Examples of Renewal Option in a sentence

Renewal Option - A lease covenant giving the State the right to extend a lease for an additional period on specified terms.
If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such 15 day period, Tenant’s Renewal Option shall be null and void and of no further force and effect.
If Tenant is entitled to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the “Renewal Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms.
Tenant, within 15 days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s exercise of its Renewal Option, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”).
Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC §5-22-17-4.

More Definitions of Renewal Option

Renewal Option has the meaning given in Section 25.1(a).

Renewal Option. Defined in Section 37.A hereof.

Renewal Option. As defined in Section 1.3(b).

Renewal Option is defined in Section 3.3.

Renewal Option means each of the options to allow the Term of this Lease to be extended for a Renewal Term, as more particularly described in Section 2.2 of this Lease.

Renewal Option means the First Renewal Option, the Second Renewal Option, or either of them, as the context may require.

Renewal Option has the meaning set forth in Section 29 of the Lease.