Non-Renewal Any grounds for termination stated in Section 24(c) above also may be grounds for non-renewal. In addition, the State Board or Local Board may elect not to renew the Charter if the petition for renewal does not comply with the Charter Schools Act and the rules, regulations, policies, and procedures promulgated in accordance with the Charter Schools Act or if the State Board or Local Board deems that the Charter School has not sufficiently increased student achievement or is no longer in the public interest.
LEASE RENEWAL (a) If Lessee elects, or is deemed to elect, the Subsequent Renewal Option for a Lease, then such Lease (with respect to all, but not less than all, of the Equipment under such Lease) shall be extended for such term as Lessor and Lessee mutually agree, but not less than twelve (12) months (each such term, a “Subsequent Renewal Term”), commencing on the day following the last day of the Initial Renewal Term or the prior Subsequent Renewal Term, as applicable. Rent payable during any Subsequent Renewal Term shall be the Fair Market Rental Value for the Equipment as determined below. The commencement of any Renewal Term is conditioned upon the counterparty to any Project Document (including the Power Purchase Agreement) renewing the terms of such Project Document with respect to the relevant Equipment, upon the CAAA (as defined in the Master Purchase Agreement) remaining in full force and effect, and otherwise upon mutually agreeable Lease terms between Lessor and Lessee. (b) The Fair Market Rental Value (as defined below) of the Equipment, as of the commencement of the Subsequent Renewal Term of any Lease, shall be determined by agreement of Lessor and Lessee within sixty (60) days after receipt by Lessor of the irrevocable notice from the Lessee of its election to renew such Lease, or, if they shall fail to agree within such sixty (60) day period, shall be determined by a qualified, independent appraiser that is a member of the American Society of Appraisers and that is selected by Lessee and approved by Lessor, such approval not to be unreasonably withheld or delayed (the “Appraisal Procedure”), with the fair market rental value as determined by such appraiser to be binding and conclusive on the Parties as the “Fair Market Rental Value” for purposes of such Lease, and the fees and expenses of the appraiser shall be borne by Lessee. The Rent payable during any Subsequent Renewal Term shall be equal to the average of the Rent payable during the twelve (12) month period immediately preceding such Subsequent Renewal Term until the Fair Market Rental Value is determined, at which time the prior Rent payments shall be adjusted to take into account such determination. (c) The amounts that are payable during any Subsequent Renewal Term as Termination Value shall be determined on the basis of the fair market sales value of the Equipment as of the commencement of such Subsequent Renewal Term and shall be set forth in a schedule to be mutually agreed by Lessor and Lessee prior to the commencement of such Subsequent Renewal Term. If Lessor and Lessee cannot agree on the fair market sales value, such amount shall be determined by the Appraisal Procedure, and the fees and expenses of the appraiser shall be borne by Lessee.
Contract Renewal State may renew this Contract under its then-existing terms and conditions (subject to potential cost adjustments described below in section 2) in one (1)-year intervals, or any interval that is advantageous to State. This Contract, including any renewals, may not exceed a total of seven (7) years.