EFFECT ON EXTENSION OPTION Sample Clauses
The "Effect on Extension Option" clause defines how certain events or actions impact a party's right to extend the term of an agreement. Typically, this clause outlines whether the extension option remains available if specific conditions occur, such as a default, breach, or amendment to the contract. For example, it may state that the extension option is void if the tenant fails to meet payment obligations or if the agreement is terminated early. The core function of this clause is to clarify the circumstances under which the extension right is preserved or lost, thereby providing certainty and managing expectations for both parties regarding future contract terms.
EFFECT ON EXTENSION OPTION. Notwithstanding any other provision of this Lease, Tenant may not enter into any Sublease (including, without limitation, a Sublease to a Strategic Partner) with a term which exceeds the Expiration Date unless (i) the conditions to Tenant's right to extend the Term contained in Paragraph 43 [Option to Renew] have been met at or prior to Tenant's execution of such Sublease, and (ii) Tenant delivers its Exercise Notice pursuant to Paragraph 43 [Option to Renew] at or prior to Tenant's execution of such Sublease.
EFFECT ON EXTENSION OPTION. Notwithstanding any other provision of this Lease, Tenant may not enter into any Sublease (including, without limitation, a Sublease to a Strategic Partner or an affiliate) with a term which exceeds the Expiration Date unless (i) the conditions to Tenant's right to extend the Term contained in Paragraph 43 [Option to Renew] have been met at the commencement of such Sublease, and (ii) Tenant delivers its Exercise Notice pursuant to Paragraph 43 [Option to Renew] at or prior to the commencement of the Sublease.
EFFECT ON EXTENSION OPTION. Notwithstanding any other provision of this Lease, Tenant may not enter into any Sublease (including, without limitation, a Sublease to a Strategic Partner or an affiliate) with a term which exceeds the