Term Extension Options. The Term for the agreement shall be for twenty four (24) months with the Tenant having an option ("Lease Option") to extend the Agreement by an additional twenty four (24) months at a monthly rate of $650. Tenant shall notify Landlord within ninety (90) days of intent to execute the Lease Option.
Term Extension Options. (a) The Term of this Lease shall commence on the Commencement Date and shall end on the Expiration Date, unless sooner terminated in accordance with terms of this Lease.
(b) Provided that (A) Landlord has not given Tenant notice of default more than two (2) times during the twelve (12) month period preceding Tenant’s exercise of this option to extend, (B) there then exists no Event of Default by Tenant under this lease, and (C) no Event of Default occurs between Tenant’s exercise of this option to extend the Term and the Expiration Date of the then-current Term, Tenant shall have the right and option (each an “Extension Option”) to extend the Term for two (2) additional periods of ten (10) years each (each an “Extension Period”), exercisable by giving Landlord prior written notice, at least eighteen (18) months in advance of the Expiration Date of the then-current Term, of Tenant’s election to extend the Term; it being agreed that time is of the essence and that this option is personal to Tenant and is non-transferable to any assignee or sublessee (regardless of whether any such assignment or sublease was made with or without Landlord’s consent) or other party, other than an assignment to an Affiliate of Tenant in accordance with this Lease. Such extension shall be under the same terms and conditions as provided in this Lease except as follows:
(i) the additional period shall begin on the Expiration Date, as such date may have been extended, and thereafter the Expiration Date shall be deemed to be the tenth (10th) anniversary thereof;
(ii) all references to the Term in this Lease shall be deemed to mean the Term as extended pursuant to this Section;
(iii) Tenant’s right and option to extend the Term for two (2) additional periods as described above shall decrease by one (1) additional period for each such additional period that Tenant extends the Term; and
(iv) the Minimum Annual Rent payable by Tenant for the first Lease Year of each exercised Extension Period shall the “Fair Market Rental” of the Premises in effect as of the date on which Tenant exercises the applicable Extension Option (but not prior to eighteen (18) months prior to the then current Expiration Date), determined as follows: Within thirty (30) days following the date on which Landlord receives Tenant’s written notice exercising an Extension Option (but in no event prior to the date that is seventeen (17) months prior to the date the Fair Market Rental is to become effective) Landlord will...
Term Extension Options. (a) Landlord and Tenant hereby acknowledge and agree that the Term of Lease with respect to the Existing Premises and the Fourth Amendment Expansion Premises shall not be co-terminus and the Term of Lease solely with respect to the Existing Premises shall expire on the Existing Premises Expiration Date and the Term of Lease solely with respect to the Fourth Amendment Expansion Premises shall expire on the Fourth Amendment Expansion Premises Expiration Date. For purposes of the Lease, except as otherwise set forth herein, the terms “Term”, “Lease Term” or “Term of Lease” shall mean the Existing Premises Term and the Fourth Amendment Expansion Premises Term.
Term Extension Options. DOE may seek to extend the Term through two (2) extension options which may be granted or denied by Port in its sole discretion. The “first extension option” shall have a term of thirty-six (36) months. The “second extension option” shall have a term of twenty-four (24) months. DOE must request an extension option by written notice to Port no later than ninety (90) days prior to the relevant expiration date. Port will notify DOE of its approval or rejection within thirty (30) days of DOE’s request. If the first extension option is not requested or granted, then the second extension option shall be null and void. The terms for any extension term shall cover the entire Premises and shall be upon all of the terms, covenants and conditions of this MOU, except that Rent during an extension term will be the greater of the (i) the current rent increased by three percent (3%) or (ii) the then-current parameter rent approved by the Port Commission. In either case, Rent will increase by three percent (3%) on each anniversary date of the extension term. Port will notify DOE in writing of Port's determination of the Rent for an extension term not later than thirty (30) days prior to commencement of the relevant extension term.
Term Extension Options. The initial term of the Lease is for fifteen and one- half (15 1/2) years, commencing on , 20 (“Initial Term”).
Term Extension Options. Tenant shall have two (2) options (the "Extension Options") to extend the Term hereof for two (2) consecutive additional periods of five (5) years each. The first option (the "First Extension Option") shall be for the period commencing on the day immediately following the expiration of the Initial Term (the "First Extension Term Commencement Date" and terminating at midnight on the fifth (5th) anniversary of the First Extension Term Commencement Date (the "First Extension Term") and the second option (the "Second Extension Option") shall be for the period commencing on the day immediately following the last day of the First Extension Term (the "Second Extension Term Commencement Date") and terminating at midnight on the fifth (5th) anniversary of the Second Extension Term Commencement Date (the "Second Extension Term"). In order to exercise the Extension Options, Tenant shall give written notice to Landlord of the exercise thereof as follows: for the First Extension Term notice shall be given not later than the date which is twelve (12) months prior to the First Extension Term Commencement Date; and for the Second Extension Term notice shall be given not later than the date which is twelve (12) months prior to the Second Extension Term Commencement Date. In exercising either Extension Option, Tenant acknowledges that time is of the essence. If Tenant fails to exercise either Extension Option on or before the applicable exercise date specified above, Tenant shall be deemed to have waived all of its rights with respect to such Extension Option, and if Tenant fails to exercise its Extension Option for the First Extension Term, Tenant shall be deemed to have waived all of its rights with respect to the Extension Option for the Second Extension Term. If an Extension Option is duly exercised as aforesaid, the Term of this Lease shall be automatically extended for the applicable Extension Term upon all of the same terms and conditions as set forth in this Lease, except that the Base Rent for such Extension Term shall be determined as provided in the paragraphs immediately below. In the event an Extension Option is duly exercised, all references contained in this Lease to the Term hereof, whether by number of years or number of months, shall be construed to refer to the initial Term hereof extended as aforesaid, whether or not specific reference thereto is made in this Lease. In the event Tenant exercises an Extension Option for the applicable Extension Term, the ...
Term Extension Options. (a) Lessor hereby grants to Lessee the option to extend the Term of this Lease (as to the Premises only), for two (2) additional terms of three (3) years each by giving Lessor written notice at least nine (9) months (and no more than twelve (12) months) prior to the Expiration Date of this Lease or the expiration of any applicable extension period.
(b) The extensions shall be on the same terms and conditions as the initial Term, except that (i) the Base Rent shall increase by one and 50/100 percent (1.50%) commencing with the first day of the option Term and each anniversary thereof, and (ii) there shall be no “free rent” period.
Term Extension Options. A Lessee’s option, this Lease may be renewed by notice of renewal to Lessor, provided that no Event of Default is then outstanding or occurring, for four (4) consecutive periods of five (5) years (each, a “Term Extension Option”). Said renewal notice(s) shall be given in writing to Lessor at least one hundred eighty (180) days prior to the expiration of the then-current Term, provided however, that if Lessee fails to timely exercise a Term Extension Option, Xxxxxx’s right to so exercise such option shall not terminate until the date that is ten (10) business days after Lessor has provided Lessee with written notice of such failure to exercise the applicable Option (and Lessee then fails to exercise the applicable Option by the end of such ten (10) business day period). Lessee will have the first right of refusal to lease the Property at the subsequent lease of the Property.
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Term Extension Options. If Landlord is unable to provide the New Premises as provided in Section 4 hereof, and Tenant elects to continue to occupy the Temporary Premises for a term co-terminus with the Premises, Tenant's option to extend as set forth in Section 6 of the lease shall also apply to the Temporary Premises in accordance with the terms and provisions of said Section 6. If the New Commencement Date occurs, Tenant's extension option as set forth in Section 6 shall apply to the New Premises provided that for purposes of giving notice of exercise thereunder, the Sixth Anniversary Date shall be that date which is the sixth (6th) anniversary of the New Commencement Date of the New Premises. Except as so amended, the terms and provisions of Section 6 shall continue to apply to the New Premises.
