Second Renewal Clause Samples
The 'Second Renewal' clause defines the terms and conditions under which a contract may be extended for a second renewal period beyond the initial term and first renewal. Typically, this clause outlines the process for exercising the second renewal, such as providing written notice within a specified timeframe, and may specify any changes to terms, pricing, or obligations during the renewed period. Its core practical function is to provide both parties with a clear, agreed-upon mechanism for continuing their contractual relationship, thereby reducing uncertainty and facilitating long-term planning.
Second Renewal. The Tenant shall have the right to renew this Lease for a second further term of five (5) years (the “Second Renewal Right”) commencing on •, 2014 and expiring on •, 2019 (the “Second Renewal Period”), subject to the following terms and conditions:
(i) the Tenant shall not be entitled to the Second Renewal Right if, at the time of the giving of the notice of exercise thereof: (A) the Tenant has received written notice from the Landlord that it is in default under this Lease and all applicable notice and cure periods have expired; or (B) the Tenant is no longer using, occupying and operating in the Leased Premises for the purposes of the development and manufacturing of Spheral Solar and ancillary purposes or for the solar business as it is currently being conducted by the Photowatt Technologies Group;
(ii) the Second Renewal Right shall be exercisable by notice by the Tenant to the Landlord by no later than six (6) months prior to the expiry of the First Renewal Period;
(iii) provided the Tenant has properly exercised the Second Renewal Right, this Lease shall be renewed for the Second Renewal Period on the same terms and conditions as are contained in this Lease, except that the Minimum Rent during the Second Renewal Period will be as stipulated in subsection (iv) and there shall be no further right to renew; and
(iv) the annual Minimum Rent during the Second Renewal Period shall be the Market Rent for the Leased Premises based on the Rentable Area of the Building as of the commencement date of the Second Renewal Period and, based on this, shall be negotiated in good faith by the Landlord and the Tenant and, failing agreement by three (3) months before the commencement date of the Second Renewal Period, shall be determined by a single arbitrator in accordance with the provisions of the attached Schedule “C” and the Arbitration Act, 1991 (Ontario).
Second Renewal. The Parties may mutually agree to renew this Contract for one (1) subsequent one (1) year period for the period of May 1, 2026 – April 30, 2027.
Second Renewal. Effective upon conclusion of the First Renewal, the term of the Agreement shall be automatically extended by two (2) calendar months and one (1) day ending on February 1, 2026 (the “Second Renewal,” and together with the First Renewal, the “Automatic Renewals” or individually, each an “Automatic Renewal”).
Second Renewal. Subsequently, so long as the Game [***], in any case during the last 12 months of the first renewal term, the term will automatically renew for an additional two (2) year period.
Second Renewal. Contract Years 8 and 9: Work Units plus Work Units per Grid Area in the Contract Area. For the purposes of determining the Minimum Work, the number of Grid Areas included in a Contract Area will be determined as follows:
(i) for Phase One, the number of Sections in the Original Contract Area divided by 100;
(ii) for Phase Two and Three of the Initial Term and the First and Second Renewal, the number of Sections in the Contract Area at the beginning of respective Phase or Renewal period as the case may be, divided by 100. If the number of Grid Areas resulting from the above determination is a fraction, then the Minimum Work will be determined based on the fraction, rounded to the nearest whole number of Work Units.