Option Terms. Lessor is hereby granted the right and option to extend this Lease for the additional term or terms as provided in Section 1 .03c (herein "Option Term" or "Option Terms") commencing at the expiration of the initial Term. Such option is granted upon the following terms and conditions: 2 Initial____ a. The Option Term(s) shall be on the same terms, covenants, conditions, provisions and agreements as in this Lease and any amendments thereto except for forgiveness of base rent, if applicable. b. Lessee duly and regularly pays the rent and all other amounts required to be paid pursuant to this Lease and performs each and every covenant, provision and agreement on the part of the Lessee to be paid, rendered, observed and performed herein. c. Lessee gives to Lessor and Lessor receives from Lessee written notice of the exercise to each option to extend this Lease no earlier than nine (9) months and no later than six (6) months prior to the expiration of the term immediately preceding the Option Term(s) to be exercised, time being of the essence. If said notification is not given and received, the option to be exercised shall automatically expire. Failure to exercise the first option shall result in automatic expiration of the second if one so exists. d. The rent payable during the Option Term(s) shall be payable and computed as provided in Section 4.05 below.

Option Terms have the meanings set forth in Section 2.2.

Examples of Option Terms in a sentence

The Option Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.
The Option Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person.
Accordingly, the parties agree that any Option Term(s) is contingent upon the appropriation of funds by the City.
The section headings contained in these Stock Option Terms and Conditions are solely for the purpose of reference, are not part of the agreement of the parties and shall in no way affect the meaning or interpretation of this Stock Option Agreement.
All references in these Stock Option Terms and Conditions to Sections, paragraphs, subparagraphs or clauses shall be deemed to be references to Sections, paragraphs, subparagraphs and clauses of these Stock Option Terms and Conditions unless otherwise specifically provided.

More Definitions of Option Terms

Option Terms means the terms of the WHL Options as set out in SCHEDULE 1.

Option Terms means up one (1) two-year extensions to the term of this Lease.

Option Terms. With respect to each Tranche, two (2) options to renew for a period of five (5) years each, as more particularly set forth in Section 2.2 of this Lease.

Option Terms. Defined in Paragraph 3.02. ------------

Option Terms means that right of Tenant to extend the Term for two (2) periods of five (5) years each pursuant to the terms of Section 1.3(D), below.