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 March 9, 2018 (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 March 9, 2019 (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 March 9, 2020 (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. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods of five (5) years each (the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to the expiration of the then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317
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 term of the Loan (each an “Extension Option”) beyond the Initial Maturity Date for two (2) successive terms (each, an “Extension Term”), with the first such extension term commencing on the day after the Initial Maturity Date and ending on December 9, 2013 and the second such extension term commencing on December 10, 2013 and ending on April 9, 2015 (each then applicable Maturity Date, as extended following the exercise of each such Extension Option is hereinafter the “Extended Maturity Date”) upon satisfaction of the following terms and conditions:
Extension Options. Tenant shall have the right to extend the term of this Lease for two (2) additional terms of three (3) years each (each such 3-year period, an “Option Term”) by giving written notice of such extension to Landlord not more than two (2) years nor less than nine (9) months days prior to the expiration of the Initial Term or the first Option Term, as applicable, of this Lease, time being of the essence hereof; provided that, at the date of expiration of the Initial Term this Lease shall be in full force and effect and no material or monetary default by Tenant shall exist after expiration of the applicable cure period following notice. If Tenant shall give notice to Landlord of its election to extend the term of this Lease for an Option Term but a material or monetary default (after written notice and expiration of applicable cure period) shall exist on the date of the expiration of the Initial Term or the first Option Term, as applicable, Landlord, at its option, may extend the term of this Lease for the applicable Option Term. The Lease for each Option Term shall be on the same terms, covenants and conditions contained in this Lease except that the Base Rent for each Option Term shall be equal to the Market Rent for the Premises determined as of the commencement of the applicable Option Term. Within thirty (30) days after receipt by Landlord of Tenant’s notice exercising Tenant’s right to extend the term of this Lease for the Option Term, as provided above, Landlord shall give Tenant notice of Landlord’s determination of the Market Rent (as herein defined) for the Premises. If Tenant disagrees with Landlord’s determination of the Market Rent for the Premises, Tenant shall give notice to Landlord within thirty (30) days after the date of Landlord’s notice, time being of the essence. Upon receipt of such notice, Landlord and Tenant shall for a period of thirty (30) days or such longer period on which Landlord and Tenant may agree (the “Negotiation Period”) negotiate in good faith in an attempt to reach agreement upon the Market Rent for the Premises. If at the end of the Negotiation Period, Landlord and Tenant are unable to agree upon the Market Rent for the Premises, then the Market Rent for the applicable Option Term shall be determined by appraisal, made by a Board consisting of three reputable real estate appraisers, each of whom shall be a Member of the American Institute of Real Estate Appraisers with the designation of “MAI,” shall be experienced in the ...
