Second Option to Renew. If the Term of this Lease has been renewed as provided above, Tenant is hereby granted the option to renew this Lease for the Second Renewal Term for each Facility, which option shall be exercised by Notice to Landlord at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the expiration of the First Renewal Term for such Facility; provided, however, that no Event of Default exists either on the date on which Tenant gives such Notice to Landlord or on the date on which the First Renewal Term expires. During the Second Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
Second Option to Renew. If Tenant exercises the First Option in accordance with Section 14.2, then provided Tenant is not then in material default under this Lease or the Offer to Lease, Landlord will, at the expiration of the First Extended Term and on the written request of Tenant delivered not later than 6 months and not earlier than 18 months before the expiration of the First Extended Term, grant Tenant one option to renew (the “Second Option”) for a further 5 years (the *Second Extended Term”). Tenant’s failure to exercise this option within the time period specified shall render the Second Option null and void and incapable of further exercise. If Tenant exercises the Second Option within the time specified, then:
(a) all conditions In this Lease shall remain the same during the Second Extended Term except for Annual Rent, Landlord’s contribution to the cost of Leasehold Improvements as set out In the Offer to Lease, the First Option and the Second Option; and
(b) the Annual Rent during each year of the Second Extended Term shall be the effective fair market rent for the Premises as of the commencement of the Second Extended Term, when compared to premises of similar size, quality and location in office buildings of a similar size, quality and location in the Greater Vancouver Regional District (but excluding any consideration for the Special Tenant Improvements). The effective fair market rent referred to above shall be determined by mutual agreement of the parties, or, failing agreement thereon prior to the date two months before the conclusion of the First Extended Term, by arbitration under the Commercial Arbitration Act of British Columbia. If the matter is being determined by arbitration but has not been determined at the commencement of the Second Extended Term, Tenant shall continue to pay, when due, the instalments of Annual Rent payable during the last year of the First Extended Term, together with all other payments which comprise Rent, and Tenant shall pay the deficiency or Landlord shall credit the excess (if any) without interest within 10 days of the adjusted Annual Rent being agreed or determined.
Second Option to Renew. If the Term of this Lease has been renewed as provided in Section 18.1 above, Lessee is hereby granted the option to renew this Lease for the Second Renewal Term, which option is exercisable by written Notice to Lessor at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the expiration of the First Renewal Term; provided, however, that no Event of Default exists either on the date on which Lessee gives such Notice to Lessor or on the date on which the First Renewal Term expires. During the Second Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
Second Option to Renew. Provided Tenant/Purchaser is not at the time of exercise and, prior to the expiration of the applicable Lease term will not be in default under this Lease and has not been in default of the Lease during the expiring Term, Tenant/Purchaser shall have an option to renew this Lease for a renewal term of five (5) years. This option may be exercised only by Tenant/Purchaser upon written notice to Landlord/Seller not less than six (6) months prior to the expiration of the First Renewal Term. The terms and conditions of the second renewal term of the exercised option shall be the same as those in this Lease except only as hereinafter provided. Rent during the second renewal term shall be as follows Lease Year Annual Monthly ---------- ------ -------
Second Option to Renew. Provided that the Tenant is not in default with respect to any of the terms or conditions of this Lease, the Tenant shall a second option to renew this Lease for an additional period of five (5) years upon the same terms and conditions as set forth herein except that the Fixed Minimum Annual Base Rent for each year of the second option term shall be as follows: First Year of 2nd Option Term: $ 201,574.79 ($ 16,797.90/mo) Second Year of 2nd Option Term: $ 207,622.03 ($ 17,301.84/mo) Third Year of 2nd Option Term: $ 213,850.69 ($ 17,820.89/mo) Fourth Year of 2nd Option Term: $ 220,266.21 ($ 18,355.52/mo) Fifth Year of 2nd Option Term: $ 226,874.20 ($ 18,906.18/mo) To exercise this right to renew, Tenant must give written notice to Landlord hand delivered or overnight mail no later than eight (8) months prior to the expiration of the first option term. Failure to provide the proper notice in a timely fashion may be deemed a waiver of the right to renew. If Tenant remains in possession of the premises after the end of the first option term without having given notice, Tenant will be deemed to have exercised its second option to renew the Lease.
Second Option to Renew. Unless sooner terminated pursuant to the provisions herein, the second option to renew this Agreement for a one (1) year period shall automatically take effect on September 1, 2023 unless the County notifies the Contractor, in writing, by May 31, 2023 that the County is not exercising its option to renew. The County is under no obligation to renew this Agreement and may choose not to renew if, among other things, the Contractor is not in compliance with HUD rules, regulations and memorandum, including, but not limited to, the timely
Second Option to Renew. Provided Licensee is not then in breach of ---------------------- this Agreement, Licensee will have the option to extend the First Renewal Term, in one or more fixed increments of 12 months each, for up to a total of an additional 60-month period following the expiration of the First Renewal Term ("Second Renewal Term"). The fees that will apply during the Second Renewal Term will be as set forth in Exhibit 1. Notice of Licensee's election so to extend must be given to OSI not less than three months before the end of the First Renewal Term and/or not less than 60 days before the end of any 12-month renewal period, as applicable.
Second Option to Renew. 9.1 In this clause the following definitions apply:
Second Option to Renew. Upon condition that Tenant is not in default in the payment of any Rent or other charge payable to Tenant under this Lease and not in default in the performance of any covenant or obligation to be performed by Tenant under this Lease and upon Tenant's giving Landlord nine (9) months notice in writing in the manner prescribed in Article 24 hereof prior to the expiration of the first renewal term, Tenant shall have the option to renew and extend this Lease for an additional period of five (5) years, pursuant and subject to all terms, covenants, provisions, and conditions of this Lease, including, without limitation, the payment of all items of Rent as provided for hereunder, except that the Basic Annual Rent shall be adjusted to the then prevailing fair market rent for comparable space within Princeton Xxxxxxxxx Center.
Second Option to Renew. 3 1.6 Other Conditions of Renewal.....................................3
