Additional Renewal Term definition
Examples of Additional Renewal Term in a sentence
If the parties have not so agreed within two hundred-seventy (270) days prior to the end of the Basic Term, the Renewal Term or Additional Renewal Term in question, then the question shall be determined in accordance with the Appraisal Procedure.
Lessor and Lessee acknowledge and agree that, notwithstanding anything to the contrary in the Lease, Lessee shall continue to have the third, fourth, fifth and sixth Additional Renewal Terms set forth in Section 5.1 of the Lease (i.e., four (4) additional successive terms of five (5) years each upon the terms specified in the Lease with respect to each such Additional Renewal Term).
If the Physician fails to timely send the Company a Rejection Notice, then this Agreement shall be extended for the First Renewal Term or any Additional Renewal Term, as applicable.
Upon receipt of ▇▇▇▇▇▇’s notice of its intent to renew this Lease for any Additional Renewal Term, Lessor and Lessee shall promptly (but no earlier than 16 months prior to commencement of the applicable Renewal Term) commence good faith negotiations to agree upon the Fair Market Rent.
The First Renewal Term will be automatically renewed for additional periods of 1 (one) year each (each hereafter "Additional Renewal Term") (the Initial Term, the First Renewal Term and all successive Additional Renewal Terms will hereinafter be referred to as the "Term"), unless either (a) the Employee; or (b) the Company, decide not to renew the Term, and provided a written notice of the determination not to renew the Term is given subject to the Termination Notice Period.
The Base Rent of the Additional Renewal Term, if applicable, shall be determined pursuant to Section 35(a) hereof.
The annual rent for each Additional Renewal Term shall be the annual rent in effect for the final year of the Current Term or prior Additional Renewal Term increased by four percent (4%) per year.
The Lease shall automatically renew for each Additional Renewal Term unless Lessee notifies Lessor, in writing, of ▇▇▇▇▇▇'s intention not to renew the Lease at least thirty (30) days prior to the expiration of the immediately preceding Current Term or Additional Renewal Term.
Furthermore, Tenant shall have the right to renew this lease for an additional three (3) year term (the "Additional Renewal Term") commencing at the expiration of the third (3rd) Initial Renewal Term, exercisable by Tenant on no less than one hundred eighty (180) days' prior written notice to Landlord ("Renewal Notice").
The Additional Renewal Term shall be upon the same terms and conditions as this Lease; provided, however, that the Base Rent shall the Fair Market Rent, as determined in Section 35(a) hereof.