Renewal Options. The State requires two (2) five (5) year options to renew with thirty (30) days advance written notice to the Landlord to exercise such option based on the terms and conditions defined in the Initial Lease. Please outline the rental rate for said option periods.
Renewal Options. This contract is initially executed for the period of 1 year with the option, at the Agency’s discretion, of 4 additional one-year option periods, for a maximum total of 5 years.
Renewal Options. Lessee shall have the right to extend this Lease with respect to the Aircraft for two successive periods having a duration of two years each (each such period being hereinafter referred to as a “Renewal Term”), each commencing at the expiration of the Basic Term or a Renewal Term, as the case may be. During any such Renewal Term, (a) the monthly Basic Rent shall be the monthly equivalent of the Fair Market Rental Value of the Aircraft and (b) the monthly Stipulated Loss Value amounts shall be the Stipulated Loss Value as of the last day of the Basic Term and thereafter the Stipulated Loss Value shall decline monthly on each Stipulated Loss Value Determination Date during such Renewal Term at a rate of 3% per annum through the end of such Renewal Term. Each such option to renew shall be exercised upon written revocable notice from Lessee to Lessor given not less than 300 days prior to (i) the Lease Expiry Date or (ii) the last day of the Renewal Term then in effect, as the case may be. Within 30 days of Lessee’s delivery of such revocable notice to Lessor, Lessee LA 1 – Lease Agreement [Lease Agreement ([Year] MSN [MSN])] and Lessor shall calculate the amounts that would be payable in respect of Basic Rent and Stipulated Loss Value during such Renewal Term in accordance with the second sentence of this Section (including the determination of the applicable Fair Market Rental Value of the Aircraft by mutual agreement or Independent Appraisal), and promptly following such calculation (but in any event no later than the date that is 270 days prior to (i) the Lease Expiry Date or (ii) the last day of the Renewal Term then in effect, as the case may be), Lessee shall either deliver an irrevocable notice to renew the Lease or revoke its earlier revocable notice to renew the Lease. If no Event of Default shall have occurred and be continuing on the Lease Expiry Date or the last day of the Renewal Term then in effect, as the case may be, then this Lease shall be extended for the additional period of such Renewal Term at the Basic Rent and Stipulated Loss Value amounts calculated pursuant to the preceding sentence, and otherwise on the same conditions provided for herein.
Renewal Options. The Lessee shall: (check one) ☐ - Have the option to renew this Agreement by providing at least [#] days’ notice before any ending termination date. The Lessee shall have [#] renewal period(s) as follows: 1st Renewal Period: From [START - MM/DD/YYYY], to [END - MM/DD/YYYY]. Monthly Rent: [AMOUNT (IN WORDS)] Dollars ($[AMOUNT (AS A NUMBER)]) 2nd Renewal Period: From [START - MM/DD/YYYY], to [END - MM/DD/YYYY]. Monthly Rent: [AMOUNT (IN WORDS)] Dollars ($[AMOUNT (AS A NUMBER)]) The Initial Term and any renewal periods shall be referred to as the "Term.” ☐ - Not have the option to renew this Agreement.
Renewal Options. This contract is initially executed for a period of 12 months with the option, at MPHA’s discretion, to extend multiple times up to 48 additional months, for a maximum total of 60 months.
Renewal Options. This Contract may be renewed upon satisfactory completion of the Term. The State reserves the right to execute up to two (2) renewal options under the same terms and conditions for a period not to exceed twelve (12) months each by the State, at the State's sole option. In no event, however, shall the maximum Term, including all renewals or extensions, exceed a total of sixty (60) months.
Renewal Options. The Lessee shall: (check one) ☐ - Have the option to renew this Agreement by providing at least (#) days’ notice before any ending termination date. The Lessee shall have (#) renewal period(s) as follows: 1st Renewal Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) 2nd Renewal Period: • From _ _ (mm/dd/yyyy), to _ (mm/dd/yyyy). • Monthly Rent: _ _ Dollars ($ ) The Initial Term and any renewal periods shall be referred to as the "Term.” ☐ - Not have the option to renew this Agreement.
Renewal Options. Provided that Tenant is not in default under this Lease, Tenant shall have the option to extend the Initial Term of this Lease perpetually, for renewal term(s) of one (1) year each (each, a "Renewal Term") upon written mutual agreement of both Landlord and Tenant. Tenant shall exercise its option to renew by giving Landlord written notice not less than 90 days prior to the expiration of the Initial Term or the Renewal Term then in effect as the case may be. If Tenant fails to exercise its options in the time periods or in the manner provided herein, such options shall be deemed to have lapsed, terminated and shall be of no further force or effect without any further action or notice required on the part of Landlord; provided, however, before such termination becomes effective, Landlord shall first make a good faith effort to notify Tenant of Tenant's failure to timely exercise an option to renew and Tenant shall then have fifteen days from receipt of Landlord's notice within which to provide the notice of exercise of such renewal which, if then timely provided, shall be deemed an effective renewal of this Lease. All of the terms and conditions of this Lease shall remain in full force and effect during any Renewal Term(s). If Tenant exercises its options as set forth herein, the Termination Date shall be the last day of the Renewal Term then in effect, unless sooner terminated as provided herein. The Initial Term of this Lease, as extended by any Renewal Term(s), if applicable, shall hereinafter be referred to as the "Term.”
Renewal Options. This contract is executed for the period of time that it takes the Contractor to complete the work.
Renewal Options. Tenant has the option to renew (“Renewal Option”) this Lease for one 15-year renewal term (“Renewal Term”). Tenant can exercise the Renewal Option only upon satisfaction of the following conditions:
