Examples of First Renewal Option in a sentence
The First Renewal Option is for the 17-18 School Year (July 1, 2017 through June 30, 2018).
The First Renewal Option is for the 20-21 School Year (July 1, 2020 through June 30, 2021).
The Renewal Option for the First Renewal Period (the “First Renewal Option”) shall be exercisable by delivery of written notice from Tenant to Landlord of Tenant’s election to exercise the First Renewal Option at least twelve (12) months before the First Renewal Period Commencement Date, time being of the essence.
For the avoidance of doubt, the Second Renewal Term shall be void unless the First Renewal Option shall be timely exercised by Tenant.
If Tenant exercises the First Renewal Option, Tenant may further extend the Term of this Lease for another period of five years at the end of the First Renewal Term (the “Second Renewal Term”) with respect to the Premises as it exists as of the last day of the First Renewal Term (the “Second Renewal Option”).
First Renewal Option - December 1, 2020 through November 30, 2021.
The Office of Small Business Development certifies that this contract is in good standing as it relates to the participation requirement.The annual Management Fee for the First Renewal Option has not changed from Year 3 of the contract.The fiscal impact for the First Renewal Option is a not-to-exceed amount of $5,734,770.
To exercise any such Renewal Option, Tenant must deliver notice of the exercise thereof (a “Renewal Notice”) to Landlord no earlier than 12 months and no later than six months prior to the expiration of the initial Term, with respect to the exercise of the First Renewal Option, and prior to the expiration of any then-current Renewal Term, with respect to the exercise of any other Renewal Option.
Simultaneously with providing notice to Prime Lessor (I) under Article 9 of the Lease exercising Sublandlord’s First Renewal Option or Second Five Year Renewal Option, if applicable, or (II) affirmatively waiving Sublandlord’s right to exercise the First Renewal Option or Second Five Year Renewal Option, if applicable, Sublandlord shall provide a copy of any such notice to Subtenant.
Such Initial Renewal Right is contingent on Sublandlord’s exercise of its First Renewal Option and such Five Year Renewal Right is contingent on Sublandlord’s exercise of its Second Five Year Renewal Option (as defined in the Lease), if applicable, in each case, under Article 9 of the Lease.