Common use of Term Extension Option Clause in Contracts

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.

Term Extension Option. (A) The term of this Lease shall be for one (1) year 5 years (hereinafter referred to as the “Term”) and is intended to commence on the 1st day of FebruaryOctober, 2001 2002 (hereinafter referred to as the “Commencement Date”) and end on the 31st 30th day of JanuarySeptember, 2002 2007 (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 (15) year years 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 indirect Subsidiary of Landlord Hitachi 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.