Renewal Options a. Tenant shall have the right and option to renew the Lease (“Renewal Option”) for two (2) successive renewal periods of five (5) years each (each, an “Option Term”); provided, however, the Renewal Option is contingent upon the following: (i) there is not an Event of Default beyond all applicable cure period(s) at the time Tenant gives Landlord notice of Tenant’s intention to exercise the Renewal Option or at the expiration of the current Term; (ii) no event has occurred that upon notice or the passage of time would constitute an Event of Default, unless Landlord has given notice of default and Tenant is diligently attempting to cure such event; and (iii) Tenant is occupying the Premises. Following expiration of the final Option Term allowable hereunder, Tenant shall have no further right to renew the Lease pursuant to this Section 5.
b. Tenant shall exercise the Renewal Option by giving Landlord notice at least one hundred eighty (180) days prior to the expiration of the current Term. If Tenant fails to give notice to Landlord prior to the 180-day period, then Tenant shall forfeit the Renewal Option. If Tenant exercises the Renewal Option, then during the Option Term, Landlord and Tenant’s respective rights, duties and obligations shall be governed by the terms and conditions of the Lease, except as provided otherwise in this Section. Time is of the essence in exercising the Renewal Option.
c. The Base Rental for an Option Term shall be the Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Franklin, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustmen...
Renewal Options. The State requires two (2) five (5) year options to renew with thirty (30) days advance written notice to the Landlord to exercise such option based on the terms and conditions defined in the Initial Lease. Please outline the rental rate for said option periods.
Renewal Options. This contract is initially executed for the period of 1 year with the option, at the Agency’s discretion, of 4 additional one-year option periods, for a maximum total of 5 years.
Renewal Options. This contract is initially executed for a period of 12 months with the option, at MPHA’s discretion, to extend multiple times up to 48 additional months, for a maximum total of 60 months.
Renewal Options. The Lessee shall: (check one) ☐ - Have the option to renew this Agreement by providing at least [#] days’ notice before any ending termination date. The Lessee shall have [#] renewal period(s) as follows: 1st Renewal Period: From [START - MM/DD/YYYY], to [END - MM/DD/YYYY]. Monthly Rent: [AMOUNT (IN WORDS)] Dollars ($[AMOUNT (AS A NUMBER)]) 2nd Renewal Period: From [START - MM/DD/YYYY], to [END - MM/DD/YYYY]. Monthly Rent: [AMOUNT (IN WORDS)] Dollars ($[AMOUNT (AS A NUMBER)]) The Initial Term and any renewal periods shall be referred to as the "Term.” ☐ - Not have the option to renew this Agreement.
Renewal Options. This Contract may be renewed upon satisfactory completion of the Term. The State reserves the right to execute up to two (2) renewal options under the same terms and conditions for a period not to exceed twelve (12) months each by the State, at the State's sole option. In no event, however, shall the maximum Term, including all renewals or extensions, exceed a total of sixty (60) months.
Renewal Options. The Lessee shall: (check one)
Renewal Options. This contract is executed for the period of time that it takes the Contractor to complete the work.
Renewal Options. If Airline is not in default of any terms of this Agreement or in the payment of any Rents, fees or other charges to Authority, and if Airline has performed all the terms, covenants and conditions herein contained, this Agreement may be renewed at the terms and conditions stated hereunder for five (5) separate, additional one (1) year terms subsequent to the end of the Initial Term (each additional term hereinafter referred to as a Renewal Term) upon written request by Airline at least 60 days prior to this Agreement’s expiration and written approval by Authority's CEO. Such renewal will be effective by letter without formal amendment to this Agreement. If all such renewal options are requested by Airline and approved by Authority, this Agreement will have a final termination date of no later than September 30, 2026.
Renewal Options. Lessor hereby grants to Lessee the option to extend the term of this Lease for the following periods (each, a “Renewal Term”):
(a) for two consecutive terms of five (5) years each and a third consecutive terms of four (4) years, the first commencing on the date that is the day after the expiration of the Base Term and ending on the fifth (5th) anniversary of the expiration of the Base Term (the “First Renewal Term”); the second (the “Second Renewal Term”) commencing on the day that is the day after the expiration of the First Renewal Term and ending on the fifth (5th) anniversary thereof and the third (“Third Renewal Term”) commencing on the day that is the day after the expiration of the Second Renewal Term and ending on the fourth (4th) anniversary thereof (collectively, the “Renewal Terms”). In order to exercise its option to extend this Lease for any Renewal Term, the Lessee shall give Lessor written notice of its intent to exercise its option to extend the term of this Lease not less than twelve (12) months prior to the expiration of the Base Term or the then current Renewal Term, time being of the essence. If Lessee fails to provide such notice for any Renewal Term Lessee will be deemed to have waived its right to renew.
(b) The monthly Base Rent for the Renewal Terms shall be as set forth on Schedule 3.1 hereof.
(c) The right of Lessee to extend the term of this Lease for any Renewal Term is contingent upon there not being any Lease Event of Default in existence on the date of Lessee’s exercise of such right or on the date that the Renewal Term commences.
