OPTION TO RENEW. Provided Tenant is not, and has not been (more than two (2) times), in default under any of the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided herein (“Option”). The Option shall only be exercised by Tenant delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date which is nine (9) months prior to the expiration of the Rental Term (the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded). “Fair Market Rate” means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of renewal period(s) with each term being year(s) month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by % ☐ - Increase by dollars ($ )
OPTION TO RENEW. Tenant shall have one (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows...
OPTION TO RENEW. Provided that Lessee is not in default in the performance of this lease, Lessee shall have the option to renew the lease for an additional term of twelve months commencing at the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term except that the monthly rent shall be the sum of $2,000.000. The option shall be exercised by written notice given to Lessor not less than 90 days prior to the expiration of the initial lease term. If notice is not give in the manner provided herein within the time specified, this option shall expire.
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of ____ renewal period(s) with each term being ____ year(s) ____ month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by ____% ☐ - Increase by ___________________ dollars ($_______________)
OPTION TO RENEW. The Lessor hereby grants to the Lessee the right and option to renew this Lease for a further like or lesser term upon the same or like conditions as herein contained, and applicable to the portion of the premises for which the renewal applies, and the Lessee shall exercise this option by written notice to the Lessor given upon any rental payment date prior to the expiration of this Lease.
OPTION TO RENEW. If the Lessee is not in default upon the expiration of this lease, the Lessee shall the option to renew this Lease for a similar term on such terms as the Parties agree upon. 13.
OPTION TO RENEW. (If an option to renew is applicable, keep this clause and type the specifics as to how many renewal terms e.g. two one-year renewals, etc.) SAMPLE The term of the Agreement may be extended up to by a written amendment executed by both parties. However, the total term of the Agreement including the extended term shall not exceed years. EXHIBIT B INSURANCE SAMPLE (RESERVED FOR CITY’S INSURANCE PROVISIONS APPROVED BY RISK) EXHIBIT C GENERAL TERMS AND CONDITIONS
OPTION TO RENEW. If this Lease is not previously canceled or terminated and if Lessee is not then in default, then Lessee shall have the option to renew this Lease upon the same conditions and covenants contained in this Lease for Three (3) consecutive periods of Five (5) years each (singularly "Renewal Term"). Rent during each Lease Year of any Renewal Term shall increase by 1% of the Rent payable for the preceding Lease year. The first Renewal Term will commence on the day following the date the original Term expires and successive Renewal Terms will commence on the day of following the last day of the then expiring Renewal Term. Lessee must give one hundred twenty (l20) days written notice to Lessor of its intent to exercise this option prior to the expiration of the original Term of this Lease or any Renewal Term, as the case may be.
OPTION TO RENEW. The Tenant may: (check one) ☐ – Not Renew this Agreement. ☐ – Renew this Agreement. The tenant may have the option to renew this Agreement with a total of [#] renewal period(s) with each term being [#] year(s) [#] month(s), which may be exercised by giving written notice to the Landlord no less than 60 days prior to the expiration of this Agreement or renewal period thereafter (“Renewal Periods”). Rent for each Renewal Period shall: (check one) ☐ – Not increase. ☐ – Increase as calculated by multiplying the Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ – Increase by [#]% ☐ – Increase by $[AMOUNT] The Initial Term and any renewal periods mentioned shall be collectively referred to as the “Term.” 10.
