Common use of Renewal Conditions Clause in Contracts

Renewal Conditions. The renewal of the Initial Term or the First Renewal Term by Tenant pursuant to Section 2(a) or 2(b), respectively, hereof shall require that Tenant demonstrate to the reasonable satisfaction of Landlord that the following conditions (collectively, the “Renewal Conditions”) will be satisfied as set forth below: (i) That Tenant has given written notice (the “Renewal Notice”) to Landlord stating Tenant’s desire to renew the term of this Lease upon the expiration of the Initial Term or the First Renewal Term, as the case may be, at least one hundred eighty (180) days prior to the date for the expiration of the Initial Term or the First Renewal Term, as the case may be. Within thirty (30) days of its receipt of the Renewal Notice, Landlord shall provide Tenant with a detailed schedule of items it requires to satisfy the Renewal Condition described in (ii) below. If, after receipt of the schedule, Tenant desires to continue with a renewal of the Lease, it shall notify Landlord within thirty (30 days of its intent to continue, and shall immediately proceed with plans to complete the scheduled items as soon as practicable. (ii) The Improvements on the Premises are to be maintained, repaired, upgraded, refurbished and renovated as necessary or appropriate in order to preserve and enhance the original quality and aesthetic appearance of the student housing structures, club house and pool area, parking, landscaping, common areas and other appurtenances, amenities and improvements on or about the Premises. Tenant hereby agrees and acknowledges that the satisfaction of this Renewal Condition involves a subjective determination on the part of Landlord and hereby waives any claim, right or cause of action against Landlord provided that Landlord acts in good faith in making a determination that Tenant has failed to satisfy this Renewal Condition. If Tenant determines to proceed with the renewal, it shall diligently pursue completion of the scheduled items and complete the same prior to the end of the first year of the Renewal Term. Failure to do so shall constitute a default hereunder.

Renewal Conditions. The renewal of the Initial Term or the First Renewal Term by Tenant pursuant to Section 2(a) or 2(b), respectively, hereof shall require that Tenant demonstrate to the reasonable satisfaction of Landlord that the following conditions (collectively, the “Renewal Conditions”) will be satisfied as set forth below: (i) That Tenant has given written notice (the “Renewal Notice”) to Landlord stating Tenant’s desire to renew the term of this Lease upon the expiration of the Initial Term or the First Renewal Term, as the case may be, at least one hundred eighty (180) days prior to the date for the expiration of the Initial Term or the First Renewal Term, as the case may be. Failure to timely deliver such written notice shall constitute a waiver of such right to extend the term of this Lease. Within thirty (30) days of its receipt of the Renewal Notice, Landlord shall provide Tenant with a detailed schedule of items it requires to satisfy the Renewal Condition described in (ii) below. If, after receipt of the schedule, Tenant desires to continue with a renewal of the Lease, it shall notify Landlord within thirty (30 30) days of its intent to continue, and shall immediately proceed with plans to complete the scheduled items as soon as practicable. (ii) The Improvements on the Premises are to be maintained, repaired, upgraded, refurbished and renovated as necessary or appropriate in order to preserve and enhance the original quality and aesthetic appearance of the student housing structures, club house and pool area, parking, landscaping, common areas and other appurtenances, amenities and improvements on or about the Premises. Tenant hereby agrees and acknowledges that the satisfaction of this Renewal Condition involves a subjective determination on the part of Landlord and hereby waives any claim, right or cause of action against Landlord provided that Landlord acts in good faith in making a determination that Tenant has failed to satisfy this Renewal Condition. If Tenant determines to proceed with the renewal, it shall diligently pursue completion of the scheduled items and complete the same prior to the end of the first year of the Renewal Term. Failure to do so shall constitute a default hereunder.

Renewal Conditions. The renewal of the Initial Term or the First Renewal Term by Tenant Lesee pursuant to Section 2(a) or 2(b), respectively, hereof shall require that Tenant Lessee demonstrate to the reasonable satisfaction of Landlord Lessor that the following conditions (collectively, the “Renewal Conditions”) will be satisfied as set forth below: (i) That Tenant Lesee has given written notice (the “Renewal Notice”) to Landlord Lessor stating TenantLesee’s desire to renew the term of this Lease upon the expiration of the Initial Term or the First Renewal Term, as the case may be, at least one hundred eighty (180) days prior to the date for the expiration of the Initial Term or the First Renewal Term, as the case may be. Within thirty (30) days of its receipt of the Renewal Notice, Landlord Lessor shall provide Tenant Lessee with a detailed schedule of items it requires to satisfy the Renewal Condition described in (ii) below. If, after receipt of the schedule, Tenant Lessee desires to continue with a renewal of the Lease, it shall notify Landlord Lessor within thirty (30 days of its intent to continue, and shall immediately proceed with plans to complete the scheduled items as soon as practicable. (ii) The Improvements on the Premises are to be maintained, repaired, upgraded, refurbished and renovated as necessary or appropriate in order to preserve and enhance the original quality and aesthetic appearance of the student housing structures, club house and pool area, parking, landscaping, common areas and other appurtenances, amenities and improvements on or about the Premises. Tenant Lessee hereby agrees and acknowledges that the satisfaction of this Renewal Condition involves a subjective determination on the part of Landlord Lessor and hereby waives any claim, right or cause of action against Landlord Lessor provided that Landlord Lessor acts in good faith in making a determination that Tenant Lessee has failed to satisfy this Renewal Condition. If Tenant Lesee determines to proceed with the renewal, it shall diligently pursue completion of the scheduled items and complete the same prior to the end of the first year of the Renewal Term. Failure to do so shall constitute a default hereunder.

Renewal Conditions. The renewal of the Initial Term or the First Renewal Term by Tenant Lesee pursuant to Section 2(a) or 2(b), respectively, hereof shall require that Tenant Lessee demonstrate to the reasonable satisfaction of Landlord Lessor that the following conditions (collectively, the “Renewal Conditions”) will be satisfied as set forth below: (i) That Tenant Xxxxx has given written notice (the “Renewal Notice”) to Landlord Lessor stating TenantXxxxx’s desire to renew the term of this Lease upon the expiration of the Initial Term or the First Renewal Term, as the case may be, at least one hundred eighty (180) days prior to the date for the expiration of the Initial Term or the First Renewal Term, as the case may be. Within thirty (30) days of its receipt of the Renewal Notice, Landlord Lessor shall provide Tenant Lessee with a detailed schedule of items it requires to satisfy the Renewal Condition described in (ii) below. If, after receipt of the schedule, Tenant Lessee desires to continue with a renewal of the Lease, it shall notify Landlord Lessor within thirty (30 days of its intent to continue, and shall immediately proceed with plans to complete the scheduled items as soon as practicable. (ii) The Improvements on the Premises are to be maintained, repaired, upgraded, refurbished and renovated as necessary or appropriate in order to preserve and enhance the original quality and aesthetic appearance of the student housing structures, club house and pool area, parking, landscaping, common areas and other appurtenances, amenities and improvements on or about the Premises. Tenant Xxxxxx hereby agrees and acknowledges that the satisfaction of this Renewal Condition involves a subjective determination on the part of Landlord Xxxxxx and hereby waives any claim, right or cause of action against Landlord Lessor provided that Landlord Lessor acts in good faith in making a determination that Tenant Xxxxxx has failed to satisfy this Renewal Condition. If Tenant Lesee determines to proceed with the renewal, it shall diligently pursue completion of the scheduled items and complete the same prior to the end of the first year of the Renewal Term. Failure to do so shall constitute a default hereunder.