Common use of Withdrawal of Extension Notice Clause in Contracts

Withdrawal of Extension Notice. Once the Fee Simple Land Value of the Parcel is determined pursuant to the process described in Section 1.5 and the Extension Fee has been calculated, or in the event of any change in the Extension Fee described in Section 1.6, Lessee shall have the right to withdraw the Extension Notice by written notice to Lessor, in which case Lessee shall not be obligated to pay the Extension Fee and the Term shall not be extended. Withdrawal of the Extension Notice shall have no effect on the right of

Withdrawal of Extension Notice. Once the Fee Simple Land Value of the Parcel is determined pursuant to the process described in Section 1.5 and the Extension Fee has been calculated, or in the event of any change in the Extension Fee described in Section 1.6, Lessee shall have the right to withdraw the Extension Notice by written notice to Lessor, in which case Lessee shall not be obligated to pay the Extension Fee and the Term shall not be extended. Withdrawal of the Extension Notice shall have no effect on the right ofof Lessee or subsequent assignees of Lessee’s Leasehold Interest in the Property to exercise the Extension Right in the future.