First Renewal Term. If this Lease shall be in force and effect and there shall be no Event of Default (as defined in Section 19 hereof) on the date for the expiration of the Initial Term, and provided the Renewal Conditions (as defined below) have been satisfied to the reasonable satisfaction of Landlord, Tenant shall be entitled to a renewal of the term of this Lease for a period of twenty (20) years beginning immediately upon the expiration of the Initial Term (the “First Renewal Term”). The First Renewal Term shall be upon the same terms, conditions and covenants contained herein for the Initial Term, except as to the annual rent payable by Tenant to Landlord during the First Renewal Term. The annual rent payable by Tenant to Landlord during the First Renewal Term for the lease of the Premises and the Improvements shall be determined in accordance with Section 3 hereof.
First Renewal Term. The term of the First Renewal Agreement shall commence on September 1st, 2022 and continue through August 31, 2023 (“First Renewal Term”), unless terminated sooner as provided in the Original Agreement. The Board shall have two (2) remaining options to renew the Agreement after the First Renewal Term expires.
First Renewal Term. The Tenant shall have the option to renew this Lease for a one (1) year term thereafter (“First Renewal Term”). If Tenant desires to exercise its option to renew, then the Tenant shall exercise such option by giving written notice of its intent to renew to Landlord not more than 60 days prior to the end of the Initial Term. The Base Rent for the First Renewal Term shall be set forth in Section 5 below. Notwithstanding anything to the contrary contained herein, in the event Tenant fails to exercise the First Renewal Term, then Tenant shall reimburse Landlord an amount equal to $76,156.00, which amount equals the unamortized cost of the Tenant Improvement Program (plus one-half (1/2) of the Additional Allowance, if used by Tenant). If Tenant exercises the First Renewal Term, then Tenant’s broker will be paid a commission of 3% of Base Rent for such one (1) year First Renewal Term.
First Renewal Term. The Tenant shall have the option to renew this Lease for a one (1) year term thereafter (“First Renewal Term”). If Tenant desires to exercise its option to renew, then the Tenant shall exercise such option by giving written notice of its intent to renew to Landlord not more than 60 days prior to the end of the Initial Term. The Base Rent for the First Renewal Term shall be set forth in Section 5 below.
First Renewal Term. Effective as of January 1, 2017, the monthly Base Rent payable hereunder shall escalate as follows: The Price Index for September 2011 and the Price Index for November 2016 shall be determined. The product of 100% (one hundred percent) plus the percentage change between the beginning index and the ending index (“Escalation Factor”) shall be multiplied times $8,640.00 (Eight thousand, six hundred forty & xx/100 dollars), and such amount shall become the monthly Base Rent payable by Tenant for the period January 1, 2017 through December 31, 2021 (“First Renewal Term Monthly Base Rent”). The following example illustrates the intentions of the parties hereto as to computation of the escalation of monthly Base Rent for the First Renewal Term: Price Index Assumptions: September 2011 - 200.00; November 2016 - 220.00 • Monthly Base Rent for First Renewal Term is $9,504.00, calculated as follows: (Percentage Increase = 220.0 divided by 200.0 [110.0%]) X $8,640.00 = $9,504.00
First Renewal Term. At the expiration of the Term, the Company may, at its sole election, renew Executive's employment on the terms and conditions contained in this Agreement unless different terms are agreed to by the Company and evidenced in a writing signed by the Company and Executive, for an additional term of one (1) year (the "First Renewal Term") by providing written notice to Executive of its intent to renew not less than sixty (60) calendar days prior to the expiration of the Term ("Renewal Notice").
First Renewal Term. The first renewal term commenced on April 9, 2017 and will end on April 8, 2019 with one option to renew for one (1) additional 24 month term.
First Renewal Term. This Agreement as it relates to Additional Requirements shall be automatically renewed for a successive (*****) year term unless and until it is terminated by either party by giving written notice to the other party of its intention to terminate this Agreement as it relates to Additional Requirements not less than twenty-four (24) months prior to the end of the initial term.
First Renewal Term. The term of the First Renewal Agreement shall commence on 11/1/2022 and continue through 10/31/2023 (“First Renewal Term”), unless terminated sooner as provided in the Original Agreement.
First Renewal Term. No later than one hundred and twenty (120) days prior to the end of the initial term, the parties will enter into good faith negotiations regarding the potential renewal of the Lease Agreement. The intent of the negotiation period is for both parties to evaluate whether a renewal of the lease addresses their respective needs and furthers their mutual goals. If the parties agree to a First Renewal Term, that term will be for ten years, commencing upon expiration of the Initial Term and expiring _ 2035 at 11:59 p.m., subject to the terms and conditions set forth herein.
