Common use of Term Extensions Clause in Contracts

Term Extensions. a) The initial term of this Lease (the "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) consecutive five (5) year periods (each such period referred to as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that "Basic Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall give Landlord written notice of its election not to exercise any such Renewal Option at least one hundred eighty (180) days prior to the expiration of the Initial Term or any then-current Option Period, as applicable. c) From and after the date on which a Renewal Option is exercised, references to the words "Term" in this Lease shall include the Option Period(s) by which the Term shall have been extended. In the event this Lease is canceled or terminated, the expiration date of this Lease shall be that date on which this Lease is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the anniversary of the Rent Commencement Date, except that the first Lease Year shall commence on the Rent Commencement Date.

Term Extensions. a) The initial term of this Lease (the "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. (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) consecutive five (5) year periods (each such period referred to as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that (i) "Basic Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease and (ii) "Percentage Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(b) of this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall give Landlord written notice of its election not to exercise any such Renewal Option at least one hundred eighty (180) days prior to the expiration of the Initial Term or any then-current Option Period, as applicable. c) From and after the date on which a Renewal Option is exercised, references to the words "Term" in this Lease shall include the Option Period(s) by which the Term shall have been extended. In the event this Lease is canceled or terminated, the expiration date of this Lease shall be that date on which this Lease is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the anniversary of the Rent Commencement Date, except that the first Lease Year shall commence on the Rent Commencement Date.

Term Extensions. a) The initial term of this Lease (the "Initial Term") shall commence on the Commencement Date and shall terminate on the last day of the month in which occurs the fifteenth (15th15") 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) consecutive five (5) year periods (each such period referred to as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that "Basic Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall give Landlord written notice of its election not to exercise any such Renewal Option at least one hundred eighty (180) days prior to the expiration of the Initial Term or any then-current Option Period, as applicable. c) From and after the date on which a Renewal Option is exercised, references to the words "Term" in this Lease shall include the Option Period(s) by which the Term shall have been extended. In the event this Lease is canceled or terminated, the expiration date of this Lease shall be that date on which this Lease is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the anniversary of the Rent Commencement Date, except that the first Lease Year shall commence on the Rent Commencement Date.

Term Extensions. a) The initial term of this Lease (the "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 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-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 TermTern1, Tenant shall have the option (each such right referred to herein as a "Renewal Option") to renew and extend this Lease for three (3) consecutive five (5) year periods (each such period referred to as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that "Basic Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall give Landlord written notice of its election not to exercise any such Renewal Option at least one hundred eighty (180) days prior to the expiration of the Initial Term or any then-then- current Option Period, as applicable. c) From and after the date on which a Renewal Option is exercised, references to the words "Term" in this Lease shall include the Option Period(s) by which the Term shall have been extended. In the event this Lease is canceled or terminated, the expiration date of this Lease shall be that date on which this Lease is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve (12) consecutive calendar months, commencing on the anniversary of the Rent Commencement Date, except that the first Lease Year shall commence on the Rent Commencement Date.date

Term Extensions. a) Section 2.1. The initial term of this Lease (the "Initial Lease Term") shall commence 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 and shall terminate on the last day because of the month in which occurs 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 fifteenth (15th) annual anniversary monthly installments 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 Annual Base 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 Additional 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) consecutive five (5) year periods (each such period referred to as an "Option Period" and collectively as the "Option Periods") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that "Basic Rent" (as hereinafter defined) payable for due under this Lease until the Option Period(sCommencement Date; (b) Landlord's failure to deliver actual possession of the Premises to Tenant on the Commencement Date shall not be as set forth construed in Section 5(aany way to extend the Lease Term; and (c) if Landlord fails to deliver actual possession of this Lease. Each Renewal Option shall be deemed exercised automatically unless the Premises to Tenant by April 1, 1997, then Tenant shall give 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 its election not exercise of the option (the "Option Notice") to exercise any such Renewal Option Landlord at least one one-hundred eighty (180) days prior to but no more than three hundred sixty (360) days before the expiration first day of such Extension Term, time being of the Initial Term or any then-current Option Period, as applicableessence. (c) From When exercising such right and after on the date on which a Renewal Option is exercisedExpiration Date of the initial Lease Term, references 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 words "Lease Term" in this Lease shall include , all the Option Period(s) by which the Term shall have been extended. In the event this Lease is canceled or terminated, the expiration date provisions of this Lease shall be that date on which applicable during each Extension Term except that: (i) Tenant shall have no further right to renew this Lease is canceled or terminated. The term "Lease Year" beyond the Extension Term; (ii) Section 2.4 and Section 11.1 shall mean each successive period of twelve be inapplicable during the Extension Term; and (12iii) consecutive calendar months, commencing on the anniversary Effective as of the Rent commencement of the Extension Term ("Extension Term Commencement Date"), except that the first Lease Year Annual Base Rent in effect shall commence on the Rent Commencement Datebe increased as set forth in Section 4.1.

Term Extensions. a) Section 2.1 The initial term of this Lease (the "Initial Lease Term") shall commence on ----------- March 9, 2000 (the "Commencement Date") and 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. Landlord shall tender possession of the Premises to Tenant on or before the Commencement Date and shall terminate on Date, provided that 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 extended for no more than 60 days for any and all delays resulting from causes beyond the earlier reasonable control of Landlord. If Landlord fails to occur deliver possession by such date other than due to delays beyond the reasonable control of (i) the date that is forty-five (45) days following the "Completion Date" (Landlord, Tenant, as defined its sole remedy and in the Construction Provisions) lieu of all other remedies provided herein or (ii) the date on which Tenant opens for business to the public at the Leased Premises. Notwithstanding the foregoingby law, in the event the following conditions have not been satisfied prior to such Rent Commencement Date, then Tenant may, at Tenant's optionits election, pay no Basic Rent or any other charges due under terminate this Lease to by serving on Landlord until such at any 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 after the Commencement Date until the Rent Commencement Date shall hereinafter be referred a written Notice of Termination. Section 2.2 Landlord hereby grants to as the "Construction Term." b) In addition to the Initial Term, Tenant shall have the option (each such right referred to herein as extend the ----------- Lease Term for a "Renewal Option") to renew and extend this Lease for three (3) consecutive term of five (5) year periods years at fair market net rent, determined in accordance with Section 2.3 below (each 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 period referred option as to as an "Option Period" and collectively as the Extension Term by giving written notice of exercise of the option (the "Option PeriodsNotice") immediately following the Initial Term, during which Option Period(s) all the provisions, conditions and covenants of this Lease shall continue in full force and effect except that "Basic Rent" (as hereinafter defined) payable for the Option Period(s) shall be as set forth in Section 5(a) of this Lease. Each Renewal Option shall be deemed exercised automatically unless Tenant shall give to Landlord written notice of its election not to exercise any such Renewal Option at least one hundred eighty (180) days prior to but no more than two hundred seventy (270) days before the expiration first day of such Extension Term, time being of the Initial 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 or any thenif 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-current Option Periodday period, the Annual Base Rent for the Extension Term shall be the fair market net rent (as applicabledefined in Section 2.3 below) for the Premises, which shall be conclusively determined in the manner set forth in Section 2.3 below. (c) From When exercising such right and after on the date on which a Renewal Option is exercisedExpiration Date of the initial Lease Term, references to Tenant shall not be in default, beyond any applicable grace period, in the words "Term" in performance of any of its obligations under this Lease, or Tenant's exercise of its option shall be deemed ineffective, and this Lease shall include terminate on the Option Period(sExpiration Date without notice. (d) by which If Tenant elects to exercise its option to extend the Term shall have been extended. In Lease Term, all the event this Lease is canceled or terminated, the expiration date provisions of this Lease shall be that date on which applicable during each Extension Term except that: (i) Tenant shall have no further right to extend this Lease is canceled or terminated. The term "Lease Year" shall mean each successive period of twelve beyond the Extension Term; (12ii) consecutive calendar months, commencing on the anniversary Effective as of the Rent commencement of the Extension Term ("Extension Term Commencement Date"), except that the first Lease Year Annual Base Rent in effect shall commence on the Rent Commencement Datebe increased as set forth in this Section 2.2 and Section 2.3 below.