Lease Renewal Term definition
Examples of Lease Renewal Term in a sentence
The Initial Term of this Agreement shall automatically extend (any such extension, a “Renewal Term”) upon the commencement of any Lease Renewal Term under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of Section 16.2 of this Agreement.
Any Renewal Term of this Agreement shall automatically further extend upon the commencement of any additional Lease Renewal Term under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of Section 16.2 of this Agreement.
The Lease Renewal Term shall only be effective if a fresh lease deed is executed between the Parties stamped and registered before the expiry of Lease Term.
Pursuant to Section 4(B)(2) of the Pipeline Lease Agreement (which is entitled “Option to Renew”), Alon hereby exercises the Second Lease Renewal Option, and the Second Lease Renewal Term shall expire on July 31, 2020.
THE LESSOR shall provide to THE LESSEE the statement of the outstanding dues payable by THE LESSEE, if any, and other estimated charges payable under the Lease Deed, supported with relevant documents, Fifteen (15) days prior to the expiry of the Lease Term/ Lease Renewal Term (if any) and THE LESSEE undertakes to clear the aforesaid amounts and provide the TDS certificates regarding the payments made to THE LESSOR within the permissible time frame as per the income tax regulations.
Provided that Lessee is not in default under this Lease beyond applicable notice and cure periods at the time of the exercise of the Renewal Option granted herein, Lessee shall have the option (the "Initial Lease Renewal Option") to renew the Initial Lease for one (1) additional term of ten (10) years (the "Initial Lease Renewal Term") commencing on the first day of the calendar month immediately following the expiration of the Initial Term.
Lessee's lease during the Initial Lease Renewal Term will be upon the same terms as for the Initial Lease Term, except that the Base Rent (hereinafter defined) will adjust as hereinafter provided and during the Renewal Term Lessee will have no further right to renew this Initial Lease.
Lessee's lease during the Second Lease Renewal Term shall be upon the same terms as for the Second Lease Initial Term, except that the Base Rent (hereinafter defined) will adjust as hereinafter provided and at the Second Lease Renewal Term, Lessee will have no further right to renew this Second Lease, and the Second Lease shall terminate.
The Appraiser's conclusion relating to the first day of the Lease Renewal Term shall be used in calculating the "Recourse Deficiency Amount." A copy of such appraisal shall be delivered to each of the Participants not later than five (5) Business Days prior to the Expiration Date.
In addition, the Sale Option shall automatically be revoked if there exists an Event of Default, Significant Environmental Event or an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the Base Term (unless the Lease is renewed for the Lease Renewal Term in accordance with the terms hereof).