Common use of Renewal and Termination of Lease Clause in Contracts

Renewal and Termination of Lease. The Association acknowledges that the Jointly Operated Facilities are leased by the Park Board from pursuant to the Lease and that, if the Lease is terminated this Agreement will terminate, and any remaining Term of this Agreement shall expire, on the day that is one day prior to the date that the Lease is to terminate. The Association further acknowledges and agrees that the Park Board has no obligation to renew the Lease, extend the term of the Lease or enter into a new lease for the Jointly Operated Facilities (or replacement facilities) and that, if maintaining the Lease becomes financially unfeasible for the Park Board, the Park Board may terminate the Lease in accordance with the provisions of the Lease.

Renewal and Termination of Lease. The Association acknowledges that the Jointly Operated Facilities are leased by the Park Board from pursuant to the Lease and that, if the Lease is terminated this Agreement will shall terminate, and any remaining Term of this Agreement shall expire, on the day that is one day prior to the date that the Lease is to terminate. The Association further acknowledges and agrees that the Park Board has no obligation to renew the Lease, extend the term of the Lease or enter into a new lease for the Jointly Operated Facilities (or replacement facilities) and that, if maintaining the Lease becomes financially unfeasible for the Park Board, the Park Board may terminate the Lease in accordance with the provisions of the Lease.

Renewal and Termination of Lease. The Association acknowledges that the Jointly Operated Facilities are leased by the Park Board from pursuant to the Lease and that, if the Lease is terminated this Agreement will shallwill terminate, and any remaining Term of this Agreement shall expire, on the day that is one day prior to the date that the Lease is to terminate. The Association further acknowledges and agrees that the Park Board has no obligation to renew the Lease, extend the term of the Lease or enter into a new lease for the Jointly Operated Facilities (or replacement facilities) and that, if maintaining the Lease becomes financially unfeasible for the Park Board, the Park Board may terminate the Lease in accordance with the provisions of the Lease.