TERMS AND EXTENSIONS Sample Clauses
TERMS AND EXTENSIONS. The initial term of this Lease shall be for a period of ten (10) years, commencing on January 7, 1986, and terminating on January 6, 1996, both dates inclusive (hereinafter referred to as the "initial term"). Provided Tenant is not in default of any terms of this Lease at the time Tenant notifies Landlord of the exercise of any option hereunder, Tenant shall have the option to extend and renew this Lease for three (3) successive periods of five (5) years each, the first of said periods of renewal and extension shall commence on January 7, 1996, and terminate on January 6, 2001, (hereinafter referred to as the "first renewal term"). The second of said periods of renewal and extension shall commence on January 7, 2001, and terminate on January 6, 2006, hereinafter referred to as the "second renewal term"). The third of said periods of renewal and extension shall commence on January 7, 2006, and terminate on January 6, 2011, (hereinafter referred to as the (third renewal term"). The options to or renew extend herein contemplated shall be exercised by Tenant by advising the Landlord by certified mail, return receipt requested as hereinafter provided not less than six (6) months prior to the expiration of the term of the lease then in effect. Each such renewal term shall be upon the same terms, covenants and conditions, excluding rent, as provided in this Lease for the initial term. Any termination of this Lease during any term shall terminate any and all further rights of renewal or extension hereunder.
TERMS AND EXTENSIONS. (a) The Term of this Agreement shall commence on the date of this set out in the opening paragraph hereof and shall terminate at midnight on the 1st day of February, 2001, unless the termination date is extended in accordance with the following paragraph.
(b) The Contractor is granted the right to extend the termination date for five (5) years provided that the Contractor is not in default on any of its obligations to Licensor under the terms hereof or otherwise created and the financial condition of the Contractor to maintain a bonding capacity, is adequate to allow Contractor to perform its obligations hereunder during the extended term.