First Extended Term definition
Examples of First Extended Term in a sentence
The First Extended Term and the Second Extended Term are collectively referred to as the "Extended Terms." Each Extended Term shall commence on the day succeeding the expiration of the Fixed Term or the preceding Extended Term, as the case may be.
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.
Commencing on the first day of the calendar month immediately thereafter, and continuing for the balance of the Term (including the First Extended Term and the Second Extended Term, if applicable) the Base Rent shall be adjusted as provided in Section 3.3.
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.
To effectively exercise your First Extended Term option, you must timely provide the Landlord with the Renewal Notice.