Common use of Option Terms Clause in Contracts

Option Terms. PROVIDED, however, that LESSEE shall give written notice of its intention to exercise its option for the immediately succeeding additional term above mentioned at least thirty (30) days’ prior to the expiration date of the original term of the lease or of each renewal thereof. If XXXXXX fails to give such thirty (30) days’ notice, a holding over shall be deemed a renewal for the term of three (3) months at the same rental as specified in the preceding option term and so on from term to term until this agreement is terminated by mutual consent of the parties hereto, or by notice in writing of intention to terminate from either party to the other three months before the expiration of any renewed term. No rents shall be due or payable under this LEASE prior to its date of approval, or such other dates as approved, by the Board of Commissioners of Public Grounds and Buildings.

Option Terms. PROVIDED, however, that LESSEE shall give written notice of its intention to exercise its option for the immediately succeeding additional term above mentioned at least thirty (30) days’ prior to the expiration date of the original term of the lease or of each renewal thereof. If XXXXXX LESSEE fails to give such thirty (30) days’ notice, a holding over shall be deemed a renewal for the term of three (3) months at the same rental as specified in the preceding option term and so on from term to term until this agreement is terminated by mutual consent of the parties hereto, or by notice in writing of intention to terminate from either party to the other three months before the expiration of any renewed term. No rents shall be due or payable under this LEASE prior to its date of approval, or such other dates as approved, by the Board of Commissioners of Public Grounds and Buildings.