Lessee's Lease Term Option Sample Clauses
The Lessee's Lease Term Option clause grants the lessee the right to extend or renew the lease for an additional period beyond the original term. Typically, this clause outlines the conditions under which the option can be exercised, such as providing written notice within a specified timeframe and possibly agreeing to predetermined or market-based rental rates for the extension. Its core practical function is to provide the lessee with flexibility and security in their tenancy, allowing them to plan for continued occupancy while giving both parties clarity on future lease terms.
Lessee's Lease Term Option. (a) Notwithstanding any other provision of this Agreement to the contrary, Lessor hereby grants Lessee the option (the "Lease Term Option") to terminate or extend the Term two (2) months earlier or later than the numerically corresponding day twenty-four (24) months after the Delivery Date provided that:
(i) Lessee shall give Lessor six months prior written notice (the "Option Notice") of Lessee's intention to exercise the Lease Term Option to either terminate or extend the Term by two (2) months, which Option Notice, once given, shall be irrevocable; and
(ii) no Default shall have occurred and be continuing on the date that the Option Notice is given;
Lessee's Lease Term Option