LEASE RENEWAL OPTION. The Tenant has the option to renew this Lease, upon its expiry, for another period of two years thereof, subject to the Tenant's and Owner's mutual negotiation and agreement of the new monthly lease cost. All other terms and conditions of this Lease Agreement shall remain the same.
LEASE RENEWAL OPTION. Provided Lessee is not in default hereunder, Lessee may extend the Term of this Agreement for up to two (2) Lease Renewal Periods of twelve (12) months each by delivering written notice to Lessor at least six (6) months prior to the Expiry of any term. During any Lease Renewal Period, the rental rate shall be equal to the Basic Rent, Supplemental Rent and other sums then payable under this Agreement. All other terms and conditions of this Agreement shall remain in full force and effect during any and all Lease Renewal Periods.
LEASE RENEWAL OPTION. Landlord hereby grants Tenant the right and option to renew this Lease Agreement for one (1) additional and successive three (3) year period under the same Lease terms and conditions subject to an adjustment of rental defined below. Tenant must provide written notice to Landlord stating Tenant's desire to renew this Lease at least one hundred twenty (120) days prior to the expiration of the Term. Tenant must be current under all Lease terms and conditions for this Lease renewal right and option to be effective. The adjusted minimum monthly rental for the renewal term shall be as follows: First Lease Renewal Year (01-01-92/12-31-92) - $9,075.41/month - $108,904,92/year Second Lease Renewal Year (01-01-93/12-31-93) - $9,374.35/month - $112,492.20/year Third Lease Renewal Year (01-01-94/12-31-94) - $9,685.64/month - $116,227.68/year
LEASE RENEWAL OPTION. Landlord hereby grants Tenant the right and option to renew this Lease for one (1) additional and successive five (5) year period under the same Lease terms and conditions, subject to an adjustment of rental described below. To exercise this Lease renewal option, Tenant must provide written notice to Landlord stating Tenant's desire to renew this Lease at least one hundred twenty (120) days prior to the expiration of the primary Lease term. Tenant must be current under all Lease terms and conditions for the Lease renewal right and option to be effective. The rental for the Lease renewal term shall be at "Market Rent" which is being experienced at the time Tenant notifies Landlord of its intent to renew the lease. Landlord and Tenant shall agree on the lease renewal (rental) within thirty (30) days after Tenant's notice to renew the Lease, or Tenant's lease renewal option shall become null and void.
LEASE RENEWAL OPTION. Upon the expiration of the original term, Tenant shall have the option to extend this Lease for an extension term of four (4) years, provided that Tenant gives Landlord at least six (6) months' prior written notice of its unconditional and irrevocable exercise of such option and provided further that Tenant has not been in default hereunder. In the event that Tenant exercises its option to extend the term, all provisions of this Lease shall apply during the extension term
LEASE RENEWAL OPTION. Upon the expiration of the original term, Tenant shall have the option to extend this Lease for an extension term of four (4) years, provided that Tenant gives Landlord at least six (6) months' prior written notice of its unconditional and irrevocable exercise of such option and provided further that Tenant has not been in default hereunder. In the event that Tenant exercises its option to extend the term, all provisions of this Lease shall apply during the extension term hereof, except the rent shall be increased in an amount equal to Two Thousand Seven Hundred Fifty ($2,750.00) Dollars per month payable on the first day of each month during the extension term.
LEASE RENEWAL OPTION. Provided that Tenant is not in default of any of the terms, covenants and conditions hereof at the time of making such election, Tenant shall have the right or option to elect to extend the original term of this Lease for one (1) additional term of three (3) years. Such extension or renewal of the original terms shall be on the same terms, covenants, or conditions as provided for in the original lease, except that the Base Rent shall be increased to the Fair Market Rental Value of the Leased Premises ("FMV"). FMV shall be determined by a real estate appraiser licensed by the State of Michigan, and mutually agreed upon by the parties. In the event the parties are unable to agree upon an appraiser, each party shall select its own appraiser, and the two appraisers shall agree upon a third to determine FMV. Prior to the expiration of the original term, Tenant shall provide Landlord 180 day written notice of its election to excise this option, or the same shall be deemed waived.
LEASE RENEWAL OPTION. Provided Tenant is not in default under the terms of the Lease, or would be in default but for the passage of time or the giving of notice, or both, and Tenant has not paid Landlord the monthly rent late more than once during the original term, Landlord hereby grants one (1) option (“Extension Option”) to extend the Term of the Lease for a period of three (3) years (“Option Period”) upon and subject to the terms and conditions set forth herein below. If Tenant desires to exercise its Extension Option granted herein, Tenant shall deliver to Landlord written notice of such election (“Extension Notice”) not later that ninety (90) days nor earlier than one hundred eighty (180) days prior to the expiration of the initial term of the Lease.
LEASE RENEWAL OPTION. Should the Tenant elect to remain in the property for an additional beyond the initial lease and/or extension, the Tenant is to provide a 60 day notice and sign a new lease. The lease amount for rent for the full year is $ and is effective for the immediate month period to follow.
LEASE RENEWAL OPTION. Provided Tenant is in compliance with all of the terms and conditions of this Lease both when Tenant gives Landlord notice of Tenant's desire to extend the Lease (as herein described) AND at the time this renewal term is scheduled to commence, Tenant is hereby granted one (1) five-year option to renew this Lease (the "Option Lease Term") under the same terms and conditions as the initial five-year term, with the Minimum Rent due the Landlord for the Demised Premises during the Option Lease Term equal to Four Million Seven Hundred Fifty Thousand Eight Hundred Dollars and No Cents ($4,750,800.00), PLUS applicable sales and/or rent taxes thereon, PLUS any increased Expenses pursuant to paragraph 1 (h) (2) above, payable as follows: (1) During the first (1st) year of the Option Lease Term (to-wit: October 1, 2011 through September 30, 2012), the minimum rent due the Landlord (the "Rent" or "Minimum Rent") for the Demised Premises shall be Nine Hundred Nine Thousand Three Hundred Sixty Dollars and No Cents ($909,360.00), consisting of $659,928.00 as Base Rent, $66,282.00 as "CAM" (common area maintenance and management fees), and $183,150.00 as "Expenses" (real estate taxes and insurance as defined in paragraph 1 (h) (2) above), payable monthly, in advance, at a rate of Seventy-five Thousand Seven Hundred Eighty Dollars and No Cents ($75,780.00) per month, PLUS any increased Expenses pursuant to paragraph 1 (h) (2) above, PLUS applicable sales and/or rent taxes thereon; beginning the second (2nd) year of the Option Lease Term (to-wit: October 1, 2012 through September 30, 2013), the Rent due Landlord annually for the Demised Premises shall be Nine Hundred Twenty-nine Thousand One Hundred Sixty Dollars and No Cents ($929,160.00), consisting of $679,728.00 as Base Rent $66,282.00 as CAM, and $183,150.00 as Expenses, payable monthly, in advance, at a rate of Seventy-seven Thousand Four Hundred Thirty Dollars and No Cents ($77,430.00) per month, PLUS any increased Expenses pursuant to paragraph 1 (h) (2) above, PLUS applicable sales and/or rent taxes thereon; beginning the third (3rd) year of the Option Lease Term (to-wit: October 1, 2013 through September 30, 2014), the Rent due Landlord annually for the Demised Premises shall be Nine Hundred Forty-nine Thousand Five Hundred Forty-eight Dollars and No Cents ($949,548.00), consisting of $700,116.00 as Base Rent, $66,282.00 as CAM, and $183,150.00 as Expenses, payable monthly, in advance, at a rate of Seventy-nine T...
