Option to Extend Term definition

Option to Extend Term. Four successive one year renewal terms as provided in accordance with Article 1(h)."

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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

• Option to Extend Term of BOA: CONTRACTOR may extend the term of this BOA by giving written notice to Subcontractor on or before the expiration date of this BOA.

• 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.

• Unless otherwise extended pursuant to Option to Extend Term below, upon the termination of this Agreement, all rights, duties and obligations hereunder shall expire, except as to any rights and liabilities, which are accrued as of the expiration date, and except as otherwise provided in this Agreement.

• If the Signature and Cover Pages for this Agreement 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 Agreement beyond the Initial Term for a period, or for successive periods, at the same rates and under the same terms specified in the Agreement (each such period an “Extension Term”).

More Definitions of Option to Extend 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. Tenant has the option to extend the term of the Lease for one (1) five (5) year extension term.

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. 52.1 Upon receipt by Lessor of an Option Exercise Notice, Lessor and Lessee shall confer and attempt to agree upon the initial monthly Base Rent for the Option Period. If such an agreement is not reached within thirty (30) days following the receipt of such notice by Lessor, then Fair Market Rental Value ("FMRV") for the Premises shall be determined as provided in Paragraph 52.2 below.

Option to Extend Term. Extension: One (1) Option of Sixty (60) months. (Section 3.5

Option to Extend Term. One (1) Two (2) Year Option to Extend the Term. (See Section 4.1)

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 means one (1) option to extend, for a period of five (5) years following the Expiration Date.