Additional Option to Extend Sample Clauses
The "Additional Option to Extend" clause grants one party the right to prolong the term of an agreement beyond its original expiration date. Typically, this clause outlines the conditions under which the extension can be exercised, such as providing written notice within a specified timeframe or agreeing to certain terms for the extended period. Its core practical function is to provide flexibility for the parties, allowing them to continue their business relationship without renegotiating a new contract, thereby ensuring continuity and reducing administrative burdens.
Additional Option to Extend. Tenant is hereby granted one (1) additional five (5) year option to extend the lease under the terms and conditions specified in Section 3 of the Lease, such that Tenant will have two (2) options remaining. The terms of the remaining options will be: Option 3 - January 1, 2023 to December 31, 2027 Option 4 - January 1, 2028 to December 31, 2032
Additional Option to Extend. Lessee shall have the option to extend the lease for two additional 5 year terms.
Additional Option to Extend. Upon execution of the lease for the Expansion Premises and the determination of initial term thereof pursuant to the provisions thereof, Tenant shall have the option to extend the initial Term of this Lease with respect to the entire Premises for the period from the last day of the initial Term of this Lease to the last day of the initial Term of the lease for the Expansion Premises with the effect that Tenant shall retain the two-five year options provided in Section 2.2. Such term shall be upon the same terms as provided in this Lease for the Term, except for the Base Rent which shall be as set forth in Section 2.3 of Exhibit C. Landlord shall, not less than twelve (12) months before the end of the then Term, give notice to Tenant of Tenant's upcoming extension option and of Landlord's best estimate of the Market Rent for the Extended Term covered thereby. Tenant shall exercise its option by giving notice of such exercise to Landlord, not less than the later of thirty (30) days after receipt of Landlord's notice of the option and estimate of Market Rent or twelve (12) months prior to the end of the Term, or the then current Extended Term, as the case may be. Such exercise is subject to rescission as provided in Section 2.4 of Exhibit C. Tenant's exercise or failure to exercise this option to extend the term of this Lease within the time provided in this Section shall not affect Tenant's rights under Section 2.2 of the Lease.
Additional Option to Extend. The City shall have the right to extend the Lease for one (1) additional term of five (5) years (“Option Term”). The City shall exercise its right by notifying the Lessor in writing no later than 120 days in advance of the expiration of the then current term.
Additional Option to Extend. Provided Tenant is not in default under the Lease either at the time of giving notice of its exercise of this additional option to extend or at the end of the Third Amendment Extended Term, Tenant may, by giving nine month’s written notice to Landlord, extend the term of this Lease beyond the Third Amendment Extended Term for, at Tenant’s election, either an additional six (6) or twelve (12) months (the “Third Amendment Additional Extended Term”). If Tenant elects to exercise its option for the Third Amendment Additional Extended Term, then Rent shall be calculated as provided in Section 3 above but at a rate per square foot equal to $28.50.
Additional Option to Extend. Landlord and Tenant acknowledge they negotiated this Amendment in lieu of exercise of Tenant’s Option to Extend the Lease, pursuant to Paragraph 43 of the Lease. Landlord hereby grants to Tenant one (1) additional option to extend the Term of the Lease for a “Second Extended Term” of five (5) years, commencing on August 1, 2026 and ending on July 31, 2031, on the same terms and conditions as those set forth in Paragraph 43 of the Lease, except that the references therein to the “Extended Term” shall be replaced with the words “Second Extended Term.”
Additional Option to Extend. Lessee is hereby granted the further --------------------------- option to extend this Lease, as it has now been extended, for one additional term of two (2) years, commencing December 1, 1999 and ending November 30, 2001. Provided that Lessee is not than in default under the Lease, Lessee may exercise this option by giving written notice to Lessor of Lessee's intent to exercise this option at least 180 days prior to the expiration of the extended term of this lease. The monthly rental payable during this additional two year extension period of the Lease shall be as follows: Year 4: $0.3600 gross per square foot Year 5: $0.3750 gross per square foot
Additional Option to Extend. Pursuant to Section 19.A of the Original Lease, Tenant has two (2) Options to extend the Lease Term, each Option Term to be for a period of sixty (60) months. Commencing on the Phase 2 Construction Start Date, Tenant is granted one additional option to extend the Lease Term (which additional option shall also constitute an “Option” under the Existing Lease as modified by this Third Amendment), the term of such extension to also be for a period of sixty (60) months (which option term shall also constitute an “Option Term” under the Existing Lease as modified by this Third Amendment), on all of the terms and conditions set forth in the Original Lease relating to the Options, as modified by this Section 4 below. Commencing on the Phase 2 Construction Start Date, notwithstanding Section 19.A of the Original Lease (titled “Grant and Exercise of Option”) to the contrary, concurrent exercise of a corresponding option to extend the lease term under an Additional Lease for a building located on the Phase 2 Land shall not be requirement for the exercise of an Option; however, in order to exercise an Option to extend, Tenant must also exercise the corresponding option to extend in all Additional Leases of space in the buildings located in Phase 1, if any such Additional Leases exist.
Additional Option to Extend. Landlord and Tenant acknowledge that (i) the Lease currently provides that the tenant thereunder has two (2) options to extend the term of the Lease, each for a period of five (5) years, (ii) under the Third Amendment, the tenant exercised the first of those two options so as to extend the term of the Lease through April 30, 2004, and (iii) Tenant therefore currently has one (1) additional option to extend the term of the Lease for an additional five (5)-year period from May 1, 2004 through April 30, 2009. Landlord hereby grants Tenant one (1) additional option to extend the term of the Lease for an additional five (5)-year period from May 1, 2009 through April 30, 2014, on the terms and conditions provided in Paragraph 37 of the Lease. Accordingly, Paragraph 37 of the Lease is hereby amended by deleting the words “two (2)” from the second line thereof and substituting the words “three (3)” in lieu thereof.