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Common use of Term Extensions Clause in Contracts

Term Extensions. Section 2.1. The term of this Lease (the "Lease Term") shall be three (3) years, commencing five (5) days after notice to Tenant by Landlord that all prior tenants and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date of this Lease, with all of such tenant's personal property removed (the "Commencement Date") and, subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent (as hereinafter defined) due under this Lease until the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date shall not be construed in any way to extend the Lease Term; and (c) if Landlord fails to deliver actual possession of the Premises to Tenant by April 1, 1997, then Tenant shall have the right to terminate this Lease upon written notice to Landlord, delivered to Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited with Section 2.2. Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) successive one (1) year extension term (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of exercise of the option (the "Option Notice") to Landlord at least one-hundred eighty (180) days but no more than three hundred sixty (360) days before the first day of such Extension Term, time being of the essence. (c) When exercising such right and on the Expiration Date of the initial Lease Term, Tenant shall not be in default, beyond any grace period, in the performance of any of its obligations under this Lease. (d) If Tenant elects to renew the Lease Term, all the provisions of this Lease shall be applicable during each Extension Term except that: (i) Tenant shall have no further right to renew this Lease beyond the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as of the commencement of the Extension Term ("Extension Term Commencement Date"), the Annual Base Rent in effect shall be increased as set forth in Section 4.1.

Appears in 1 contract

Samples: Building Lease Agreement (Cisco Systems Inc)

Term Extensions. Section 2.1. a) The initial term of this Lease (the "Lease Initial Term") shall commence on the Commencement Date and shall terminate on the last day of the month in which occurs the fifteenth (15th) annual anniversary of the "Rent Commencement Date" (as hereinafter defined). The Rent Commencement Date shall be the earlier to occur of (i) the date that is forty-five (45) days following the "Completion Date" (as defined in the Construction Provisions) or (ii) the date on which Tenant opens for business to the public at the Leased Premises. Notwithstanding the foregoing, in the event the following conditions have not been satisfied prior to such Rent Commencement Date, then Tenant may, at Tenant's option, pay no Basic Rent or any other charges due under this Lease to Landlord until such time as such conditions have been satisfied or waived (whereupon Tenant shall pay all accrued Basic Rent and/or other charges due hereunder at the time of such satisfaction or waiver): (i) Landlord has delivered to Tenant all applicable subordination, non-disturbance and attornment agreements executed by any and all Mortgagees and/or Ground Lessors with respect to the Leased Premises in the form attached to this Lease as Exhibit "C"; and (ii) Landlord has delivered to Tenant, and Tenant has approved, those certain easement agreements, declarations, covenants, restrictions, rules, regulations and other documents or agreements affecting the Leased Premises set forth in Exhibit "H" as Permitted Encumbrances, and Landlord has placed of record and delivered a certified copy to Tenant of all such agreements and documents. (iii) Landlord has delivered to Tenant a certified copy of the Easement to be recorded described in Exhibit "H" in the form of Exhibit "H-1" attached hereto. Landlord and Tenant shall confirm the Rent Commencement Date by a supplemental commencement date agreement, the form of which agreement is attached hereto as Exhibit "D". The period of time from the Commencement Date until the Rent Commencement Date shall hereinafter be referred to as the "Construction Term." b) In addition to the Initial Term, Tenant shall have the option (each such right referred to herein as a "Renewal Option") to renew and extend this Lease for three (3) years, commencing consecutive five (5) days after notice year periods (each such period referred to Tenant by Landlord that as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all prior tenants the provisions, conditions and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date covenants of this Lease, with all of such tenant's personal property removed (the Lease shall continue in full force and effect except that "Commencement Date") and, subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent Basic Rent" (as hereinafter defined) due under payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease until the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date Lease. Each Renewal Option shall not be construed in any way to extend the Lease Term; and (c) if Landlord fails to deliver actual possession of the Premises to Tenant by April 1, 1997, then deemed exercised automatically unless Tenant shall have the right to terminate this Lease upon written notice to Landlord, delivered to give Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited with Section 2.2. Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) successive one (1) year extension term (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of its election not to exercise of the option (the "any such Renewal Option Notice") to Landlord at least one-one hundred eighty (180) days but no more than three hundred sixty (360) days before prior to the first day of such Extension Term, time being expiration of the essenceInitial Term or any then-current Option Period, as applicable. (c) When exercising such right From and after the date on which a Renewal Option is exercised, references to the Expiration Date of words "Term" in this Lease shall include the initial Option Period(s) by which the Term shall have been extended. In the event this Lease Termis canceled or terminated, Tenant shall not be in default, beyond any grace period, in the performance of any of its obligations under this Lease. (d) If Tenant elects to renew the Lease Term, all the provisions expiration date of this Lease shall be applicable during each Extension Term except that: (i) Tenant shall have no further right to renew that date on which this Lease beyond is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as anniversary of the commencement of the Extension Term ("Extension Term Rent Commencement Date"), except that the Annual Base first Lease Year shall commence on the Rent in effect shall be increased as set forth in Section 4.1Commencement Date.

Appears in 1 contract

Samples: Assignment and Assumption of Lease (Aei Income & Growth Fund 25 LLC)

Term Extensions. Section 2.1. a) The initial term of this Lease (the "Lease Initial Term") shall commence on the Commencement Date and shall terminate on the last day of the month in which occurs the fifteenth (15") annual anniversary of the "Rent Commencement Date" (as hereinafter defined). The Rent Commencement Date shall be the earlier to occur of (i) the date that is forty-five (45) days following the "Completion Date" (as defined in the Construction Provisions) or (ii) the date on which Tenant opens for business to the public at the Leased Premises. Notwithstanding the foregoing, in the event the following conditions have not been satisfied prior to such Rent Commencement Date, then Tenant may, at Tenant's option, pay no Basic Rent or any other charges due under this Lease to Landlord until such time as such conditions have been satisfied or waived (whereupon Tenant shall pay all accrued Basic Rent and/or other charges due hereunder at the time of such satisfaction or waiver): (i) Landlord has delivered to Tenant all applicable subordination, non-disturbance and attornment agreements executed by any and all Mortgagees and/or Ground Lessors with respect to the Leased Premises in the form attached to this Lease as Exhibit "C"; and (ii) Landlord has delivered to Tenant, and Tenant has approved, those certain easement agreements, declarations, covenants, restrictions, rules, regulations and other documents or agreements affecting the Leased Premises set forth in Exhibit "H" as Permitted Encumbrances, and Landlord has placed of record and delivered a certified copy to Tenant of all such agreements and documents. Landlord and Tenant shall confirm the Rent Commencement Date by a supplemental commencement date agreement, the form of which agreement is attached hereto as Exhibit "D". The period of time from the Commencement Date until the Rent Commencement Date shall hereinafter be referred to as the "Construction Term." b) In addition to the Initial Term, Tenant shall have the option (each such right referred to herein as a "Renewal Option") to renew and extend this Lease for three (3) years, commencing consecutive five (5) days after notice year periods (each such period referred to Tenant by Landlord that as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all prior tenants the provisions, conditions and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date covenants of this Lease, with all of such tenant's personal property removed (the Lease shall continue in full force and effect except that "Commencement Date") and, subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent Basic Rent" (as hereinafter defined) due under payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease until the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date Lease. Each Renewal Option shall not be construed in any way to extend the Lease Term; and (c) if Landlord fails to deliver actual possession of the Premises to Tenant by April 1, 1997, then deemed exercised automatically unless Tenant shall have the right to terminate this Lease upon written notice to Landlord, delivered to give Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited with Section 2.2. Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) successive one (1) year extension term (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of its election not to exercise of the option (the "any such Renewal Option Notice") to Landlord at least one-one hundred eighty (180) days but no more than three hundred sixty (360) days before prior to the first day of such Extension Term, time being expiration of the essenceInitial Term or any then-current Option Period, as applicable. (c) When exercising such right From and after the date on which a Renewal Option is exercised, references to the Expiration Date of words "Term" in this Lease shall include the initial Option Period(s) by which the Term shall have been extended. In the event this Lease Termis canceled or terminated, Tenant shall not be in default, beyond any grace period, in the performance of any of its obligations under this Lease. (d) If Tenant elects to renew the Lease Term, all the provisions expiration date of this Lease shall be applicable during each Extension Term except that: (i) Tenant shall have no further right to renew that date on which this Lease beyond is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as anniversary of the commencement of the Extension Term ("Extension Term Rent Commencement Date"), except that the Annual Base first Lease Year shall commence on the Rent in effect shall be increased as set forth in Section 4.1Commencement Date.

Appears in 1 contract

Samples: Lease Agreement (Across America Real Estate Development Corp)

Term Extensions. Section 2.1. a) The initial term of this Lease (the "Lease Initial Term") shall commence on the Commencement Date and shall terminate on the last day of the month in which occurs the fifteenth (15th) annual anniversary of the "Rent Commencement Date" (as hereinafter defined)')'The Rent Commencement Date shall be the earlier to occur of (i) the date that is forty-five (45) days following the "Completion Date" (as defined in the Construction Provisions) or (ii) the date on which Tenant opens for business to the public at the Leased Premises. Notwithstanding the foregoing, in the event the following conditions have not been satisfied prior to such Rent Commencement Date, then Tenant may, at Tenant's option, pay no Basic Rent or any other charges due under this Lease to Landlord until such time as such conditions have been satisfied or waived (whereupon Tenant shall pay all accrued Basic Rent and/or other charges due hereunder at the time of such satisfaction or waiver): (i) Landlord has delivered to Tenant all applicable subordination, non- disturbance and attornment agreements executed by any and all Mortgagees and/or Ground Lessors with respect to the Leased Premises in the form attached to this Lease as Exhibit "C" and (ii) Landlord has delivered to Tenant, and Tenant has approved, those certain easement agreements, declarations, covenants, restrictions, rules, regulations and other documents or agreements affecting the Leased Premises set forth in Exhibit "H" as Permitted Encumbrances, and Landlord has placed of record and delivered a certified copy to Tenant of all such agreements and documents. Landlord and Tenant shall confirm the Rent Commencement Date by a supplemental commencement date agreement, the form of which agreement is attached hereto as Exhibit '"D". The period of time from the Commencement Date until the Rent Commencement Date shall hereinafter be referred to as the "Construction Term. " b) In addition to the Initial Tern1, Tenant shall have the option (each such right referred to herein as a "Renewal Option") to renew and extend this Lease for three (3) years, commencing consecutive five (5) days after notice year periods (each such period referred to Tenant by Landlord that as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all prior tenants the provisions, conditions and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date covenants of this Lease, with all of such tenant's personal property removed (the Lease shall continue in full force and effect except that "Commencement Date") and, subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent Basic Rent" (as hereinafter defined) due under payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease until the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date Lease. Each Renewal Option shall not be construed in any way to extend the Lease Term; and (c) if Landlord fails to deliver actual possession of the Premises to Tenant by April 1, 1997, then deemed exercised automatically unless Tenant shall have the right to terminate this Lease upon written notice to Landlord, delivered to give Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited with Section 2.2. Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) successive one (1) year extension term (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of its election not to exercise of the option (the "any such Renewal Option Notice") to Landlord at least one-one hundred eighty (180) days but no more than three hundred sixty (360) days before prior to the first day of such Extension Term, time being expiration of the essenceInitial Term or any then- current Option Period, as applicable. (c) When exercising such right From and after the date on which a Renewal Option is exercised, references to the Expiration Date of the initial Lease words "Term, Tenant shall not be " in default, beyond any grace period, in the performance of any of its obligations under this Lease. (d) If Tenant elects to renew the Lease Term, all the provisions of this Lease shall be applicable during each Extension include the Option Period(s) by which the Term except that: (i) Tenant shall have no further right to renew been extended. In the event this Lease beyond the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as of the commencement of the Extension Term ("Extension Term Commencement Date")is canceled or terminated, the Annual Base Rent in effect shall be increased as set forth in Section 4.1.expiration date

Appears in 1 contract

Samples: Assignment and Assumption of Lease (Aei Net Lease Income & Growth Fund Xix Limited Partnership)

Term Extensions. Section 2.1. 2.1 The term of this Lease (the "Lease Term") shall be three (3) yearscommence on ----------- March 9, commencing five (5) days after notice to Tenant by Landlord that all prior tenants and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date of this Lease, with all of such tenant's personal property removed 2000 (the "Commencement Date") andand terminate on August 31, 2004 (the "Expiration Date"), subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual shall tender possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent (as hereinafter defined) due under this Lease until before the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on , provided that the Commencement Date shall not be construed in extended for no more than 60 days for any way to extend and all delays resulting from causes beyond the Lease Term; and (c) if reasonable control of Landlord. If Landlord fails to deliver actual possession by such date other than due to delays beyond the reasonable control of the Premises to Tenant Landlord, Tenant, as its sole remedy and in lieu of all other remedies provided herein or by April 1law, 1997may, then Tenant shall have the right to at its election, terminate this Lease upon by serving on Landlord at any time after the Commencement Date a written notice to Landlord, delivered to Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited withNotice of Termination. Section 2.2. 2.2 Landlord hereby grants to Tenant the option to extend the ----------- Lease Term for one a term of five (15) successive one (1) year extension term years at fair market net rent, determined in accordance with Section 2.3 below (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of exercise of the option (the "Option Notice") to Landlord at least one-one hundred eighty (180) days but no more than three two hundred sixty seventy (360270) days before the first day of such Extension Term, time being of the essence. Landlord and Tenant shall have a 30 day period after Landlord receives the Option Notice in which to agree on Annual Base Rent during the Extension Term, which shall include, without limitation, a rent escalation for each year of the Extension Term if market lease rates at that time assume annual rent escalations. If the parties are unable to agree on the Annual Base Rent for the Extension Term within such 30-day period, the Annual Base Rent for the Extension Term shall be the fair market net rent (as defined in Section 2.3 below) for the Premises, which shall be conclusively determined in the manner set forth in Section 2.3 below. (c) When exercising such right and on the Expiration Date of the initial Lease Term, Tenant shall not be in default, beyond any applicable grace period, in the performance of any of its obligations under this Lease, or Tenant's exercise of its option shall be deemed ineffective, and this Lease shall terminate on the Expiration Date without notice. (d) If Tenant elects to renew exercise its option to extend the Lease Term, all the provisions of this Lease shall be applicable during each Extension Term except that: (i) Tenant shall have no further right to renew extend this Lease beyond the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as of the commencement of the Extension Term ("Extension Term Commencement Date"), the Annual Base Rent in effect shall be increased as set forth in this Section 4.12.2 and Section 2.3 below.

Appears in 1 contract

Samples: Building Lease Agreement (Intertrust Technologies Corp)

Term Extensions. Section 2.1. a) The initial term of this Lease (the "Lease Initial Term") shall commence on the Commencement Date and shall terminate on the last day of the month in which occurs the fifteenth (15th) annual anniversary of the "Rent Commencement Date" (as hereinafter defined). The Rent Commencement Date shall be the earlier to occur of (i) the date that is forty-five (45) days following the "Completion Date" (as defined in the Construction Provisions) or (ii) the date on which Tenant opens for business to the public at the Leased Premises. Notwithstanding the foregoing, in the event the following conditions have not been satisfied prior to such Rent Commencement Date, then Tenant may, at Tenant's option, pay no Basic Rent, Percentage Rent or any other charges due under this Lease to Landlord until such time as such conditions have been satisfied or waived (whereupon Tenant shall pay all accrued Basic Rent, Percentage Rent and/or other charges due hereunder at the time of such satisfaction or waiver): (i) Landlord has delivered to Tenant all applicable subordination, non-disturbance and attornment agreements executed by any and all Mortgagees and/or Ground Lessors with respect to the Leased Premises in the form attached to this Lease as Exhibit "C"; and (ii) Landlord has delivered to Tenant, and Tenant has approved, those certain easement agreements, declarations, covenants, restrictions, rules, regulations and other documents or agreements affecting the Leased Premises set forth in Exhibit "H" as Permitted Encumbrances, and Landlord has placed of record and delivered a certified copy to Tenant of all such agreements and documents. Landlord and Tenant shall confirm the Rent Commencement Date by a supplemental commencement date agreement, the form of which agreement is attached hereto as Exhibit "D". The period of time from the Commencement Date until the Rent Commencement Date shall hereinafter be referred to as the "Construction Term." b) In addition to the Initial Term, Tenant shall have the option (each such right referred to herein as a "Renewal Option") to renew and extend this Lease for three (3) years, commencing consecutive five (5) days after notice year periods (each such period referred to Tenant by Landlord that as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all prior tenants the provisions, conditions and occupants have vacated the Premises in a condition similar to the condition of the Premises on the date covenants of this Lease, with all of such tenant's personal property removed Lease shall continue in full force and effect except that (the i) "Commencement Date") and, subject to earlier termination or Tenant's right to extend the Lease Term under the terms of this Lease, expiring on February 28, 2000 (the "Expiration Date"). Landlord and Tenant agree that, if Landlord fails to deliver actual possession of the Premises to Tenant on the Commencement Date because of the holding-over or retention of possession of any tenant, subtenant or occupant or for any other reason whatsoever, Landlord shall not be liable for any damages thereby, nor shall this Lease be void or voidable; provided, however, that: (a) Tenant shall not be liable for the monthly installments of Annual Base Rent or Additional Rent Basic Rent" (as hereinafter defined) due under payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease until the Commencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date shall not be construed in any way to extend the Lease Term; and (cii) if Landlord fails to deliver actual possession "Percentage Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(b) of the Premises to Tenant by April 1, 1997, then this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall have the right to terminate this Lease upon written notice to Landlord, delivered to give Landlord no later than April 15, 1997 and Landlord shall refund any Rent previously deposited with Section 2.2. Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) successive one (1) year extension term (the "Extension Term"), upon and subject to the following terms and conditions: (a) The Extension Term shall commence on the day next succeeding the Expiration Date of the initial Lease Term. (b) Tenant shall exercise such option as to the Extension Term by giving written notice of its election not to exercise of the option (the "any such Renewal Option Notice") to Landlord at least one-one hundred eighty (180) days but no more than three hundred sixty (360) days before prior to the first day of such Extension Term, time being expiration of the essenceInitial Term or any then-current Option Period, as applicable. (c) When exercising such right and on the Expiration Date of the initial Lease Term, Tenant shall not be in default, beyond any grace period, in the performance of any of its obligations under this Lease. (d) If Tenant elects to renew the Lease Term, all the provisions of this Lease shall be applicable during each Extension Term except that: (i) Tenant shall have no further right to renew this Lease beyond the Extension Term; (ii) Section 2.4 and Section 11.1 shall be inapplicable during the Extension Term; and (iii) Effective as of the commencement of the Extension Term ("Extension Term Commencement Date"), the Annual Base Rent in effect shall be increased as set forth in Section 4.1.

Appears in 1 contract

Samples: Assignment and Assumption of Lease (AEI Income & Growth Fund 26 LLC)