Second Option to Extend. The option to extend the First Extended Maturity Date to the Second Extended Maturity Date (“Second Option to Extend”) shall be approved by Lender in its sole discretion. In order for the Lender to consider such extension, the Sponsor must satisfy each of the following conditions precedent in Lender’s sole discretion:
(i) Sponsor shall provide written Notice of its request to Lender to approve the Second Option to Extend at least 60 days, but no more than 90 days, prior to the First Extended Maturity Date, which Notice shall be supplemented by such additional information as Lender may reasonably require to determine, in its sole discretion, whether the conditions set forth in this Section 2.3.2 have been satisfied;
(ii) Sponsor shall pay (a) the Extension Fee to Lender together with the Notice delivered pursuant to clause (i) above (provided, that if Sponsor elects to withdraw its Notice delivered pursuant to clause (i) above prior to Lender’s approval of the Second Option to Extend, then Lender shall reimburse Sponsor for the Extension Fee) and (b) all of Lender’s and Servicer’s reasonable costs and expenses (including, without limitation, Attorneys’ Fees and Costs) incurred in connection with the requested extension prior to the First Extended Maturity Date;
(iii) Sponsor shall provide to Lender all documents in connection with the requested extension as Lender shall require, in its sole discretion;
(iv) no Potential Default or Event of Default shall have occurred and then be continuing under this Agreement, or any of the Loan Documents;
(v) no Potential Affiliate Borrower Default or Affiliate Borrower Default shall have occurred and be continuing under any Affiliate Borrower Credit Agreement or any of the Affiliate Borrower Loan Documents.
(vi) Borrower shall be in compliance with the Sublimits;
(vii) Each Affiliate Borrower shall be in compliance with the Sublimits as set forth in such Affiliate Borrower Credit Agreement; and
(viii) The representations and warranties set forth in Section 7 shall be true and correct as of the date of Sponsor’s Notice to Lender requesting the extension and as of the effective date of the extension of the First Extended Maturity Date. If, in its sole discretion, the Lender approves the Second Option to Extend, then the Net Spread applicable for any Borrowing Advance Tranche shall be redetermined by Lender in its sole discretion in accordance with Section 4.2.3 hereof. Lender, Borrower and Sponsor shall evidence the Second...
Second Option to Extend. [Terms to be negotiated in each instance.]
Second Option to Extend. On or before one hundred twenty (120) days prior to the expiration of the First Extension Period, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “Second Extension Period”). The maximum term of the Lease with the second extension is fifty-four and one-half (54 1/2) years.
Second Option to Extend. In the event Tenant exercises its First Option to Extend above, Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2026, to 12:01PM on 31st Day of December 2031. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than the December 31st, 2025. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
Second Option to Extend. The Borrower shall have the option to extend the term of the Loans from the Maturity Date (for purposes of this Section, "First Extended Maturity Date"), to the Second Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
(a) The Borrower shall provide the Administrative Agent with written notice of the Borrower's request to exercise the Second Option to Extend not more than ninety (90) days but not less than thirty (30) days prior to the First Extended Maturity Date;
(b) As of the date of the Borrower's delivery of notice of request to exercise the Second Option to Extend, and as of the First Extended Maturity Date, no Event of Default shall have occurred and be continuing, and the Borrower shall so certify in writing;
(c) On or before the First Extended Maturity Date, the Borrower shall pay to the Administrative Agent on behalf of the Banks an extension fee in the amount of One Hundred Fifty Thousand Dollars ($150,000.00); and
(d) The Borrower shall have previously exercised the First Option to Extend in accordance with the terms of Section 2.7 hereof.
Second Option to Extend. Borrower shall have the option to extend the B-Note First Extended Maturity Date to a date which is twelve (12) months after the B-Note First Extended Maturity Date (the "B-Note Second Extended Maturity Date"), upon satisfaction of each of the following conditions precedent:
(i) Borrower shall provide Lender with written notice of Borrower’s request to exercise the second option to extend the B-Note not more than ninety (90) days but not less than thirty (30) days prior to the B-Note First Extended Maturity Date;
(ii) As of the date of Borrower’s delivery of notice of request to exercise the second option to extend the B-Note, and as of the B-Note First Extended Maturity Date, no Default shall have occurred and be continuing, and Borrower shall so certify in writing;
(iii) As of the date of Borrower’s delivery of notice of request to exercise the second option to extend the B-Note, and as of the B-Note First Extended Maturity Date, the Properties (so long as they have not been sold as permitted by the Loan Documents) shall be one hundred (100%) percent leased pursuant to the Existing Tenant Leases, as hereinafter defined, or pursuant to leases entered into after the Effective Date on market terms with Lender’s prior approval in accordance herewith; and
(iv) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the second option to extend the B-Note and shall deliver to Lender, at Borrower’s sole cost and expense, such title insurance endorsements as may be reasonably required by Lender.
Second Option to Extend. Provided that Tenant shall not then be in default under this Lease, and provided that Tenant has previously and validly exercised the First Option, Tenant shall have the option (the "Second Option') to extend this Lease for an additional period of Three (3) Lease Years beyond the First Option Term (the "Second Option Term"). The Second Option shall be exercised by delivery of written notice by Tenant to Landlord given not later than one hundred twenty (120) days prior to the last day of the Sixth Lease Year. If written notice is not given by Tenant by the deadline set forth herein, then this Lease shall terminate at the end of the Lease term set forth in Section 1.02 (or, if the First Option has been properly exercised, at the end of the First Option Term). If this Lease is extended pursuant to this Section 1.03(b), all terms, covenants and conditions of this Lease shall remain in full force and effect, except, however, that:
(i) the term of this Lease shall be extended for the period of the Second Option Term;
(ii) Minimum Rent for the first Lease Year of the Second Option Term shall be increased by three percent (3 %) of the Minimum Rent payable during the last Lease Year of the First Option Term, and shall be subject to annual increases thereafter as provided in Section 3.01; and
(iii) there shall be no further option to extend.
Second Option to Extend. Should the initial option to extend be exercised by Rhodia, Rhodia shall have the right, at its sole option, to extend this Agreement for a second (*****) period by giving PCS written notice at least one year prior to the expiration of the initial renewal term.
Second Option to Extend. Section 2.11 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
Second Option to Extend. Subject to approval of CMS and requisite State approvals, the State may request continued performance for up to two additional years starting on July 1, 2022 and ending no later than June 30, 2024 at mutually agreed rates and on the same terms specified in this Contract. If the State exercises this option, it shall provide written notice to Contractor at least thirty (30) days prior to the end of the current Contract term in form substantially equivalent to Exhibit B, Sample Option Letter. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract. Any agreed increase in rates under this Section 5.D shall be limited as follows: In no event will the rates agreed under this Section 5.D exceed the rates covering the period from July 1, 2021 through June 30, 2022 as specified in this Contract plus a maximum percentage increase equal to the mathematical mean of the annual percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley metropolitan area for calendar year 2019 and calendar year 2020 as published by the US Department of Labor, Bureau of Labor Statistics. If the CPI-U is for some reason not available as specified in this Section, the Parties will use the CPI-U (U.S.) for the same period.
