Option to Extend Term. Four successive one year renewal terms as provided in accordance with Article 1(h)."
Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no Event of Default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises (except for any approved and permitted sublet to TELA Bio pursuant to Section 18 of this Lease), Tenant shall have the right and option (“Extension Option”) to extend the Term for one (1) additional period of thirty-six (36) consecutive full calendar months (the “Renewal Term”), exercisable in the following manner: If Tenant intends to exercise the Extension Option under this Section, Tenant shall give Landlord written notice not less than twelve (12) months in advance of the then scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any other party, other than an Affiliate in accordance with a transfer pursuant to Section 18(b) of the Lease. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then market rate for comparable lab space in Malvern sub-markets. If Tenant accepts such determination in writing within fifteen (15) days of delivery of Landlord’s market rent notice, and, if requested by Landlord, enters into a lease amendment extending the term of the Lease within such fifteen (15) days as provided in this Section, the Extension Option shall be effective and the Renewal Term shall commence on October 1, 2023. If Tenant does not accept Landlord’s determination of market rent within fifteen (15) days, or does not enter into a lease amendment within such fifteen (15) days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain September 30, 2023. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows:
Option to Extend Term is deleted in its entirety.
Examples of Option to Extend Term in a sentence
If the Signature and Cover Pages for this Contract shows that the State has the Option to Extend Term, then the State, at its discretion, shall have the option to extend the performance under this Contract beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Contract (each such period an “Extension Term”).
The Services described herein shall commence on the date this Contract is executed and shall be completed within one (1) year, unless the time for completion is extended pursuant to Option to Extend Term contract clause contained herein.
This Modification is in accordance with Exhibit E-Revised, Contractual Terms and Conditions, Section 4, Option to Extend Term, to be made a part hereof for all pertinent purposes.
Lessee's exercise of the Second Option to Extend Term shall not operate to cure any default by Lessee of any of the terms or provisions in this Lease, nor to extinguish or impair any rights or remedies of Lessor arising by virtue of such default.
This Lease and Exhibits A, B, C, D, E, F, G, H and I attached hereto, and the Addendum to Salesforce Transit Center Lease - Option to Extend Term attached hereto, each of which is incorporated herein by this reference, constitute the entire agreement between the parties with respect to the Premises.
More Definitions of Option to Extend Term
Option to Extend Term. Tenant has the option to extend the term of the Lease for one (1) five (5) year extension term. Executed as a sealed instrument this 7 day of December, 2011. LANDLORD: FORTY WASHINGTON LLC By: Xxxxxxx Capital, LLC Its Manager By: /s/ Xxxxxxxxxxx X. Xxxx Xxxxxxxxxxx X. Xxxx, President and Managing Member of Xxxxxxx Capital, LLC, not individually and without personal liability. TENANT: PAID, INC. By: /s/ Xxxxxxxxxxx X. Xxxxxxx Name: Xxxxxxxxxxx X. Xxxxxxx Title: Chief Financial Officer COMMONWEALTH OF MASSACHUSETTS Worcester, ss. On December 7, 2011 before me, the undersigned notary public, personally appeared Xxxxxxxxxxx X. Xxxx, President and Managing Member of Xxxxxxx Capital, LLC, as Manager for Forty Washington LLC (the “Principal”) and swore or affirmed to me that the contents of the preceding or attached document were truthful and accurate to the best of the Principal's knowledge and belief. The Principal proved to me through satisfactory evidence of identification that the Principal is the person whose name is signed on the preceding or attached document. The satisfactory evidence of identification provided to me was: A current document issued by a federal or state government agency bearing the photographic image of the Principal's face and signature; or On the oath or affirmation of a credible witness unaffected by the document or transaction who is personally known to the notary public and who personally knows the Principal; or Identification of the Principal based on the notary public's personal knowledge of the identity of the Principal; or The following evidence of identification: Notary Public /s/ Xxxxxxx Xxx Xxxxxx Printed Name: Xxxxxxx Xxx Xxxxxx My Commission Expires: July 27, 2018 COMMONWEALTH OF MASSACHUSETTS Worcester, ss. On December 7, 2011, before me, the undersigned notary public, personally appeared Xxxxxxxxxxx Xxxxxxx, CFO of Paid, Inc. (the “Principal”) and swore or affirmed to me that the contents of the preceding or attached document were truthful and accurate to the best of the Principal's knowledge and belief. The Principal proved to me through satisfactory evidence of identification that the Principal is the person whose name is signed on the preceding or attached document. The satisfactory evidence of identification provided to me was: A current document issued by a federal or state government agency bearing the photographic image of the Principal's face and signature; or On the oath or affirmation of a credible witness unaff...
Option to Extend Term means one (1) option to extend, for a period of five (5) years following the Expiration Date.
Option to Extend Term shall remain in full force and effect (granting Tenant the right to extend the Term beyond January 31, 1997 as therein provided), except that: (i) the first sentence of Paragraph A.1. is hereby amended by deleting "three (3) years and zero (0) months" as the "Extension" period and substituting "two (2) years and zero (0) months" in lieu thereof; and (ii) the first sentence of Paragraph B(ii) is hereby amended by deleting the interlineated text consisting of the words "a lease of three (3) years with no options" and substituting "a lease of two (2) years with no options" in lieu thereof.
Option to Extend Term. Lessee is granted, if not in default of this agreement, two (2) options (each, an "Option") to extend the term of this lease for ten (10) additional years each subject to a Base Rent adjustment as calculated below.
Option to Extend Term. Lessee shall have one option (the "Option") to extend the Term of the Lease for a period of five (5) years (hereafter the "Option Period"), provided that all of the following conditions are satisfied: (a) Lessee shall provide Lessor with written notice (the "Option Exercise Notice") of Lessee's election to exercise the Option not less than one hundred eighty (180) nor more than three hundred sixty (360) days prior to the expiration of the Original Term of the Lease, and (b) no default by Lessee of its obligations under this Lease shall have occurred and be continuing, either at the time Lessee delivers the Option Exercise Notice to Lessor or at the commencement of the Option Period. The Base Rent for Option Period shall be equal to ninety-five percent (95%) of the Fair market Rental Value (as defined below) for comparable industrial buildings in the City of Ontario, but in no event shall the monthly Base Rent for Option Period be less than the monthly Base Rent for the last month of the Original Term.
Option to Extend Term means one (1) option to extend the term of the Lease, for a period of five (5) years following the Expiration Date (Section 3.1) in accordance with Section 3.2.
Option to Extend Term. Extension: One (1) Option of Sixty (60) months. (Section 3.5