OPTION TO RENEW Clause Samples
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OPTION TO RENEW. Provided that Tenant is not in default under this Lease and provided that the Lease has not been terminated as a result of Tenant’s default or other acts or failures to act by Tenant, Tenant shall have an option to renew the Lease for two additional five (5) year terms (each an “Extended Term”). Tenant shall provide Landlord with at least six (6) months but not more than twelve (12) months prior written notice indicating its intention to exercise such option to renew. The rights contained in this Article 39 shall be personal to the originally named Tenant and may not be assigned nor transferred except with Landlord’s written consent.
39.1 The monthly base rent during the Extended Term shall be an amount equal to the Prevailing Rate (as hereinafter defined) at the time of the commencement of the Extended Term for space leased within the previous six months that are Comparable Transactions, as defined below. The term “Prevailing Rate” shall mean the monthly rent per rentable square foot that Landlord has accepted in contemporaneous transactions between nonaffiliated parties for non-expansion, renewal and non-equity tenants of comparable creditworthiness, for comparable space, comparable use and comparable lease terms (collectively, “Comparable Transactions”) in the Building. If there are no Comparable Transactions in the Building, then the Prevailing Rate shall be prevailing fair market rental value for Comparable Transactions in the Project area. In any determination of Comparable Transactions, appropriate consideration shall be given to the rental rates, abatement provisions or other concessions, brokerage commissions, if any, that actually have been paid by Landlord (or other landlords) in similar transactions, length of the lease term, size and location of the premises being leased, building standard tenant improvement allowances, if any, and other generally applicable conditions of tenancy. The intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make and receive the same economic payments and concessions that Landlord would otherwise make and receive in Comparable Transactions.
OPTION TO RENEW. Tenant shall have the option to renew the initial --------------- five (5) year term of the Lease for one (1) additional period of five (5) years ("Option Period") on the same terms and covenants and conditions provided herein, except that upon such renewal the Monthly Rent due hereunder shall be determined as provided below. Tenant shall exercise such option by giving Landlord written notice ("Option Notice") at least one hundred eighty (180) days prior to the expiration of the initial term of this Lease. The initial monthly rent for the Option Period shall be determined as follows:
(i) The parties shall have thirty (30) days after Landlord receives the Option Notice within which to agree on the initial Monthly Rent for the Option Period based upon the then fair market rental value of the Premises. If the parties agree on the initial Monthly Rent for the Option Period within thirty (30) days, they shall immediately execute an amendment to this Lease stating the initial Monthly Rent for the Option Period.
(ii) The "then fair market rental value of the Premises" shall mean the fair market monthly rental value of the Premises as of the commencement of the Option Period; taking into consideration the uses permitted under this Lease, the quality, size, design and location of the Premises, and comparable buildings located in Fremont, California. If Landlord and Tenant area are unable to agree on the "then fair market rental value of the Premises" then this Lease shall expire at the end of the Initial Term.
OPTION TO RENEW. Subject to the provisions of Section 5 of this Schedule “A”, provided the Lease is in full force and effect, and further provided the Tenant is STRONG/MDI SCREEN SYSTEMS, INC. itself personally, has not assigned the Lease or the subleased the Premises, or a portion thereof, and is not then in default of executing its obligations under the Lease, the Tenant shall have five (5) options to renew the Lease (collectively, the “Options to Renew”, and each, an “Option to Renew”) for the Premises and the Expansion Premises (if any), for further periods of five (5) years each, except for the fifth (5th) and final Option to Renew which shall be for a period of five (5) years minus one (1) day (each a “Renewal Term”), commencing on the day immediately following the expiry date of the then current Term. Each Renewal Term shall be on the same terms and conditions as are contained in the Lease existing on the date immediately preceding the commencement date of the Renewal Term in question, save and except that:
a) the Tenant shall accept the Premises and the Expansion Premises (if any) “as is”, in their state and condition existing on the commencement date of the Renewal Term in question, the Tenant hereby renouncing to all legal warranties related thereto; the Landlord having no work to perform in the Premises, and all improvements, additions or modifications to the Premises that may be required shall be performed by the Tenant, at its cost, in compliance with the provisions of the Lease;
b) there shall be no fixturing period, no allowance, no free rent period, nor any other inducement, free occupancy period or other incentive of whatsoever nature;
c) there shall be no further extension of the Term or renewal of the Lease beyond the fifth (5th) Renewal Term, and the Options to Renew shall not apply anew; and
d) the Base Rent payable for the Premises (excluding the Expansion Premises, if any, for which no Base Rent is payable) during each Renewal Term shall be the Base Rent payable during the last year of the then current Term increased, on a cumulative basis, on each anniversary date of the commencement date of the Renewal Term, commencing on said commencement date, by two percent (2%). In order to validly exercise its Option to Renew, the Tenant shall provide to the Landlord a prior written notice of its exercise thereof (the “Notice of Renewal”) to be received by the Landlord no earlier than twelve (12) months prior to the expiry date of the then current Term. If Ten...
OPTION TO RENEW. (If an option to renew is applicable, keep this clause and type the specifics as to how many renewal terms e.g. two one-year renewals, etc.) SAMPLE The term of the Agreement may be extended up to by a written amendment executed by both parties. However, the total term of the Agreement including the extended term shall not exceed years. SAMPLE
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of renewal period(s) with each term being year(s) month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by % ☐ - Increase by dollars ($ )
OPTION TO RENEW. (a) Tenant shall have an option to renew this Lease for one additional period of five (5) years immediately following the expiration of the initial term, provided that Tenant is not in Default under this Lease. The extension shall be upon the same terms, conditions and covenants of this Lease, except that there shall be no further renewal options unless expressly granted in writing by Landlord, and the annual base rent for the renewal period shall be based upon the then-prevailing fair market rental value of the Leased Premises (“FMRV”). Tenant shall exercise this option by written notice to Landlord no later than six (6) months prior to the expiration of the initial term of this Lease.
(b) If Tenant exercises its renewal option as herein provided, Landlord shall make the initial determination of the FMRV. Landlord shall notify Tenant in writing (the "FMR Notice") of Landlord's determination of the FMRV within days thirty (30) days following receipt of Tenant's renewal notice. Tenant shall notify Landlord in writing within ten (10) days of its receipt of Landlord's FMR Notice whether or not it accepts Landlord's determination of FMRV. If Tenant accepts ▇▇▇▇▇▇▇▇'s determination, the FMRV shall be final and binding and Landlord shall prepare an amendment to the Lease that amends the base rent to reflect the new FMRV. ▇▇▇▇▇▇'s failure to respond to ▇▇▇▇▇▇▇▇'s FMR Notice within the ten (10) day period shall be deemed a rejection by Tenant of Landlord's determination of FMRV. If Tenant delivers written notice ("Tenant's Rejection Notice") to Landlord within the ten (10) day period rejecting Landlord's determination of FMRV or if Tenant is deemed to have rejected Landlord's determination of FMRV, the parties agree to negotiate their differences in good faith within thirty (30) days (the "FMR Negotiation Period") following Landlord's receipt of Tenant's Rejection Notice or following the effective date of such deemed rejection. If the parties fail to agree on FMRV within the FMR Negotiation Period, then the parties agree to obtain an appraisal to determine the FMRV in accordance with the terms and conditions contained below.
(c) If Landlord and Tenant fail to agree upon the terms of the renewal proposal within the time periods set forth in section 15.16(b), the FMRV appraisal process as described below shall be used to determine Minimum Annual Rent. Minimum Annual Rent for any such extended period shall be the annual FMRV of the Leased Premises as determined by tw...
OPTION TO RENEW. Provided that Lessee is not in default in the performance of this lease, Lessee shall have the option to renew the lease for an additional term of twelve months commencing at the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term except that the monthly rent shall be the sum of $2,000.000. The option shall be exercised by written notice given to Lessor not less than 90 days prior to the expiration of the initial lease term. If notice is not give in the manner provided herein within the time specified, this option shall expire.
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of ____ renewal period(s) with each term being ____ year(s) ____ month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by ____% ☐ - Increase by ___________________ dollars ($_______________)
OPTION TO RENEW. (check one)
OPTION TO RENEW. The Lessor hereby grants to the Lessee the right and option to renew this Lease for a further like or lesser term upon the same or like conditions as herein contained, and applicable to the portion of the premises for which the renewal applies, and the Lessee shall exercise this option by written notice to the Lessor given upon any rental payment date prior to the expiration of this Lease.