Second Renewal Option definition

Second Renewal Option shall have the meaning specified in SECTION 15.2 of the Facility Lease.

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Second Renewal Option with respect to the Site Lease, shall have the meaning set forth in Section 2.2(a)(ii) of the Site Lease.

Second Renewal Option shall have the meaning specified in Section 15.2 of the Facility Lease.

Examples of Second Renewal Option in a sentence

Tenant’s right to exercise the Second Renewal Option is conditioned upon Tenant’s proper renewal of the Term for the First Renewal Period.
If Tenant is entitled to and properly exercises its Second Renewal Option, Landlord shall prepare an amendment (the "Second Renewal Amendment") to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms.
The Renewal Option for the Second Renewal Period (the “Second Renewal Option”) shall be exercisable by delivery of written notice from Tenant to Landlord of Tenant’s election to exercise the Second Renewal Option at least twelve (12) months before the Second Renewal Period Commencement Date, time being of the essence.
The Aviation Authority shall pay to the Contractor during the renewal term of the Contract, upon satisfactory completion of the work required by the provisions of the Contract, the Unit Prices as shown on Attachment “A-3”, Second Renewal Option Pricing.
The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option.
The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant.
If Tenant exercises the Second Renewal Option, Tenant may further extend the Term of this Lease for another period of five years at the end of the Second Renewal Term (the “Third Renewal Term”) with respect to the Premises as it exists as of the last day of the Second Renewal Term (the “Third Renewal Option”).
If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect.
Seller and Buyer hereby agree to Seller’s exercise of the Second Renewal Option on the date hereof and agree that, subject to payment of the Renewal Standby Fee, the Availability Period Renewal Conditions are deemed to have been satisfied.

More Definitions of Second Renewal Option

Second Renewal Option means the option being granted to Tenant to renew this Lease for the Second Renewal Term in accordance with the provisions of this Exhibit.

Second Renewal Option shall have the meaning set forth in Section 42.1.

Second Renewal Option. Provided Lessee has exercised its option as more fully outlined in the preceding paragraph, and provided Lessee is not in default under the Lease, Lessee shall have the option to renew the Lease agreement for an additional five (5) year period commencing July 1, 2014, and terminating June 30, 2019. In the event Lessee elects to exercise this option, Lessee shall notify Lessor, in writing, on or before June 30, 2013. In the event Lessee elects to exercise this option, all terms, conditions and covenants of the Lease as amended and extended will remain in full force and effect with the exception that the Base Rent payable during such extended term shall be the greater of $9.35 per sq. ft. per year ($383,537.00) or an amount computed by multiplying the percentage increase of the Bureau of Labor Statistics Consumer Price Index, all Urban Consumers (CPI/U), all items (1982-84 equals 100) for Philadelphia, Pennsylvania for June 2014 (as estimated by Lessee's accountant until actual statistics are available) over the same index for July 2009 times the annual Base Rent payable for the period commencing July 1, 2009 and terminating June 30, 2014. Said amount shall be paid in equal monthly installments commencing July l, 2014.

Second Renewal Option has the meaning set forth in Section 1.01 of Exhibit “E”.

Second Renewal Option is specified in Section 4.4.

Second Renewal Option defined in Section 13.