Renewal Option Clause Samples

Renewal Option. Landlord hereby grants to Tenant the right, exercisable at Tenant's option, subject to Section 20.5(c) (a "Tenant Renewal Option"), to renew the term of this Lease for _____ additional terms of seven (7) years each (each a "Renewal Term") at the Fair Market Rental as of the commencement of each such Renewal Term. If exercised, and if the conditions applicable thereto have been satisfied, the first Renewal Term shall commence immediately upon the expiration of the initial term hereof, and each succeeding Renewal Term shall commence immediately upon the expiration of the preceding term. The rights of renewal herein granted to Tenant shall be subject to, and shall be exercised in accordance with, the following terms and conditions: (a) Tenant shall exercise its right with respect to each Renewal Term by giving Landlord Notice thereof during the month of April of the year immediately preceding the scheduled commencement of such Renewal Term (the "Renewal Notice"). (b) If the Renewal Notice is not timely given with respect to any Renewal Term, then Tenant's rights of renewal pursuant to this Section 2.4.2 shall lapse and be of no further force or effect with respect to all remaining Renewal Terms. (c) Landlord shall be entitled to terminate all unexercised Tenant Renewal Options by providing Notice to Tenant thereof at any time during the calendar month of March of the year immediately preceding a year in which a Renewal Term is scheduled to commence. (d) Landlord and Tenant shall use commercially reasonable efforts to negotiate and jointly determine the Fair Market Rental to be effective during any Renewal Term by no later than March 31st of the year immediately preceding such Renewal Term. In the event Landlord and Tenant are unable to agree on the Fair Market Rental for a Renewal Term prior to Tenant's exercise of its Tenant Renewal Option, the Fair Market Rental shall be determined in accordance with the appraisal procedures set forth in Article 19 by no later than August 1st of the year immediately preceding the applicable Renewal Term. (e) The components of Fair Market Rental, including Minimum Rent and Revenue Percentages and Break Points, determined as set forth in subparagraph (d), shall be set forth in revised Schedules 3.1.1 and 3.1.2, which Schedules shall, upon commencement of the applicable Renewal Term, be attached to the Lease and shall supersede such Schedules as were effective prior thereto. (f) In order for Tenant to exercise the Tenant Renew...

Renewal Option. This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

Renewal Option. A. Tenant shall have the right to extend the term of this Lease (the “Renewal Option”) for one additional period of five (5) years commencing on the day following the Expiration Date of the initial term of this Lease (the “Renewal Term”), provided that each of the following occurs: 1. Landlord receives notice of exercise of the Renewal Option (“Initial Renewal Notice”) not more than twelve (12) and not less than nine (9) full calendar months prior to the expiration of the initial term of this Lease; and 2. No event of default exists at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice (hereinafter defined); and 3. Tenant occupies all of the Leased Premises initially demised under this Lease and any space added to the Leased Premises at the time Tenant delivers its Initial Renewal Notice and at the time Tenant delivers its Binding Renewal Notice; and 4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Renewal Notice. B. The initial Base Rent rate per rentable square foot for the Leased Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Leased Premises. C. Tenant shall pay additional Rent (i.e. Real Estate Taxes, Common Area Maintenance Costs and Building Insurance Costs) for the Leased Premises during the Renewal Term in accordance with Paragraphs 5, 6, 7 and 8 of the Lease. D. Within thirty (30) days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Leased Premises for the Renewal Term. Tenant, within ten (10) days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s Exercise of its option, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such ten (10) day period, Tenant’s Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall enter into the Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides...

Renewal Option. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the Lease for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall be the Fair Market Rent (as defined below) as of the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agreed in writing as to the Fair Market Rent, then within ten (10) business days following the Trigger Date (the “Withdrawal Deadline”), Tenant shall have the one time right to withdraw its Renewal Notice, and the Lease shall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by...

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentabl...

Renewal Option. As long as no Event of Default shall have occurred and be continuing hereunder, Landlord shall grant to Tenant the option to renew (the "Renewal Option") the term of this Lease for Two (2) additional periods of five (5) years each (the "Renewal Term(s)"). Tenant shall exercise such Renewal Option by delivering written notice of such election to Landlord at least nine (9) months prior to the expiration of the initial Term or a Renewal Term, as the case may be. The renewal of this Lease shall be upon the same terms and conditions of this Lease, except (a) the Base Rent during each Renewal Term shall be as adjusted as set forth in ARTICLE 3; (b) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Terms; (c) Tenant shall not have the right to assign its renewal rights to any sublessee of the Property or a portion thereof or to any assignee of this Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the term) at the time each Renewal Term commences; and, (e) there shall not be any rent abatement period and Tenant shall not be entitled to any cash payment, concessions or allowance of any nature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (i) this Lease shall be in full force and effect upon the date of the exercise of the Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, as the case may be; and (ii) on the date of exercise of the Renewal Option and on the date of expiration of the initial Term or the Renewal Term, as the case may be, no Event of Default shall have occurred or be continuing hereunder. If Tenant shall fail to exercise a Renewal Option within the time permitted or conditions (i) and (ii) set forth above are not entirely satisfied, such Renewal Option shall automatically terminate and this Lease expire at the expiration of the initial Term.

Renewal Option. 20.1 If not then in default, Tenant shall have the option to renew this lease for two additional five-year terms by giving Landlord written notice of its intent to extend at least 180 days prior to expiration of the preceding term. All provisions of this lease shall apply during the extended term, except that rent for the renewal period shall be the fair rental value of the Premises as agreed upon by parties at least 90 days prior to commencement of the renewal period, but in no case less than that of the preceding term. If Tenant elects not to exercise the first five-year renewal period, then the second five-year renewal period shall be null and void. If the parties fail to agree on the fair rental value for the renewal term, it shall be determined by arbitration pursuant to the provisions of the following subparagraphs 20.2 through 20.6. 20.2 If a dispute arises under this lease as to market rent for purposes of this renewal option, either party may request arbitration and appoint as arbitrator one licensed real estate appraiser having experience with respect to the matter in dispute. The other party shall choose an arbitrator with such qualifications, and the two arbitrators shall within five (5) days choose a third with such qualifications. If the choice of the second or third arbitrator is not made within ten (10) days after choice of the prior arbitrator, then either party may apply to the presiding judge of the Washington County Circuit Court to choose the required arbitrator. 20.3 At any time within twenty (20) days after appointment of the third arbitrator, either party may submit the dispute for settlement by the arbitrators. 20.4 The arbitrators to whom the dispute is submitted shall conduct such investigations as they shall consider necessary, and the written decision of the majority shall be submitted to both parties within thirty (30) days after the referral unless the arbitrators determine that further time is reasonably required to make a proper investigation of the relevant facts. 20.5 The parties shall be bound by the decision of a majority of the arbitrators. 20.6 The cost of arbitration shall be allocated between the parties by the arbitrators on the basis of the extent to which the position of one or the other party is adopted in the arbitrators' decision.

Renewal Option. If the Lessor is willing to renew this lease with the Lessee, then select the second checkbox statement. This also requires the number of times the Lessor will be willing to renew and the period of time that makes up each of these renewal terms.

Renewal Option. At the Expiration Date of the initial term, Enrolled Affiliate can renew Products by renewing this Enrollment for one additional 36-month term or by signing a new Enrollment. Microsoft must receive a Renewal Form, Product Selection Form, and renewal order prior to or at the Expiration Date. Microsoft will not unreasonably reject any renewal. Microsoft may make changes to this program that will make it necessary for Customer and its Enrolled Affiliates to enter into new agreements and Enrollments at renewal.