Extension Options. Borrower shall have the option (the “First Extension Option”), by written notice (the “First Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to September 9, 2017 (the “First Extended Maturity Date”). In the event Borrower shall have exercised the First Extension Option, Borrower shall have the option (the “Second Extension Option”), by written notice (the “Second Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to September 9, 2018 (the “Second Extended Maturity Date”). In the event Borrower shall have exercised the Second Extension Option, Borrower shall have the option (the “Third Extension Option”), by written notice (the “Third Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to September 9, 2019 (the “Third Extended Maturity Date”). Borrower’s right to so extend the applicable Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder:
Extension Options. Four (4) extensions of five (5) years each, as described in Section 3.02.
Extension Options. Subject to the provisions of this Section 5, Mezzanine Borrower shall have the option (the First Extension Option), by irrevocable written notice (the First Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the Initial Maturity Date, to extend the Maturity Date to November 11, 2010 (the First Extended Maturity Date). In the event Mezzanine Borrower shall have exercised the First Extension Option, Mezzanine Borrower shall have the option (the Second Extension Option), by irrevocable written notice (the Second Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to November 10, 2011 (the Second Extended Maturity Date). In the event Mezzanine Borrower shall have exercised the Second Extension Option, Mezzanine Borrower shall have the option (the Third Extension Option), by irrevocable written notice (the Third Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to November 12, 2012 (the Third Extended Maturity Date). Mezzanine Borrower's right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder:
Extension Options. The Port hereby grants Tenant two (2) successive options to extend the Term of this Agreement (herein referred to individually as an "Extension Option") for an additional period of ten (10) years for each option (herein referred to individually as "Extension Term") on the same terms, covenants, and conditions, except that no additional Extension Options shall apply following the second Extension Term and Rent during any such Extension Terms shall be determined and adjusted pursuant to Section 4.2. Written notices of Xxxxxx's exercise of the Extension Option for each Extension Term must be given to the Port no less than six (6) months prior to the expiration of the then-current Term (the "Extension Notice Date"). Tenant shall have no right to exercise its right to extend the Term of this Agreement at such time as an Event of Default is outstanding beyond the applicable notice and cure period; provided, that, if the Port declares an Event of Default within thirty (30) days prior to the Extension Notice Date, then the period of time within which said option may be exercised shall be extended as reasonably necessary for Tenant to cure the Event of Default. In the event that Tenant fails to exercise an Extension Option within the time period stated above, Port will give written notice to the Leasehold Mortgagee and Leasehold Mortgagee shall have thirty (30) days from receipt of the notice to exercise the Extension Option in the place and stead of the Tenant. In the event that both Tenant and Leasehold Mortgagee fail to exercise an Extension Option in the time periods contemplated above, the Term of this Agreement shall expire upon the expiration of the then-current Term, and Tenant shall have no further right to extend the Term hereof. The Extension Options herein granted to Tenant may not be separated from this Agreement in any manner, by reservation or otherwise; however, Permitted Subleases may provide that notice of exercise of a materially co-terminus (e.g., not more than one (1) month shorter) corresponding extension option by the subtenant of the entirety of the Premises is binding upon both Tenant and the Port under this Agreement.
Extension Options. Landlord grants Tenant the right to extend the Initial Term of this Lease six (6) consecutive times for a period of five (5) years each (each such extension, an "Extended Term"). Tenant may exercise its option for an Extended Term solely by giving written notice at least one hundred eighty (180) days prior to the termination of the then-current term. Tenant shall be entitled to exercise these options only if at the time of the giving of such notice, Tenant is then the lessee of the Property pursuant to this Lease, and at the time of the commencement of the applicable Term or Extended Term no Event of Default shall then exist. During the Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, as the same may be amended, supplemented or modified.
Extension Options. (i) The Borrower may, by written notice to the Administrative Agent (such notice, an “Initial Extension Notice”) not earlier than 60 days prior and not later than 30 days prior to the Initial Revolving Termination Date, elect to extend the Initial Revolving Termination Date for an additional twelve (12) months, subject to the terms of this Section 2.22(b). The Administrative Agent shall distribute any such Extension Notice promptly to the Lenders following its receipt thereof. As conditions precedent to such extension, the Borrowers shall, on or prior to the Initial Revolving Termination Date, satisfy each of the following requirements for such extension to become effective:
Extension Options. Tenant shall have the option to extend the term of this Lease for one (_1_) period(s) of five (_5_) years, following each term hereof (the “Extended Term”), upon the condition that there is no default in the performance of any condition of this Lease for which a notice of default has been given to Tenant. However, in the case of any default which cannot with due diligence be cured prior to the last date on which Tenant is entitled to exercise the option, if Tenant shall have proceeded promptly after the service of the notice of default with due diligence to cure the default, Tenant may, nevertheless, exercise the option and shall be entitled to any such Extended Term. The Extended Term shall be upon the same conditions as provided in this Lease.
Extension Options. Two (2) extensions of ten (10) years each, as described in Section 3.02.
Extension Options. Borrower shall have the option to extend the Maturity Date of the Loan for two (2) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year each (the Maturity Date following the exercise of each such option is referred to herein as the “Extended Maturity Date”) upon satisfaction of the following terms and conditions:
Extension Options. So long as no Default exists, Tenant shall have options to renew and extend the Term for four (4) successive five (5) year periods ("Option Terms") upon the same terms and conditions as are provided herein for the initial Term (the "Initial Term"), subject, however to the redetermination of Monthly Base Rent hereinafter provided. The option for each such Option Term shall be exercised by the giving of notice of exercise during, and at least 150 days prior to the expiration of, the prior Option Term or Initial Term (as the case may be). The monthly Base Rent shall be redetermined effective as of the beginning of each Option Period at a level equal to 95% of the then current market rate for the rental in the general area in which the Premises are located for comparable warehouse/distribution facilities leased under comparably structured leases (but excluding any rental value attributable to the Tenant Improvements paid for by Tenant and not reimbursed by Landlord). After an exercise by Tenant of an option to renew this Lease for a new Option Term, Landlord and Tenant shall use their best efforts to agree, at least 120 days prior to the commencement of such Option Term on the new Base Rent. In the absence of such an agreement by such date, then within twenty (20) days after such date, Landlord and Tenant shall each appoint an appraiser, the two of which will appoint a third appraiser within thirty (30) days after the date of their appointment. Each appraiser shall have a minimum of five years' professional experience in appraising comparable property in the area in which the Property is located. Independently, each of the three appraisers will render an opinion as to the market rental and the two appraisers opinions which are closets in value will be averaged to determine the market rental rate on which the new monthly Base Rent of 95% of market rent will be based. Such opinions shall be rendered within sixty (60) days after the date the third of such three appraisers is appointed. In no event shall the monthly Base Rent so established be less, however, than the monthly Base Rent in effect at the conclusion of the prior Option Term or Initial Term (as the case may be). Landlord and Tenant will each pay for the cost of their respective appraiser and one-half the cost of the third appraiser. Notwithstanding the foregoing, in the event either party fails to timely appoint an appraiser in accordance with the foregoing, the other party shall notify such party in w...
