Second Option Term definition
Examples of Second Option Term in a sentence
Each Option Term shall be subject to all the terms, covenants and conditions of the Lease, except as modified by this provision (meaning, no further options will be re-imposed, subject only to the Second Option Term).
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.
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.
If Tenant exercises the First Option, Landlord grants Tenant an additional option (the "Second Option") to extend the term of the Lease for one (1) additional term of five (5) years (the "Second Option Term").
Two consecutive one-year terms, First Option Term and Second Option Term will be exercised at the sole discretion of the AOC.
By this Notice of Extension, the Second Option Term will expire on , 20 .
In accordance with Section 3 of the Option Agreement, Grantee is, simultaneously with the delivery of this Notice of Extension, delivering to Owner an additional Option Fee of $2,500 for the Second Option Term.
Thereafter, not less than eight (8) calendar months prior to the expiration of the Option Term or Second Option Term, Landlord shall give written notice to Tenant of Landlord’s reasonable determination of the Minimum Rental for the Premises for the Second Option Term or the Third Option Term as the case may be (based on the then-prevailing net market rental rate for comparable space in the Building for the Second Option Term (or the Third Option Term).
Save where the Tenant has exercised the option for the First Option Term or the Second Option Term (as the case may be), to permit the Landlord and/or its agents and/or any prospective tenants of the Landlord during the twelve (12) calendar months prior to the expiry of the Term upon prior appointment to have free ingress to and egress from the Premises to view the Premises for the purpose of letting the same.
If Tenant exercises its rights to renew Lease, Base Rent for the First Option Term of this lease shall be $3,180.00 per month, and Base Rent for the Second Option Term shall be at then Market Rate, to be agreed upon by Landlord and Tenant.