Renewal Options Sample Clauses
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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. 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. 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. 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. The Lessee shall: (check one)
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. 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. (a) Provided no Event of Default has occurred or is continuing, the Term of this Lease shall be automatically extended for an additional five (5) years to commence on the day next succeeding the Expiration Date (the "First Renewal Term") and to expire on the day (hereinafter referred to as the "Renewal Term Expiration Date") which shall be the fifth (5th) anniversary of the Expiration Date, unless Tenant delivers notice to Landlord on or before the day which is six (6) months prior to the Expiration Date of its election not to extend the Term of this Lease for the First Renewal Term. If this Lease shall be renewed for the First Renewal Term, it shall be upon all of the terms and conditions of this Lease.
(b) Provided no Event of Default has occurred and is continuing, the Term of this Lease shall be automatically extended for an additional five (5) years to commence on the day next succeeding the Renewal Term Expiration Date (the "Second Renewal Term") and to expire on the day which shall be the fifth anniversary of the Renewal Term Expiration Date, unless Tenant delivers notice to Landlord on or before the day which is six (6) months prior to the Renewal Term Expiration Date of its election not to extend the Term of this Lease for the Second Renewal Term. If this Lease shall be renewed for the Second Renewal Term, it shall be upon all of the terms and conditions of this Lease except that Tenant shall not have any further right to renew the Term of this Lease.
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 is executed for the period of time that it takes the Contractor to complete the work.