Common use of Extension Procedure Clause in Contracts

Extension Procedure. Tenant may exercise its right to extend this Lease for each of the Extended Terms by giving notice to Landlord not less than one (1) year (the "Deadline Date") prior to the expiration of the then current Initial or Extended Term. If Tenant does not timely notify Landlord of Tenant's election to renew by the Deadline Date, Landlord shall at any time after the expiration of the Deadline Date, but at least ninety (90) days before the expiration of this Lease, give to Tenant and to each Tenant Leasehold Mortgagee a written notice stating that the Deadline Date has passed. Tenant or any Tenant Leasehold Mortgagee may nevertheless exercise the right to renew within thirty (30) days after the receipt of Landlord's notice. Notwithstanding the foregoing, if Tenant or any Tenant Leasehold Mortgagee does not exercise its option to extend the Term for any Extended Term, the Lease shall terminate at the end of the then current Term, giving to Landlord all rights, title and interest in the Development, including, but not limited to, the right to enter the property and take full possession of the Development without any compensation or payment to Tenant free and clear of any mortgages or security interests. The terms, covenants, conditions and provisions in effect during the Extended Terms shall be the same as those in effect during the Initial Term.

Extension Procedure. Tenant may exercise its right to extend this Lease and the Second Floor Non-Gaming Sublease for each of the Extended Terms by giving notice to Landlord not less than one (1) year (the "Deadline Date") prior to the expiration of the then current Initial or Extended Term. If Tenant does not timely notify Landlord of Tenant's election to renew by the Deadline Date, Landlord shall at any time after the expiration of the Deadline Date, but at least ninety (90) days before the expiration of this Lease, Date give to Tenant and to each Tenant Leasehold Mortgagee a written notice stating that the Deadline Date has passed. Tenant or any Tenant Leasehold Mortgagee may nevertheless exercise the right to renew within thirty (30) days after the receipt of Landlord's notice. Notwithstanding the foregoing, if Tenant or any Tenant Leasehold Mortgagee does not exercise its option to extend the Term for any Extended Term, the Lease and the Second Floor Non-Gaming Sublease shall terminate at the end of the then current Term, giving to Landlord all rights, title and interest in the Development, including, but not limited to, the right to enter the property and take full possession of the Development and all Improvements without any compensation or payment to Tenant free and clear of any mortgages or security interests. The terms, covenants, conditions and provisions in effect during the Extended Terms shall be the same as those in effect during the Initial Term.