Extension Right Sample Clauses

Extension Right. In addition to extension rights of the State set forth in the Contract, the State CIO reserves the right to extend any Contract if the State CIO determines such extension to be in the best interest of the State.

Extension Right. Tenant shall have a one time right (the "EXTENSION RIGHT") to extend the term of this Lease for five years (the "EXTENSION TERM") on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least nine months prior, and no earlier than twelve months prior, to the expiration of the Base Term of the Lease.

Extension Right. The Commonwealth reserves the right, upon notice to the Grantee, to extend the term of the Grant Agreement for up to three months upon the same terms and conditions.

Extension Right. A. Tenant shall have the right (the "Extension Right") to extend the Term for three (3) periods of five (5) years following the expiration of the Term (the "Extension Period") on the condition that: (1) Tenant shall exercise the Extension Right by giving Landlord written notice (the "Extension Notice") of Tenant's election to extend at least six (6) months prior to the commencement of the applicable Extension Period (an "Extension Period"), and there exists no event of default under the Lease; and (2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(l) hereof, the Extension Period shall commence on the expiration of the Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and (3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Minimum Rent for the Extension Periods shall be determined as provided in Section 33.B hereof. B. If the Tenant exercises the Extension Right as provided in this Section 33, then during each Extension Period the Minimum Rent shall be equal to the product of the "Fair Rental Value" (hereinafter defined) on a square footage basis multiplied by the then square footage of the Premises (exclusive of any Storage Space). "Fair Rental Value" means what Landlord and Tenant agree to be the fair rental value of the Premises during the subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such as "free rent" and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no "down time" or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections ▇.▇(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Minimum Rent for the Extension Period within thirty (30) days after Tenant gives Landlord the Extension Notice, the Minimum Rent for the Extension Period shall...

Extension Right. If, upon expiration of the Initial R&D Term, Merck (a) has not designated its fifth (5th) Elected Candidate in accordance with Section 2.10 and [***], Merck may, at its written election, extend the R&D Collaboration for [***] that will begin upon the expiration of the Initial R&D Term and end on the earlier to occur of (i) the fourth anniversary of the Effective Date and (ii) the date on which Merck designates its fifth (5th) Elected Candidate hereunder (the “R&D Extension Term”, and together with the Initial R&D Term, the “R&D Term”). Merck may exercise such right by providing written notice to Moderna at [***] prior to the expiration of the Initial R&D Term and, subject to [***], the R&D Extension Term will automatically go into effect. Absent further agreement of the Parties but subject to Section 2.8(c) for an applicable R&D Program, the maximum duration of the R&D Term is four (4) years, and all R&D Programs will terminate upon expiration of the R&D Term.

Extension Right. Tenant shall have 1 right (an “Extension Right”) to extend the term of this Lease for 5 years (an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior to the expiration of the Base Term of the Lease.

Extension Right. Subject to Article 2 of the Lease Amendment, Lessee has the right to extend the Term of the Lease pursuant to Article 1 of the Lease Amendment.

Extension Right. Section 39 of the Lease is hereby deleted and replaced in its entirety with the following:

Extension Right. For the avoidance of doubt, Tenant’s Extension Right pursuant to Section 39 of the Lease (as amended by this Section 12 of this First Amendment) shall apply to both the Original Premises and the Expansion Premises (and, if applicable, the Available Space) and, if exercised by Tenant pursuant to the terms of Section 39, must be exercised with respect to the entire Premises.