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. (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. The Term of this Lease shall be deemed to have begun on the Commencement Date. .
Term Extension Option. The option to extend the Lease Term pursuant to Section 2.2 of the Existing Lease is not applicable to the Expansion Premises.
Term Extension Option. Licensee, upon six (6) months written notice to Licensor, shall have the right to extend the Term this Agreement by six (6) months (“Extension Option”); provided, however, that such written notice of the Extension Option can be given no later than the date that is six (6) full months prior to the Expiration Date. Licensor has no obligation to honor any Extension Option notice that does not strictly comply with the requirements of this Section.
Term Extension Option. With regard to all of the Premises, the Term of the Lease, subject to the same Rates and Annual Escalators and upon the terms and conditions set forth in the Lease, shall continue until March 31, 2011. Tenant shall have the option to extend the Term upon the same Rates and Annual Escalators as shown in Exhibit B for two (2) additional years. Tenant agrees to give written notice to Landlord of any decision not to extend the Term no later than twelve (12) months before the end of the Term. In any event, if Tenant does not extend the Term of the Lease for an additional twelve (12) months, Tenant agrees that $167,756.69 of its security deposit shall be directly forfeited to Landlord, it being understood that such portion of the security deposit shall not be applied to any other purpose for which Landlord may use the security deposit pursuant to the terms of the Lease.
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 Landlord grants the Tenant an option to extend the Term of the Lease for Premises (A), (B) and (C) for an additional five (5) year extension period. To exercise this option, the Tenant must strictly comply with the following conditions: (a) be in strict compliance with all of its obligations under the terms of the Lease for Premises (A), (B) and (C) on the date of exercising this option and on the date of the beginning of the extension period, and (b) give written notice to the Landlord no later than six (6) months in advance of the beginning of the extension period, indicating the Tenant's unequivocal and unconditional intention to exercise this option. If the Tenant does not strictly comply with the aforesaid conditions, then the Tenant shall not have exercised this option. If either party rightfully terminates this Lease for Premises (A), (B) or (C), or if the notice deadline passes before the Tenant exercises this option, then this option shall automatically and immediately be void and shall have no further effect. The monthly rent for Premises (A), (B) and (C) during the extension period shall be $26,858.00 ($2,600.00 per acre per month.) During the extension period, the Landlord and the Tenant shall comply with all of the terms of the Lease for Premises (A), (B) and (C) and any supplemental agreements, in effect, except that the terms related to monthly rent and the Term of the Lease for Premises (A), (B) and (C) shall be deemed to be amended to be consistent with the exercise of this option.
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.
