First Renewal Notice definition
Examples of First Renewal Notice in a sentence
Time is of the essence with respect to the giving of the First Renewal Notice.
If Tenant shall send the First Renewal Notice within the time and in the manner herein provided, this Lease shall be deemed renewed for the First Renewal Term upon the terms, covenants and conditions in this Lease contained, with the exception of Fixed Rent.
Landlord shall, within five (5) days of receipt of Tenant’s First Renewal Notice, deliver a Lease amendment solely documenting the new terms for the First Renewal Option as set forth above.
The Landlord and the Tenant covenant and agree that upon receipt of the First Renewal Notice by the Landlord, the Tenant shall be obligated to lease the Premises from the Landlord and the Landlord shall be obligated to lease the Premises to the Tenant on the terms and conditions set forth in this paragraph 7.34.
The First Renewal Amendment shall be sent to Tenant within a reasonable time after Landlord’s receipt of the First Renewal Notice, and Tenant shall execute and return the First Renewal Amendment to Landlord within 15 days after Tenant’s receipt of same.
If Tenant timely delivers a First Renewal Notice but fails to timely deliver a First Revocation Notice, this Lease shall be extended on the terms set forth above and at the Rent specified in the Landlord Notice.
Section 30.2 If Tenant elects to renew this Lease for the First Renewal Term, Tenant shall give Landlord notice thereof (the “First Renewal Notice”) not more than eighteen (18) months and not less than twelve (12) months prior to the Expiration Date, and time shall be of the essence with respect to the giving of the First Renewal Notice.
Provided Tenant exercises its first option to renew the Term, notice of the exercise of the second Renewal Term shall be given by Tenant to Landlord in writing (the “Second Renewal Notice” and with the First Renewal Notice, each a “Renewal Notice”) no earlier than December 31, 2030 nor later than December 31, 2031 (the “Second Notice Date” and with the First Notice Date, each a “Notice Date”).
Tenant shall specify in the First Renewal Notice whether Tenant elects the Ten Year Renewal Term or the First Five Year Renewal Term (failing which Tenant shall have been deemed to have elected the Ten Year Renewal Term).
If Tenant fails to timely deliver the First Renewal Notice, then Tenant shall be deemed to have irrevocably waived Tenant’s right to exercise the Renewal Options.