Second Renewal Notice definition
Examples of Second Renewal Notice in a sentence
Time is of the essence with respect to the giving of the Second Renewal Notice.
If the Company does not start negations with Shurgard within one month of the Second Renewal Notice, the Company shall be deemed to be testing the market to find an appropriate successor management company as of the notification of the Second Renewal Notice and Clause 9.3.3(d) shall apply mutatis mutandis, and in this respect, Renewal Reply Notice shall be read as Second Renewal Notice.
If Tenant timely delivers the Second Renewal Notice but fails to indicate whether Tenant is exercising the Second Renewal Option with respect to the entire Premises or a Renewal Portion, then Tenant shall conclusively be deemed to have exercised the Second Renewal Option as to the entire Premises.
In such event, Shurgard shall invite the Company by notice (“Second Renewal Notice”) to either (i) start negotiations on the Draft Renewal Agreement in accordance with Clause 9.3.3(b) or to (ii) test the market to find an appropriate successor management company in accordance with 9.3.3(c) and (d), it being understood that both Clauses shall be applied mutatis mutandis and that, in this respect, Renewal Reply Notice shall be read as Second Renewal Notice.
Within 30 days after receipt of Tenant's Initial Second Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Second Renewal Term.
Landlord shall, within five (5) days of receipt of Tenant’s Second Renewal Notice, deliver a Lease amendment solely documenting the new terms for the Second Renewal Option as set forth above.
Provided no default exists and Tenant is occupying the entire Premises at the time of such election, Tenant may renew this Lease for a second additional period of five (5) years (the “Second Extension Term”) on the same terms provided in this Lease (except as set forth below), by delivering written notice (the "Second Renewal Notice") of the exercise thereof to Landlord at least nine (9) months prior to the expiration date of the First Extension Term.
If Tenant fails to timely deliver the Second Renewal Notice, then Tenant shall be deemed to have irrevocably waived Tenant’s right to exercise the Second Renewal Option.
Within thirty (30) days after receipt of Tenant’s Second Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Second Renewal Term.
Provided no default exists and Tenant is occupying the entire Premises at the time of such election, Tenant may renew this Lease for a second additional period of three (3) years (the “Second Extension Term”) on the same terms provided in this Lease (except as set forth below), by delivering written notice (the "Second Renewal Notice") of the exercise thereof to Landlord at least nine (9) months prior to the expiration date of the First Extension Term.