Option to Renew definition

Option to Renew is defined in subsection 6.1 of this Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Option to Renew. Defined in Section 1.E hereof.

Option to Renew means a contract clause that allows a party to reinstate the contract for an additional term.

Examples of Option to Renew in a sentence

• Provided that Tenant is not, and at no time has been, in default during the Term under any of the covenants, terms, conditions, and provisions of this Lease, then Tenant shall have the option to renew this Lease, for two separate five (5) year option periods, provided that, in order to exercise this Option to Renew, Tenant is required to give to Landlord written notice thereof not less than six (6) months before the date of expiration of the Term of this Lease or during any option period.

• This Agreement shall become effective on the date first written above and shall continue in effect for a period of [Number of years in effect] years.b. Distributor Option to Renew.

• In order to validly exercise its Option to Renew, the Tenant shall provide to the Landlord a prior written notice of its exercise thereof (the “Notice of Renewal”) to be received by the Landlord no earlier than twelve (12) months prior to the expiry date of the then current Term.

• If Tenant fails to validly exercise an Option to Renew, the Tenant shall be deemed, for all legal purposes, to have renounced to exercise all Options to Renew which have not yet been exercised, and these Options to Renew together with the provisions of this Section shall ipso facto become null and void and of no further effect, and the Lease shall terminate at the expiry date of the then current Term, without any rights or recourses whatsoever of the Tenant against the Landlord related thereto.

• The Option to Renew as provided in this paragraph, will be deemed to have been exercised by Tenant and this Lease shall automatically renew, unless, within 180 days prior to the expiration of the Lease Term, Tenant provides Landlord written notice of Tenant’s intention not to exercise the Option to Renew, in which event the Lease will expire either at the end of the Lease Term or at the end of any applicable properly executed Extended Term.

More Definitions of Option to Renew

Option to Renew. Ten (10) additional periods of five (5) years each under the terms and conditions set forth in Section 37 of this Lease.

Option to Renew. Option to Renew. Provided that (i) there has not been an event of Default beyond any applicable cure periods at any time during the Lease Term, (ii) the creditworthiness of Tenant is materially the same as or better than on the Commencement Date, and (iii) Tenant named herein remains in possession of and has been continuously operating in substantially the entire Leased Premises throughout the Lease Term, Tenant shall have the option to extend the Lease Term for two (2) five (5) year terms (each an "Extension Term"). Each Extension Term shall be upon the same terms and conditions contained in the Lease except the Minimum Annual Rent for such Extension Term shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than one hundred eighty (180) days prior to the expiration of the then current term thereof, written notice of Tenant's desire to extend the term of the Lease. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it. Landlord shall notify Tenant of the amount of the rent adjustment no later than thirty (30) days from receipt of Tenant's Notice to exercise the Extension Term. Within thirty (30) days thereafter, Tenant shall inform Landlord of its intention to so extend the Lease Term at the quoted rent adjustment. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms and conditions of the Extension Term.

Option to Renew. Ten (10) additional periods of five (5) years each under the terms and conditions set forth in Section 37 of this Lease; provided that the terms and Base Rents for such terms shall be either “Fixed Renewal Terms” or “FMV Renewal Terms” as set forth on Schedule 1(E) and in accordance with Section 37.

Option to Renew. The tenant shall have 2 options (s) to renew for a 3 year period.

Option to Renew shall have the meaning ascribed to it in Clause 9.14;

Option to Renew means a contract clause that allows the County and the contracted a party an option to renew the Contract for defined additional terms if mutually agreeable to both parties and subject to the same terms and conditions of the original contract. to reinstate the contract for an additional term.

Option to Renew means an agreement between the parties to renew this agreement as provided for in Clause 2.7 of this Agreement.