Common use of Options to Extend Clause in Contracts

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.

Appears in 4 contracts

Samples: Master Lease Agreement (Brookdale Senior Living Inc.), Master Lease Agreement (Brookdale Senior Living Inc.), Lease Agreement (Brookdale Senior Living Inc.)

AutoNDA by SimpleDocs

Options to Extend. Provided there exists no uncured defaults Event of Default under this Lease at the time Lessee exercises any option to extend (in accordance with this ARTICLE XXXIVArticle XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten five (105) years each (each such additional term shall be referred to herein as an "EXTENDED TERMExtended 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 Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE XXXIVArticle XVIII, Lessee shall give Lessor Landlord written notice ("NOTICE TO EXTENDNotice 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 Landlord any such notice, then such option to extend and all future options to extend granted in this ARTICLE XXXIV Article XVIII shall be null and void and of no further force or effect.

Appears in 2 contracts

Samples: Lease Agreement (New York Bagel Enterprises Inc), Lease Agreement (New York Bagel Enterprises Inc)

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 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 TERMExtended 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 Section 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE Article XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTENDNotice 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 Article XXXIV shall be null and void and of no further force or effect.

Appears in 2 contracts

Samples: Lease (Alterra Healthcare Corp), Master Lease Agreement (Alterra Healthcare Corp)

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 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 TERMExtended 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 Section 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE Article XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTENDNotice 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 Article XXXIV shall be null and void and of no further force or effect.. -42- 34.2

Appears in 1 contract

Samples: Lease (Alterra Healthcare Corp)

AutoNDA by SimpleDocs

Options to Extend. Provided there exists no uncured defaults Event of Default under this Lease at the time Lessee exercises any option to extend (in accordance with this ARTICLE XXXIV)Article XVIII) and the option to extend the Ground Lease is timely made, Lessee will have the right to extend this Lease for two (2) periods of ten five (105) years each (each such additional term shall be referred to herein as an "EXTENDED TERMExtended 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 Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE XXXIVArticle XVIII, Lessee shall give Lessor Landlord written notice ("NOTICE TO EXTENDNotice to Extend") not more than three hundred sixty (360) days prior and not less than one hundred eighty ninety (18090) 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 Landlord any such notice, then such option to extend and all future options to extend granted in this ARTICLE XXXIV Article XVIII shall be null and void and of no further force or effect.

Appears in 1 contract

Samples: Lease (New York Bagel Enterprises Inc)

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 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 TERMExtended 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 Section 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE Article XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTENDNotice 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 Article XXXIV shall be null and void and of no further force or effect. -39- 34.

Appears in 1 contract

Samples: Master Lease Agreement (Alterra Healthcare Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!