Common use of RENEWAL OR EXTENSION Clause in Contracts

RENEWAL OR EXTENSION. Where you have a right to renew or extend the lease, you must exercise the right and do everything needed to obtain the new lease or extension, and you must satisfy us before the right expires that you will do so. If you receive a new lease of the property or part of it (under a right or not), you must give us security over the new lease. If you extend the lease and we have a sublease under section 9.2.1.2, our sublease is extended for the rest of the extended term of the lease, except the last day of that term.

RENEWAL OR EXTENSION. Where you have a right to renew or extend the lease, you must exercise the right and do everything needed to obtain the new lease or extension, and you must satisfy us before the right expires that you will do so. If you receive a new lease of the property or part of it (under a right or not), you must give us security over the new lease. If you extend the lease and we have a sublease under section 9.2.1.2sublease, our sublease is extended for the rest of the extended term of the lease, except the last day of that term.