Common use of Tenant's Option Clause in Contracts

Tenant's Option. Tenant shall have an option to extend the term of this Lease beyond the Initial Term for one five-year period; provided that this Lease is in effect and there is not then continuing an Event of Default under this Lease. Such option shall be exercised by Tenant by giving written notice to Landlord not less than eighteen (18) months prior to the expiration of the Initial Term of this Lease. Each such extension period shall be referred to herein as an "Extended Term." If Tenant fails to give such notice to Landlord prior to said 18 month period, then Tenant shall forfeit the option to extend set forth hereunder.

Tenant's Option. Tenant shall have an option to extend the term of this Lease beyond the Initial Term for one five-year period; provided that this Lease is in effect and there is not then continuing an Event of Default under this LeaseLease at the time the option is exercised and on the commencement of the Extended Term as defined below. Such option shall must be exercised by Tenant by giving written notice to Landlord no earlier than earlier than twenty four (24) months and not less than eighteen (18) months prior to the expiration of the Initial Term of this Lease. Each such The extension period shall be referred to herein as an "“Extended Term." ” If Tenant fails to give such notice to Landlord prior to said 18 month periodas and when required hereunder, time being of the essence, then Tenant shall forfeit the option to extend set forth hereunder.