Examples of Second Renewal Option in a sentence
The Second Renewal Option is for the 18-19 School Year (July 1, 2018 through June 30, 2019).
Tenant’s right to exercise the Second Renewal Option is conditioned upon Tenant’s proper renewal of the Term for the First Renewal Period.
Authority shall pay to the Contractor during the renewal term of the Contract, upon satisfactory completion of the work required by the provisions of the Contract, the Unit Prices as shown on Attachment “A-3”, Second Renewal Option Prices.
The Renewal Option for the Second Renewal Period (the “Second Renewal Option”) shall be exercisable by delivery of written notice from Tenant to Landlord of Tenant’s election to exercise the Second Renewal Option at least twelve (12) months before the Second Renewal Period Commencement Date, time being of the essence.
The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant.
If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect.
If Tenant exercises the Second Renewal Option, Tenant may further extend the Term of this Lease for another period of five years at the end of the Second Renewal Term (the “Third Renewal Term”) with respect to the Premises as it exists as of the last day of the Second Renewal Term (the “Third Renewal Option”).
The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option.
Upon the Third Amendment Effective Date,the Option shall be extended for twelve (12) months from August 1, 2019 ("Second Renewal Option Term").
Tenant shall promptly execute the amendment, thus confirming the exercise of the Second Renewal Option.