Examples of First Extension Option in a sentence
The Customer may extend for one year at the end of Term Period (First Extension Option), and may also extend the Contract Offer by another year at the end of the first extension year (Second Extension Option).
The Mezzanine Lenders shall also have certain cure rights in connection with the non-exercise by Senior PledgeCo of its rights to submit the applicable extension option notice, prior to the end of the First Extension Option Period or Second Extension Option Period (as applicable).
In order to exercise any First Extension Option, Tenant must provide Landlord written notice that it is exercising the same at least one (1) year prior to the date the Term is then set to expire.
All terms and conditions of the Lease applicable to the Initial Term, except Minimum Rent, which shall be increased as set forth in Section 5.4 herein, shall apply during the First Extension Option Period.
Provided Tenant is not in default of its obligations under this Lease, including during the First Extension Option Period, Tenant shall have an additional option (the “Second Renewal Option”) to renew the term for an additional five (5) years commencing on termination of the First Extension Option Period (the “Second Extension Option Period”).