Common use of Options to Extend or Renew the Term Clause in Contracts

Options to Extend or Renew the Term. (a) In the event a tenant exercises an option or right of first refusal contained in the lease to renew or extend the original term of the lease, Owner shall pay Manager a commission on the Minimum Base Rent during the renewal or extension period in accordance with Paragraph 1 above, computed as if such renewal or extension term were part of the initial term of the lease; provided, however, that Manager shall receive a commission of four percent (4%) for the first five years of the renewal or extension term, two percent (2%) for the sixth through tenth years of the renewal or extension term, and no commission for any additional years of the renewal or extension term.

Options to Extend or Renew the Term. (a) In the event a tenant exercises an option or right of first refusal contained in the lease to renew or extend the original term of the lease, Owner shall pay Manager a commission on the Minimum Base Rent during the renewal or extension period in accordance with Paragraph 1 above, computed as if such renewal or extension term were part of the initial term of the lease; provided, however, that Manager Manger shall receive a commission of four percent (4%) for the first five years of the renewal or extension term, two percent (2%) for the sixth through tenth years of the renewal or extension term, and no commission for any additional years of the renewal or extension term.

Options to Extend or Renew the Term. (a) In the event a tenant exercises an option or right of first refusal contained in the lease to renew or extend the original term of the lease, Owner shall pay Manager a commission on the Minimum Base Rent during the renewal or extension period in accordance with Paragraph 1 I above, computed as if such renewal or extension term were part of the initial term of the lease; provided, however, that Manager shall receive a commission of four percent (4%) for the first five years of the renewal or extension term, two percent (2%) for the sixth through tenth years of the renewal or extension term, and no commission for any additional years of the renewal or extension term.