) in the event that Landlord has given three or more notices of separate monetary or material non-monetary defaults, whether or not the defaults are cured, during the 12 months immediately preceding the exercise of the option.
29.1.2 The period of time within which an option may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise an option because of Section 29.1.1.
29.1.3 An option shall terminate and be of no further force or effect, notwithstanding Tenant’s due and timely exercise of the option, if, after such exercise and prior to the commencement of the extended term, (a) Tenant fails to pay Rent for a period of 30 days after such Rent becomes due, or (b) if Tenant commits a default under this Lease and such default is continuing after the expiration of the applicable cure periods set forth in Section 17.1.
29.1.4 Tenant shall exercise the option by delivery of written notice to Landlord not less than 12 months prior to the expiration of the initial term and, if exercised, the first option period, of this Lease. If said notice is not delivered within said time period(s), this option shall terminate.
Options to Extend. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for four additional one-year terms (“Option Periods") through March 31, 2028. City shall provide Contractor written notice in the form of Exhibit E of its intention to exercise its option prior to the end of the then current term.
