Extended Lease Term definition
Examples of Extended Lease Term in a sentence
Notwithstanding anything in this Article to the contrary, should Tenant fail to timely provide written notice of its election to exercise an Extended Lease Term, Landlord will notify Tenant in writing that it has missed the deadline and Tenant shall have ten (10) days after receipt of such notice from Landlord to provide Landlord with written notice of its election to exercise an option to extend.
Notwithstanding the foregoing, in the event the Building is damaged to the extent of twenty-five percent ( 25%) or more thereof, or is destroyed by fire or other casualty, and such casualty occurs after the first day of the final year of the Initial Term or the final year of any Extended Lease Term, Tenant may cancel this Lease by notice to Landlord.
Notwithstanding the foregoing, Tenant may exercise any such option only if, at the time of notice of exercise of such option and as of the date of the commencement of the Extended Lease Term (i) Tenant is then conducting business operations on the Leased Premises, and (ii) there is not then in existence a Tenant default under the Lease, and (iii) no previous option has remained unexercised by Tenant.
If Tenant wishes to exercise an option to extend the Term, it shall do so by giving written notice to Landlord not less than nine (9) months, nor more than twenty-four (24) months, prior to the expiration of the Initial Term (or the prior Extended Lease Term, as the case may be).
Changes which are required by Tenant’s Franchisor during the Lease Term or Extended Lease Term shall be allowed without Landlord’s prior written consent, including exterior changes to signage or dress.
Lessee and Lessor acknowledge and agree that commencing with the Second Extended Lease Term and continuing with any Extended Lease Term validly exercised thereafter, (x) the Lease provisions relating to payment of Taxes and Operating Expenses shall be converted from a Base Year computation to a straight net basis computation, and (y) Lessee shall be assuming the obligation of maintenance and repair described in Paragraph 11 below.
The payments due and payable during the Extended Lease Term (as defined in Section 5.1 hereof) shall be $1.00 per year.
Parking is free and unassigned throughout the initial Term and the Extended Lease Term, and available for use by Tenant 24 hours per day and 7 days per week.
Tenant shall exercise each Extension Option by giving Landlord notice at least 180 days prior to the Expiration Date or the last day of any Extended Lease Term.
The Base Rental during the Extended Lease Term shall be as follows: 8/1/14 through 7/31/15 - $1,585.00/month; $91,020.00/year; $20.00/square foot plus applicable (6%) sales tax, payable in accordance with the Lease; 8/1/15 through 7/31/16 - $7,8▇▇.▇▇/▇▇▇▇▇; $93,750.00/year; $20.60/square foot plus applicable (6%) sales tax, payable in accordance with the Lease; 8/1/16 through 7131/17 - $8,046.80/month; $96,562.00/year; $21.22/square foot plus applicable (6%) sales tax, payable in accordance with the Lease.