INITIAL LEASE TERMS CO-TERMINOUS Sample Clauses

INITIAL LEASE TERMS CO-TERMINOUS. It is acknowledged that it is the -------------------------------- intention of the parties that the initial Term or this Lease be co-terminous with the initial term of the Macara B Lease such that the initial terms of both leases expire on the same date; provided, however, the termination of this Lease resulting from the terms and conditions stated under Paragraph 21 ("Destruction") or Paragraph 22 ("Eminent Domain") shall not result in a termination of the Macara B Lease. It is hereby agreed that following the date upon which the commencement date of the Macara B Lease becomes established, the initial Term of this Lease shall be extended to coincide with the termination date of the Macara B Lease ("Extension Period"), however, in no event will the Term of this Lease be for a period of less than five (5) years and six (6) months. As soon as the parties are able to implement the provisions of this Paragraph because the commencement date of them Macara B Lease has been determined, the parties shall execute an amendment to this Lease extending the initial Term of this Lease to be co- terminous with the initial termination date of the Macara B Lease. The monthly Basic Rent during the Extension Period shall be increased by $.05 per square foot on the commencement date of said Extension Period. For example, if the Macara B Lease commences on the MACARA A projected lease commencement date of May 1, 1997, and this Lease commences on March 1, 1997, the initial Term of this Lease shall be extended by two months and the monthly Basic Rent during the Extension Period shall be S136,080.00 ($2.05 + $0.05 per square foot x 64,800 square feet = $136,080.00). EXCEPT AS MODIFIED HEREIN, all other terms, covenants, and conditions of said May 21, 1996 Lease Agreement shall remain in full force and effect.
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Related to INITIAL LEASE TERMS CO-TERMINOUS

  • Lease Agreement On the terms stated in this Lease, Landlord leases the Premises to Tenant, and Tenant leases the Premises from Landlord, for the Term beginning on the Commencement Date and ending on the Termination Date unless extended or sooner terminated pursuant to this Lease.

  • Extended Terms Tenant shall have the right to extend the Term for up to five (5) consecutive renewal terms of ten (10) years each (each, an “Extended Term”), provided that (unless Landlord shall elect in its sole discretion to waive any such condition), at the time Tenant exercises a right to extend the Term, (a) no Event of Default shall have occurred and be continuing and (b) on the date of the exercise of the extension option and on the first day of each such Extended Term, there shall be a Guaranty in favor of Landlord from a Qualifying Guarantor which shall either meet the standard in clause (a) or (c) of the definition of Qualifying Guarantor or shall provide Landlord with the audited financial statement described in the last paragraph of the definition of Qualifying Guarantor to establish that it meets the criteria in clause (b) thereof to be a Qualifying Guarantor, even if such Entity is a BP Affiliate. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term (including, but without limitation, the two percent annual Minimum Rent increases provided in the definition of Minimum Rent), except that Tenant shall have no right to extend the Term beyond the expiration of the fifth Extended Term. If Tenant shall elect to exercise its option to extend the Term for any Extended Term, it shall do so by giving Landlord Notice thereof not later than eighteen (18) months prior to the commencement of the applicable Extended Term, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the applicable Extended Term, and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same.

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