Option to Extend Initial Term Clause Samples

Option to Extend Initial Term. Subject to the terms and conditions of this Section 10, Sublessee shall have the right to extend the Initial Term of this Sublease for the period from the Expiration Date through November 13, 2010 (the "Extension Term") in accordance with the terms and conditions of this Section 10. The Extension Term, together with the Initial Term shall be referred to as the "Term" if: (a) Sublessor receives notice of exercise ("Renewal Notice") not later than the date that is one hundred eighty (180) days prior to the Expiration Date of the Sublease; (b) Sublessee is not in default under this Sublease beyond any applicable cure periods at the time that Sublessee delivers its Renewal Notice or at the commencement of the Extension Term; and (c) This Sublease has not been assigned by Sublessee and the Premises has not been further sublet by Sublessee prior to the date upon which Sublessee delivers its Renewal Notice. The initial Base Rent for the Extension Term shall be Forty-Seven Thousand Eight Hundred Twenty-Four and Forty-Two One-Hundredths Dollars ($47,824.42) per month, and shall be payable in addition to Additional Rent. Thereafter, the Base Rent amount payable by Sublessee during the Extension Term shall increase by three percent (3%) on each anniversary of the commencement date of the Extension Term. Base Rent and Additional Rent for the Extension Term shall be payable on the same terms as such items are payable under this Sublease during the Initial Term.

Option to Extend Initial Term. Section 2.2 of the lease is hereby amended to provide that the term of the Lease will continue on a year-to-year basis upon written agreement of the Tenant and District unless earlier terminated as provided in the Lease. Neither party shall be under any obligation to agree to an extension of the Term.

Option to Extend Initial Term. (a) If Tectonic completes and delivers to ▇▇▇▇▇ a Feasibility Study with respect to all or a portion of the Premises before the expiration of the Initial Term and is not in default of this Lease, then Tectonic may elect to extend the Initial Term by five Lease Years. Tectonic shall give notice of its election to extend the Initial Term on or before 5:00 p.m. Alaska time on the last day of the fifteenth Lease Year, failing which the option to extend the Initial Term shall automatically expire. If Tectonic achieves Commercial Production prior to the end of the Initial Term, as extended, then this Lease shall continue in effect thereafter for so long as Commercial Production from the Premises exists or is deemed to exist. If Commercial Production from the Premises ceases but the Mine is then processing minerals from adjoining or nearby properties, (i) this Lease shall continue in effect with respect to such portions of the Premises as are then used to operate the Mine until production from such adjoining or nearby properties ceases, and (ii) all other portions of the Premises shall be released by Tectonic when Commercial Production from the Premises no longer exists or is deemed to exist. (b) If this Lease has not been earlier terminated and is not extended under SECTION 3.2(a), this Lease shall expire automatically at 5:00 p.m. Alaska time on the last day of the fifteenth Lease Year, subject to possible continued occupancy of the Premises solely for purposes of reclamation.

Option to Extend Initial Term. Upon the mutual written agreement of the parties, the Term may be extended. Neither party shall be under any obligation to agree to an extension of the Term. In the event the parties mutually agree to an extension under this Subsection 2.1, the Term shall be deemed to end on the date as agreed amount the parties. “Term” shall include the initial term and any extension thereof.

Option to Extend Initial Term. Upon the mutual written agreement of the parties, the Term may be extended for a maximum of (1) one additional period of five (5) years. Neither party shall be under any obligation to agree to an extension of the Term. In the event the parties mutually agree to an extension under this Subsection 2.2, the Term shall be deemed to end on the date as agreed amount the parties. “Term” shall include the initial term and any extension thereof.

Option to Extend Initial Term. Provided Lessee shall in all respects be current in the performance of its obligations under this lease agreement, and not otherwise, and not while holding over, and it shall desire to extend the initial term of this lease agreement, it shall have the option to do so for one additional two (2) year term, which options shall be exercised by giving notice to Lessor of its election to extend the initial term not less than six (6) months prior to the commencement of the extended term, whereupon this lease agreement shall be extended for such additional term without the necessity for any extension agreement, and all of the terms and conditions of this lease agreement shall continue as though the initial term included the extended term with annual modifications to base rent.

Option to Extend Initial Term. Landlord hereby grants Tenant one (1) option to extend the then current Term of this Lease for the entire Premises for a total period of five (5) years (the “Option Term”), which option shall be exercisable only by written Exercise Notice (as defined below) delivered by Tenant to Landlord as provided below, provided that Tenant is not then in default under this Lease beyond applicable cure periods after Tenant’s receipt of written notice of such default. Upon the proper and timely exercise of such option to extend, and provided that, as of the end of the Term, Tenant is not in default under this Lease beyond applicable cure periods after Tenant’s receipt of written notice of such default, the Term shall be extended for the Option Term. The extension of the Term will be on the same terms, covenants and conditions as in this Lease, other than Base Rent and adjustment of the Base Year and other than the fact that there shall be no Landlord work or Tenant Improvements to be performed by Landlord within the Premises nor shall there be any obligation of Landlord to provide an allowance to Tenant for any improvements or alterations to be installed in the Premises. The Term of this Lease shall include the Option Term upon Tenant’s timely exercise of the option right contained herein.

Option to Extend Initial Term. Upon the mutual written agreement of the Parties, the Term hereof may be extended for a maximum of one (1) additional period of ( ) years (hereinafter referred to as the “Renewal Term”) subject to the terms set out below. Neither Party shall be under any obligation to agree to an extension of the term. The Licensee Fee for the Licensed Premises during the Renewal Term shall be and /100 Dollars ($ ). The Licensee shall exercise its renewal option (hereinafter referred to as the “Renewal Option”) by notifying the Licensor in writing, in accordance with Section 10 of this License Agreement, of its exercise of the Renewal Option not fewer than ( ) days prior to the end of the Term. The Parties shall then commence the process of executing a renewal agreement (hereinafter referred to as the “Renewal Agreement”) memorializing the agreement of the Parties as to the terms that shall govern during the Renewal Term. The renewal of this License Agreement shall be binding upon the Parties and their respective successors and assigns upon the full completion of the (i) execution of the Renewal Agreement by all necessary Parties; (ii) approval of the Renewal Agreement by the Office of the Attorney General, as to form, and the Office of the New York State Comptroller, as necessary; and (iii) delivery of the fully executed and approved Renewal Agreement to the Licensor by the Licensee.

Option to Extend Initial Term. The HPUD shall have the option to renew this Agreement for one (1) additional five (5) year term by providing OLVRPSD with written notice of its intent to exercise its next option no less than two (2) weeks prior to the expiration of the prior term.