Second Renewal Term. The Tenant shall have the option to renew this Lease for a one (1) year term thereafter (“Second Renewal Term”). If Tenant desires to exercise its option to renew, then the Tenant shall exercise such option by giving written notice of its intent to renew to Landlord not more than 60 days prior to the end of the First Renewal Term. The Base Rent for the Second Renewal Term shall be set forth in Section 5 below.
Second Renewal Term. If this Lease shall be in force and effect and there shall be no Event of Default on the date for the expiration of the First Renewal Term, and provided the Renewal Conditions have been satisfied to the reasonable satisfaction of Landlord, Tenant shall be entitled to a renewal of the term of this Lease for a period of fifteen (15) years beginning immediately upon the expiration of the First Renewal Term (the “Second Renewal Term”). The Second Renewal Term shall be upon the same terms, conditions and covenants contained herein for the Initial Term and the First Renewal Term, except as to the annual rent payable by Tenant to Landlord during the Second Renewal Term. The annual rent payable by Tenant to Landlord during the Second Renewal Term for the lease of the Premises and the Improvements shall be determined in accordance with Section 3 hereof, in the same way Section 3 applies to the First Renewal Term.
Second Renewal Term. The term of the Second Renewal Agreement shall commence on July 1, 2022 and continue through June 30, 2023 (“Second Renewal Term”), unless terminated sooner as provided in the Original Agreement. The Board shall have no remaining options to renew the Agreement after the Second Renewal Term expires.
Second Renewal Term. The License Fee payable for the Original License in respect of the Renewal Term immediately following the First Renewal Term (the “Second Renewal Term”) shall be calculated as follows: the License Fee adjusted by the greater of (a) [**] percent [**] per annum during the First Renewal Term or (b) the percentage change in the [**] as published by the [**] during the Initial Term, as measured by the change between the [**] number for the month before the month in which the First Renewal Term began and for the month before the month in which the first day of the Second Renewal Term begins; provided that the License Fee shall not be adjusted by more than [**].
Second Renewal Term. So long as Lessee is not in default beyond any applicable cure periods under the Lease, Lessee shall have the right and option for a Second Renewal Term provided Lessee shall have provided Lessor written notice of Lessee's intent to exercise Lessee's right and option for a Second Renewal Term at least ninety (90) days prior to the expiration of the First Renewal Term.
Second Renewal Term. The second Renewal Term shall be for a period of ten (10) years beginning on the twenty-fifth (25th) anniversary of the Restatement Effective Date and ending immediately prior to the thirty-fifth (35th) anniversary of the Restatement Effective Date.
Second Renewal Term. If this Lease shall be in force and effect and there shall be no Event of Default on the date for the expiration of the First Renewal Term, and provided the Renewal Conditions have been satisfied to the reasonable satisfaction of Lessor, Lessee shall be entitled to a renewal of the term of this Lease for a period of fifteen (15) years beginning immediately upon the expiration of the First Renewal Term (the “Second Renewal Term”). The Second Renewal Term shall be upon the same terms, conditions and covenants contained herein for the Initial Term and the First Renewal Term.
Second Renewal Term. At the expiration of the First Renewal Term, the Company may, at its sole election, renew Executive's employment on the terms and conditions contained in this Agreement unless different terms are agreed to by the Company and evidenced in a writing signed by the Company and Executive, for another additional term of one (1) year (the "Second Renewal Term") by providing Renewal Notice to Executive not less than sixty (60) calendar days prior to the expiration of the First Renewal Term.
Second Renewal Term. Effective as of January 1, 2022, the monthly Base Rent payable hereunder shall escalate as follows: The product of 100% (one hundred percent) plus the percentage change between the beginning index and the ending index (“Escalation Factor”) shall be multiplied times the First Renewal Term Monthly Base Rent, and such amount shall become the monthly Base Rent payable by Tenant for the period January 1, 2022 through December 31, 2026. The following example illustrates the intentions of the parties hereto as to computation of the escalation of monthly Base Rent for the Second Renewal Term: Price Index Assumptions: November 2016 - 220.00; November 2021 - 242.0 First Renewal Term Monthly Base Rent Assumption: $9,504.00 • Monthly Base Rent for Second Renewal Term is $10,454.40, calculated as follows: (Percentage Increase 2242.0 divided by 220.0 [110.0%]) X $9,504.00 = $10,454.40
Second Renewal Term. The parties may elect to extend the term of the Agreement for a 12 month period following the expiration of the First Renewal Term (the “Second Renewal Term”) by mutual agreement no later than 60 days prior to the expiration of the First Renewal Term. All terms and conditions (including the AVC requirement), and Rates and Charges applicable upon the expiration of the First Renewal Term shall continue to apply during the Second Renewal Term.
