Common use of Options to Extend Term Clause in Contracts

Options to Extend Term. Tenant may extend the original term of this Lease for four (4) separate, consecutive additional periods of five (5) years each ("Option Periods"), on the terms and conditions set forth herein, except that the Base Rent due for each Option Period so exercised shall be determined in accordance with Section 3.06 and the number of Option Periods remaining to be exercised shall, in each case, be reduced by one. Tenant may exercise such options by notifying Landlord in writing not less than three hundred sixty (360) days prior to the expiration of the initial Lease Term, or the then current Option Period, as the case may be. Should Tenant neglect to timely exercise any option, Xxxxxx's right to exercise shall not expire until after notice from Landlord of Tenant's failure to timely exercise the option. If Landlord does so notify Tenant, Tenant shall have the right at any time within fifteen (15) days after such notice to notify Landlord in writing of either Xxxxxx's unqualified and irrevocable exercise of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond within such fifteen (15) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the Term, and this Lease shall terminate on the then expiration date of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable exercise of its option to extend the Term for the applicable Option Period provided herein.

Options to Extend Term. Tenant may TENANT shall have and is hereby given and granted an option to extend the original term of this Lease for four (4) separate, consecutive additional periods a period of five (5) years each ("Option Periods")commencing November 1, on the terms and conditions set forth herein2004, except that the Base Rent due for each Option Period so exercised shall be determined in accordance with Section 3.06 and the number of Option Periods remaining to which option may be exercised shallby TENANT, if TENANT is not in each casedefault hereunder, be reduced by one. Tenant may exercise the giving of written notice of such options by notifying Landlord in writing election to LANDLORD not less than three hundred sixty twelve (36012) days months prior to the expiration of this Lease. In case said option is exercised, the same terms, conditions, covenants and provisions of this Lease applicable to the original five (5) year term shall apply to the extended term, including, without limitation, the rental adjustment provisions of Section I-B of this Lease. In addition, the insurance amounts referenced in Section V-B shall be increased by such amount as LANDLORD and TENANT agree is required to properly protect LANDLORD from liability arising out of TENANT'S use of the Leased Premises. If LANDLORD and TENANT shall be unable to agree upon the amount of increase in required liability insurance coverage, then the matter shall be resolved through mediation proceedings to be held in Evansville, Indiana, with each party paying one-half (1/2) of the cost thereof. If TENANT shall have exercised the option granted by the preceding grammatical paragraph, then TENANT shall have, and is hereby given and granted, an additional option to extend the term of this Lease for a period of five (5) years commencing November 1, 2009, which option may be exercised by TENANT, if TENANT is not in default hereunder, by giving written notice of such election to LANDLORD not less than twelve (12) months prior to the expiration of the initial first (1st) five (5) year extended term of this Lease. In case such option is exercised, the same terms, conditions, covenants and provisions of this Lease Termapplicable during the first (1st) five (5) year extended term shall apply to the second (2nd) five (5) year extended term, or including, without limitation, the then current Option Periodrental payable pursuant to the Exhibit (10.3)-p 8 provisions of Section I-C of this Lease. In addition, the insurance amounts referenced in Section V-B shall be increased by such amount as LANDLORD and TENANT agree is required to properly protect LANDLORD from liability arising out of TENANT'S use of the case may be. Should Tenant neglect to timely exercise any option, Xxxxxx's right to exercise shall not expire until after notice from Landlord of Tenant's failure to timely exercise the optionLeased Premises. If Landlord does so notify TenantLANDLORD and TENANT shall be unable to agree upon the amount of increase in required liability insurance coverage, Tenant then the matter shall have the right at any time within fifteen be resolved through mediation proceedings to be held in Evansville, Indiana, with each party paying one-half (151/2) days after such notice to notify Landlord in writing of either Xxxxxx's unqualified and irrevocable exercise of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond within such fifteen (15) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the Term, and this Lease shall terminate on the then expiration date of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable exercise of its option to extend the Term for the applicable Option Period provided hereincost thereof.

Options to Extend Term. Subject to the condition that Tenant may extend shall not, at the original term time of exercise of the Extension Option (as defined below) or at the time of commencement of the Extension Term, be in default of any of the terms of this Lease for four which notice has been received and the time for curing such default has expired, Tenant is hereby granted the option (4the “Extension Option”) separate, consecutive additional periods to extend the Initial Term for one (1) successive period of five ten (510) years each ("Option Periods"the “Extension Term”), such Extension Term to commence (if at all) on the terms and conditions set forth herein, except that day following the Base Rent due for each Option Period so exercised shall be determined in accordance with Section 3.06 and expiration of the number Initial Term of Option Periods remaining to be exercised shall, in each case, be reduced by onethis Lease. Tenant may must exercise the option to renew for the Extension Term by delivering irrevocable written notice of such options by notifying election to Landlord in writing not less than three hundred sixty at least eighteen (36018) days months prior to the expiration of the initial Initial Term. Any such extension of this Lease Term, or shall be upon the then current Option Period, same terms and conditions as this Lease except that the case may beBase Rent during the Extension Term will be as set forth in Paragraph 3.1. Should In the event Tenant neglect to timely exercise any option, Xxxxxx's right to exercise shall not expire until after notice from Landlord of Tenant's failure fails to timely exercise the option. If Extension Option, Tenant’s right to extend this Lease for the Extension Term shall not be extinguished until Landlord does so notify Tenant, Tenant shall have the right at any time within fifteen (15) days after such delivers written notice to notify Landlord in writing of either Xxxxxx's unqualified Tenant notifying Tenant that it has failed to timely exercise the Extension Option and irrevocable exercise of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond exercise the Extension Option by providing written notice to Landlord within such fifteen thirty (1530) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the Term, and this Lease shall terminate on the then expiration date days following Tenant’s receipt of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable exercise of its option to extend the Term for the applicable Option Period provided hereinLandlord’s notice.

Options to Extend Term. Subject to the remaining provisions of ---------------------- this Paragraph 2.3 and Paragraph 3.7 below, Tenant may shall have two (2) options (each such option herein called an "Option") to extend the original term of this Lease Term for four (4) separate, consecutive additional periods a period of five (5) years (each (such five year period herein called an "Option PeriodsExtended Term"). Each Option shall be exercised by Tenant, on if at all, by delivery to Landlord of notice of such election to extend no later than three hundred sixty five (365) days prior to the then scheduled expiration date of the Term. Time is of the essence with respect to the date of exercise of each Option. Any exercise by Tenant of an Option, once made, shall be irrevocable, and Tenant shall have no right to rescind or revoke such Option exercise. At Landlord's sole and absolute election, to be exercised if at all by delivery of notice to Tenant that the Option exercise is invalid by the date which is no more than ninety (90) days after Tenant delivers notice to Landlord that Tenant is exercising the Option, a purported exercise by Tenant of an Option shall have no force or effect if: (a) an Event of Default exists at the time of the purported Option exercise, (b) Tenant is attempting to exercise the second Option, but the first Option has not been exercised, or (c) two or more Events of Default have occurred within the three (3) year period of time immediately preceding Tenant's purported exercise of the Option. Each Extended Term shall be upon all of the terms and conditions set forth hereinof this Lease, except that the monthly Base Rent due for each Option Period so exercised such Extended Term shall be determined in accordance with Section 3.06 Paragraph 3.7, and except that in no event shall there be more than the number two Extended Terms provided in this Paragraph 2.3 (i.e., the Term shall not be extended to exceed an aggregate of Option Periods remaining to be exercised shalltwenty (20) years from the Rent Commencement Date). Upon commencement of any Extended Term, in each case, be reduced by one. Tenant may exercise such options by notifying Landlord in writing not less than three hundred sixty (360) days prior all references herein to the expiration "Term" of the initial this Lease Term, or the then current Option Period, as the case may be. Should Tenant neglect to timely exercise any option, Xxxxxx's right to exercise shall not expire until after notice from Landlord of Tenant's failure to timely exercise the option. If Landlord does so notify Tenant, Tenant shall have the right at any time within fifteen (15) days after such notice to notify Landlord in writing of either Xxxxxx's unqualified and irrevocable exercise of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond within such fifteen (15) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the include such Extended Term, and this Lease shall terminate on the then expiration date of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable exercise of its option to extend the Term for the applicable Option Period provided herein.