Third Extended Term Sample Clauses

Third Extended Term. The annual Base Rent for the Third Extended Term, shall be an amount equal to the greater of (1) the Market Rent for the Premises for the Third Extended Term and (2) the product of (A) the annual Base Rent in effect on the last day of the Second Extended Term and (B) the greater of (x) 1.03 and (y) the lesser of (aa) 1.06 and (bb) the average annual percentage increase, if any, in the CPI between the month preceding the commencement of the Second Extended Period and the preceding the commencement of month of the Third Extended Period. If the annual Base Rent for any period described above cannot be determined as of the first day of such period, then until such amount is determined, Tenant shall pay Base Rent at the minimum rate set forth for such period (or, in the case of the Base Rent as of Commencement Date, assuming the Fixed Rental Rate was $13.60). When the actual annual Base Rent is determined, Landlord shall notify Tenant in writing of such amount within thirty (30) days thereafter and Tenant, in the case of an underpayment, shall pay to Landlord any additional Base Rent due for the portion of such period prior to the date of such payment, or Landlord, in the case of an overpayment, shall pay to Tenant the amount of such overpayment. If Tenant exercises its option to extend the Term for an Extended Term, then within thirty (30) days after receipt of Tenant's notice exercising the Extension Option (or, if later, eight (8) months prior to the end of the then Term), Landlord shall notify Tenant of its determination of the Market Rent for the Extended Term in question. If the Market Rent determined by Landlord is greater than the Base Rent determined pursuant to clause (2) of paragraphs (a)(v), (vi) or (vii) above, as the case may be, then within thirty (30) days after receipt of Landlord's notice of the Market Rent, Tenant shall elect in a written notice ("Tenant's Rent Determination Notice"), delivered to Landlord either (i) to accept Landlord's determination of the Market Rent or (ii) to have the Market Rent determined by appraisal pursuant to paragraph (c) below, in which event Tenant shall also set forth its determination of the Market Rent. If Tenant fails to timely deliver such notice, Tenant will be deemed to have accepted Landlord's determination of the Market Rent.
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Third Extended Term. Subject to the terms and conditions set forth in paragraph 49.4, Lessee shall have the option to extend the term of the Lease for an additional five (5) years commencing on the expiration of the Second Extended Term (herein referred to as the "Third Extended Term") by giving notice to Lessor of its election so to extend such term on or prior to March 1, 2007.
Sample 1
Third Extended Term a) Provided no Event of Default under this Lease has occurred and is continuing, Tenant shall have the right and option, exercisable by giving Landlord written notice thereof at least six (6) months prior to the expiration of the Second Extended Term, to extend the Term for an additional period of three (3) years (the “Third Extended Term”) and, upon the giving of such notice, this Lease shall automatically be extended for such three (3) year period. The Third Extended Term shall be upon the same covenants, agreements, provisions, terms and conditions as the Second Extended Term except that the Base Rent for the Third Extended Term shall be at the then market rent of the Premises as determined in Section 7(b) below, except there shall be no further right to extend. In the event that Tenant fails to give such notice to Landlord as herein provided, this Lease shall automatically terminate at the end of the Second Extended Term and Tenant shall have no further right or option to extend this Lease. Upon the determination of the Base Rent for the Third Extended Term, Landlord and Tenant shall enter into a revision of this Lease by amendment hereof to set forth the amount of Base Rent during the Third Extended Term. Any additions, alterations or redecorations to the Demised Premises during the Third Second Extended Term shall be made at Tenant’s sole cost and expense.
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Third Extended Term. The term of the Ambulance Service Agreement dated June 26, 2013, between the City and TLC shall be extended for a third term commencing upon April 1, 2019, and terminating on December 31, 2019.
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Third Extended Term. Between October 1, 2005 and up to and including March 30, 2006 (the “Third Extended Term”), Innogenetics may terminate this Agreement at any time, by providing three months prior written notice. The Parties hereto further agree, as follows:
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Third Extended Term. In the case of the third Extended Term, (i) Tenant shall have no further option to extend the Term pursuant to Section 43.1, (ii) the Fixed Rent for the first Lease year of such Extended Term shall be the greater of the Fixed Rent for the immediately prior Lease Year and the Fair Market Rental of the Premises (as determined in accordance with Section 43.3 hereof), and (iii) the Fixed Rent for each subsequent Lease Year of the third Extended Term shall increase in accordance with the escalation provisions set forth in Section 3.1.2 of this Lease.
Sample 1
Third Extended Term. Provided Tenant exercises its option for the Second Extended Term, Tenant is given the additional option to extend the Second Extended Term for an additional period of five (5) years (the "Third Extended Term") following expiration of the Second Extended Term, by giving Landlord an Option Notice no later than one hundred eighty (180) days, nor sooner than three hundred sixty (360) days, before expiration of the Second Extended Term.
Sample 1
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Related to Third Extended Term

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Extension Term The options to extend the Term of this Lease as described above shall not be deemed exercised by Tenant unless at least twenty-four (24) months prior to the Lease Expiration Date for the Primary Term or at least twenty-four (24) months prior to the expiration of the Extension Term for the first (1st) Extension Term, Tenant shall have delivered written notice to Landlord of Tenant's irrevocable election to so extend this Lease at the end of the Primary Term or the first (1st) Extension Term, as applicable. Tenant's failure to deliver one (1) such timely notice to Landlord shall terminate all future Extension Terms, if any, following the Extension Term to which such notice specifically relates. Subject to the provisions of paragraph 5 of this Lease, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if such Extension Term had originally been included in the Primary Term of the Lease. The right of Tenant to exercise its rights with respect to the Extension Terms shall be conditioned upon this Lease being in full force and effect and no Event of Default then existing as of the Lease Expiration Date (for the first (1st) Extension Term), or expiration of the first (1st) Extension Term (for the second (2nd) Extension Term). The Primary Term, together with any Extension Term with respect to which Tenant properly exercises its option, and for which the conditions related thereto are satisfied, shall constitute the "TERM" of this Lease.

  • Extended Terms Tenant shall have the right to extend the Term for up to five (5) consecutive renewal terms of ten (10) years each (each, an “Extended Term”), provided that (unless Landlord shall elect in its sole discretion to waive any such condition), at the time Tenant exercises a right to extend the Term, (a) no Event of Default shall have occurred and be continuing and (b) on the date of the exercise of the extension option and on the first day of each such Extended Term, there shall be a Guaranty in favor of Landlord from a Qualifying Guarantor which shall either meet the standard in clause (a) or (c) of the definition of Qualifying Guarantor or shall provide Landlord with the audited financial statement described in the last paragraph of the definition of Qualifying Guarantor to establish that it meets the criteria in clause (b) thereof to be a Qualifying Guarantor, even if such Entity is a BP Affiliate. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term (including, but without limitation, the two percent annual Minimum Rent increases provided in the definition of Minimum Rent), except that Tenant shall have no right to extend the Term beyond the expiration of the fifth Extended Term. If Tenant shall elect to exercise its option to extend the Term for any Extended Term, it shall do so by giving Landlord Notice thereof not later than eighteen (18) months prior to the commencement of the applicable Extended Term, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the applicable Extended Term, and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same.

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Base Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • Term of the Lease The lease begins at p.m. on (the “Check-in Date”) and ends at a.m. on (the “Checkout Date”).

  • Original Term The weighted average original term for the Receivables is at least 65 months.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Extension Option The Borrower may request that the Commitments be extended for up to two additional one year periods by providing not less than 30 days’ written notice (the date of such notice, a “Notice Date”) to the Administrative Agent prior to any anniversary of the Closing Date. If a Bank agrees, in its individual and sole discretion (and with the approval of the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned), to extend its Commitment (such Bank, an “Extending Bank”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 15 days after the applicable Notice Date (such extension decision, a “Commitment Extension”). The Administrative Agent will notify the Borrower, in writing, of the Banks’ decisions promptly upon receipt thereof and in any event not later than one (1) Business Day after receipt thereof. The Extending Banks’ Commitments will be extended for an additional year from the then current Maturity Date so long as (i) the Commitments of the Extending Banks (after giving effect to any assumption by any Extending Banks of Commitments of Declining Banks as described below), together with the Commitments of any New Banks that replace any Declining Banks, represent more than 50% of the Total Commitments then in effect, and (ii) on the date of any request by the Borrower to extend the Commitments, the applicable conditions set forth in Section 5.3 shall be satisfied. No Commitment Extension shall result in the then-existing Maturity Date being more than five (5) years from the effective date of such Commitment Extension. No Bank shall be required to consent to any such extension request or be required to increase its Commitment. The Maturity Date with respect to any Bank that declines or does not respond to the Borrower’s request for an extension of the Commitments (a “Declining Bank”) shall remain the then-existing Maturity Date (without regard to any extension of the Commitments of other Banks); provided that the Borrower shall continue to have the right to replace any such Declining Bank (with respect to all or any portion of its Commitment) following the effectiveness of any such extension. The Borrower will have the right to accept Commitments from any Eligible Assignee that is not a Bank in an aggregate amount up to the aggregate amount of the Commitments of any Declining Banks; provided that any Eligible Assignee proposed to be substituted for a Declining Bank (unless such Eligible Assignee is an affiliate of a Bank) must be approved by the Administrative Agent, the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned. The Borrower may only extend the Maturity Date twice during the term of this Agreement pursuant to this Section 2.7.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one (1) option ("Option") to extend the Lease Term with respect to the Premises on the following terms and conditions: (a) The Option shall give Tenant the right to extend the Lease Term for an additional ten (10) years (the "Extended Term"); (b) Tenant shall give Landlord written notice of its exercise of the Option no later than one hundred eighty (180)days, nor earlier than three hundred sixty (360), prior to the Termination Date; (c) Tenant may not extend the Lease Term pursuant to this Section 3.4 if Tenant is in default in the performance of any of the terms and conditions of this Lease and/or the Other Lease, which default continues after the expiration of any grace period and the giving of any notice, as provided in Article 16 below or in the Other Lease. Any notice of exercise of the Option given by Tenant while Tenant is in default shall be of no force and effect. The period of exercise of the Option shall not be extended for any period in which Tenant is unable to exercise an Option by reason of Tenant's default. If Tenant is in default on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease pursuant to Section 16.2.1, notwithstanding any notice given by Tenant of the exercise of the Option. (d) All terms and conditions of this Lease shall apply during the Extended Term, except that Base Rent for the Extended Term shall be determined in accordance with Section 5.1.2 below; (e) Once Tenant delivers notice of its exercise of the Option, Tenant may not withdraw such exercise and, subject to the provisions of this Section 3.4, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Section 3.4, the term "Lease Term" as used in this Lease shall thereafter include the Extended Term and the Termination Date shall be the expiration date of the Extended Term.

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