Option to Extend the Term of the Lease Sample Clauses

Option to Extend the Term of the Lease. [Unchanged]. Provided -------------------------------------- Tenant is not then in default of any term or condition of this Lease beyond applicable notice and cure periods, and has not assigned this Lease or sublet seventy-five percent (75%) or more of the Premises, Tenant shall have two (2) option(s) to extend the term of the Lease for an additional period of five (5) years each (the "2002 Extended Term" and "2007 Extended Term," respectively) from the Expiration Date specified in Section 1(f) of this Lease or the preceding Extended Term, as the case may be. If Tenant exercises its renewal option(s), Landlord and Tenant shall execute and deliver an amendment(s) to the Lease. The Extended Terms shall be upon terms and conditions contained in this Lease except that:
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Option to Extend the Term of the Lease. In the third sentence of Section 37.A of the Lease (Grant & Exercise of Option) add "ninety five percent (95%) of" before the phrase "Fair Market Rental".
Option to Extend the Term of the Lease. This LEASE may be renewed at the sole option of the GOVERNMENT for two (2) additional one-year option periods, under the same terms and conditions contained herein. The GOVERNMENT shall exercise its option to extend the term of the LEASE by giving written notice thereof to the LESSEE at least one-hundred eighty (180) days prior to the expiration of the LEASE’s initial five year firm term, or any one- year extension thereof. Any extension of the LEASE pursuant to this Clause shall not otherwise modify the terms and conditions of the LEASE set forth or referenced herein
Option to Extend the Term of the Lease. Landlord hereby grants to Tenant an option to extend the Term (the Option") with respect to all (but not less than all) of the Premises for one (1) period of five (5) years (the "Option Term") on all of the terms and conditions of this Lease. The Option Term shall commence immediately following the expiration of the Initial Term (the "Option Term Commencement Date") and shall expire on the day before the fifth annual anniversary of the Option Term Commencement Date. Tenant shall exercise the Option, if at all, by serving Landlord with a written notice of its exercise of the Option not less than twelve (12) months nor more than eighteen (18) months prior to the expiration of the Initial Term. Tenant's notice of exercise of its Option hereunder shall be irrevocable by Xxxxxx except as provided to the contrary in Section 3.6(d)); provided, however, Tenant's notice of exercise shall not be effective if at the time Tenant exercises the Option, Landlord has declared a default under this Lease. In addition, if at any time after Tenant validly exercises the Option and prior to the Option Term Commencement Date Landlord declares a default because of Tenant's failure to pay Minimum Rent or any Additional Lease Charges, Landlord shall have the right, in addition to all of Landlord's other rights and remedies under this Lease, to terminate the Option and to cancel nilaterally Tenant's exercise of its Option to extend the Term. In that event, this Lease shall expire at the conclusion of the initial Term, and Tenant shall have no further rights under this Lease to extend the Initial Term.
Option to Extend the Term of the Lease. Provided tenant is not in default of an term of condition of this lease at the time its exercises it option under this Item 6, tenant shall have options to extend the term of this lease for up to 3 additional periods of 2 years each (which shall be called the "First Extended Term", the "Second extended Term", and the "Third Extended Term", respectively.) The first extended term shall commence on the day after the expiration date specified in section 1 (f) of this Lease; the second extended term shall commence on the day after the first extend term expires; and the third extended term shall commenced on the day after the second extended term expires. The options provided for in this Item 6 are personal to Tenant and my be exercised only by tenant. In order to exercise its option to renew this lease for a particular extended term, tenant shall deliver to landlord written notice no later than 10 months prior to the end of the previous Term. during each extended term, all the terms and conditions as are contained this lease shall apply except that:
Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of the Original Lease is hereby deleted and replaced with the following: “Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant one (1) option to extend the Term of this Lease (this “Extension Option”) for a period of five (5) years on the same terms, conditions and provisions as contained in this Lease, modified as provided herein, except that Tenant shall have no additional option to extend the Term of the Lease beyond the one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period (the “Extension Option Term”) shall commence on January 1, 2006 and shall expire on December 31, 2010.
Option to Extend the Term of the Lease. Tenant shall have the -------------------------------------- right, to be exercised as hereinafter provided, to extend the term of this Lease ("Extension Options") for two (2) periods of five (5) years each (the "First Extended Term" and "Second Extended Term," respectively, and each an "Extended Term") from the Expiration Date specified in Section 1(g) of this Lease, provided that for purposes of the Extension Options the Premises shall be separated into two parts, the area consisting of 73,500 rentable square feet located on Floors 1, 2 and 3 and depicted on Exhibit K attached hereto (the "Original Space"), and all other space then leased by Tenant hereunder (the "Additional Space"). The Original Space and the Additional Space are each referred to individually as a "Space." The Extension Options shall apply separately to both the Original Space and the Additional Space and Tenant may elect to extend for one Space and not the other, provided that if Tenant does not exercise its option for the First Extended Term with respect to a Space it shall not have the right to extend for the Second Extended Term with respect to such Space. If Tenant exercises the Extension Option for either or both of the Original Space or the Additional Space, Landlord and Tenant shall execute and deliver an amendment to the Lease with respect to such Space under the same terms and conditions as this Lease, provided that:
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Option to Extend the Term of the Lease. Provided the Lease shall then be in full force and effect and Tenant shall not be in default in the performance and/or observance of any of the terms, covenants and conditions by it to be performed and/or observed hereunder beyond any applicable notice and cure periods, it is agreed that Tenant shall have the option to extend the term of this Lease for one (1) additional period of five (5) years following the expiration of the Term hereof on the same terms and conditions herein contained, except that the Minimum Rent, due and payable by Tenant shall increased by $0.50 per rentable square foot for year of the extension option, If Tenant shall elect to so extend the term of this Lease pursuant to this Section, Tenant shall give written notice to Landlord as provided elsewhere in the Lease, at least six (6) months prior to the expiration of the term of the Lease. This Lease consists of pages one (1) through thirty-two (32) inclusive, together with Exhibit "A" which is attached hereto and made a part hereof.

Related to Option to Extend the Term of the Lease

  • OPTION TO EXTEND THE TERM OF THE CONTRACT (MAR 2000)

  • Option to Extend Lease Term Landlord hereby grants to Tenant one option to extend the Lease Term of the 000 Xxxx Xxxxx Lease for a five (5) year term commencing when the prior term expires, under the following terms and conditions:

  • Term of the Lease The lease begins at p.m. on (the “Check-in Date”) and ends at a.m. on (the “Checkout Date”).

  • Option to Extend Provided (i) Tenant (as used in this Section 16.16, the term "Tenant" shall also include any Permitted Transferee that succeeds to Tenant's interest under Article 11, above) is not in Default hereunder at the time it exercises this option, (ii) the creditworthiness of Tenant is no less than on the date hereof, (iii) Tenant originally named herein remains in possession of all or substantially all of the Leased Premises, Tenant shall have the option to extend the Original Term for three (3) successive periods of five (5) years each (the "Extension Term(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease during the initial Lease Term (the "Original Term") except (i) this provision giving five (5) extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, no later than sixteen (16) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant's desire to extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within fifteen (15) business days of receipt of the Rent Adjustment, written notice of its rejection thereof (which rejection shall terminate Tenant's option to extend), or that Tenant disputes Landlord's determination of the Rental Adjustment and shall include Tenant's good faith determination of what the Rental Adjustment should be. In the case of a notice disputing the Rental Adjustment, Landlord and Tenant shall mutually work together for a period of ten (10) days to resolve the dispute and, if unable to agree upon the Rental Adjustment within said period, Landlord and Tenant shall in good faith participate in non-binding arbitration of the Rental Adjustment for a period of thirty (30) days. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than sixty (60) days after receipt of Tenant's exercise of its option. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. The Minimum Annual Rent for the applicable Extension Term shall be an amount equal to the Minimum Annual Rent then being quoted by Landlord to prospective tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the vicinity, excluding free rent and other concessions. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.

  • Option to Extend Term Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

  • Extension Option Provided the original Tenant (or tenant under a Permitted Transfer) named herein is itself occupying greater than seventy-five percent (75%) of the Premises at the time of giving its notice to exercise its option and at the commencement of the Extension Term (as defined herein), Tenant shall have the right and option to extend the Term for one (1) additional period of five (5) years (“Extension Term”). The right and option to so extend the term shall be personal to the Tenant executing this Lease and such right and option may not be assigned or transferred to any other party or entity. The Extension Term is to commence immediately upon expiration of the initial two (2) year Term (the “Original Term”), provided that Tenant shall give Landlord notice of Tenant’s exercise of such option by no later than nine (9) months and no earlier than twelve (12) months prior to the then scheduled expiration of the Original Term, and provided further that no Default exists at the time of giving such notice or at the commencement of the Extension Term. If a Default exists at the time of giving such notice or at the time of commencement of the Extension Term, Tenant’s exercise of such option shall, at the option of Landlord, be null and void and of no further force and effect. Prior to the exercise by Tenant of any such option, the expression “Term” shall mean the Original Term. Except as expressly otherwise provided in the following paragraph, all the terms, covenants, conditions, provisions and agreements in the Lease contained herein shall be applicable to the Extension Term, except that there shall be no further extension terms. If Tenant shall give notice of its exercise of said option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, time being of the essence of the foregoing provisions. The Annual Base Rent payable during the Extension Term shall be the greater of (a) an amount equal to the Fair Market Rent for the Premises as of the commencement date of the Extension Term or (b) the Annual Base Rent payable in the year immediately preceding the Extension Term. The Fair Market Rent shall be determined in accordance with the provisions set forth below. If for any reason the Annual Base Rent payable during the Extension Term has not been determined as of the commencement date of the Extension Term, Tenant shall pay the Annual Base Rent payable for the year immediately preceding the commencement of the Extension Term until the Annual Base Rent for the Extension Term is determined, at which time, an appropriate adjustment, if any, shall be made. The Fair Market Rent shall mean the anticipated rent for the Premises as of the commencement of the Extension Term tinder market conditions then existing. No later than the one (1) month after Tenant’s Extension Notice, Landlord shall notify Tenant of Landlord’s estimate of the Fair Market Rent. No later than fifteen (15) days after such notification, Tenant may dispute Landlord’s estimate of Fair Market Rent upon written notice thereof to Landlord which written notice shall contain Tenant’s estimate of the Fair Market Rent. If Tenant disputes Landlord’s estimate of Fair Market Rent within such fifteen (15) day period, then the Fair Market Rent shall be determined by agreement between Landlord and Tenant during the next thirty (30) day period (the “Discussion Period”), but if Landlord and Tenant are unable to agree upon the Fair Market Rent during the Discussion Period, then the Fair Market Rent shall be determined by the determination of a board of three (3) M.A.I, appraisers as hereafter provided, each of whom shall have at least five (5) years experience in the Lexington office rental market and each of whom is hereinafter referred to as “appraiser”, Tenant and Landlord shall each appoint one such appraiser and the two appraisers so appointed shall appoint the third appraiser (the “Neutral Appraiser”) which Neutral Appraiser shall have no then-existing relationship with Landlord or Tenant. The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall appoint their respective appraisers no later than fifteen (15) days after the expiration of the Discussion Period and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the Neutral Appraiser no later than fifteen (15) days after the end of the Discussion Period and shall designate such appraiser by notice to Landlord and Tenant. The Neutral Appraiser shall then choose either the Landlord’s estimate of Fair Market Rent or the Tenant’s estimate of Fair Market Rent as the Fair Market Rent of the space in question as of the commencement of the Extension Term and shall notify Landlord and Tenant of its determination no later than sixty (60) days after the end of the Discussion Period. The Fair Market Rent of the subject space determined in accordance with the provisions of this Section shall be deemed binding and conclusive on Tenant and Landlord. Notwithstanding the foregoing, if either party shall fail to appoint its appraiser within the period specified above (such party referred to hereinafter as the “failing party”) the other party may serve notice on the failing party requiring the failing xxxxx to appoint its appraiser within ten (10) days of the giving of such notice and if the failing party shall not respond by appointment of its appraiser within said (10) day period, then the appraiser appointed by the other xxxxx shall be the sole appraiser whose choice of either the Landlord’s or the Tenant’s estimate of Fair Market Rent shall be binding and conclusive upon Tenant and Landlord. All times set forth herein are of the essence.

  • Sublease Term The term of the Sublease (“Sublease Term”) commences on the later to occur of (1) Sublandlord’s receipt of Prime Landlord’s written consent to this Sublease, and (2) October 1, 2009 (“Sublease Commencement Date”); and expires on January 28, 2018 (“Sublease Expiration Date”; i.e., the day prior to the Termination Date pursuant to the Prime Lease). Sublandlord shall deliver the Subleased Premises “broom clean” and free of all of Sublandlord’s personal property (other than the F&F (defined in Section 2(f))) and debris, but otherwise in “AS IS, WHERE IS” condition on the Sublease Commencement Date; provided that Subtenant shall not be responsible for, or required to remedy, any violation of any applicable law, or any condition or state of facts, with respect to the Subleased Premises, the Building or the Land existing on or prior to the Sublease Commencement Date. Sublandlord is not required to perform any work to prepare the Subleased Premises for Subtenant’s intended use. If (i) for any reason Sublandlord has not received Prime Landlord’s written consent to this Sublease in form required by Section 15(i) below by the date which is sixty (60) days from the date hereof, or (ii) Prime Landlord elects to terminate the Prime Lease in respect of the Subleased Premises pursuant to Prime Landlord’s recapture right set forth in Section 16.5 of the Prime Lease, then in the case of (i), then Sublandlord and Subtenant each may elect at any time thereafter to terminate this Sublease by written notice to the other, whereupon the parties shall deem this Sublease to be null and void and of no effect (except for those provisions expressly stated herein to survive a termination), and in the case of (ii) the Sublease will be deemed terminated in accordance with Section 16.5 of the Prime Lease.

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • Extension Right Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.

  • Term and Renewal Options The term of service is 24 months (Initial Term). Following the expiration of the Initial Term, service under this option will continue on a month-to-month basis subject to the terms and conditions, including rates and discounts set forth under this option (Extension Term). The Company or the Customer may elect to forego the Extension Term by providing the other party written notice at least 60 days prior to the expiration of the Initial Term. Either party may terminate service during the Extension Term by providing the other party at least 60 days prior written notice. Term shall mean the Initial Term and the Extension Term.

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