Common use of RIGHT OF RENEWAL Clause in Contracts

RIGHT OF RENEWAL. At the end of the initial term, this Agreement may be renewed for a further period of years on such terms and conditions as may be mutually agreed between the parties to this Agreement. (a) The Franchisee shall give a written notice of his intention to either renew the Agreement or not, at least six (06) months prior to the expiry of the initial Term of this Agreement. The renewal shall only be effective provided that:- i. The Franchisee has throughout the initial term properly observed and performed all its obligations under this Agreement and is not at the expiry date in default under any such obligations and hereby warrants the same to be done at renewal date; ii. The Franchisee shall satisfy all the monetary obligations owed by it to the Franchisor; iii. Prior to the expiry date, the Franchisee has undertaken, as the Franchisor may have requested, completed or agreed in writing to perform, at the Franchisee’s sole expense, such maintenance, renovation, repairs and refurbishment of the Premises and the equipment, fixtures and fittings used in the Franchise Business as the Franchisor may require within the time prescribed by the Franchisor; iv. Prior to the expiry date, the Franchisee has executed a Letter in such form as the Franchisor may reasonably require relinquishing any and all claims of whatsoever nature against the Franchisor, any holding, subsidiary or affiliate of the Franchisor or any shareholder, director, agent or employee of the Franchisor, or any other Franchisee of the Franchisor; v. Prior to the expiry date, the Franchisee and any person employed by or concerned with the Franchisee in the operation of the business specified by the Franchisor (including without limitation any manager of the Business) shall have completed such re-training or refresher training (to the satisfaction of the Franchisor) at such time and at such place as the Franchisor may request;

RIGHT OF RENEWAL. At that the end Tenant shall have given to the Landlord 6 months' notice in writing before the expiration of the initial termTerm of its desire to renew, subject to what is set out herein, it is mutually agreed and understood that if the Tenant duly and regularly pays the Base Rent and Additional Rent and performs all of the provisions and agreements contained herein on the part of the Tenant to be performed, and provided further that the Tenant is not habitually (which means, for purposes of Sections 9.1 and 9.2 hereof, on more than two (2) occasions in any consecutive twelve (12) month period) in default under the terms of this Agreement may be renewed Lease and is not in default at the time of the exercise of the option herein, then the Landlord shall at the expiration of the Term, upon written request of the Tenant, grant to the Tenant a renewal of this Lease for a further period of years on such five (5) year term (the "First Renewal Term") upon the same terms and conditions as may contained herein, save as to the rental rate. The Base Rent for the First Renewal Term shall be at the then current market rate at the expiration of the Term and as mutually agreed between the parties Landlord and the Tenant. In the event that the Landlord and the Tenant are unable to this Agreement. (a) The Franchisee agree upon the Base Rent for the First Renewal Term, the matter shall give a written notice of his intention be submitted to either renew the Agreement or notarbitration, at least six (06) months prior pursuant to the expiry Arbitrations Act (Ontario). If the award of the initial Term of this Agreement. The renewal shall only be effective provided that:- i. The Franchisee has throughout the initial term properly observed and performed all its obligations under this Agreement and arbitrators is not given before the commencement date of the First Renewal Term, then the Tenant shall commence paying Base Rent at the expiry date in default under any such obligations same rate paid during the Term, which shall be adjusted forthwith after the award of the arbitrators has become final and hereby warrants the same binding, to be done at renewal date; ii. The Franchisee shall satisfy all calculated from the monetary obligations owed by it to the Franchisor; iii. Prior to the expiry date, the Franchisee has undertaken, as the Franchisor may have requested, completed or agreed in writing to perform, at the Franchisee’s sole expense, such maintenance, renovation, repairs and refurbishment commencement date of the Premises and the equipment, fixtures and fittings used in the Franchise Business as the Franchisor may require within the time prescribed by the Franchisor; iv. Prior to the expiry date, the Franchisee has executed a Letter in such form as the Franchisor may reasonably require relinquishing any and all claims of whatsoever nature against the Franchisor, any holding, subsidiary or affiliate of the Franchisor or any shareholder, director, agent or employee of the Franchisor, or any other Franchisee of the Franchisor; v. Prior to the expiry date, the Franchisee and any person employed by or concerned with the Franchisee in the operation of the business specified by the Franchisor (including without limitation any manager of the Business) shall have completed such re-training or refresher training (to the satisfaction of the Franchisor) at such time and at such place as the Franchisor may request;First Renewal Term.

RIGHT OF RENEWAL. At Provided the end Lease is in full force and effect and no exercise of the initial termearly termination option pursuant to Section 40 has occurred , this Agreement may be renewed no Event of Default has occurred and is continuing beyond applicable cure periods, as defined in Section 22 herein, and the Lease is then continuing and no facts or circumstances then exist which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, as of the Expiration Date, Landlord hereby grants to Tenant the right to exercise two (2) consecutive five (5) year lease renewal terms for a further period of years on such the Demised Premises , or the expanded Demised Premises, if previously expanded, subject to the terms and conditions as may be mutually agreed between the parties to this Agreementset forth herein. (a) The Franchisee Without the first five (5) year lease renewal term, there shall give be no right to a written notice second five (5) year lease renewal term. (b) In order to exercise a second lease term renewal, Tenant shall have fulfilled all requirements of his intention this Lease throughout the term of the first lease renewal term. (c) For purposes of rental calculation for Tenant’s Right of Renewal, the Base Rental Rate for Renewal, in the then “As-Is” condition (the “As-Is Base Renewal Rent”), shall be $7.00 per square foot, net of expenses, for calendar year 2005, compounded by the rate of 3% annually to either renew the Agreement or notyear of renewal. (d) Tenant may, at least six by notifying Landlord of its desire, in writing, not less than nine (069) months prior to the expiry end of the initial then current Lease Term, to renew this Lease for an additional term beginning upon the day following the Expiration Date of the then current Lease Term and continuing of this Agreementsixty (60) months thereafter. The renewal shall only of this Lease Agreement will be effective provided that:- i. The Franchisee has throughout the initial term properly observed and performed all its obligations under this Agreement and is not at the expiry date in default under any such obligations and hereby warrants upon the same to terms, covenants and conditions applicable during the then current Lease Term, as provided in this Lease, except that (i) the As-Is Base Renewal Rent and Additional Rent, as defined in the Lease Agreement, payable during the renewal Lease Term shall be done at renewal date; ii. The Franchisee shall satisfy all the monetary obligations owed by it an amount equal to the Franchisor; then As-Is Base Renewal Rent, based upon subsection (c) herein, which may be adjusted, if applicable, to incorporate any tenant finish or renovation funds, leasing commissions, any other allowances or funds provided by Landlord, plus interim interest cost of funds provided by Landlord (the “Renewal Rent”), plus the then current Operating Expenses for the space, considering Tenant’s occupancy thereof; (ii) the defined term “Lease Term” shall be deemed to include the dates of the then applicable lease renewal period; and (iii. Prior ) no free rent, allowances, options, construction obligations or special rent concessions, if any, which were applicable to the expiry dateoriginal Lease Term shall apply during the subsequent renewal terms, unless subsequently agreed upon by Landlord and Tenant. (e) Within ten (10) days following Tenant’s notification to Landlord that Tenant wishes to exercise its Right of Renewal, Landlord shall deliver a renewal offer, in writing, to Tenant specifying the Franchisee has undertakenAs-Is Base Renewal Rent, as defined in subsection (c) herein, with any adjustments to incorporate other factors delineated in subsections (d) herein (the Franchisor “Renewal Rent”). Within ten (10) days following Tenant’s receipt of Landlord’s offer, Tenant may have requestedaccept or decline to accept the offer either on an as-is, completed or agreed renovated, basis. If Tenant declines or fails to accept Landlord’s offer as to the renewal on a renovated basis, then Landlord and Tenant shall negotiate in writing good faith to performagree upon the Renewal Rent during the renewal term for an additional ninety (90) day period. (f) If Landlord and Tenant are unable to agree upon the Renewal Rent for a renewal term within ninety (90) days, then, provided Tenant does not elect to renew the Lease on an as-is basis, Landlord shall be free to market the space for lease to other parties; however, at any time prior to the Franchisee’s sole expenseLease Expiration Date, such maintenanceshould Landlord and Tenant come to agreement on the Renewal Rent, renovation, repairs and refurbishment then the parties may proceed to modification of the Premises and Lease to incorporate the equipment, fixtures and fittings used in the Franchise Business as the Franchisor may require within the time prescribed by the Franchisor; iv. Prior to the expiry date, the Franchisee has executed a Letter in such form as the Franchisor may reasonably require relinquishing any and all claims of whatsoever nature against the Franchisor, any holding, subsidiary or affiliate of the Franchisor or any shareholder, director, agent or employee of the Franchisor, or any other Franchisee of the Franchisor; v. Prior to the expiry date, the Franchisee and any person employed by or concerned with the Franchisee in the operation of the business specified by the Franchisor (including without limitation any manager of the Business) shall have completed such re-training or refresher training (to the satisfaction of the Franchisor) at such time and at such place as the Franchisor may request;appropriate modification language.