Term and Option to Renew. This Agreement shall commence July 1, 2022, and shall expire June 30, 2023, unless earlier terminated pursuant to Section C (2), below. This term may be extended for an additional one (1) year if both parties agree to such an extension.
Term and Option to Renew. 3.1 The term of this Agreement shall be for the period, commencing on , 201_ and terminating on December 31, 2014 (the Term”). The Industry Member shall have, while not in default of this Agreement, the option to renew this Agreement for a subsequent renewal term of three (3) years (the “Renewal Term”) upon the same terms and conditions, save and except for the pricing structure.
3.2 This option to renew shall be exercised in writing by the Industry Member to One Call, not less than one (1) month prior to the expiry of the Term. One Call shall advise the Industry Member of the pricing structure for the Renewal Term forthwith upon it being established and in any event not less than two (2) months prior to the expiry of the Term. In the event that the Industry Member does not exercise its option to renew as set forth herein, said option shall be deemed to be null and void and of no further effect.
Term and Option to Renew. 8.1 The term for which the premises are demised (hereinafter called "the Term") is Three (3) years from the 1st day of January 2005 (that is to say until the 31st day of December 2007).
8.2 The Landlord will on the written request of the Tenant made not later than six (6) calendar months before the expiration of the Term and if there shall not at the time of such request be any existing breach or non-observance of any of the obligations on the part of the Tenant herein contained grant to it a new lease of the Demised Premises for a further single period of two (2) years from the expiration of the Term (at an annual rent to be determined as provided in Clause 8.3 below) but otherwise containing the like agreements and conditions as are herein contained SAVE AND EXCEPT this Option to Renew.
8.3 If the Landlord grants a new lease of the Demised Premises to the Tenant pursuant to the provisions of Clause 8.2 then the Landlord will grant at the Tenant's expense a further lease of the Demised Premises ("New Lease") for a single term of two (2) years at a rent equal to the Basic Rent payable during the last year of the Term and at a Maintenance Service Charge equal to the Maintenance Service Charge payable during the last year of the Term plus the percentage increase in the Consumer Price Index for Bermuda (or any Index amending or replacing same) ("the Index") in respect of the preceding two (2) year period prior to the expiration of the Term ("the New Lease Basic Rent and Maintenance Service Charge") such rate of increase shall be calculated in accordance with the following formula A-B --- x 100 B Where A = Index for month of January 2007 B = Index for month of January 2005 And the New Lease Basic Rent and Maintenance Service Charge shall be payable with effect from the commencement of the New Lease which shall contain the same covenants and conditions as reserved and contained in this Lease except for this present clause providing for renewal.
8.4 If it becomes impossible by reason of any change after today's date in the methods used to compile the Index or for any other reason whatever to calculate the New Basic Rent and the New Maintenance Service Charges for the purposes of Clause 8.3 above by reference to the Index or if any dispute or question whatever arise between the parties to the amount of the New Basic Rent or New Maintenance Service Charges or the construction or effect of this paragraph the determination of the New Basic Rent or New Maintenance Se...
Term and Option to Renew. The initial term of this Lease (the "Initial ------------------------ Term") shall begin on the Completion Date and shall end at 12:00 o'clock midnight on the date five years from the Completion Date, In addition to the Initial Term, and provided Tenant is not in default under any of the terms, provisions or conditions of this Lease, Tenant shall have one option to renew (the "Option") the term of this Lease for a period of five years (the "Option Period") at the rental for each Option Period specified in Section 4 hereof, such Option to renew being exercisable by written notice to Landlord not less than 180 days prior to the end of the Initial Term. (The Initial Term together with any Option Period is collectively referred to as the "Lease Term.") Time is of the essence with respect to the time of exercise of each option to renew and any failure to renew shall extinguish all subsequent renewal options.
Term and Option to Renew. The Agreement shall begin thirty (30) days after the Date of this Agreement (the “Effective Date”) and shall continue for one year after the Effective Date unless earlier terminated by the parties. Thereafter, upon the agreement of both parties this Agreement may be extended for Three (3) additional one year periods in conformance with state statutes and contingent upon the successful performance of Contractor.
Term and Option to Renew. Beginning of Term
1.1 The lease term will begin on the first day of the month of May, 2019.
1.2 Except as otherwise herein provided, the term of this Lease shall be for an initial term of three (3) years commencing on the date identified in accordance with Article
1.1 (the “Commencement Date”) and ending three (3) years from the Commencement Date, unless sooner terminated as herein provided, or unless renewed and extended in accordance with section 2.1 hereof.
Term and Option to Renew. The term of this lease shall be for a period of three (3) years, commencing on November 1, 1993 and terminating on October 31, 1996 at 12:00 P.M. Lessee shall have options to extend this lease for four (4) additional terms of three (3) years each, which options must be exercised by Lessee in writing at least six (6) months prior to the expiration of the term preceding the term for which the option is being exercised. Notice of exercise of an option shall be effective when received or when deposited in the United States Mail, postage prepaid, correctly addressed and sent certified, return receipt requested. If Lessee exercises the first three (3) year option, the rent payable and the other terms of the lease shall be the same as during the initial term of the lease. If the option to exercise the Lease for the second three (3) year period beginning six (6) years from the date of this Lease is exercised, the rent beginning on the date which is six (6) years after the date of this Lease (the "First Adjustment Date"), shall be increased in a proportion reflecting the total increase in the Consumer Price Index for the preceding six-year period, which increase shall be calculated as follows: multiply the initial rental rate by a fraction, the numerator of which is the Consumer Price Index, United States -- All Items for All Urban Consumers for November 1, 1999 and the denominator of which is such index figure on the same basis for November 1, 1993. If the Lessee exercises its option for the third three (3) year option period beginning nine (9) years from the date of this Lease, the rent payable for such three (3) year period beginning on the date which is nine (9) years from the date of this Lease (the "Second Adjustment Date"), and effective for the succeeding three (3) year period, shall be increased in a proportion reflecting the total increase in the Consumer Price Index for the preceding three-year period, which increase shall be calculated as follows: multiply the rental rate beginning on the First Adjustment Date by a fraction, the numerator of which is the Consumer Price Index, United States -- All Items for All Urban Consumers for November 1, 2002 and the denominator of which is such index figure on the same basis for November 1, 1999. If the Lessee exercises its option for the fourth three (3) year option period beginning 12 years from the date of this lease, the rent payable for such three year period beginning on the date which is twelve (12) years fr...
Term and Option to Renew. The term of this Agreement shall commence upon ------------------------ the date hereof and shall continue in effect through December 31,1999, unless earlier terminated as hereafter provided. Prolong shall be given the first right of refusal to sponsor Owner, the Race Car and the Race Team for the year 2000 NHRA season, on the same terms and conditions as set forth herein other than the sponsorship fee. Should Prolong determine to exercise its option, it shall give written notice thereof to Owner not later than August 1, 1999. Owner shall then, prior to August 15, 1999, meet and negotiate in good faith a sponsorship fee for the 2000 NHRA season. In the event the parties fail to reach agreement and to enter into a written agreement prior to September 1,1999, the parties shall have no further rights or obligations with respect to one another hereunder, other than to complete performance of this contract.
Term and Option to Renew. 4.1 The Term begins on the Commencement Date specified in Item 3(a) of the Reference Xxxxxxxx and ends qn the Termination Date specified in Item 3(b) of the Reference Schedule.
4.2 The Sublessee has the option to renew this Sublease for the period stated in Item 3 (c) of the Reference Schedule.
4.3 Should the Sublessee elect to exercise its option, the Sublessee must confirm in writing to the Sublessor they wish to exercise the option not before six (6) months prior to the expiry of the Term and not after three (3) months before expiry of the Term.
4.4 Should the Sublessor in its absolute discretion permit the Sublessee to continue to use the Leased Premises after the Termination Date under this Sublease, such continued use shall be upon the terms and conditions of this Deed as a licence from month to month, such licence being determinable by not less than one (1) months’ notice in writing from either party to the other given at any time and to expire on any date.
4.5 Nothing in this deed:
a) confers on the Sublessee any rights as a tenant of the Leased Premises; or
b) creates the relationship of Landlord and Tenant between the parties.
Term and Option to Renew. This agreement (the "Agreement") shall be effective for a term commencing as of the date hereof and terminating as provided in Section 5, below. 3.
