RIGHTS OF RENEWAL Sample Clauses
RIGHTS OF RENEWAL. 3.1 The Franchisee shall have the right to renew the franchise at the expiration of the Term, subject to the following conditions:
3.1.1 The Franchisee shall by notice in writing to the Franchisor, given not more than 9 months nor less than 6 months before the expiration of the Term, request the Term to be renewed.
3.1.2 subject to receipt of the Franchisee's notice in accordance with Clause 3.1.1 above, the Franchisor shall, not less than two months before expiry of the Term, give notice to the Franchisee to renew the Term for a further period of 5 years (Renewed Term) on the terms of the then current standard franchise agreement provided that prior to the expiry of the Term:
(a) there have been no material breaches of this Agreement and there are no breaches of this Agreement outstanding at the date that the notice referred to in Clause 3.1.1 is served or at any time thereafter up to and including the expiry of the Term and there are no grounds upon which the Franchisor has the right to terminate this Agreement pursuant to Clause 26;
(b) the Franchisee has during the preceding Term performed all its other obligations under this Agreement to the reasonable satisfaction of the Franchisor.
(c) the Franchisee shall at its expense ensure that the Premises and any equipment and other items used in the Franchisee's Business, and the practices of the Franchisee's Business, are of a standard then required by the Franchisor of its new Franchisees and as set out in the Manual.
(d) the Principal and any other persons (specified by the Franchisor) employed by or concerned with the Franchisee shall have completed at the Franchisee's expense such re-training or refresher training at such time and at such place as the Franchisor may require bringing the Franchisee's Business up to the standard then required of new Franchisees.
(e) the Franchisee shall furnish to the Franchisor copies of all its policies of insurance and proof of payment of all premiums in relation to them; and
(f) the Franchisees shall pay the Franchisor's legal costs (if any) plus VAT thereon relating to the renewal of the Agreement up to £750 plus VAT.
3.2 Notwithstanding the provisions of Clause 3.1.2, if after the service of the notice pursuant to Clause 3.1.1 and prior to the execution of the renewal document referred to in Clause 3.3 the Franchisee shall breach any of the other matters as set out in Clause 3.1.2, the Franchisor shall not be obliged to grant a renewal pursuant to this Clause 3.
3.3...
RIGHTS OF RENEWAL. 26.1 Landlord hereby grants to Tenant the conditional right, exercisable at Tenant’s option, to renew the term of this Lease for two (2) successive terms of five (5) years each. If exercised and if the conditions applicable thereto have been satisfied, the first such renewal term (the “First Renewal Term”) shall commence immediately following the end of the initial term provided in Section 2.1 of this Lease, and the second renewal term (the “Second Renewal Term”) shall commence immediately following the end of the First Renewal Term. The rights of renewal herein granted to Tenant shall be subject to, and shall be exercised in accordance with, the following terms and conditions:
(a) Tenant shall exercise its right of renewal with respect to each renewal term by giving Landlord written notice of the exercise thereof (the “renewal option notice”) not later than twelve (12) months and not earlier than eighteen (18) months prior to the expiration of the then-current term of this Lease. In the event the renewal option notice is not given timely, Tenant’s right of renewal with respect to such renewal term shall lapse and be of no further force or effect. Notwithstanding the foregoing, Tenant’s right of renewal shall not expire until and unless Landlord shall have given Tenant at least fifteen (15) days’ prior written notice of such impending expiration. If Tenant is in Default under this Lease on the date the renewal option notice is given or any time thereafter on or before the commencement date of such renewal term, then, at Landlord’s option, the renewal option notice shall be totally ineffective and Tenant’s right of renewal as to such renewal term shall lapse and be of no further force or effect.
(b) Promptly following Landlord’s timely receipt of the renewal option notice for each renewal term, Landlord and Tenant shall commence negotiations concerning the amount of annual base rent and additional rent which shall be payable during each year of such renewal term. The base rent during the First Renewal Term shall be ninety-five percent (95%) of the fair market rental value of the Premises, and the base rent during the Second Renewal Term shall be ninety percent (90%) of the fair. market rental value of the Premises. The parties shall have sixty (60) days after Landlord’s receipt of the renewal option notice in which to agree on the base rent and additional rent which shall be payable during each year of such renewal term. Among the factors to be considered b...
RIGHTS OF RENEWAL. If the Lessee wishes to exercise any right of renewal described in Item 6 of the Schedule, then the Lessee must serve a written notice on the Council not less than three (3) months and not more than six (6) months prior to the expiry of the Initial Term or the preceding Renewal Term (as the case may be) stating its desire to renew this Lease for the relevant Renewal Term specified in Item 6. If such notice is given then:
11.1.1 the Council will be obliged to renew this Lease for the relevant Renewal Term on the same terms and conditions as are contained in this Lease except (in the case of the final Renewal Term) for the exclusion of this clause 11.1; and
11.1.2 the Renewal Term commences immediately after the expiration of the Initial Term or the preceding Renewal Term (as the case may be).
RIGHTS OF RENEWAL. 7.1 Renewable as provided in Item 4.2 above.
RIGHTS OF RENEWAL. The Tenant will have the right, at its option, to renew and to extend this Lease for a term of five (5) years beginning September 1, 1990, and ending August 31, 1995. If that first right to renew this Lease is exercised, the Tenant will have a further right, at its option, to renew this Lease for an additional term of five (5) years beginning September 1, 1995, and ending August 31, 2000. The Tenant may exercise those renewal options by giving written notice to the Landlord at least twelve (12) full months before the expiration of the then-current term. However, notwithstanding the foregoing, the Tenant's purported exercise of a renewal option will be null and void if, prior to the exercise of the renewal option by the Tenant, the Landlord has entered into a bona fide and legally binding
RIGHTS OF RENEWAL. The following sentence is inserted at the end of Section 26.1(b): “Notwithstanding anything herein to the contrary, in determining the fair market rent to be payable during each renewal term, the parties (and the appraisers, if any) shall consider all relevant factors, including, but not limited to, the fact that the Lighting Credit shall continue to apply during any such renewal term. In addition, in determining an Escalating Component for any renewal or extension period, if such Escalating Component is to be applicable to such period, the parties (and the appraisers, if any) shall also take into account each party’s responsibilities and obligations with respect to the garage (“Garage Obligations”) with the effect that any new such Escalating Component shall be equal to a market annual rate for the garage parking spaces less the projected annual amount of Tenant’s Garage Obligations.”
RIGHTS OF RENEWAL. Provided and upon condition that:
(a) Developer, its owners, successors, assigns and affiliates, complies with all obligations of this Agreement, all obligations of any franchise agreements, and any other agreements with Xxxxxxx;
(b) Developer provides Xxxxxxx with written notice that Developer is exercising its rights of renewal hereunder, upon the earlier of (i) 12 months prior to the expiration of this Development Agreement, or (ii) completion of the 11th restaurant under this Agreement in the New England Territory; and
(c) Developer pays Xxxxxxx $100,000 representing the Development Fee for the ten (10) restaurants to be developed in the New England Territory under the renewal term. Developer shall have the right to one renewal of this Agreement (but only with respect to the New England Territory) for a period of 3 years upon substantially the same terms and conditions as contained herein except that Exhibit A to the Agreement shall be Xxxxxxx'x then-current standard franchise agreement and the development schedule pursuant to Section 3.2 shall be as follows: By (Date) Cumulative Total Number of On The Border Restaurants Which Developer Shall Have Open and in Operation in the New England Territory (including 15 On The Border Restaurants Open and in Operation in the New England Territory Under Original Agreement Term) ------------------------------------------------------------------------------ Renewal Commencement Date 15 Renewal Commencement Date and 1 Year 18 Renewal Commencement Date and 2 Years 21 Renewal Commencement Date and 3 Years 25 ==============================================================================
RIGHTS OF RENEWAL