Tenants Options Sample Clauses
The "Tenant's Options" clause defines specific rights or choices available to the tenant under the lease agreement. These options may include the ability to renew the lease for additional terms, expand or reduce the leased premises, or terminate the lease early under certain conditions. For example, a tenant might have the right to extend their lease for another five years at a predetermined rate or to sublease the space with landlord approval. The core function of this clause is to provide flexibility and certainty for the tenant, allowing them to adapt to changing business needs while clearly outlining the procedures and limitations for exercising these options.
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Tenants Options. Provided that at the time of such exercise and upon the commencement of each Extended Term (i) there then exists no continuing Event of Default, (ii) this Lease is then in full force and effect, and (iii) Tenant and/or its Affiliates are in actual occupancy of at least ninety percent (90%) of the Premises, Tenant shall have the irrevocable right and option (each, an “Extension Option”) to extend the Lease Term with respect to the entire Premises for either (a) three (3) successive extended terms of five (5) years each (each to be executed separately) or (b) one (1) extended term of fifteen years (each an “Extended Term”). For purposes of this Article 21, all references to the Premises shall be deemed to include the License Area. The Extended Term shall commence on the day immediately succeeding the Expiration Date of the initial Lease Term (or the first or second Extended Term, if and as applicable). Tenant shall exercise the applicable Extension Option by giving notice to Landlord of its desire to do so not later than twelve (12) months prior to the Expiration Date of the initial Lease Term (or the first or second Extended Term, if and as applicable). Provided the conditions set forth in the foregoing clauses (i), (ii) and (iii) shall have been satisfied, the giving of such notice by Tenant shall automatically extend the Lease Term for the applicable Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, this Lease shall automatically terminate at the end of the initial Lease Term (or the first or second Extended Term, if and as applicable), and Tenant shall have no further option to extend the Lease Term, it being agreed that time is of the essence with respect to the giving of such notice. Notwithstanding the foregoing, Landlord may waive any or all of the conditions set forth in the foregoing clauses (i) and (iii), at its election, by written notice to Tenant at any time. Each Extended Term shall be on all the terms and conditions of this Lease, except that (1) in the event that Tenant makes the election under clause (a) of the first sentence of this Section 21.1, during the third Extended Term, or (2) in the event that T▇▇▇▇▇ makes the election under clause (b) of the first sentence of this Section 21.1, during the second Extended Term, Tenant shall have no further option to extend the Lease Term, and the Annual Fixed Rent for each Extended Term shall be determined as provided belo...
Tenants Options. On the condition, which condition Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in material default of its covenants and obligations under the Building 1400 Lease beyond any applicable notice and cure period, both at the time that Tenant gives a Premises C Exercise Notice, as hereinafter defined, to Landlord, and as of the commencement of the applicable Premises C Extension Term, as hereinafter defined, Tenant shall have the options (“Premises C Extension Options”) to extend the term of the Building 1400 Lease as follows: (x) in respect of all or a portion of Premises C (“Premises C Extended Term Portion”), as set forth in Section 5.3, for one (1) additional term (“First Premises C Extended Term”) of seven (7) years, commencing as of July 25, 2005 and expiring as of July 24, 2012, and (y) provided that Tenant exercises its right to extend the term of the Building 1400 Lease for the First Premises C Extended Term and Tenant does not exercise its early termination right with respect to the Premises C Extended Term Portion, as set forth in Section 5.5, Tenant shall have the right to extend the term of the Building 1400 Lease with respect to the Premises C Extended Term Portion for one (1) additional term (“Second Premises C Extended Term”) of five years, commencing as of July 25, 2012 and expiring as of July 24, 2017. Tenant shall have no right to extend the term of the Building 1400 Lease in respect of Premises C, except as provided in this Section 5.1(1).
Tenants Options. If the Beauty Salon is materially destroyed or damaged, by other than an act of Tenant, to materially and adversely impair Tenant’s effective use of the Beauty Salon, Tenant may elect to terminate this Agreement as of the date of the damage or destruction by notifying Landlord no more than forty-five (45) days following the date of such damage or destruction. If Tenant elects to terminate this Agreement pursuant to this Section, all rights and obligations of the parties that do not survive the termination of this Agreement shall cease as of the date Landlord receives Tenant’s termination notice. If ▇▇▇▇▇▇ chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of Beauty Salon for a period until such damage can be repaired by Tenant, not to exceed six
Tenants Options. (a) Grant of First Option. Tenant shall have the option to extend the Term of this Lease for an additional five (5) years (the “First Option”), provided that Tenant is not in default under this Lease at the time the First Option is exercised.
Tenants Options. On the condition, which condition Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in material default of its covenants and obligations under the Leases beyond any applicable notice and cure period, both at the time that Tenant gives an Premises B Extension Exercise Notice, as hereinafter defined, to Landlord, and as of the commencement of the Extension Term in question, Tenant shall have the following option to extend the term of the Building 1400 Lease in respect of Premises B only: (x) the First Extended Term, as defined in Section 2.2(1) above, (y) if Tenant timely and properly exercises its option to extend the term of the Building 1400 Lease in respect of Premises B for the First Extended Term, then Tenant shall have the right to extend the term of the Building 1400 Lease in respect of Premises B for the Second Extended Term, as defined in Section 2.2(1) above, and (z) if Tenant timely and properly exercises its option to extend the term of the Building 1400 Lease in respect of Premises B for both the First Extended Term and the Second Extended Term, then Tenant shall have the right to extend the term of the Building 1400 Lease with respect to Premises B for the Third Extended Term, as defined in Section 2.2(1) above. Tenant shall have no right to extend the term of the Building 1400 Lease in respect of Premises B, except as provided in this Section 3.2(1).
Tenants Options. Tenant’s rights as set forth in Sections 26(a) [“Termination Option”], 26(c) [“Renewal Option”], 26(d) [“One-Time Right of First Offer”], and 26(e) [“Right of First Refusal”] remain in full effect; provided, however, that references to the “Premises” in any such provision shall refer collectively to the Existing Premises and the Expansion Premises.
Tenants Options. From and after the date hereof, the provisions of Section 48.4 of the Original Lease shall have no further force or effect.
Tenants Options. In no event shall Tenant be entitled to exercise any option under this Lease, including, without limitation, an option to expand or contract the Leased Premises or an option to extend the Term, to the extent expressly provided for herein, in the event that as of the date of the notice of Tenant's exercise of such option or as of the date such option would otherwise take effect, an Event of Default exists.
Tenants Options. Landlord and Tenant hereby acknowledge and agree that Tenant’s Expansion Option and Right of First Offer, as set forth in Sections 19.28 and 19.29 of the Lease, respectively, are hereby ratified and confirmed and shall continue to be and remain in full force and effect in accordance with the Lease.
Tenants Options. If the Coffee/Juice Bar, or Tenant’s improvements located therein, are materially destroyed or damaged, by other than an act of Tenant, so as, in Tenant’s commercially reasonable judgment, to materially and adversely impair Tenant’s effective use of the Coffee/Juice Bar, Tenant may elect to terminate this Agreement as of the date of the damage or destruction by notifying Landlord no more than forty-five (45) days following the date of such damage or destruction. If Tenant elects to terminate this Agreement pursuant to this Section, all rights and obligations of the parties that do not survive the termination of this Agreement shall cease as of the date Landlord receives Tenant’s termination notice. If Tenant chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of Coffee/Juice Bar for a period until such damage can be repaired by Tenant, not to exceed six (6) months, unless Tenant and Landlord determine in good faith that the Coffee/Juice Bar cannot be rebuilt in a commercially reasonable manner. In the event of damage or destruction to the Fontana Community Senior Center that prevents Tenant from operating Coffee/Juice Bar, Landlord shall ▇▇▇▇▇ the rent in its entirety until such a time as the damage can be corrected and the Tenant can return to normal operations, pursuant to the provisions of this Agreement. Landlord reserves the right to audit Tenant’s reduction or abatement request.