Term; Renewal Option Clause Samples
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Term; Renewal Option. (a) Subject to the provisions hereof, Tenant shall have and hold the Leased Property for an initial term (“Initial Term”) which shall begin on the Commencement Date and shall end on the last day of the month in which the twentieth (20th) anniversary of the Commencement Date occurs. Except as otherwise expressly noted, the Term of this Lease shall also include any Renewal Term(s) properly exercised by Tenant as hereinafter provided.
(b) Provided that no Event of Default shall have occurred and be continuing and subject to the conditions hereinafter set forth, Tenant is hereby granted options (individually, a “Renewal Option” and, collectively, the “Renewal Options”) to renew the Term of this Lease for one or more Leased Properties which remain subject to this Lease at the time of notice and at the time of renewal (each Leased Property for which a Renewal Option is exercised by Tenant, a “Renewal Property”; and if more than one, the “Renewal Properties”) for up to thirty (30) years in consecutive periods of not less than five (5) years (nor more than ten (10) years) each, as determined by Tenant in its sole discretion (individually, a “Renewal Term” and collectively the “Renewal Terms”); provided that the Term of this Lease shall not extend for more than fifty (50) years, beginning on the Commencement Date of this Lease. Tenant shall not have the right to exercise its option to renew this Lease for any one or more Renewal Properties for more than one (1) Renewal Term at a time. All of the terms, conditions, covenants and agreements contained herein shall continue with equal force and effect with respect to any Renewal Terms created by the proper exercise by Tenant of its option to renew as contained herein; provided that the Basic Rent for each Renewal Property shall be determined as provided in Paragraph (e) of Article 4 below.
(c) The first Renewal Term shall commence at the expiration of the Initial Term, and each subsequent Renewal Term shall commence at the expiration of the prior Renewal Term. Tenant shall exercise its options to renew, if at all, by delivering notice of such election to Landlord not later than twelve (12) months prior to the expiration of the Initial Term or the expiration of the then current Renewal Term, as the case may be. IN ORDER TO PREVENT TENANT’S INADVERTENT FORFEITURE OF ANY THEN REMAINING RENEWAL OPTION, IF TENANT SHALL FAIL TO TIMELY EXERCISE ANY AVAILABLE RENEWAL OPTION, TENANT’S RIGHT TO EXERCISE SUCH RENEWAL OPTION SHALL...
Term; Renewal Option. The initial Lease Term and each Renewal Term (as defined herein) shall be subject to extension in accordance with the following provisions:
(a) So long as no Event of Default (as hereinafter defined) has occurred and is then continuing, Tenant shall have the option (each, a “Renewal Option”) to renew the initial Lease Term with respect to all Properties for up to two (2) consecutive additional terms of five (5) years each and a third consecutive additional term of four (4) years and eleven (11) months (each, a “Renewal Term”), commencing on the day immediately following the expiration date of the initial Lease Term or the then-expiring Renewal Term, as applicable. Tenant shall exercise each Renewal Option by giving Landlord written notice of its election to exercise such Renewal Option no later than the date which is one hundred eighty (180) days prior to the expiration date of the initial Lease Term or the then-expiring Renewal Term, as applicable.
(b) If Tenant timely and properly exercises any Renewal Option in accordance with the provisions of clause (a) of this Section 3 of Part II above, the Fixed Rent (as hereinafter defined) applicable to the applicable Renewal Term shall be the Fair Market Rental Value, determined as set forth herein. The term “Fair Market Rental Value” shall mean the aggregate fair market rental value for all of the Properties determined as of the first day of the applicable Renewal Term, taking into consideration (1) the annual rental rates then being charged in the applicable submarkets in which the Properties are located for comparable buildings for a new lease of comparable size and condition, including market annual or periodic escalations, if any, and (2) all relevant factors, including but not limited to the creditworthiness of the tenant, amenities, location, submarkets, duration of term, commissions, operating costs, tenant improvements, and other incentives, if any. Landlord and Tenant shall endeavor, in good faith, to agree upon a Fair Market Rental Value. If Landlord and Tenant shall be unable to agree upon the Fair Market Rental Value by the date which is thirty (30) days after the giving of the election notice, then and in such event, each party shall within fifteen (15) days after the expiration of such 30-day period appoint an MAI appraiser, licensed in the State of California and specializing in the valuation of commercial real estate of the type subject to this Lease and rents in the applicable submarkets in whi...
Term; Renewal Option. (a) (i) Section 6 of the Lease is hereby deleted in its entirety.
Term; Renewal Option. The term of this Agreement will begin as of the Effective Date and, unless earlier terminated in accordance with this Section 4, will continue until the Scheduled Termination Date. Amazon will have the option to renew this Agreement for [***] additional [***] terms in its sole discretion, subject to Amazon providing Sun Country with at least [***] days’ prior written notice before the expiration of the then-current term.
Term; Renewal Option. The initial term of this Agreement will commence on the Closing Date and will end on the one year anniversary date thereafter (the “Initial Term”); provided, that, Purchasers will have the option to renew the term for one or more Services up to the period of time set forth in Schedule 2.1 (the “Renewal Term”) exercisable by written notice to Seller not less than 30 days before the expiration of the Initial Term (the Initial Term and the Renewal Term are collectively referred to as the “Term”). Notwithstanding the foregoing, the term period for a particular Service will end before the Initial Term to the extent set forth in Schedule 2.1, subject to Purchasers’ right to renew such period for the Renewal Term. The Fees charged by Seller will then be reduced by the amount applicable to such Services that so terminate, and if Purchasers have prepaid any such amounts, those amounts will be credited towards future invoices or refunded at Seller’s discretion.
Term; Renewal Option. (a) The Termination Date for the initial Term of the Lease, which has previously been established as March 31, 2018, remains unaffected by this Amendment and shall apply to the Expansion Premises as well as to the Initial Premises.
(b) Tenant shall continue to have the options set forth in Section 2.6 of the Lease to extend the Term of the Lease, at a minimum rental determined pursuant to Section 3.1(b) of the Lease, and otherwise upon all the terms and provisions applicable to the initial Term of the Lease, and such options shall apply to the entire Premises.
Term; Renewal Option. 1. HER's right of use for each partial route shall have a term of ##MATERIAL OMITTED AND SEPARATELY FILED UNDER A REQUEST FOR CONFIDENTIAL TREATMENT## years, starting with the appropriate provision of the partial route. Only beginning with this date, HER's obligation for payment of the user fee shall be created.
2. Upon expiry of the contractual term of use, the agreement may be terminated by either party with a termination period of ##MATERIAL OMITTED AND SEPARATELY FILED UNDER A REQUEST FOR CONFIDENTIAL TREATMENT## months. Should the termination right be executed for more than ##MATERIAL OMITTED AND SEPARATELY FILED UNDER A REQUEST FOR CONFIDENTIAL TREATMENT## of the network length, the appropriate other party can require termination of the agreement also for the remaining partial routes.
3. The term of use for each partial route shall end after ##MATERIAL OMITTED AND SEPARATELY FILED UNDER A REQUEST FOR CONFIDENTIAL TREATMENT## years, without any termination being required.
Term; Renewal Option. The term of this Agreement will begin as of the date of the Original Agreement and, unless earlier terminated in accordance with this Section 4, will continue until the Scheduled Termination Date. Amazon will have the option to renew this Agreement for [***] additional [***]-year terms in its sole discretion, subject to Amazon providing Sun Country with at least [***] days’ prior written notice before the expiration of the then-current term. Either Party may request to renew this Agreement for a subsequent additional [***]-year renewal term by providing the other Party with written notice no later than [***] days’ prior to the expiration of the then-current term. If the Parties cannot mutually agree on the terms of the renewal within [***] days of a Party’s request for such renewal, then: (a) this Agreement will be extended for an additional term of [***] years as a wind-down period, commencing immediately upon the expiration of the then-current term; and (b) the then-current pricing will continue to apply during the period of such extension.
Term; Renewal Option. (a) The term of this Lease shall be for a period of five (5) years beginning on the Commencement Date and expiring on March 31, 2006 ("Lease Term").
(b) Tenant at its option may extend the term of this Lease for up to five (5) consecutive extension term(s) of one (1) year each by serving written notice thereof upon Landlord at least six (6) months before the expiration of the initial lease term (or the prior extension term), provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Article XXI of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term (or the prior extension term), expire upon the annual anniversary of such date one (1) year thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Base Rent payable during each extended term shall be at the prevailing rate for comparable space in the geographic area of
Term; Renewal Option. The term of this Agreement will begin as of the Effective Date and, unless earlier terminated in accordance with this Section 4, will continue for eight years (“Initial Term”). Amazon will have the option, in its sole discretion, to renew this Agreement for one additional two-year term, subject to Amazon providing Hawaiian with at least [***] notice prior to the expiration of the Initial Term. Following the expiration of such two-year renewal term, Amazon may also renew this Agreement for one additional three-year term upon mutual agreement with Hawaiian, provided that the pricing for any such renewal term will be [***]. With respect to such three-year renewal term Amazon will provide notice of its intent to renew this Agreement [***] of the Effective Date, in which event the Parties will meet in person at a mutually agreeable location within [***] to negotiate any changes to the Agreement in good faith.