Term; Option Term Sample Clauses

Term; Option Term. (a) The term of this lease (“Term”) shall commence January 1, 2021 (“Commencement Date”). The term of this lease shall expire seven (7) years following the Commencement Date (i.e., December 31, 2027), subject to the Options set forth below (“Expiration Date”). At any time during the Lease Term, Landlord may deliver to Tenant a Notice of Lease Term Dates in the form as set forth in Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within five (5) days of receipt thereof. (b) Subject to the terms hereof, Landlord hereby grants to Tenant one (1) option to extend the Term (the “Option”) with respect to all of the then Premises for an additional three (3) year (the “Option Term”), under the terms of this Lease, which Option shall be exercisable only by written notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such notice, no uncured Default exists under this Lease. Notwithstanding the foregoing or anything to the contrary herein, the extension of the Term by the written agreement of Landlord and Tenant shall not serve to extinguish or cancel a then unexercised Option, but rather the unexercised Option shall apply to the end of such Term as extended by written agreement. Upon the proper exercise of the Option, and provided that, as of the end of the initial Term no uncured Default exists under this Lease, the Term, as it applies to the Premises, shall be extended for the Option Term. (c) The monthly base rent payable by Tenant during the first year of the Option Term shall initially be 103% of the base rent payable under this Lease immediately prior to the commencement of the Option Term and thereafter such monthly Base Rent shall be subject to the Annual Increase (as defined below) set forth in Section 1.3 below. (d) The Option contained in this Section 1.2 shall be exercised by Tenant, if at all, only in the manner set forth in this Section 1.2. In order to exercise the Option, Tenant shall deliver an irrevocable written notice (the “Exercise Notice”) to Landlord not less than twelve (12) months and no earlier than eighteen (18) months prior the expiration of the Term, stating that Tenant has elected to exercise its Option. Nothing herein shall be deemed to entitle Tenant to extend the Lease Term beyond the Option Term. If Tenant does not exercise the Option during the exercise periods set forth above in strict accordanc...
View SourceView Similar (3)
Term; Option Term. Seven (7) years (“Term”) commencing as of July 15, 2016 (“Commencement Date”) and ending on July 14, 2023 (“Expiration Date”). Subject to the terms hereof, Tenant and Landlord have a one-time option (but not the obligation) to mutually agree to extend the initial Term for an additional period of three (3) years (“Option Term”) under the terms of this Lease. In order to exercise the foregoing option, Tenant shall (i) not be in Default and (ii) deliver to the Landlord an irrevocable written notice (unless Landlord does not agree to extend) to extend during the period commencing February 15, 2022 and ending July 14, 2022 (the “Option Exercise Period”). If Tenant provides the written notice during the Option Exercise Period, and Landlord agrees to the extension, then the initial Term shall be extended from July 15, 2023 through July 14, 2026. If Tenant does not exercise the option during the Option Exercise Period or Landlord does not agree to the extension (in its sole discretion), then the option will lapse and be of no further force or effect and the Term will automatically expire on July 14, 2023 as originally scheduled. The monthly base rent payable during the Option Term shall initially be 103% of the base rent payable under this Lease immediately prior to the commencement of the Option Term and thereafter such option rent shall be subject to the Annual Increase (defined below) set forth in Section 1.3 below.
View Source
Term; Option Term 
View SourceView Similar (2)

Related to Term; Option Term

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Option Period Pursuant to the Contract, the following are the Adjustment Factors for the term ending October 20, 2023: Date Index 1 August 2019 11311.06 3 October 2019 11326.12 6 January 2020 11392.41 7 February 2020 11396.01 8 March 2020 11396.97 9 April 2020 11412.67 10 May 2020 11418.16 11 June 2020 11436.23 12 July 2020 11439.11 Date Index 1 August 2021 12463.13 2 September 2021 12464.55 3 October 2021 12464.94 4 November 2021 12467.32 5 December 2021 12481.82 6 January 2022 12555.55 7 February 2022 12683.97 8 March 2022 12791.43 9 April 2022 12898.96 10 May 2022 13004.47 11 June 2022 13110.50 12 July 2022 13167.84 Adjustment: Third Year Index Average = 12712.8733 = 1.1168 Base Year Index Average 11383.5283 WA−DC−GC03−100120−SWC Original Adjustment Factor x Adjustment = Adjustment Factor through 10/20/23 Normal Working Hours – Prevailing Wage 1.0378 1.1168 1.1590 Other Than Normal Working Hours – Prevailing Wage 1.0638 1.1168 1.1881 Normal Working Hours – Non−Prevailing Wage 1.0357 1.1168 1.1567 Other Than Normal Working Hours – Non− Prevailing Wage 1.0605 1.1168 1.1844 Non Pre−Priced 1.1627 1.0000 1.1627

  • Renewal Option 43.01 Provided Tenant is not then in default under any of the terms, (monetary or other nonmonetary, but material) covenants or conditions of this Lease on Tenant’s part to be observed or performed beyond Notice and applicable cure. Tenant shall have the option to renew this Lease and the Term for a renewal term of five (5) years (referred to herein as the “Renewal Term”) commencing on the day immediately succeeding the Expiration Date and ending, unless sooner terminated pursuant to the provisions of this Lease or pursuant to law, on the day preceding the fifth anniversary thereof (referred to as the “Extended Expiration Date”). If Tenant exercises such option in accordance with the provisions and limitations of this Article, this Lease and the Terms shall be renewed for such Renewal Term upon a Fixed Rent as follows; Except as otherwise provided herein, all other executory terms, covenants and condition contained in this Lease and the Expiration Date of the Lease shall be deemed extended to the Extended Expiration Date. 43.02 The option set forth herein may only be exercised by notice (“Renewal Notice”) given by Tenant to Landlord on or prior to April 30, 2018 (the “Notice Date”). TIME IS OF THE ESSENCE with respect to the exercise of such option. Tenant shall not have the right to give any such notice after the Notice Date, and any notice given after the Notice Date purporting to exercise such option shall have no force and effect. Landlord, within 30 days after Tenant’s request, shall confirm in writing to Tenant (“Landlord Confirmation”) whether Landlord has received the Renewal Notice and whether such Notice has been properly sent to Landlord (and, if not, setting forth any defects in such Notice or delivery thereof). Landlord’s failure to send the Landlord Confirmation within such 30 day period shall constitute Landlord’s acceptance thereof and waiver of any right to object thereto. If Landlord, within such 30 day period, shall notify Tenant of any defects in the Renewal Notice or delivery thereof, Tenant shall have the right to send a revised Renewal Notice at any time prior to the deadline for sending such Renewal Notice under this Section and the provisions of this paragraph shall apply fully to such revised Renewal Notice and any subsequent Renewal Notice. 43.03 Tenant, upon request of Landlord, from time to time, will execute and deliver to Landlord an instrument in form reasonably satisfactory to Landlord stating whether or not Tenant has exercised the option contained in the provisions of the Section.

  • Term of Option This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.