Options to Extend Lease Sample Clauses
The "Options to Extend Lease" clause grants the tenant the right to prolong the lease term beyond its original expiration date, typically under pre-agreed conditions. This clause outlines the process for exercising the extension, such as providing written notice within a specified timeframe, and may detail how rent or other terms will be adjusted during the extension period. Its core function is to provide tenants with flexibility and security in their occupancy, while giving both parties clarity on future leasing arrangements and reducing uncertainty about the property's continued use.
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Options to Extend Lease. LESSEE shall have the option to renew this Lease for an additional ten-year term upon the same terms and conditions as set forth, provided that the Annual Rent set forth in Section 3(A) shall be $87,341.98 per annum. Notice of intention to renew shall be in writing by the LESSEE to the COUNTY delivered not less than 180 days prior to expiration of the initial term of this Lease. At the end of such ten-year renewal term, LESSEE shall have the option to renew this Lease for a second ten-year renewal term on the same terms and conditions herein set forth, provided that the Annual Rent set forth in Section 3(A) shall be $123,587.39 per annum. Additional Rents as set forth in Section 3(B) shall be the same in any renewal terms as in the primary term. Notice to renew shall be given in the same manner set forth hereinabove. Such options, if exercised, shall be exercised by written notice to the COUNTY, addressed as follows: DIRECTOR ▇▇▇▇▇▇▇ COUNTY PORT AUTHORITY ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and shall be deposited in the United States Mail, or personally delivered to the addressee at least one hundred eighty (180) days prior to the termination of the primary or renewal term.
Options to Extend Lease. The Tenant, provided it is not then in material default, shall have 2 options to extend the Term of the lease for the Premises (collectively the “Extended Terms”), each for a period of 5 years (the “First Extended Term” and the “Second Extended Term” respectively).
Options to Extend Lease. Section 17 of the Lease is hereby deleted in its entirety and replaced with the following:
Options to Extend Lease. As the end of the Lease Term, Medical Center shall have the option to either:
10.1 Extend the Term of this Lease for a specified period of time and upon such other terms and conditions as may be agreed upon by GKF and Medical Center;
10.2 Terminate this Lease as of the expiration of the Lease Term. Upon the expiration of the Lease Term and within a reasonable time thereafter, GKF, at its cost and expense, may enter upon the Site under Medical Center supervision and remove the Equipment.
10.3 Medical Center shall exercise one (1) of the two (2) options referred to above by giving an irrevocable written notice thereof to GKF at least one (1) year prior to the expiration of the Lease Term. Any such notice shall be sufficient if it states in substance that Medical Center elects to exercise its option and states which of the two (2) options referred to above Medical Center is exercising. If Medical Center fails to exercise the option granted herein at least one (1) year prior to the expiration of the Lease Term, the option shall lapse and this Agreement shall expire as of the end of the Lease Term. Further, if Medical Center exercises the option specified in Section 9.1 above and the parties are unable to mutually agree upon the length of the extension of the Lease Term or any other terms or conditions applicable to such extension prior to the expiration of the Lease Term, this Agreement shall expire as of the end of the Lease Term.
Options to Extend Lease. Subject to and upon the terms and conditions set forth below, Tenant will have options to extend the term of this Lease for up to two (2) additional period of three (3) years. Tenant will also have a right of first refusal to lease Suite 202 also known as 210.
Options to Extend Lease. Provided that Sublessee is not then in default of the terms and conditions of this Lease, Sublessee shall have the option to extend this Lease for two additional periods of five (5) years each, the first period commencing on the first day of the month following the month the initial term expires and terminating sixty (60) calendar months thereafter, and the second period commencing on the first day of the month following the month that the first renewal period expires and terminating sixty (60) calendar months thereafter, upon all the same terms and conditions contained herein or then in effect. In the event Sublessee desires to exercise this option, Sublessee shall notify Sublessor, in writing, six (6) calendar months before the existing term expires.
Options to Extend Lease. Provided Tenant is not in default (of which Tenant has received written notice and such default remains uncured) upon the giving of notice or commencement of any option period, Tenant shall have the number of successive options to extend the Term, and for their respective periods of time, as identified in Article 1(f) hereof, each such option being an “Option Period”. Each such extended term shall begin, respectively, upon the expiration of the Initial Term of this Lease or of this Lease as extended hereby and the same terms and conditions as herein set forth shall apply to each such extended term, except that the monthly Minimum Rent shall be readjusted pursuant to Article 4-2 hereof. If Tenant shall elect to exercise the aforesaid option or options, it shall do so by giving written notice to Landlord not less than 180 days prior to the expiration of the then current Term of this Lease. It shall be a condition of Tenant’s right to the second option to extend that Tenant has exercised and faithfully performed all of its obligations under this Lease during the first option period.
Options to Extend Lease. Provided Tenant is not in default under this Lease at the time any such option is to be exercised'by Tenant, Tenant shall have four (4) successive options to extend the term of this lease for an additional period of five (5) years for each such option. Each such extended term shall begin, respectively, upon the expiration of the Initial Term of this lease or of this lease as extended and the same and conditions as herein set forth shall apply to each such extended term, except that annual minimum rent shall be as follows: Annual rent for the first extended term shall be Two Hundred Ninety-Two Thousand Five Hundred Dollars based on a rental rate of Twelve and Dollars ($12.50) per square foot. Annual minimum rent for the second extended term shall be Three Hundred Ten Thousand Fifty Dollars based on a rental rate of Thirteen and Twenty-Five/lOOths Dollars per square foot. Annual minimum rent for the third extended term shall be Three Hundred Twenty-Seven Thousand Six Hundred Dollars based on a rental rate of Fourteen Dollars ($14.00)per square foot. Annual minimum rent for the fourth extended term shall be Three Hundred Forty-Five Thousand One Hundred Fifty Dollars based on a rental rate of Fourteen and Dollars ($14.75) per square foot. If Tenant shall elect to exercise the aforesaid option or options, it shall do so by giving written notice to Landlord not less than six (6) months prior to the expiration of the term of this lease or of this lease as extended in accordance with the terms of this lease including, without limitation; subsection hereof.
Options to Extend Lease. Term 4.1 Delay in Construction and Delivery 4.2 Tenant's Rights 4.4 Tenant Inducements 5.1 Base Rent; Additional Rent 5.2 Rent During Extended Term(s) 5.3 Rent for Expansion Areas 5.4 Termination 7.4 Signs; Directory 10.5 Redecorating Allowances 15.4 Tenant's Election 16.5 Tenant's Performance of Landlord's Obligations
Options to Extend Lease. Two (2) extension options, each exercisable in consecutive ten (10) year increments after the initial thirty (30) year term. Each option to extend the Lease shall be exercised by Tenant no earlier than eighteen