Option to Renew definition

Option to Renew is defined in subsection 6.1 of this Agreement.

Option to Renew. Defined in Section 1.E hereof.

Option to Renew means a contract clause that allows a party to reinstate the contract for an additional term.

Examples of Option to Renew in a sentence

• CONTRACT PERIOD: THIS CONTRACT IS WRITTEN FOR A PERIOD OF TWELVE (12) MONTHS BEGINNING JULY 1, 2016 WITH AN OPTION TO RENEW FOR FOUR (4) ADDITIONAL TWELVE (12) MONTH PERIODS UPON MUTUAL AGREEMENT OF BOTH PARTIES.

• CONTRACT TERM: THIS CONTRACT IS WRITTEN FOR A PERIOD OF TWENTY FOUR (24) MONTHS WITH THE OPTION TO RENEW FOR TWO (2) ADDITIONAL TWELVE MONTH PERIODS.

• Unless CITY has notified the LESSEE in writing at least one hundred twenty (120) days prior to the expiration of the Base Term or the previously renewed term that it elects not to renew or extend this Agreement, LESSEE and CITY agree, that upon the prior mutual agreement of land rental rates, that LESSEE may be granted an OPTION TO RENEW THIS AGREEMENT ON A YEAR-TO-YEAR BASIS, which shall hereinafter be referred to as the “Renewal Option”.

• CONTRACT PERIOD: THIS CONTRACT IS WRITTEN FOR A PERIOD OF TWELVE (12) MONTHS BEGINNING SJULY 1, 2016 WITH AN OPTION TO RENEW FOR FOUR (4) ADDITIONAL TWELVE (12) MONTH PERIODS UPON MUTUAL AGREEMENT OF BOTH PARTIES.

• CONTRACT PERIOD: THIS CONTRACT IS WRITTEN FOR A PERIOD OF TWELVE (12) MONTHS WITH AN OPTION TO RENEW FOR FOUR (4) ADDITIONAL TWELVE (12) MONTH PERIODS UPON MUTUAL AGREEMENT OF BOTH PARTIES.

More Definitions of Option to Renew

Option to Renew. Five (5) additional periods of five (5) years each under the terms and conditions set forth in Section 48 of this Lease.

Option to Renew. A. Option to Renew. Provided that (i) there has not been an event of Default beyond any applicable cure periods at any time during the Lease Term, (ii) the creditworthiness of Tenant is materially the same as or better than on the Commencement Date, and (iii) Tenant named herein remains in possession of and has been continuously operating in substantially the entire Leased Premises throughout the Lease Term, Tenant shall have the option to extend the Lease Term for two (2) five (5) year terms (each an "Extension Term"). Each Extension Term shall be upon the same terms and conditions contained in the Lease except the Minimum Annual Rent for such Extension Term shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than one hundred eighty (180) days prior to the expiration of the then current term thereof, written notice of Tenant's desire to extend the term of the Lease. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it. Landlord shall notify Tenant of the amount of the rent adjustment no later than thirty (30) days from receipt of Tenant's Notice to exercise the Extension Term. Within thirty (30) days thereafter, Tenant shall inform Landlord of its intention to so extend the Lease Term at the quoted rent adjustment. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms and conditions of the Extension Term.

Option to Renew means the opportunity provided to an existing Lessee to renew a Lease Agreement for a further period to be negotiated between the Lessor and Lessee.

Option to Renew. Ten (10) additional periods of five (5) years each under the terms and conditions set forth in Section 37 of this Lease; provided that the terms and Base Rents for such terms shall be either “Fixed Renewal Terms” or “FMV Renewal Terms” as set forth on Schedule 1(E) and in accordance with Section 37.

Option to Renew. The tenant shall have 2 options (s) to renew for a 3 year period. --- ---

Option to Renew means a contract clause that allows the County and the contracted a party an option to renew the Contract for defined additional terms if mutually agreeable to both parties and subject to the same terms and conditions of the original contract. to reinstate the contract for an additional term.

Option to Renew shall have the meaning ascribed to it in Clause 9.14;