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.

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 Section 5 of this Lease.

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...

Examples of Renewal Option Notice in a sentence

• The Renewal Option Notice shall remind Resident of the requirements regarding the Termination Notice and the month-to-month tenancy provisions.

• Prior to the Lease End Date, Landlord may, but shall not be obligated to, send Resident a notice (the " Renewal Option Notice").

• The Renewal Option Notice also shall inform Resident 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 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 notify Resident that, if Resident desires to renew the Lease for a renewal term as stated in the Renewal Option Notice (the "Renewal Term"), Resident 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.

• Lessee shall forever waive its right to exercise a Renewal Option if it shall, for any reason whatsoever, subsequently fail to give such Renewal Option Notice to Lessor 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.

• If Tenant fails to give Landlord the Renewal Option Notice within such specified time period, Tenant shall be deemed to have elected not to exercise, and to have waived, the Renewal Option, which shall be of no further force or effect.

• Resident shall pay the first month's Rent before the Renewal Option Notice, and (b) returning the signed and completed the Lease Start Date.

• The Renewal Option Notice also shall inform Resident of the month and shall be payable on the Lease Start Date.

• In the event there exists by Tenant a default under this Lease, beyond applicable notice and cure periods, on the date the Renewal Option Notice is sent or any time thereafter up to and including the date the Renewal Term is to commence, then, at Landlord’s option, the Renewal Term shall not commence and the initial Lease Term (or prior Renewal Term, as applicable) shall expire at the date it would have expired without such renewal.

More Definitions of Renewal Option Notice

Renewal Option Notice has the meaning given in clause 15.2(b)(i).