Option Terms Sample Clauses

Option Terms. The City reserves the right to exercise up to three (3) one-year options to extend the term of this Agreement through November 30, 2023. The written notice to Consultant shall be provided no later than thirty (30) days prior to the end of the then current term.

Option Terms. The Establishing JBE may, at its sole option, extend this Agreement for up to two (2) consecutive one (1) year periods, at the end of which Option Terms this Agreement shall expire. In order to exercise an Option Term, the Establishing JBE must send Notice to Contractor at least thirty (30) days prior to the end of the Initial Term (or the then-current Option Term). The Establishing JBE will issue an amendment to this Agreement extending the Term and any agreed upon price adjustments allowed in this Agreement.

Option Terms. The Option granted under this Agreement shall be subject to the following terms and conditions:

Option Terms. Each option shall be evidenced by one or more documents in the form approved by the Plan Administrator; provided, however, that each such document shall comply with the terms specified below. Each document evidencing an Incentive Option shall, in addition, be subject to the provisions of the Plan applicable to such options.

Option Terms. Two (2) five (5) year options to renew, as more particularly set forth in Section 2.2 of this Lease.

Option Terms. Subject to further detail included in this Agreement, the key terms related to the Option are as follows:

Option Terms. (a) The Option shall become exercisable in accordance with the following Schedule: Years From Date of Grant Amount Exercisable ------------------------ ------------------ One 0% Two 25% Three 50% Four 75% Five 100% (b) Notwithstanding the provisions of paragraph (a) of this Section 3, the Option shall not be exercisable after the expiration of ten (10) years from the date the Option is granted hereunder. Further, in the event the Participant's Employment terminates for any reason whatsoever, whether because of his death, Disability, termination with or without Cause, voluntary termination or otherwise, the Option, (i) to the extent it has not theretofore become exercisable, shall terminate as of the date such Employment terminates, and (ii) to the extent it has become exercisable but has not been exercised, shall terminate three (3) months after the date such Employment terminates.

Option Terms. The consideration for the option granted by this Agreement is $100.00 (“Option Payment”). Upon execution of this Option Agreement by DSL, DSL will apply to the Chief Financial Officer for a state warrant in the amount of the Option Payment, which, will be forwarded to the escrow agent to hold for the benefit of Seller. The Option Payment is non-refundable such that Seller shall be entitled to retain the Option Payment regardless of whether Buyer exercises the Option; Provided, however, the Option Payment shall be credited toward the purchase price at closing if Buyer timely exercises the option as discussed below. The option may be exercised during the period beginning with ▇▇▇▇▇'s approval of this Agreement at a regularly scheduled meeting of the Governor and Cabinet sitting as the Trustees, and ending 120 days after Buyer's approval of this Agreement ("Option Expiration Date"), unless extended by other provisions of this Agreement. If Buyer's funds in the amount of the purchase price (as hereinafter defined in paragraph 3.A.) are not available by the Option Expiration Date the period of exercise of the option may be extended until such funds become available, not to exceed 60 days after the Option Expiration Date, by written notice to Seller. If Buyer’s funds are not available at the end of the 60-day extension then this Agreement shall terminate and neither party shall have further obligations under the provisions of this Agreement. If Buyer does not exercise its option by the Option Expiration Date, as extended if applicable, then the escrow agent is directed to release and disburse the Option Payment to Seller the following day. If Buyer does timely exercise its option, then escrow agent shall credit the Option Payment toward the purchase price paid by Buyer at closing.

Option Terms. (a) Tenant shall have the right to be exercised as hereinafter provided, to extend the Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with written notice at least six (6) months prior to the expiration of the initial Term or prior Option Term, as the case may be, of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to the foregoing notice requirements and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's right to extend the Term or prior Option Term, as the case may be. (b) The word "Term" or any other word or expression used in this Lease to have reference to the term of this Lease shall include the applicable Option Term(s), unless the context of the use of such word or expression indicates otherwise.