Renewal Option Notice definition

Renewal Option Notice means a written notice from Tenant to Landlord of its election to extend the Term (or any then Renewal Term) of this Lease pursuant to Paragraph 5 of this Lease.
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Renewal Option Notice has the meaning given in clause 15.2(b)(i).
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Renewal Option Notice to Landlord given not less than six (6) months and no more than twelve (12) months prior to the expiration of the Term. If Tenant fails to exercise the Renewal Option strictly within the time period set forth in this Section 5, then Tenant’s Renewal Option shall automatically lapse and be of no further force and effect. In the event that Tenant timely exercises the Renewal Option, the Renewal Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Renewal Term, subject to the increase in Monthly Base Rent to the prevailing market rental rate, as determined by Landlord in its sole discretion; provided that the Monthly Base Rent during the Renewal Term shall be at no less than the amount of Monthly Base Rent in effect immediately prior to such renewal. For purposes of this Section 5, the “prevailing market rental rate” shall mean the rate charged for comparable buildings and land (in size, condition, location, etc.) in the other comparable type and style buildings and land in the Park, and if no such comparable improvements and land exist within the Park then comparable industrial improvements and land in the submarket of Houston, Texas, which are comparable to the Premises taking into consideration all relevant factors (including, without limitation, size of land, type of stabilization, location of the space, the floor level, extent of leasehold improvements (existing or to be provided and taking into consideration who pays for such improvements) except for those improvements paid for by Tenant or cash allowances therefor, rental abatements, lease takeover/assumptions, moving expenses and other concessions, term of lease, extent of services to be provided, distinction between “net” and “gross” lease, base year or amount allowed by Landlord for payment of building operating expenses (expense stop) and any other relevant term or condition. If Tenant delivers to Landlord the Renewal Option Notice in accordance with this Section 5, Landlord shall, within thirty (30) days after receipt of same, deliver to Tenant the Landlord’s Response (herein so called) to the Renewal Option Notice which shall set forth the Monthly Base Rent for the Renewal Term. Tenant shall have fifteen (15) days from receipt of Landlord’s Response setting forth the proposed new Monthly Base Rent to either accept or reject such proposed new Monthly Base Rent. In the event (i) Tenant rejects the new Monthly Base Rent set...
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Examples of Renewal Option Notice in a sentence

  • If one or more of such patents are issued and if a third party challenges the validity of the XTI patents or makes a claim of infringement against XTI, the federal courts would determine whether XTI is entitled to patent protection.

  • The Renewal Option Notice also shall inform Tenant of the amount of Rent for the Renewal Term (the “Renewal Rent”) and any changes to the terms of the Lease that apply to the Renewal Term.

  • Tenant may so renew by (a) signing and marking the renewal option on a renewal form (the “Renewal Form”) that shall accompany the Renewal Option Notice, and (b) returning the signed and completed Renewal Form to Landlord no later than the date stated in the Renewal Form.

  • Tenant shall forever waive its right to exercise a renewal option if it shall, for any reason whatsoever, fail to give such Renewal Option Notice to Landlord within the time and in the manner provided for the giving of such notice, whether such failure is inadvertent or intentional, TIME BEING OF THE ESSENCE as to the exercise of such renewal option and the giving of such notice.

  • The Renewal Option Notice also shall inform Tenant of the amount of Rent for the Renewal Term (the "Renewal Rent") and any changes to the terms of the Lease that apply to the Renewal Term.

  • Tenant may so renew by (a) signing and marking the renewal option on a renewal form (the "Renewal Form") that shall accompany the Renewal Option Notice, and (b) returning the signed and completed Renewal Form to Landlord no later than the date stated in the Renewal Form.

  • If Tenant elects to exercise any one or more of such renewal options, it shall do so by giving a Renewal Option Notice to Landlord at any time during the Term (or the then Renewal Term, as applicable) but, in any event, on or before that date which is one hundred eighty (180) days prior to the commencement of the Renewal Term for which such election is exercised, TIME BEING OF THE ESSENCE as to the exercise of such renewal option and the giving of such notice.

  • If Tenant elects to exercise any one or more of said renewal options, it shall do so by giving a Renewal Option Notice to Landlord at any time during the Term (or the then Renewal Term, as applicable) but, in any event, on or before that date which is eighteen (18) months prior to the commencement of the Renewal Term for which such election is exercised.

  • Within seventy-five (75) days following the Renewal Option Notice Date for the applicable Extended Renewal Term (or, if later, within fifteen (15) days following the date on which either Landlord or Tenant notifies the other party in writing that such notifying party desires to have the Annual Basic Rent for a Extended Renewal Term determined by appraisal), Landlord and Tenant shall each select and engage an Appraiser to determine the Fair Market Rental Value of the Renewal Premises.

  • If Tenant elects to exercise any one or more of such renewal options, it shall do so by giving a Renewal Option Notice to Landlord at any time during the Term (or the then Renewal Term, as applicable) but, in any event, on or before that date which is six (6) months prior to the commencement of the Renewal Term for which such election is exercised, TIME BEING OF THE ESSENCE as to the exercise of such renewal option and the giving of such notice.

Related to Renewal Option Notice

  • Renewal Option has the meaning set forth in §12.1.

  • Option Notice has the meaning set forth in Section 5.2(a).

  • Put Option Notice means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder;

  • Call Option Notice means a written notice from the holder of the Call Option or the Administrator, as applicable, stating its desire to exercise the Call Option on the related Reset Date, delivered to each Clearing Agency, the Indenture Trustee, the Remarketing Agents, the Rating Agencies and, if the related class of Reset Rate Notes is then listed on the Luxembourg Stock Exchange, the Administrator will forward a copy to the Luxembourg Listing Agent (the contents of which are to be published in a leading newspaper having general circulation in Luxembourg).

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Purchase Option Notice As defined in Section 3.18(e).

  • Non-Renewal Notice shall have the meaning set forth in Section 2.

  • Renewal Notice As defined in Section 1.4(a).

  • Option to Extend has the meaning given that term in Section 2.13.

  • Termination Notice means the communication issued in accordance with this Agreement by one Party to the other Party terminating this Agreement;

  • Second Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • Election Notice has the meaning set forth in Section 11.01(b).

  • Extension Notice has the meaning specified in Section 308.

  • ROFO Notice has the meaning given to it in Section 7.07(1).

  • First Offer Notice shall have the meaning set forth in Section 14.4(a).

  • Non-Extension Notice has the meaning specified in Section 2.10.

  • Exercise Notice Deadline In respect of any exercise of Options hereunder on any Conversion Date, the “Scheduled Trading Day” prior to the scheduled first “VWAP Trading Day” of the “Observation Period” (each as defined in the Indenture, but, in the case of any such Observation Period, as modified by the provision set forth opposite the caption “Convertible Security Settlement Method”) relating to the Convertible Securities converted on the Conversion Date occurring on the relevant Exercise Date; provided that in the case of any exercise of Options hereunder in connection with the conversion of any Relevant Convertible Securities on any Conversion Date occurring during the period starting on and including June 4, 2020 and ending on and including the second “Scheduled Trading Day” immediately preceding the “Maturity Date” (each as defined in the Indenture) (the “Final Conversion Period”), the Exercise Notice Deadline shall be noon, New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the “Maturity Date” (as defined in the Indenture).

  • Nonrenewal Notice Date has the meaning specified in Section 2.03(b)(iii).

  • First Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • Addition Notice With respect to the transfer of Subsequent Mortgage Loans to the Trust Fund pursuant to Section 2.08, a notice of the Depositor's designation of the Subsequent Mortgage Loans to be sold to the Trust Fund and the aggregate principal balance of such Subsequent Mortgage Loans as of the Subsequent Cut-off Date. The Addition Notice shall be given not later than three Business Days prior to the related Subsequent Transfer Date and shall be substantially in the form attached hereto as Exhibit P.

  • Retraction Notice has the meaning set forth in Section 11.01(c).

  • Non-Extension Notice Date has the meaning specified in Section 2.03(b)(iii).

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Escalation Notice has the meaning set forth in Section 8.02.

  • Rectification Notice means a notice in writing that identifies a defect in a work and requires rectification of the defect within a specified period of time.

  • Completion Notice means a notice issued by the Developer in accordance with clause 6.1.