FIRST OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
FIRST OPTION TO EXTEND. [Terms to be negotiated in each instance.]
FIRST OPTION TO EXTEND. On or before one hundred twenty (120) days prior to the expiration of the term, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “First Extension Period”). The maximum term of the Lease with one extension is forty-four and one-half (44 1/2) years.
FIRST OPTION TO EXTEND. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant shall have the option ("Tenant's First Extension Option") to extend the Term for an additional term of five (5) years (herein referred to as the "First Additional Term"), the First Additional Term to commence immediately after the expiration of the Initial Term. If Tenant desires to extend the Term for the First Additional Term, then Tenant shall give notice (the "First Extension Notice") thereof to Landlord no later than the date that is eighteen (18) months prior to the scheduled expiration of the Initial Term. Upon the timely giving of the First Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the Initial Term, except that the annual Base Rent payable during the First Additional Term (the "First Additional Term Annual Base Rent") shall be equal at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The First Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's First Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the First Additional Term and the First Additional Term Annual Base Rent after Tenant exercises Tenant's First Extension Option. Upon Tenant's timely exercise of Tenant's First Extension Option, the word "Term", wherever it appears in this Lease, shall include the First Additional Term. Landlord shall give Tenant written notice (the "First Additional Term Rental Notice") of Landlord's good faith determination of the First Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the First Extension Notice. If Tenant does not accept in writing Landlord's determination of First Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the First Additional Term Annual Base...
FIRST OPTION TO EXTEND. The Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2021, to 12:01AM on the 31st Day of December 2026. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than December 31st, 2020. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
FIRST OPTION TO EXTEND. Borrower shall have the option to extend the Mandatory Conversion Date (for the purposes of this section, the “Original Mandatory Conversion Date”) to the First Extended Mandatory Conversion Date, upon satisfaction of the following conditions precedent:
FIRST OPTION TO EXTEND. The option to extend the Scheduled Maturity Date to the First Extended Maturity Date (“First Option to Extend”) shall be approved by Lender in its sole discretion. In order for the Lender to consider such extension, the Sponsor must satisfy each of the following conditions precedent in Lender’s sole discretion:
FIRST OPTION TO EXTEND. Section 2.12 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
FIRST OPTION TO EXTEND. Provided that Tenant shall not then be in default under this Lease, Tenant shall have the option (the "First Option') to extend this Lease for a period of Three (3) Lease Years beyond the lease term set forth in Section 1.02 (the "First Option Term'). The First Option shall be exercised by delivery of written notice by Tenant to Landlord not later than one hundred twenty (120) days prior to the date the Lease would otherwise expire. If written notice is not given by Tenant by the deadline set forth herein, then this lease shall terminate at the end of the lease term set forth in Section 1.02. If this Lease is extended pursuant to this Section 1.03(a), all terms, covenants and conditions of this Lease shall remain in full force and effect, except, however, that:
FIRST OPTION TO EXTEND. For a period of five (5) years commencing upon the expiration of the base term. (b)
