Options to Renew. Provided that no Event of Default by Tenant under this Lease exists as of the date of exercise of the applicable option or at the expiration of the initial term or preceding Option Term, and provided further that Tenant has not assigned this Lease, Tenant shall have the option to extend the initial lease term for four (4) additional, successive terms of five (5) years each (each, an "OPTION TERM"). Tenant shall exercise the option, if at all, by delivering to Landlord written notice of the exercise no sooner than fifteen (15) months nor later than twelve (12) months prior to the expiration of the initial Lease Term or preceding Option Term, as applicable. Tenant's right to exercise each option shall be conditioned upon Tenant delivering to Landlord with Tenant's notice of exercise, current financial reports which evidence that Tenant's financial condition on the date of exercise is equal to or better than Tenant's financial condition on the date of execution of this Lease. If Tenant's financial condition has declined in Landlord's business judgment, Landlord may refuse to accept Tenant's exercise unless Tenant agrees to provide a new Letter(s) of Credit with terms and amounts acceptable to Landlord in its business judgment to secure Tenant's obligations during the applicable Option Term. All terms, provisions, conditions and covenants of this Lease shall remain in full force and effect during the Option Terms, provided that Tenant shall have no additional option periods and the Base Rent payable during the first Lease Year of each Option Term (and for increases during the Option Term, as applicable) shall be the market rate then prevailing as projected for the commencement of the applicable Option Term, for premises comparable in size, quality and location in comparable class R&D/Office buildings throughout the Tri-Valley/Livermore area taking into account all relevant factors (the "MARKET RENT"). Base Rent for the Option Term shall be determined prior to the commencement of the applicable Option Term in the following manner: If Landlord and Tenant are unable to agree on the market rent within sixty (60) days after Tenant gives notice of its exercise of the Option Term, then Tenant shall have the right to revoke its exercise of the option by delivering written notice within ten (10) days following the expiration of such 60-day period. In the event of such revocation, Tenant shall forfeit all rights to thereafter exercise any option under this Lease and the...
Options to Renew. Provided Tenant is not in default of any of the terms or conditions of the Lease beyond the applicable notice and cure period at the time of exercise, Tenant is granted two (2) successive options (each, an “Option Term”, collectively, the “Option Terms”, and successively the “First Option Term” and the “Second Option Term”) to extend the term of the Lease following the initial Term and then following the First Option Term if so exercised, upon the following terms and conditions. The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the initial Term (as to the First Option Term) or 365 days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term. Subject to the conditions herein expressed, delivery of the written notice of the intent to exercise the then applicable Option Term shall irrevocably commit the Tenant to the Option Term so exercised. Each Option Term shall be subject to all the terms, covenants and conditions of the Lease, except as modified by this provision (meaning, no further options will be re-imposed, subject only to the Second Option Term). If Tenant does not so exercise any such Option Term in the time and manner herein provided, time being strictly of the essence, any and all of Tenant’s option rights for the Option Term at bar (and any otherwise succeeding Option Term) shall irrevocably be deemed waived. The Base Rent and monthly installments thereof for each year of each Option Term shall be as specified on the attached Rent Schedule, if exercised.
Options to Renew. The City has [number of options] options to renew the Agreement for a period of [one year or other time span] each. The City may extend this Agreement beyond the expiration date by exercising an option at the City’s sole and absolute discretion and by modifying this Agreement as provided in Section 11.5, “Modification of this Agreement.”
Options to Renew. Provided that Lessee is not in default in the performance of this lease, Lessee shall have one option to renew the lease for additional Three (3) years commencing at the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term. The option shall be exercised by written notice given to Lessor not less than 60 days prior to the expiration of the initial lease term. If notice is not given in the manner provided herein within the time specified, this option shall expire.
Options to Renew. 1.5.1 Lessee is hereby granted two (2) successive options to renew this Master Lease as to the Non-Litchfield Facilities for a period of ten (10) Lease Years each (each a “Non-Litchfield Option to Renew”), with the first such Non-Litchfield Option to Renew being for the period from January 1, 2014 through December 31, 2023 and the second such option being for the period from January 1, 2024 through December 31, 2033. The Non-Litchfield Options to Renew are subject to the following terms and conditions (which conditions may be waived by Lessor in its sole discretion):
(a) A Non-Litchfield Option to Renew is exercisable only by Notice to Lessor at least three hundred and sixty-five (365) days, and not more than five hundred forty-five (545), prior to the expiration of the Initial Continued Term (or prior to the expiration of the period covered by the preceding Non-Litchfield Option to Renew, as the case may be);
(b) No Event of Default shall have occurred and be continuing either at the time a Non-Litchfield Option to Renew is exercised or at the commencement of the period covered by each Non-Litchfield Option to Renew;
(c) During the period covered by each Non-Litchfield Option to Renew, except as otherwise specifically provided for herein, all of the terms and conditions of this Master Lease shall remain in full force and effect; and,
(d) Lessee may exercise its Non-Litchfield Facilities Option to Renew with respect to all (and no fewer than all) of the Non-Litchfield Facilities which are subject to this Master Lease at the time of exercise of each Non-Litchfield Option to Renew.
1.5.2 Lessee is hereby granted two (2) successive options to renew this Master Lease as to the Litchfield Facilities (each a “Litchfield Option to Renew”), with the first such Litchfield Option to Renew being for the period from October 1, 2017 through December 31, 2023 and the second such option being for the period from January 1, 2024 through December 31, 2033. The Litchfield Options to Renew are subject to the following terms and conditions (which conditions may be waived by Lessor in its sole discretion):
(a) A Litchfield Option to Renew is exercisable only by Notice to Lessor at least three hundred and sixty-five (365) days, and not more than five hundred forty-five (545), prior to the expiration of the Initial Litchfield Term (or prior to the expiration of the period covered by the preceding Litchfield Option to Renew, as the case may be);
(b) No Event of Default shall have...
Options to Renew. This Contract may be renewed for up to two (2) additional one (1) year period(s). Renewal must be by mutual written agreement of the parties, not less than 30 days before expiration of the Contract.
Options to Renew. Provided Tenant is not in default under this Lease, Tenant shall have an option to renew this Lease for three (3) successive periods of five (5) years each. Tenant shall exercise the option to renew by giving notice to Landlord not more than eighteen (18) months nor less than twelve (12) months before expiration of the then-existing term. Except as provided below, each renewed term shall be on the same terms, covenants, and conditions as provided in this Lease for the initial term. The initial Base Rent shall be equal to the Base Rent at the commencement of the previous lease term, increased to reflect any increase in the cost of living index during the entire previous term. The increase shall be calculated on the basis of the U.S. Department of Labor Consumer Price Indexes, All Items Indexes, All Urban Consumers for the San Francisco-Oakland-San Xxxx area, based on the most recent publication of the index immediately prior to the adjustment date. The Base Rent for the second renewal term shall be equal to the fair rental value for the Premises as agreed by the parties. In no event shall the rent be less than the rent in effect immediately prior to the commencement of the second renewal term. In the event the parties cannot agree upon the amount of rental, the parties shall agree upon an appraiser to fix the fair market rental. In the event the parties cannot agree upon an appraiser, either party may petition the Superior Court of the State of California for the County of Santa Xxxx to have the court appoint such an appraiser, with each party to bear one-half of the cost of such appraiser. The Base Rent for the third renewal term shall be equal to the Base Rent at the commencement of the previous lease term, increased to reflect any increase in the cost of living index during the entire previous lease term. The increase shall be calculated on the basis of the U.S. Department of Labor Consumers for the San Francisco-Oakland-San Xxxx area, based on the most recent publication of the index immediately prior to the adjustment date.
Options to Renew. At the discretion of DHS, this Agreement may be renewed in writing by an amendment not less than 30 days before its expiration. This Agreement may be renewed for up to two additional one-year periods.
Options to Renew. If the Tenant is Northern Quinoa Production Corporation and is itself in occupation of the whole of the Premises throughout the Term in accordance with the Lease and if the Tenant is:
(a) Not in default in the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/or;
(b) Has not been in chronic default as defined in this Lease during two (2) or more immediately preceding three hundred and sixty-five (365) day periods during the Term of the Lease; The Tenant shall have the right by written notice given to the Landlord not less than one hundred eighty (180) days prior to the expiration of the Term to renew this Lease for two (2) periods of three (3) years each (the “Renewal Term(s)”. Said Renewal Term(s) shall be subject to the same terms and conditions as contained in the Lease except for Base Rent, which shall be negotiated, and any inducements, and there shall be no further right of renewal. The Base Rent for the Renewal Term(s) shall be equal to the fair market rent anticipated to be in effect by the commencement of the Renewal Term(s) for space of comparable size, quality and location, as agreed between the Landlord and the Tenant. In the event the parties are unable to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable during the Renewal Term(s) be less than the Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s).
Options to Renew. Two (2) option(s) to renew, each for a term of five (5) years.
