Common use of Extension Term Clause in Contracts

Extension Term. Provided that, as of both the time Tenant gives the Extension Notice (as defined below) and the first day of the Extension Term, (i) Tenant is not in default hereunder beyond all applicable notice and grace periods (if any), and (ii) the Tenant named in Article 1 above (or a Related Party Transferee) is then occupying at least seventy-five percent (75%) of the Premises for the conduct of the Permitted Uses, then Tenant may extend the Term of this Lease for the Extension Term stated in Article 1 by giving unconditional written notice (an “Extension Notice”) to Landlord at least twelve (12) months but not more than eighteen (18) months before the end of the Initial Term, time being of the essence. The Extension Notice shall be sufficient to extend the Term for the Extension Term, subject to all of the terms of this Lease except for the change in Base Rent as set forth below, and no additional writing or further action by the parties shall be required for such purpose (but upon the request of either party, the parties shall promptly execute and deliver an amendment to this Lease reflecting such extension of the Term). If Tenant fails to give the Extension Notice in strict accordance with the provisions of this Section 3.03(a), Tenant shall be deemed to have waived all rights to extend the Term of this Lease. All references in this Lease to the “Term” shall mean the Initial Term as it may be extended by the Extension Term.

Extension Term. Provided that, as of both the time Tenant gives the Extension Notice (as defined below) and the first day of the Extension Term, (i) Tenant is not in default hereunder beyond all applicable notice and grace periods (if any), and (ii) the Tenant named in Article 1 above (or a Related Party Transferee) is then occupying at least seventyhas not assigned, Subleased, transferred or otherwise permitted the occupancy by third parties of more than twenty-five percent (7525%) of the Premises for the conduct of the Permitted UsesPremises, then Tenant may extend the Term of this Lease for the Extension Term stated in Article 1 by giving unconditional written notice (an “Extension Notice”) to Landlord at least twelve fifteen (1215) months but not more than eighteen twenty-one (1821) months before the end of the Initial Term, time being of the essence. The Extension Notice shall be sufficient to extend the Term for the Extension Term, subject to all of the terms of this Lease except for the change in Base Rent as set forth below, and no additional writing or further action by the parties shall be required for such purpose (but upon the request of either party, the parties shall promptly execute and deliver an amendment to this Lease reflecting such extension of the Term). If Tenant fails to give the Extension Notice in strict accordance with the provisions of this Section 3.03(a), Tenant shall be deemed to have waived all rights to extend the Term of this Lease. All references in this Lease to the “Term” shall mean the Initial Term as it may be so extended by the Extension Term.

Extension Term. Provided that, as that no Event of both Default with regard to the time Tenant gives the Extension Notice (as defined below) and the first day payment of the Extension Term, (i) Tenant is not in default hereunder beyond all applicable notice and grace periods (if any), and (ii) the Tenant named in Article 1 above (or a Related Party Transferee) Rent is then occupying at least seventy-five percent (75%) of in existence, Tenant shall have the Premises for the conduct of the Permitted Uses, then Tenant may right to extend the Term original term of this Lease for one (1) period of five (5) years. Such option to extend shall be exercised by the Extension Term stated in Article 1 giving of notice by giving unconditional written notice (an “Extension Notice”) Tenant to Landlord at least on or before the date which is twelve (12) months but not more than eighteen (18) months before prior to the end expiration of the Initial then current Term. Upon the giving of such notice, time being of this Lease and the essence. The Extension Notice Term hereof shall be sufficient to extend extended, for an additional term of five (5) years (the Term "Extension Term"), without the necessity for the Extension Termexecution of any additional documents, subject to all of the terms of this Lease except for the change in Base Rent as set forth below, and no additional writing or further action by the parties shall be required for such purpose (but provided that upon the request of either party, the parties shall promptly execute Landlord and deliver Tenant agree to enter into an amendment to of this Lease reflecting to confirm the exercise of such extension option and to document all changes to the Lease resulting from the exercise of the Term)extension option. If Tenant fails to give Time is of the essence in the giving of such notice. The Extension Notice in strict accordance with Term shall be upon all the terms, conditions and provisions of this Section 3.03(a), Tenant Lease except that the Rent during the Extension Term ("Extension Term Rent") shall be deemed to have waived all rights to extend the Term of this Lease. All references in this Lease equal to the “Term” shall mean fair rental value of the Initial Premises for such Extension Term as it may be extended reasonably determined by the Extension TermLandlord and Tenant.

Extension Term. Provided that, as of both the time Tenant gives the Extension Notice (as defined below) and the first day of the Extension Term, is (i) Tenant is not in default hereunder of its obligations under this Lease beyond all any applicable notice and notice, cure or grace periods (if any)period, and (ii) Tenant has not been in default beyond any applicable notice, cure or grace period more than three (3) times during the Tenant named in Article 1 above term of this Lease and (or a Related Party Transfereeiii) is then occupying not currently in Default at least seventy-five percent (75%) the time of the Premises for Extension Term notice as specified below (collectively the conduct of “Precedent Conditions”). Tenant shall have the Permitted Uses, then Tenant may right to extend the Term term of this Lease for one additional period of five (5) years, to begin immediately upon the expiration of the original term of this Lease (the “Extension Term”). The annual Base Rent shall be in the amounts set forth in Section 2.04 for the Extension Term stated in Article 1 Term; all of the terms, covenants and provisions of this Lease shall apply to such Extension Term. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving unconditional written Landlord notice in writing of its intention to do so not later than six (an “Extension Notice”) to Landlord at least twelve (126) months but not more than eighteen (18) months before prior to the end expiration of the Initial Termoriginal term of this Lease, time being of the essenceessence (“Extension Term Notice”). The Subject to Tenant’s compliance with the Precedent Conditions as described above, if Tenant gives such Extension Notice shall be sufficient to extend Term Notice, the Term for the Extension Term, subject to all of the terms extension of this Lease except for the change in Base Rent as set forth below, and no additional writing or further action by the parties shall be required for such purpose (but upon automatically affected without the request execution of either party, the parties shall promptly execute any additional documents. The original term and deliver an amendment to this Lease reflecting such extension of the Term). If Tenant fails to give the Extension Notice in strict accordance with the provisions of this Section 3.03(a), Tenant shall be deemed to have waived all rights to extend the Term of this Lease. All references in this Lease to are hereinafter collectively called the “Term” shall mean the Initial Term as it may be extended by the Extension Term”.

Extension Term. Provided that, as of both the time Tenant gives the Extension Notice (as defined below) and the first day of the Extension Term, (i) Tenant is not in default hereunder beyond all applicable notice and grace periods (if any), and (ii) the Tenant named in Article 1 above (or a Related Party Transferee) is then occupying at least seventy-five seventy percent (7570%) of the Premises for the conduct of the Permitted Uses, then Tenant may extend the Term of this Lease for the Extension Term stated in Article 1 by giving unconditional written notice (an “Extension Notice”) to Landlord of Tenant’s election to extend the Term at least twelve (12) months but not more than eighteen (18) months before the end of the Initial Term, time being of the essence. The Extension Notice shall be sufficient to extend the Term for the Extension Term, subject to all of the terms of this Lease except for the change in Base Rent as set forth below, and no additional writing or further action by the parties shall be required for such purpose (but upon the request of either party, the parties shall promptly execute and deliver an amendment to this Lease reflecting such extension of the Term). If Tenant fails to give the Extension Notice in strict accordance with the provisions of this Section 3.03(a), Tenant shall be deemed to have waived all rights to extend the Term of this Lease. All references in this Lease (A) to the “Term” shall mean the Initial Term as it may be extended by the Extension Term in accordance with the provisions of this Section 3.03, and (B) to the “Term Expiration Date” shall mean the last day of the Initial Term or, if Tenant extends the Term in accordance with the provisions of this Section 3.03, the last day of the Extension Term.