Common use of Optional Terms Clause in Contracts

Optional Terms. The Lease shall include the potential for two (2) “Optional Terms” (singular, “Optional Term”) of five (5) years each. Each Optional Term can be exercised only when both (1) the Lessee has properly notified SEPTA of Lessee’s desire to exercise the next Optional Term; and (2) neither Party has elected and properly acted to terminate the Lease in accordance with this Lease Agreement. Notice by the Lessee to exercise the next Optional Term is to be made in writing to SEPTA no less than six (6) months prior to the end of the then-current Term (“Optional Notice”). If both Optional Terms are exercised, there are no further Optional Terms permitted by this Lease Agreement and, provided there is no Early Termination (as defined in Section 3.D), the Lease hereunder would have a Termination Date of . SEPTA shall have the right to decline an upcoming Optional Term extension by providing written notice of that decision within two (2) months of receipt of an Option Notice.

Optional Terms. The Lease shall include the potential for two three (23) “Optional Terms” (singular, “Optional Term”) of five (5) years each. Each Optional Term can be exercised only when both (1) the Lessee has properly notified SEPTA of Lessee’s desire to exercise the next Optional Term; and (2) neither Party has elected and properly acted to terminate the Lease in accordance with this Lease Agreement. Notice by the Lessee to exercise the next Optional Term is to be made in writing to SEPTA no less than six (6) months prior to the end of the then-current Term (“Optional Notice”). If both Optional Terms are exercised, there are no further Optional Terms permitted by this Lease Agreement and, provided there is no Early Termination (as defined in Section 3.D), the Lease hereunder would have a Termination Date of . SEPTA shall have the right to decline an upcoming Optional Term extension by providing written notice of that decision within two (2) months of receipt of an Option Notice.