Grant of Extension Options Sample Clauses

Grant of Extension Options. Subject to the provisions, limitations and conditions set forth in Paragraph 5 below, Tenant shall have an Option (individually, an “Option” and collectively, the “Options”) to extend the initial Term of the Lease for two (2) consecutive five (5) year periods (individually, an “Extended Term” and collectively, “Extended Terms”).

Grant of Extension Options. Landlord grants to Tenant seven (7) options (the "Extension Options") to extend the Lease term for additional terms of ten (10) years each on the same terms and conditions as this Lease, except that there will be no further right to extend and except as set forth below. Except as specifically set forth in Section 4 below, the Extension Options can be exercised only by Tenant delivering unconditional written notice of exercise to Landlord on or before the later of: two (2) years before the expiration of the then-current term; or fifteen (15) days after Landlord's written notice to Tenant of Tenant's failure to exercise, which notice may be given at any time after two (2) years before the expiration of the then-current term. If for any reason Landlord does not actually receive Tenant's unconditional written notice of exercise when required, at Landlord's election the Extension Options will lapse and become null and void and there will be no further right to extend the Lease term. If Tenant does not validly exercise an Extension Option, that Extension Option and all subsequent Extension Options shall, at Landlord's election, lapse and become null and void. The Extension Options are personal to the Tenant originally named in this Lease and may not be exercised by anyone else (except for an assignee pursuant to a valid assignment of this Lease, and then only if prior to the date for exercise set forth in this Lease the assignor and the assignee deliver to Landlord a jointly executed and unconditional written notice stating that the specific Extension Option may be exercised by the assignee; provided that notwithstanding anything to the contrary, if there is a valid assignment of this Lease then thereafter only the assignee will have the right to exercise any Extension Options and such exercise shall be subject to the terms above). The Extension Options are granted to and may be exercised by Tenant on the express condition that, at the time of the exercise and at all times before the beginning of each Extension Option period, Tenant is not in default (and has not committed acts which would constitute a default with the passage of time or the giving of notice). TIME IS ABSOLUTELY OF THE ESSENCE.

Grant of Extension Options. Provided that Tenant is not in Default at the time of its exercise of this option or as of the commencement of the Extension Term, Tenant shall have the option to extend the Term of the Lease (“Extension Option”) for (1) one additional term of five (5) years (“Extension Term”). The Extension Option shall entitle Tenant to extend the Term of this Lease as to all of the Premises.

Grant of Extension Options. So long as this Service Agreement is in full force and effect; no monetary Default has occurred during the twelve (12) month period prior to Service Provider’s receipt of a Preliminary Notice, defined below; and no Default exists, either at the time of the exercise of either of the options set forth herein or at the commencement of the applicable extension term set forth herein, Customer is hereby granted two successive options (the “First Extension Option” and the “Second Extension Option”; individually, an “Extension Option,” and collectively, the “Extension Options”) to extend the Term of this Service Agreement for successive periods of three (3) additional years each (the “First Extension Term” and the “Second Extension Term”; individually, an “Extension Term,” and collectively, the “Extension Terms”), with the First Extension Term to commence at the expiration of the initial Term of this Service Agreement, and the Second Extension Term to commence at the expiration of the First Extension Term. The extension of this Service Agreement shall be upon the same terms and conditions of this Service Agreement, except: (i) the Base Rent and Base Rent Adjustment applicable during the Extension Terms shall be determined as set forth below; (ii) Customer shall have no option to extend this Service Agreement beyond the expiration of the Second Extension Term; (iii) Customer shall not have the right to assign its extension rights to any subtenant of the Premises, or to any assignee of Customer that is not a Permitted Transferee, nor may any such subtenant or assignee exercise or enjoy the benefit of the Extension Options; and (iv) the leasehold improvements will be provided in their then existing condition at the time the Extension Term commences.

Grant of Extension Options. Landlord hereby grants to Tenant three (3) options to extend the Term of this Lease with respect to all, but not less than all, of the Premises for consecutive periods of five (5) years each, commencing immediately following the expiration of the Initial Term. The foregoing options are individually referred to as an "Extension Option" and collectively referred to as "Extension Options." The date that the Term expires, as the same may have been extended, is referred to as the "Expiration Date," and the increment of time by which the Term of this Lease is extended pursuant to the exercise of any given Extension Option is sometimes referred to as the "Extension Term."

Grant of Extension Options. Subject to the provisions of Section 23.03, Landlord hereby grants to Tenant certain options to extend the Term (each such Option is referred to as an “Extension Option”). Tenant may either (a) extend the Term by one (1) year (the “One Year Extension”) and thereafter have an additional option to extend the Term for three (3) additional five (5) year periods (each a “Choice A 5-Year Extension”), or (b) Tenant may extend the Initial Term for three (3) periods of five (5) years each(each a “Choice B 5-Year Extension”).