Second Option to Extend definition

Second Option to Extend means Borrower’s option, subject to the terms and conditions of Section 2.11, to extend the term of the Loan from the First Extended Maturity Date to the Second Extended Maturity Date.

Second Option to Extend shall have the meaning as set forth in Section 2.3.2.

Second Option to Extend. – means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the First Extended Maturity Date to the Second Extended Maturity Date.

Examples of Second Option to Extend in a sentence

• If this Lease, any term hereof or Lessee's right to possession of the Premises shall terminate in any manner whatsoever before Lessee exercises the Second Option to Extend, or if Lessee shall have subleased or assigned all or any portion of the Premises without Lessor's prior written consent, then immediately upon such termination, sublease or assignment, the Second Option to Extend shall simultaneously terminate and become null and void.

• Lessee's exercise of the Second Option to Extend Term shall not operate to cure any default by Lessee of any of the terms or provisions in this Lease, nor to extinguish or impair any rights or remedies of Lessor arising by virtue of such default.

• In no circumstance shall the assignee under a complete or partial assignment of this Lease, or a subtenant under a sublease of all or any portion of the Premises, have the right to exercise the Second Option to Extend.

• Except as modified by this Second Option to Extend, the terms and conditions of this Agreement and the other Loan Documents as modified and approved by Lender shall remain unmodified and in full force and effect.

• To the extent the First Option to Extend or Second Option to Extend is approved by Lender pursuant to Section 2.3.1 or Section 2.3.2, as applicable , Borrower shall, in each instance, pay to Servicer an extension fee in the amount of $50,000 (the “Extension Fee”).

More Definitions of Second Option to Extend

Second Option to Extend means the option to extend the First Mandatory Conversion Date pursuant to Section 3.7.

Second Option to Extend means the option to extend the Construction Loan as described in Section 2.7.

Second Option to Extend has the meaning given that term in Section 2.10.

Second Option to Extend. The Second extension option of Borrower pursuant to the terms and provisions of Section 19.2 herein.

Second Option to Extend has the meaning set forth in Section 10.3(d).

Second Option to Extend. At the end of the first option period, the Master Licensee shall have the option to extend the term of this Agreement for an additional three-year period, provided that the following conditions are satisfied.

Second Option to Extend. Tenant is given the option to extend the term on all the provisions contained in this Lease, except for minimum monthly rent, for a three [3] year period ("the second extended term") following expiration of the first extended term, by giving notice of exercise of the option ("the second option notice") to Landlord at least six [6] months but not more than one [one] year before the expiration of the first extended term, TIME BEING OF THE ESSENCE as to Landlord's receipt of the second option notice. Provided that, if Tenant is in default on the date of giving the second option notice, the second option notice shall be totally ineffective, or if Tenant is in default on the date the second extended term is to commence, the second extended term shall not commence and this Lease shall expire at the end of the first extended term. The monthly rent for the second extended term shall be fixed at ninety (90%) percent of the Fair Market Rental Value of the Demised Premises at the time of the expiration of the first extended term, but in no event shall the base monthly rental be less than the base monthly rental for the last month of the first extended term. The parties shall have fifteen (15) days after Landlord receives the second option notice in which to agree on minimum monthly rent during the second extended term. If the parties agree on the minimum monthly rent for the second extended term during that period, they shall immediately execute an amendment to this Lease stating the minimum monthly rent. If the parties are unable to agree on the minimum monthly rent for the second extended term within that period, then within fifteen [15] days after the expiration of that period, LANDLORD shall provide to TENANT a list of three (3) real estate appraisers, each with at least 5 years' full-time industrial appraiser experience in the Morris County, New Jersey area and licensed by the State of New Jexxxx. Within ten (10) days of TENANT receiving the list of appraisers, TENANT shall notify LANDLORD of TENANT's choice of appraiser. Failure by TENANT to notify LANDLORD within this period shall cancel this Second Option to Extend. Upon completion, the appraisal report shall be sent to TENANT and LANDLORD by certified mail, return receipt requested. Within ten (10) days of receiving the report, TENANT shall notify LANDLORD in writing of its intent to accept the Fair Market Rental Value rate determined by the appraiser. If TENANT accepts the appraisal rate and renews the Leas...