Options to Extend Agreement. As of the end of the Term, Hospital shall have the option either to: 19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon in writing by GKF and Hospital; or 19.2 Terminate this Agreement as of the expiration of the Term. GKF shall be responsible to contract with Elekta for removal of the Equipment as soon as practicable. Hospital shall exercise one (1) of the two (2) options referred to above by giving an irrevocable written notice thereof to GKF at least nine (9) months prior to the expiration of the initial Term. Any such notice shall be sufficient if it states in substance that Hospital elects to exercise its option and states which of the two (2) options referred to above Hospital is exercising. If Hospital fails to exercise the option granted herein at least nine (9) months prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Hospital exercises the option to extend the Term and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term.
Appears in 2 contracts
Samples: Equipment Lease Agreement (American Shared Hospital Services), Equipment Lease Agreement (American Shared Hospital Services)
Options to Extend Agreement. As of the end of the Term, Hospital shall have the option either to:
19.1 Extend the Term of this Agreement for a specified period of time and upon such other terms and conditions as may be agreed upon in writing by GKF and Hospital; or: or shall automatically terminate unless extended by the Hospital in writing.
19.2 Terminate this Agreement as of At the expiration end of the Term. GKF , the Hospital shall be responsible have the option to contract with Elekta for removal extend the Term of the Equipment Agreement for a specified period of time and upon such other terms and conditions as soon as practicablemay be agreed upon by GKF and the Hospital. Should the Hospital not exercise such option, this Agreement shall automatically terminate. The Hospital shall exercise one (1) of the two (2) options referred to above such option by giving an irrevocable written notice thereof to GKF at least nine (9) months prior to the expiration of the initial Termterm. Any such notice shall be sufficient if it states in substance that Hospital elects to exercise its option and states which GKF and Hospital can agree upon the terms of the two (2) options referred to above Hospital is exercisingextension. If Hospital fails to exercise the option granted herein at least nine (9) months prior to the expiration of the initial Term, the option shall lapse and this Agreement shall expire as of the end of the initial Term. Further, if Hospital exercises the option to extend set forth in the Term first sentence of this Section 19 and the parties are unable to mutually agree upon the length of the extension of the Term or any other terms or conditions applicable to such extension prior to the expiration of the Term, this Agreement shall expire as of the end of the initial Term. At the end of the term, this Agreement shall automatically terminate unless it is extended upon the written agreement of GKF and Hospital.
Appears in 2 contracts
Samples: Equipment Lease Agreement (American Shared Hospital Services), Equipment Lease Agreement (American Shared Hospital Services)
