Additional Lease Period definition
Examples of Additional Lease Period in a sentence
The Initial Lease Period and the Additional Lease Period (or part thereof, as applicable) shall be referred in this Agreement as the “Lease Period” and all of the provisions of this Agreement (in the event that the Additional Lease Period is desired by the Tenant) shall apply to them.
The Tenant undertakes to extend the insurances it undertook to take out under the Lease Agreement, so that they will be valid throughout all lease periods of the Premises (including the Additional Space) as well as in respect of the Additional Lease Period.
Any reference herein to the "Term of the Lease" shall mean both the First Lease Period and the Additional Lease Period, if any, as the case may be.
The Lease Conditions during the Additional Lease Period shall be as is customary at that time for real-estate leasing of the leasehold type by the Lessor in the vicinity of the Leasehold and for the Purpose of this Leasehold, and taking into account that the Lessee paid for construction of the structures.
The Rent in the Additional Lease Period shall be the appropriate rent determined by the appraiser in his aforesaid appraisal.
It is agreed by and between the parties that the First Lease Period shall automatically be extended for the Additional Lease Period, unless the Lessee shall have notified the Lessor, in an unconditional unrestricted notice that shall have been received by the Lessor at least 6 (six) months prior to the end of the First Lease Period, of its wish to discontinue the lease at the end of the First Lease Period.
It is further agreed that all of the provisions regarding payment of Rent in the First Lease Period shall also apply to the Rent in the Additional Lease Period, mutatis mutandis, and in particular, a real increase of 2% per annum, beyond the rise of the Index.
It is agreed that the Tenant will continue to lease the existing parking spaces for the entire lease period until the end of the Additional Lease Period, and will bear all the payments made in respect of them as specified in the Lease Agreement, without any change.
Subject to the Fulfillment of All of the Obligations Thereof according to this agreement, the Lessee shall have the right, and the Lessor the obligation, to extend the lease period at the end of the First Lease Period for an additional five-year period (the "Additional Lease Period").
For the avoidance of doubt, it is hereby stipulated that the provisions of this Agreement in relation to the Lease Period and/or the First or Second Additional Lease Period and this expiration, as set forth above, shall be applicable to all the Areas of the Premises including those areas which are the subject of the Option and/or of the right of first refusal.