Term Extension Option Clause Samples
The 'Term; Extension Option' clause defines the initial duration of an agreement and provides a mechanism for extending that period beyond its original end date. Typically, this clause specifies the length of the initial term and outlines the process by which one or both parties may exercise an option to renew or extend the agreement, such as by providing written notice within a certain timeframe before expiration. Its core practical function is to offer flexibility and predictability, allowing parties to continue their relationship without renegotiating a new contract, while also setting clear expectations for how and when the agreement can be prolonged.
POPULAR SAMPLE Copied 9 times
Term Extension Option. 3.1 The initial term Lease shall be fifteen (15) months (the initial “Term”), starting on the Term Commencement Date and ending on the Term Expiration Date, subject to earlier termination of this Lease as provided herein.
3.2 Landlord hereby grants Tenant one (1) option to extend the initial fifteen (15) month Term of this Lease (the “Extension Option”) for one (1) additional period of twelve (12) months (the “Extension Period”), all upon the same terms and conditions herein contained, except for: (a) Base Rent payable during the Extension Period shall be payable as described in Section 2.3, and (b) the Extension Option described herein shall not apply to any period following the Extension Period and Tenant shall have no further options to extend. The foregoing notwithstanding, Tenant shall not have the right to exercise the Extension Option if: (x) Tenant is in default of any term, condition or covenant contained in this Lease beyond the applicable notice and cure period, if any, either as of the date Tenant elects to exercise the Extension Option as provided below or at any time thereafter preceding the Extension Period, (y) Tenant has sublet, with Landlord’s consent, more than twenty-five percent (25%) of the Premises or assigned its interests under the Lease, except pursuant to an Exempt Transfer (as defined in Section 30.1), or (z) Tenant fails to timely exercise the Extension Option by delivering a written notice to Landlord not less than four (4) months prior to the expiration of the initial Term of this Lease. Tenant understands, acknowledges and agrees that time is of the essence with respect to Tenant’s exercise of its Extension Option rights, and that if Landlord has not actually received Tenant’s written notice of exercise of the Extension Option within the time periods set forth above, which time periods are to be strictly enforced, then Tenant’s Extension Option rights shall immediately expire and be of no further force or effect.
Term Extension Option. Either Party may provide written notice to the other Party that such Party intends for this Agreement to terminate at the end of the Term not later than five (5) years prior to the end of the Term and at least one (1) year prior to the end of every fifth (5th) year thereafter. In the event that neither Party has provided written notice to the other Party that this Agreement shall terminate at the end of the Term, the Term shall be automatically extended for additional successive five (5) year periods (collectively, the “Extended Term”).
Term Extension Option. 1.01. From and after the Expansion Premises Commencement Date (as hereinafter defined), the definition "Initial Term" in Section 1.2 of the Original Lease shall be deleted and replaced with the following: "Initial Term: Approximately six (6) years and eight (8) months commencing on the Commencement Date and expiring at 11:59 p.m. on February 28, 2013 (the "Expiration Date")". 1.02. From and after the Effective Date, Section 14.30 ("Option to Extend") of the Original Lease shall be amended by (i) replacing the words "three (3) years" in the first sentence of the first paragraph with the words "five (5) years" and (ii) replacing the words "calendar year 2010 and Fiscal Year 2011" in the first sentence of the third paragraph with the words "calendar year 2013 and Fiscal Year 2014".
Term Extension Option. A. This Contract may be extended by the Borough with a written request by the BUYER(S) for a period to be determined by the Borough’s Division of Natural Resources Development.
B. Upon extension of Contract, BUYER(S) agrees to pay the Borough the sum of ONE HUNDRED DOLLARS ($100) per acre, to the nearest acre, for every acre left un-logged after the initial Contract period.
Term Extension Option. The Term of this Lease shall be deemed to have begun on the Commencement Date. .
Term Extension Option. See 3.1. Title Insurance Company shall mean Commonwealth Land Title Insurance Company. Title Policy shall mean for each Mortgaged Property an ALTA standard form title insurance policy issued by the Title Insurance Company (with such reinsurance or co-insurance as the Agent may require, any such reinsurance to be with direct access endorsements) insuring the priority of the Security Deed and Assignment of Leases and Rents and that the Mortgagor holds good and clear record marketable fee simple title to the Mortgaged Property, subject only to the encumbrances permitted by the Security Deed and which shall not contain exceptions for mechanics liens, persons in occupancy (other than Leases listed on Schedule 6.22(1)) or matters which would be shown by a survey (other than matters approved by the Agent in its reasonable discretion), shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to the Agent in its sole discretion, and shall contain such endorsements and affirmative insurance as the Agent in its reasonable discretion may require, including but not limited to (a) comprehensive endorsement, (b) variable rate of interest endorsement, (c) usury endorsement, (d) revolving credit endorsement, (e) doing business endorsement, (f) ALTA form 3.1 zoning endorsement (g) survey(same-as) endorsement (h) access endorsement, (i) tie-in endorsement and (j) a first loss endorsement, to the extent that such endorsements are available in the state where the applicable Mortgaged Property is located. The Title Policies with tie-in endorsements referencing all other Title Policies shall have a face amount equal to the Allocated Loan Amount of the applicable Mortgaged Properties. The Title Policies without tie-in endorsements referencing all other Title Policies shall have a face amount equal to the Appraised Value of the applicable Mortgaged Properties.
Term Extension Option. (A) The term of this Lease shall be for one (1) year (hereinafter referred to as the “Term”) and is intended to commence on the 1st day of February, 2001 (hereinafter referred to as the “Commencement Date”) and end on the 31st day of January, 2002 (hereinafter referred to as the “Expiration Date”), unless sooner terminated as provided herein. Tenant shall have unlimited automatic extensions to extend the term of the Lease for a period of one (1) year each (the “Extension Term”), upon giving Landlord three (3) months advance written notice prior to the expiration of the then Expiration Date, of its election to exercise each option provided that Tenant remains a majority owned Subsidiary of Landlord at the time of exercise of each option to extend the Term. All terms of this Lease shall apply during any Extension Term and references to the Expiration Date will incorporate the extensions, except that the Base Rent shall be determined in a manner consistent with the determination of Rent in the first year of the Term and otherwise negotiated in good faith between the parties prior to the commencement of each Extension Term.
(B) So long as (i) Landlord and its Affiliates directly or indirectly hold the voting securities of OpNext Inc., a Delaware corporation (“OpNext Inc.”), representing a majority of the voting interest in OpNext Inc. or have the right to designate a majority of OpNext’s directors pursuant to the Stockholders Agreement and (ii) OpNext Inc. and its Affiliates. directly or indirectly control a majority of voting interest in Tenant, Landlord will not terminate this Lease as a result of any default by Tenant, material or otherwise.
Term Extension Option. In the event that the Service Provider achieves the level of performance with respect to the criteria set forth in Appendix 6 hereto during the first ten (10) years of the Term, the Parties shall negotiate in good faith an extension of the Term to twenty (20) years from the Service Commencement Date on substantially similar terms and conditions as set forth herein.
Term Extension Option. The term of this Agreement shall be for five (5) years, commencing on October 1, 2023, and ending on October 1, 2028. Chamber can submit a request to extend the term of this Agreement for an additional five
Term Extension Option. Provided that Tenant is not in default hereunder beyond any applicable notice and cure period at the time of exercise, and that the original Tenant hereunder has not sublet any portion of the Premises, Tenant shall have and is hereby granted a single option to extend the Term upon the terms, covenants, conditions and provisions set forth herein for two (2) periods of five (5) years each (each, a “Renewal Term”). Such options shall be exercisable by Tenant giving written notice (“Renewal Exercise Notice”) to Landlord of Tenant’s exercise of such option at least nine (9) months prior to the expiration of the then current Term. Upon receipt by Landlord of such Renewal Exercise Notice, provided that Tenant shall then have the right to exercise such option, the Term shall be extended in accordance with the provisions hereof without the necessity of any further act or documentation by Landlord or Tenant. In the event Tenant fails to exercise such option within the time and in the manner aforesaid (regardless of whether such failure shall be a result of Tenant’s not having the right to exercise such option), then this right and option shall terminate and be null and void without the necessity of any further act or documentation by Landlord or Tenant, and the Term shall terminate in accordance with the provisions set forth elsewhere herein. The Base Rent during each Renewal Term, if any, shall be determined in accordance with the terms of Exhibit C to this Lease.