LEASE TERM OPTIONS Clause Samples
The Lease Term Options clause defines the rights and procedures for extending, renewing, or otherwise modifying the duration of a lease agreement. Typically, this clause outlines the conditions under which a tenant may exercise an option to renew the lease, such as providing written notice within a specified timeframe or agreeing to predetermined rent adjustments. By clearly setting out these terms, the clause provides both parties with predictability and flexibility regarding the length of the tenancy, helping to avoid disputes and ensuring that both landlord and tenant understand their future commitments.
LEASE TERM OPTIONS. Lessee hereby irrevocably agrees to purchase the Equipment upon the expiration of the Basic Term. Lessee shall pay the Lessor the purchase price of One dollar ($1.00) in cash for the Equipment, on Nov. 22, 2008. SO LONG AS NO DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING, THE EQUIPMENT SHALL BE SOLD TO LESSEE AND POSSESSION MADE AVAILABLE TO LESSEE "AS-IS" AND "WHERE-IS"; LESSOR WILL NOT MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO ANY WARRANTY AS TO FITNESS FOR ANY PARTICULAR OR OTHER PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT, EXCEPT THAT LESSOR SHALL HAVE THE RIGHT TO SELL THE EQUIPMENT AND SHALL TRANSFER TO LESSEE GOOD TITLE FREE AND CLEAR OF ANY SUPERIOR LIEN OR ENCUMBRANCE CREATED BY LESSOR. LESSEE IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE. Lessor, Lessee and GE Capital Bank, S.A. Institucion de Banca Multiple, Grupo Financiero GE Capital ("Trustee") are parties to the Administration Trust Agreement, dated November 23, 1998, to secure Lessee's obligations to Lessor under this Agreement. Lessee further agrees that it will not raise the absence of formal determination of default by a court or other tribunal as a defense to any action by the Trustee following a default by Lessee under the Lease. Lessor and Lessee further agree that the term of the Lease shall govern the resolution of any dispute between Lessor and Lessee relating to the Equipment.
LEASE TERM OPTIONS. Lessee hereby irrevocably agrees to purchase the Equipment upon the expiration of the Basic Term. Lessee shall pay the Lessor the purchase price of One dollars ($1.00) in cash for the Equipment, on or before May 8, 2003. THE EQUIPMENT SHALL BE SOLD TO LESSEE AND POSSESSION MADE AVAILABLE TO LESSEE "AS-IS" AND "WHERE-IS"; LESSOR WILL NOT MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO ANY WARRANTY AS TO FITNESS FOR ANY PARTICULAR OR OTHER PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT, EXCEPT THAT LESSOR SHALL HAVE THE RIGHT TO SELL THE EQUIPMENT AND SHALL TRANSFER TO LESSEE GOOD TITLE FREE AND CLEAR OF ANY SUPERIOR LIEN OR ENCUMBRANCE CREATED BY LESSOR. LESSEE IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE.
LEASE TERM OPTIONS. At the end of the first term, Great Plains shall have the right to extend the term of this Agreement for an additional two years on the terms set forth below. At the end of the second term, Great Plains shall have the right to extend the term of this Agreement for an additional seven years on the terms set forth below. The parties agree that this option shall be deemed fully paid for and coupled with an interest. A lease term option shall be exercised by the written notice of Great Plains to Consolidated at least ninety days prior to the expiration of any term. At the end of any lease term that is not extended or where an election to purchase is not completed, Lessee shall deliver the assets, demised premises and all improvements thereon to Lessor, either (i) as an operating facility, in the condition which Lessee is required to maintain under the terms of this Agreement and transfer the surety bond and its collateral to Consolidated immediately upon receipt of written notice or, (ii) the Lessee shall at its' sole expense, complete the closure of the evaporation ponds, in accordance with the Wyoming Department of Environmental Quality requirements and return the assets, demised premises and all improvements thereon to the condition required upon the expiration of the original G▇▇▇▇▇ Lease, within ninety (90) days after the receipt of written notice.
LEASE TERM OPTIONS. Under the Third Amendment to Ground Lease Agreement, after the expiration of the current extended term of the Ground Lease which is set to expire on December 31, 2029, Lessee shall have the right and option to extend the Ground Lease for eight
LEASE TERM OPTIONS. Lessee hereby irrevocably agrees to purchase the Equipment upon the expiration of the Basic Term. Lessee shall pay the Lessor the purchase price of One dollars ($1.00) in cash for the Equipment, on or before____________________. THE EQUIPMENT SHALL BE SOLD TO LESSEE AND POSSESSION MADE AVAILABLE TO LESSEE" AS-IS" AND "WHERE-IS"; LESSOR WILL NOT MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO ANY WARRANTY AS TO FITNESS FOR ANY PARTICULAR OR OTHER PURPOSE, MERCHANTABILITY, OR PATENT INFRINGEMENT, EXCEPT THAT LESSOR SHALL HAVE THE RIGHT TO SELL THE EQUIPMENT AND SHALL TRANSFER TO LESSEE GOOD TITLE FREE AND CLEAR OF ANY SUPERIOR LIEN OR ENCUMBRANCE CREATED BY LESSOR. LESSEE IS LIABLE FOR ANY TAXES PAYABLE AS A RESULT OF THIS SALE. H. PAYMENT AUTHORIZATION You are hereby irrevocably authorized and directed to deliver and apply the proceeds due under this schedule as follows: COMPANY NAME ADDRESS AMOUNT ------------ ------- ------ Speedline Technologies 2707 Collections Center Dr. $ 68,508.00 Chic▇▇▇, ▇▇ ▇▇▇▇▇ Aqueous Technologies 9785 ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇., ▇nit $ 14,549.59 #302 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ SigmaTron International, Inc. 2201 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ $214,798.88 Elk Grove Village, Il 6007 This authorization and direction is given pursuant to the same authority authorizing the above-mentioned financing. Except as expressly modified hereby, all terms and provisions of the Agreement shall remain in full force and effect. This Schedule is not binding or effective with respect to the Agreement or Equipment until executed on behalf of Lessor and Lessee by authorized representative of Lessor and Lessee, respectively.
LEASE TERM OPTIONS. END OF BASIC TERM OPTIONS The Lease is amended by adding the following thereto: FAIR MARKET VALUE RENTAL RENEWAL:
(a) So long as no default exists hereunder and the lease has not been earlier terminated, Lessee may at lease expiration, upon at least 120 days but not more than 270 days prior written notice to Lessor, extend the term of the Lease with respect to all (but not less than all) of the Equipment in this Schedule for a period of 12 months (the "Renewal Period") for a scheduled monthly rental equal to the monthly Fair Market Rental Value thereof determined as of the end of the pre-extension Lease term.
LEASE TERM OPTIONS. Lessee hereby irrevocably agrees to purchase the Equipment upon the expiration of the Basic Term. Lessee shall pay the Lessor the purchase price of Two Hundred Fifty Thousand and 00/100dollars ($250,000.00) in cash for the Equipment, on or before November 10, 2011.
LEASE TERM OPTIONS. Lessee hereby irrevocably agrees to purchase the Equipment upon the expiration of the Basic Term. Lessee shall pay the Lessor the purchase price of One Dollar ($1.00) in cash for the Equipment, on or before September 1, 2005. The Equipment shall be sold to Lessee and possession made available to Lessee "As-is" and "Where-is"; Lessor will not make any representation or warranty, express or implied, including, but not limited to any warranty as to fitness fro any particular or other purpose, merchantability, or patent infringement, except that Lessor shall have the right to sell the Equipment and shall transfer to Lessee good title free and clear of any superior lien or encumbrances created by Lessor. Lessee is liable for any taxes payable as a result of this sale.
LEASE TERM OPTIONS