Renewal Rights. Provided no Lessee Event of Default has occurred and remains uncured as of the end of the Current Lease Term, Lessee shall have the right and option (the “Renewal Option”) to extend the term of this Lease with respect to all (but not less than all) of the Leased Property for consecutive renewal terms, each for a length of time equal to five (5) years (each, hereafter referred to as the “Renewal Term”), provided, however, that the maximum aggregate Term shall in no event exceed 99 years.
Appears in 4 contracts
Samples: Lease Agreement (Arc Logistics Partners LP), Lease Agreement (CorEnergy Infrastructure Trust, Inc.), Membership Interests Purchase Agreement (CorEnergy Infrastructure Trust, Inc.)
Renewal Rights. Provided no Level 1 Lessee Event of Default has occurred and remains uncured as of the end of the Current Lease TermTerm End, Lessee shall have the right and option (the “Renewal Option”) to extend the term of this the Lease with respect to all (but not less than all) of the Leased Property for consecutive successive renewal terms, each for a length of time equal to five (5) years (each, hereafter referred to as the “Renewal Term”)years, provided, however, that the maximum aggregate Term shall in no event exceed 99 years. Base Rent during each Renewal Term shall be the Fair Market Rent, determined as set forth below.
Appears in 2 contracts
Samples: Lease Agreement (CorEnergy Infrastructure Trust, Inc.), Purchase and Sale Agreement (CorEnergy Infrastructure Trust, Inc.)
