Possible Extension Clause Samples
The Possible Extension clause allows for the extension of a contract or agreement beyond its original term under certain conditions. Typically, this clause outlines the process for requesting and approving an extension, such as requiring written notice from one party and mutual agreement on new terms or timelines. Its core practical function is to provide flexibility for both parties, ensuring that projects or services can continue without interruption if more time is needed, thereby preventing the need for renegotiating an entirely new contract.
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Possible Extension. Upon the mutual agreement of the parties, this License Agreement may be extended for a period and under such other provisions and/or amendments to the provisions of this Agreement, to be agreed upon in good faith negotiations between the parties.
Possible Extension. 120 days prior to the expiration of the twenty (20) year term of this Lease, the Congregation and Homes shall jointly determine in good faith concerning whether Homes is operating the Complex on the Property in accordance with the Purpose set forth in Section 2 above. If the determination is in the affirmative, Homes and the Congregation shall extend the Lease for an additional Twenty (20) year term upon mutually agreeable terms and conditions.
Possible Extension. The parties agree to meet during 2003 to discuss a five-year extension or renewal of this Agreement upon mutually satisfactory terms and conditions.
Possible Extension. Year 2 Possible Extension – Year 3
Possible Extension. The parties agree to meet during 2005 to discuss a five-year extension or renewal of this Agreement upon mutually satisfactory terms and conditions.
Possible Extension. Upon the mutual agreement of the parties, this Research Agreement may be extended for a period and under such other provisions and/or amendments to the provisions of this Agreement, to be agreed upon in good faith negotiations between the parties.
Possible Extension. The parties agree to meet before September 30, 2005 in order to discuss in good faith a five-year extension or renewal of this Agreement upon mutually satisfactory terms and conditions.
Possible Extension. Borrower has represented to Lender that Borrower expects to complete certain financing by March 31, 1998. If such financing is not completed by that date, but Borrower can demonstrate to Lender's satisfaction that significant progress (as determined by Lender) has been made towards such completion and that such financing is scheduled and anticipated to be completed in the immediate future, and if no other Default or Event of Default has then occurred, Lender will consider extending the maturity due to not later than May 1, 1998, subject to the execution of such documentation as Lender may deem necessary to implement or evidence such extension. Lender's agreement to consider extending the maturity date is not a commitment to do so, and Lender shall make any such decision in its sole and absolute discretion.
Possible Extension. On approximately the commencement of the 19th year of the term hereof, Lessor shall meet with Lessee to consider extending the term hereof beyond 20 years and establishing the provisions of such extended term. Nothing herein shall obligate Lessor or Lessee to agree upon extending the term or establishing the terms.