Common use of First Extension Term Clause in Contracts

First Extension Term. Tenant shall have the exclusive, non-revocable right and option, at Tenant’s sole election, to extend the Initial Term of this Lease (the “First Extension Right”) for an additional term of ten (10) years (the “First Extension Term”). Tenant may exercise the First Extension Right by giving notice to Landlord of its intention so to do at least six (6) months prior to the expiration of the Initial Term. The First Extension Term shall be upon all of the terms and conditions set out in this Lease.