OPTION TO RENEW Clause Samples
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OPTION TO RENEW. Sublandlord and Subtenant agree that neither will retain any renewal options contained in Article 49 of the Master Lease with respect to the Sublease Space, and Article 49 of the Master Lease will be deleted in its entirety. Notwithstanding the foregoing, Subtenant, and only Subtenant, will have the following renewal option:
a. The Original Sublease Term may be extended only by Subtenant for one (1) additional five (5) year term ("Extension Term") only if the following conditions are satisfied: (i) Subtenant delivers written notice to Landlord of Subtenant's extension election at least ninety (90) days and no earlier than one hundred eighty (180) days before the expiration of the Original Sublease Term; (ii) Subtenant has fully and faithfully performed its obligations under the Master Lease and Sublease through the Original Sublease Term; and (iii) neither Subtenant nor Tenant are in default under the Master Lease or the Sublease and no event has occurred or fact exists which, but for the passage of time or the giving of notice, would constitute a default under the Master Lease or the Sublease. If any of these conditions are not satisfied at the time of the delivery of the extension election by Subtenant, the extension election will be deemed ineffective and not valid. This ability to extend will be a right personal only to Ugly Duckling Holdings, Inc. and may not be assigned to any other subsequent tenant, unless Landlord otherwise agrees specifically in writing at the time of the assignment, in Landlord's sole discretion.
b. During the Extension Term, all terms and provisions of the Master Lease and Sublease will remain in full force and effect, except that the Monthly Base Rent will be established in the manner set forth below, Landlord will not be obligated to construct any tenant improvements or make or pay any tenant improvement allowance during the Extension Term or to make any rent or other concessions, and no options to extend will be available or enforceable.
c. The Monthly Base Rent payable by Subtenant under this Lease during the Extension Term will be determined in accordance with the following procedures. During the twenty (20) day period following Subtenant's extension election, Landlord and Subtenant will negotiate in good faith to establish the rent to be paid for the Sublease Space throughout the Extension Term based on the fair rental value of the Sublease Space at the expiration of the Original Sublease Term, taking into consideration l...
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. 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. (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. 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. Tenant shall have one (1) five (5) year option to renew. In order to exercise an option to extend, Tenant must give written notice of such election to Landlord no later than nine (9) months prior to the date that the option period would commence. The renewal rental rate for the Option to Renew shall be at ninety five percent (95%) of the then Fair Market Rental Rate. Tenant acknowledges and agrees that time is of the essence such that Tenant’s failure to timely provide the required notice shall be conclusively and legally deemed as a waiver of Tenant’s right to renew. For purposes of this Option to Renew, “Fair Market Rental Rate” shall mean the arms-length, fair-market, initial annual rental rate per rentable square foot under new, extension and renewal leases and amendments entered into on or about the date on which the Fair Market Rental Rate is being determined hereunder for space comparable to the Premises in the Project and office buildings comparable to the Project in or on ▇▇▇▇▇▇▇▇▇ Boulevard in Van Nuys, California. The determination of Fair Market Rental Rate shall take into account any material economic differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, parking abatements, load factors, commissions, construction costs or allowances and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Fair Market Rental Rate shall also take into consideration any reasonably anticipated changes in the Fair Market Rental Rate from the time such Fair Market Rental Rate is being determined and the time such Fair Market Rental Rate will become effective under the Lease. Within thirty (30) days after receiving the Tenant’s notice of it intent to exercise the Option to Renew, Landlord shall give Tenant written notice (a “Landlord Notice”) stating Landlord’s estimate of the Fair Market Rental Rate for the Renewal Term. Tenant, within thirty (30) days after receipt of the Landlord Notice, shall give Landlord either (i) written notice (“Tenant’s Binding Notice”) accepting Landlord’s estimate of the Fair Market Rental Rate for the Renewal Term stated in such Landlord Notice, or (ii) written notice (“Tenant’s Rejection Notice”) rejecting such estimate. If Tenant gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Fair Market Rental Rate for t...
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. (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.