First Option Term definition

First Option Term has the meaning ascribed to it in Clause 9.14 and refers to the period specified in Item 7A of the Third Schedule and commencing from the expiration of the Term;

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First Option Term. Commencement Date means July 2, 2013.

First Option Term means the five (5) year period commencing at the expiration of the Extended Term, where both Parties have mutually approved the exercise of the option.

Examples of First Option Term in a sentence

• The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the initial Term (as to the First Option Term) or 365 days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.

• Provided Tenant is not in default of any of the terms or conditions of the Lease beyond the applicable notice and cure period at the time of exercise, Tenant is granted two (2) successive options (each, an “Option Term”, collectively, the “Option Terms”, and successively the “First Option Term” and the “Second Option Term”) to extend the term of the Lease following the initial Term and then following the First Option Term if so exercised, upon the following terms and conditions.

• Tenant shall exercise its right to by written notice to Landlord delivered on or before 120 days prior to the expiration of the Term or First Option Term.

• In order to exercise this Option Term, the Judicial Council must send Notice to Contractor at least thirty (30) days prior to the end of the Initial Term or the First Option Term.

• Unless Grantee shall have otherwise elected to terminate this Option Agreement as set forth in Section 4 below, then commencing on the Effective Date and continuing on any extension of the First Option Term, Grantee shall make the payments to the Owner as set forth below (each payment an “Option Fee,” and collectively, “Option Fees”), in which case the Option Period shall continue accordingly.

• The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is three hundred sixty four (364) days prior to the expiration of the initial Term (as to the First Option Term) or three hundred sixty four (364) days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.

• Two consecutive one-year terms, First Option Term and Second Option Term will be exercised at the sole discretion of the AOC.

• Tenant shall exercise its right to by written notice to Landlord delivered on or before 90 days prior to the expiration of the Term or First Option Term.

• The First Option Term and any Option Term Extension constitute the “Option Period,” that in total shall not exceed twenty-four (24) months.

• Notice of Tenant's interest in exercising the Second Option must be given to Landlord no earlier than fourteen (14) months and no later than twelve (12) months prior to the last day of the First Option Term.

More Definitions of First Option Term

First Option Term is defined in Section 1.5

First Option Term means the period of the extended lease term referred to in Item 11 and Clause 13.

First Option Term. Beginning with the first (1st) lease year of the First Option Term and continuing through the expiration of the First Option Term hereof, the sum of Six Hundred Forty Thousand and 00/l00ths Dollars ($640,000.00) annually, which sum shall be payable by Tenant in equal consecutive monthly installments of Fifty-Three Thousand Three Hundred Thirty-Three and 34/100ths Dollars ($53,333.33) each. Second Option Term: Beginning with the first (1st) lease year of the Second Option Term and continuing through the expiration of the Second Option Term hereof, the sum of Seven Hundred Twenty Thousand and 00/100th Dollars ($720,000.00) annually, which sum shall be payable by Tenant in equal consecutive monthly installments of Sixty Thousand and 00/100ths Dollars ($60,000.00) each.

First Option Term has the meaning set forth in Section 7.03(a).

First Option Term. [TBD] – [TBD] Second Option Term: [TBD] – [TBD]