RENEWAL LEASE TERMS Sample Clauses
The Renewal Lease Terms clause defines the conditions under which a lease may be extended beyond its original term. Typically, it outlines the process for exercising a renewal option, such as providing written notice within a specified timeframe, and may specify how rent and other terms will be determined for the renewal period—often referencing the original lease terms or setting out a method for adjustment. This clause provides both parties with clarity and predictability regarding the continuation of the lease, helping to avoid disputes and ensuring a smooth transition if the tenant wishes to remain in the property.
RENEWAL LEASE TERMS. (a) Not earlier than 42 months prior to, but not less than 18 months prior to, the expiration of the Basic Lease Term, so long as no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date any notice is given pursuant to this SECTION 15.1(A) and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(A) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERM") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(A) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.
RENEWAL LEASE TERMS. 54 7.2 Limitation on Lessee's Liability.................................................55
RENEWAL LEASE TERMS. The Term of the Sublease shall automatically be extended for up to three (3) additional periods of five (5) years each unless Tenant gives Landlord a cancellation notice as more particularly set forth in the Sublease. Landlord warrants, covenants and agrees that Landlord will not sell, lease or develop, nor permit the sale, lease or development of any part of the Shopping Center (excepting the Premises) for a restaurant use if fifteen percent (15%) or more of its gross sales, exclusive of tax, beverage and dairy product sales, consist of hamburgers, any other type of beef products served in sandwich form, ground meat or meat substitute, or a combination of ground meat and meat substitute, or chicken sandwiches (or any combination thereof) (the "Tenant Exclusive"). In addition and without limitation or regard to the percentage of sales of the restricted products, the Tenant Exclusive shall also apply to any restaurant operated under any of the following trade names or any successor trade name thereto: Arby’s, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Big Boy, Bresslers, ▇▇▇▇▇'▇ Chicken, Burger Chef, Burger King, Carl's Jr., Carrow's, Checker’s, Church’s Chicken, Chick-fil- a, Chipotle, Culver’s, Denny’s, Denny's, El Pollo Loco, Five Guys Burgers and Fries, Fuddrucker's, Hardee's, In and Out Burgers, ▇▇▇▇-in-the-Box, Kentucky Fried Chicken (KFC), Krystal, McDonald’s, Panera Bread Company, Perkin's, Popeye's Chicken, Quiznos, Raising Cane’s, Rally's, Shoney's, Smashburger, Sonic, Steak ‘n Shake, Subway, Whataburger, White Castle, and Zaxby’s. Tenant has the right to place liens upon and grant security interests in any and all Personalty in accordance with certain conditions set forth in Section 8.05 of the Sublease.
RENEWAL LEASE TERMS. The Lessee may renew this Lease subject to, and in accordance with, the terms and conditions of SECTION 7.1