Option to Extend has the meaning given that term in Section 2.13.
Option to Extend means the Borrower’s option to extend the Maturity Date as provided in Section 2.15.
Option to Extend means the Council’s option to extend the Initial Term by a period of up to three years commencing from and including the date following the Initial Expiry Date
Examples of Option to Extend in a sentence
The Parties hereto hereby agree that the following provisions of the Lease are hereby deleted in their entirety: Section 17 (Tenant’s Option to Extend); Section 20.2.1 (Underground Storage Tanks); Section 20.6 (Indemnification); Section 32.12 (Financial Statements); and Section 42 (Services for Freedom Center North).
More Definitions of Option to Extend
Option to Extend means Borrower’s option, subject to the terms and conditions of that certain Section entitled Option to Extend, to extend the term of the Loan from the Maturity Date to the Extended Maturity Date.
Option to Extend means the First Option to Extend and/or the Second Option to Extend.
Option to Extend. Provided that there is no then outstanding uncured Event of Default by Tenant, Tenant shall have two (2) options to extend the Term, for a period of five (5) years each. The option to extend the Term must be exercised in writing on or before two hundred seventy (270) days prior to expiration of the then-current Term (failure to give notice being an absolute bar to any rights on the part of Tenant to so extend). The Monthly Minimum Rent for each of the extended Terms will be adjusted to the then prevailing fair market rate to similar office buildings (the “Fair Market Rate”) The Fair Market Rate will consider any market rate concession and be based on comparable space in the Research Triangle Park area taking into account such factors as the condition of the premises, location, age, amenities and interior improvements. If Landlord and Tenant are unable to agree upon the Fair Market Rate within forty-five (45) days after Landlord’s receipt of written notice of Tenant’s election to exercise its option to extend the Term, then the Fair Market Rate shall be determined by an appraiser mutually agreed upon by Landlord and Tenant, or if they cannot mutually agree on one appraiser then by three (3) appraisers holding the earned designation “MAI” and having at least five (5) years experience in appraising commercial real estate in the Wake County, North Carolina area, one appraiser to be selected by Tenant, one appraiser to be selected by Landlord, and the third appraiser to be selected by the other two appraisers. If the three appraisers are unable to agree upon the Fair Market Rate, then each shall submit its written determination within thirty (30) days after the appraiser’s appointment and the Fair Market Rate shall be the average of the three appraisers’ determinations. Provided, however, if the appraisals of two of the three appraisers vary from one another by less than ten percent (10%) then the third appraisal shall be disregarded and the Fair Market Rate shall be the average of the other two appraisals. Tenant and Landlord each shall pay the cost of the appraiser it selects and the cost of the third appraiser shall be split equally between Landlord and Tenant. If Landlord and Tenant mutually agree on one appraiser, then Landlord and Tenant shall split equally the cost of the appraiser. If Tenant fails to exercise the first option to extend the Term in a timely manner, both options shall become null and void and Tenant shall have no further rights to extend ...
Option to Extend lease. On the "adjustment date," the rent shall be adjusted in the same percentage Proportion that the Consumer Price Index, for All Urban Consumers "All Items" for the San Francisco-Oakland area compiled by the U.S. Department of Labor, Bureau of Labor Statistics ("the index"), has changed as compared to the last published Consumer Price Index prior to the previous "adjustment date." In no event, however, shall the rent be less than that described above. If the Index is discontinued or revised, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. SECURITY DEPOSIT: Lessor is now holding $11,920.00 as a security deposit per Paragraph 1.7 and Paragraph 5 per the terms of the June 26, 1995 Lease.
Option to Extend. Tenant shall have Two (2), One (1) year options to extend the Lease upon no less than six (6) months written notice to Landlord. The rental rate shall be the then current market rate as calculated on Exhibit D.
Option to Extend means the Council’s option to extend the Initial Term by a
Option to Extend. Tenant shall have the number of options to extend the Lease Term as set forth on the Lease Schedule, each such option to be for the number of months per option as set forth in the Lease Schedule(the “Option”) such Option to extend shall be subject to the provisions contained in Exhibit G attached hereto.