Development Term. The initial development term (“Development Term”) shall commence on the Effective Date hereof and shall expire on the earlier of the commencement of the Construction Term or termination of Lease. The Development Term shall be for an initial period of two (2) years from the Effective Date; provided, however, Lessee may, in its sole discretion, mutually agree in writing to extend the Development Term for two (2) an additional one (1) year terms. Lessee shall provide Lessor prompt notice of any such extension.
Appears in 3 contracts
Sources: Site Lease Agreement, Site Lease Agreement, Site Lease Agreement