Common use of RENEWAL OF THIS AGREEMENT Clause in Contracts

RENEWAL OF THIS AGREEMENT. 7.1 In the event the LESSEE remains in occupation after the date of expiry of the initial terms of this agreement, this lease will automatically be extended continuously and repeatedly on a year to year basis until one of the parties gives 2 (two) months written notice in terms of the lease before the end of the calendar year of which the lease is in existence at the time. 7.2 The rental amount of the extended periods will yearly be determined at the Annual General Meeting.