Common use of Term Extension Option Clause in Contracts

Term Extension Option. (A) The term of this Lease shall be for 5 years (hereinafter referred to as the “Term”) and is intended to commence on the 1st day of October, 2002 (hereinafter referred to as the “Commencement Date”) and end on the 30th day of September, 2007 (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 (5) years 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 indirect Subsidiary of Hitachi 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. (A) The term of this Lease shall be for 5 years one (1) year (hereinafter referred to as the “Term”) and is intended to commence on the 1st day of OctoberFebruary, 2002 2001 (hereinafter referred to as the “Commencement Date”) and end on the 30th 31st day of SeptemberJanuary, 2007 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 (51) years 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 indirect Subsidiary of Hitachi 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.