Examples of Extension Right in a sentence
After determination of the Extension Fee, and if Lessee still desires to exercise the Extension Right, Lessee shall execute the Extension Amendment and the Memorandum of Extension Amendment, both as defined in Schedule 1.5, and deliver them to Lessor with a cashier’s check for the Extension Fee on the Extension Fee Payment Date set forth in the Extension Notice.
Notwithstanding the procedures described in Section 1.6 for the completion of a Lease extension, if the Extension Right is being exercised in connection with a Third-Party Sale (as defined in Section 2.6) of the Leasehold Interest that is permitted pursuant to Article 2 below, the extension of the Lease may be completed in connection with such Third-Party Sale, and the Extension Fee may be paid from the purchase price through escrow.
Withdrawal of the Extension Notice shall have no effect on the right of Lessee or subsequent assignees of Lessee’s Leasehold Interest in the Property to exercise the Extension Right in the future.
The Extension Right is subject to Section 2.8 of this Amendment and is contingent upon (a) Lessee’s compliance with the requirements of Article 2 of this Amendment, and (b) Lessee not being in default of its obligations under the Lease as of the date Lessee delivers the Extension Notice described in Section 1.3(b) or at any time prior to the Extension Fee Payment Date (as defined in Section 1.4).
If Buyer exercises Buyer’s Second Extension Right in accordance with this Section 11.c, the term “Contingency Date” thereafter means the date 300 days after the Agreement Date, and Buyer may thereafter extend the Contingency Date for a third period of sixty (60) days (“Buyer’s Third Extension Right”).