Options to Extend the Lease Term. Provided: (i) no Event of Default (as defined in Section 18.1) exists nor any condition that, with notice and/or the passage of time, would constitute an Event of Default; (ii) there has not previously been a material monetary Event of Default, i.e., representing a failure to pay Monthly Rent for a period of three (3) consecutive months or more during the Term (irrespective of the fact that Tenant cured such default); (iii) this Lease is in full force and effect; (iv) Tenant is the original Tenant named in this Lease; and (iv) Tenant is then occupying 100% of the Premises for the conduct of Tenant’s business, Tenant shall have _________ (___) option(s) (each, an “Extension Option”) to extend the Lease Term beyond the original Lease Expiration Date for consecutive periods of ____ (___) month(s) each (each, an “Extended Term”). Each Extension Option must be exercised, if at all, by written notice from Tenant to Landlord given not more than _____ (__) months nor less than ____ (__) months prior to the expiration of the then current Lease Term. If Tenant fails to exercise the Extension Option in a timely manner, the Extension Option shall be void and of no force or effect. The conditions and requirements for the exercise of the Extension Option, including the Monthly Rent (as defined below) payable during each Extended Term shall be as provided in Addendum 2, attached hereto and incorporated herein by this reference. All other terms and conditions of this Lease shall remain in full force and effect during the Extended Term(s).
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Samples: Lease Agreement, Retail Lease
Options to Extend the Lease Term. Provided: (i) no Event of Default (as defined in Section 18.1) exists nor any condition that, with notice and/or the passage of time, would constitute an Event of Default; (ii) there has not previously been a material monetary Event of Default, i.e., representing a failure to pay Monthly Rent for a period of three (3) consecutive months or more during the Term (irrespective of the fact that Tenant cured such default); (iii) this Lease is in full force and effect; (iv) 41.01. Tenant is hereby granted one (1) option (the original Tenant named in this Lease; and (iv) Tenant is then occupying 100% of the Premises for the conduct of Tenant’s business, Tenant shall have _________ (___) option(s) (each, an “"Extension Option”") to extend the Lease Term beyond for an additional term of five (5) years (an "Extension Term"), beginning on the original day after expiration of the Initial Lease Expiration Date for consecutive periods Term and expiring five (5) years thereafter (unless terminated sooner pursuant to any other terms or provisions of ____ the Lease), on all of the same terms and conditions as set forth in the Lease, but at an adjusted Base Monthly Rent as set forth in Section 41.02 below (___) month(s) each (each, an “Extended and without any additional options to extend the Lease Term after the expiration of the Extension Term”). Each The Extension Option may be exercised by Tenant only by delivery of written notice of such exercise ("Extension Notice") to Landlord, which Extension Notice must be exercisedreceived by Landlord at least one hundred eighty (180) days before the expiration of the Initial Lease Term or first Extension Term, as applicable. If Tenant fails to timely deliver the Extension Notice, or if at all, by written notice from Tenant this Lease is terminated pursuant to Landlord given not more than _____ (__) months nor less than ____ (__) months any other terms or provisions of this Lease prior to the expiration of the then current Initial Lease Term or the Extension Term, as applicable, all remaining Extension Option shall lapse, and Tenant shall have no right to extend or further extend the Lease Term. If Tenant fails to exercise the Extension Option in a timely manner, the The Extension Option shall be exercisable by Tenant on the express conditions that (i) at the time of delivery of the applicable Extension Notice and at all times prior to the commencement of the Extension Term, Tenant shall not be in default under this Lease beyond the applicable cure period, (ii) Tenant has not previously been in default beyond the applicable cure period (whether or not any such default has been timely cured) under this Lease on more than three (3) occasions during the Lease Term, and (iii) except for a Permitted Assignment, Tenant has not Transferred this Lease nor sublet all or any part of the Premises, it being understood that the Extension Option is personal to the original named Tenant under this Lease or successor in a Permitted Assignment. In the event of any such Transfer or sublease, all unexercised Extension Option shall lapse and shall be null and void and of no further force or effect. The conditions and requirements for the After exercise of the Extension OptionOption by Tenant in accordance with the foregoing provisions, including the Monthly Rent (as defined below) payable during each Extended Term Tenant's obligation to renew shall be as provided in Addendum 2, attached hereto and incorporated herein irrevocable by this reference. All other terms and conditions of this Lease shall remain in full force and effect during the Extended Term(s)Tenant.
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Options to Extend the Lease Term. Provided: (i) no Event of Default (as defined in Section 18.1) exists nor any condition that, with notice and/or the passage of time, would constitute an Event of Default; (ii) there has not previously been a material monetary Event of Default, i.e., representing a failure to pay Monthly Rent for a period of three (3) consecutive months or more during the Term (irrespective of the fact that Tenant cured such default); (iii) this Lease is in full force and effect; (iv) 41.01 Tenant is hereby granted two (2) options (the original Tenant named in this Lease; and (iv) Tenant is then occupying 100% of the Premises for the conduct of Tenant’s business, Tenant shall have _________ (___) option(s) (each, an “"Extension Option”Options") to extend the Lease Term beyond the original Lease Expiration Date for consecutive periods an additional term of ____ five (___5) month(s) years each (each, an “Extended "Extension Term”" and collectively, "Extension Terms"), each beginning on the day after expiration of the Initial Lease Term or first Extension Term, as the case may be, and expiring five (5) years thereafter (unless terminated sooner pursuant to any other terms or provisions of the Lease), on all of the same terms and conditions as set forth in the Lease, but at an adjusted Base Monthly Rent as set forth in Section 41.02 below (and without any additional options to extend the Lease Term after the expiration of the Second Extension Term). Each The Extension Option Options may be exercised by Tenant only by delivery of written notice of such exercise ("Extension Notice") to Landlord, which Extension Notice must be exercisedreceived by Landlord at least one hundred eighty (180) days before the expiration of the Initial Lease Term or first Extension Term, as applicable. If Tenant fails to timely deliver the Extension Notice, or if at all, by written notice from Tenant this Lease is terminated pursuant to Landlord given not more than _____ (__) months nor less than ____ (__) months any other terms or provisions of this Lease prior to the expiration of the then current Initial Lease Term or the first Extension Term, as applicable, all remaining Extension Options shall lapse, and Tenant shall have no right to extend or further extend the Lease Term. If The Extension Options shall be exercisable by Tenant fails on the express conditions that (i) at the time of delivery of the applicable Extension Notice and at all times prior to exercise the commencement of the applicable Extension Term, Tenant shall not be in default under this Lease beyond the applicable cure period, (ii) Tenant has not previously been in default beyond the applicable cure period (whether or not any such default has been timely cured) under this Lease on more than three (3) occasions during the Lease Term, and (iii) except for a Permitted Assignment, Tenant has not Transferred this Lease nor sublet all or any part of the Premises, it being understood that the Extension Option in a timely mannerOptions are personal to the original named Tenant under this Lease. In the event of any such Transfer or sublease, the all unexercised Extension Option Options shall lapse and shall be null and void and of no further force or effect. The conditions and requirements for the After exercise of each Extension Option by Tenant in accordance with the Extension Optionforegoing provisions, including the Tenant's obligation to renew shall be irrevocable by Tenant.
41.02 Base Monthly Rent (as defined below) payable during each Extended thirty (30) month period of each Extension Term shall be computed as provided follows. As used here, the term, "Index," shall mean the Consumer Price Index for all Urban Consumers, U.S. City Average (1982/82=100), the term, "Extension Adjustment Month," shall mean the first (1st) month of each Extension Term and the thirty-first (31st) month of each Extension Term, the term, "Extension Comparison Index," shall mean the Index published and which is in Addendum 2effect the three (3) months preceding the commencement of each Extension Adjustment Month, attached hereto and incorporated herein by this reference. All other terms and conditions of this Lease the term, "Beginning Index," shall remain mean the Index published which is in full force and effect during the Extended Term(s)thirty-fourth (34th) month of the Lease Term. Base Monthly Rent for each thirty (30) month period during each Extension Term shall be the product of the Base Monthly Rent for the thirty-seventh (37th) through sixtieth (60th) months of the Initial Lease Term as specified in Section 1.07 above, multiplied by a fraction, the numerator being the applicable Extension Comparison Index and the denominator being the Beginning Index. In no event, however, shall the Base Monthly Rent during any thirty (30) month period of any Extension Term be less than the Base Monthly Rent due during the immediately preceding thirty (30) month period of the Lease Term. Landlord will give Tenant notice of each increase by written invoice; however, failure of Landlord to give such notice shall not be construed as a waiver of the increase and any such increased amount shall accrue as rent. If after this Lease is executed the Index is discontinued or revised, Landlord reserves the right to use a conversion factor formula or table as may be published by the Bureau of Labor Statistics or a different Index in order to obtain substantially the same result.
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