Term Extension Option. Either Party may provide written notice to the other Party that such Party intends for this Agreement to terminate at the end of the Term not later than five (5) years prior to the end of the Term and at least one (1) year prior to the end of every fifth (5th) year thereafter. In the event that neither Party has provided written notice to the other Party that this Agreement shall terminate at the end of the Term, the Term shall be automatically extended for additional successive five (5) year periods (collectively, the “Extended Term”).
Term Extension Option. (A) The term of this Lease shall be for one (1) year (hereinafter referred to as the “Term”) and is intended to commence on the 1st day of February, 2001 (hereinafter referred to as the “Commencement Date”) and end on the 31st day of January, 2002 (hereinafter referred to as the “Expiration Date”), unless sooner terminated as provided herein. Tenant shall have unlimited automatic extensions to extend the term of the Lease for a period of one (1) year each (the “Extension Term”), upon giving Landlord three (3) months advance written notice prior to the expiration of the then Expiration Date, of its election to exercise each option provided that Tenant remains a majority owned Subsidiary of Landlord at the time of exercise of each option to extend the Term. All terms of this Lease shall apply during any Extension Term and references to the Expiration Date will incorporate the extensions, except that the Base Rent shall be determined in a manner consistent with the determination of Rent in the first year of the Term and otherwise negotiated in good faith between the parties prior to the commencement of each Extension Term.
Term Extension Option. The outstanding balance of the Loan, together with all accrued and unpaid interest and other amounts accrued and unpaid under the Loan Documents, shall be payable in full on the earliest to occur of (i) January 30, 2009, (ii) the acceleration of the Loan pursuant to Section 10.2(a), or (iii) Borrower’s written notice to Lender (pursuant to Section 2.4(a)) of Borrower’s election to prepay all accrued Obligations (said earliest date referred to herein as the “Maturity Date”); provided, however, that Borrower shall have the right to one (1) extension of the date referred to in clause (i) above, for an additional ninety (90) day period (i.e., to April 30, 2009), as follows:
Term Extension Option. 3.1 The initial term Lease shall be fifteen (15) months (the initial “Term”), starting on the Term Commencement Date and ending on the Term Expiration Date, subject to earlier termination of this Lease as provided herein.
Term Extension Option. (i) The Borrower shall have three options (each, a “Term Extension Option”) to extend the Term Maturity Date for a period of one (1) year per extension (each such period, a “Term Extension Period”). Subject to the conditions set forth in clause (ii) below, Borrower may exercise each Term Extension Option by delivering written notice (a “Term Extension Notice”), together with the payment of the first installment of the Term Extension Fee for the account of the Term Lenders (based on their respective Pro Rata Shares for the Term Facility), to the Administrative Agent on or before the date that is at least 30 days, but not more than 180 days, prior to the then applicable Term Maturity Date, stating that Borrower will extend the Term Maturity Date for one (1) year (or if such date that is one year after the Term Maturity Date is not a Business Day, the next succeeding Business Day). Borrower’s delivery of a Term Extension Notice shall be irrevocable. In no event shall the Term Maturity Date occur later than May 30, 2019.
Term Extension Option. With regard to all of the Premises, the Term of the Lease, subject to the same Rates and Annual Escalators and upon the terms and conditions set forth in the Lease, shall continue until March 31, 2011. Tenant shall have the option to extend the Term upon the same Rates and Annual Escalators as shown in Exhibit B for two (2) additional years. Tenant agrees to give written notice to Landlord of any decision not to extend the Term no later than twelve (12) months before the end of the Term. In any event, if Tenant does not extend the Term of the Lease for an additional twelve (12) months, Tenant agrees that $167,756.69 of its security deposit shall be directly forfeited to Landlord, it being understood that such portion of the security deposit shall not be applied to any other purpose for which Landlord may use the security deposit pursuant to the terms of the Lease.
Term Extension Option. Licensee, upon six (6) months written notice to Licensor, shall have the right to extend the Term this Agreement by six (6) months (“Extension Option”); provided, however, that such written notice of the Extension Option can be given no later than the date that is six (6) full months prior to the Expiration Date. Licensor has no obligation to honor any Extension Option notice that does not strictly comply with the requirements of this Section.
Term Extension Option. See 3.1. Title Insurance Company shall mean Commonwealth Land Title Insurance Company. Title Policy shall mean for each Mortgaged Property an ALTA standard form title insurance policy issued by the Title Insurance Company (with such reinsurance or co-insurance as the Agent may require, any such reinsurance to be with direct access endorsements) insuring the priority of the Security Deed and Assignment of Leases and Rents and that the Mortgagor holds good and clear record marketable fee simple title to the Mortgaged Property, subject only to the encumbrances permitted by the Security Deed and which shall not contain exceptions for mechanics liens, persons in occupancy (other than Leases listed on Schedule 6.22(1)) or matters which would be shown by a survey (other than matters approved by the Agent in its reasonable discretion), shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to the Agent in its sole discretion, and shall contain such endorsements and affirmative insurance as the Agent in its reasonable discretion may require, including but not limited to (a) comprehensive endorsement, (b) variable rate of interest endorsement, (c) usury endorsement, (d) revolving credit endorsement, (e) doing business endorsement, (f) ALTA form 3.1 zoning endorsement (g) survey(same-as) endorsement (h) access endorsement, (i) tie-in endorsement and (j) a first loss endorsement, to the extent that such endorsements are available in the state where the applicable Mortgaged Property is located. The Title Policies with tie-in endorsements referencing all other Title Policies shall have a face amount equal to the Allocated Loan Amount of the applicable Mortgaged Properties. The Title Policies without tie-in endorsements referencing all other Title Policies shall have a face amount equal to the Appraised Value of the applicable Mortgaged Properties.
Term Extension Option. Provided that Tenant is not in default hereunder beyond any applicable notice and cure period at the time of exercise, and that the original Tenant hereunder has not sublet any portion of the Premises, Tenant shall have and is hereby granted a single option to extend the Term upon the terms, covenants, conditions and provisions set forth herein for two (2) periods of five (5) years each (each, a “Renewal Term”). Such options shall be exercisable by Tenant giving written notice (“Renewal Exercise Notice”) to Landlord of Tenant’s exercise of such option at least nine (9) months prior to the expiration of the then current Term. Upon receipt by Landlord of such Renewal Exercise Notice, provided that Tenant shall then have the right to exercise such option, the Term shall be extended in accordance with the provisions hereof without the necessity of any further act or documentation by Landlord or Tenant. In the event Tenant fails to exercise such option within the time and in the manner aforesaid (regardless of whether such failure shall be a result of Tenant’s not having the right to exercise such option), then this right and option shall terminate and be null and void without the necessity of any further act or documentation by Landlord or Tenant, and the Term shall terminate in accordance with the provisions set forth elsewhere herein. The Base Rent during each Renewal Term, if any, shall be determined in accordance with the terms of Exhibit C to this Lease.
Term Extension Option. 1.01. From and after the Expansion Premises Commencement Date (as hereinafter defined), the definition "Initial Term" in Section 1.2 of the Original Lease shall be deleted and replaced with the following: "Initial Term: Approximately six (6) years and eight (8) months commencing on the Commencement Date and expiring at 11:59 p.m. on February 28, 2013 (the "Expiration Date")". 1.02. From and after the Effective Date, Section 14.30 ("Option to Extend") of the Original Lease shall be amended by (i) replacing the words "three (3) years" in the first sentence of the first paragraph with the words "five (5) years" and (ii) replacing the words "calendar year 2010 and Fiscal Year 2011" in the first sentence of the third paragraph with the words "calendar year 2013 and Fiscal Year 2014".
