Option Periods. (delete this clause if not applicable)
Option Periods. The Contract shall have two (2), five (5) year option periods effective November 1, 2042 and November 1, 2047 (the “Option Periods”). The Option Periods will automatically commence unless the Airports Authority provides written notice to the Contractor prior to November 1, 2041 (initial 5-year Option Period) or November 1, 2046 (second 5-year Option Period).
Option Periods. If DC Water determines it to be advantageous, it may extend the term of the contract for four (4) one (1) year periods or a fraction of a year. Option to Extend the Term of the Contract: DC Water may extend the term of this contract by written notice to the Contractor before the expiration of the contract; provided that the DC Water gives the Contractor a preliminary written notice of its intent to extend at least thirty days before the contract expires. The preliminary notice does not commit DC Water to an extension. The exercise of this option is also subject to the availability of funds at the time of the exercise of the option. The pricing and deliverables for the option period shall be determined at the time the option is exercised. If DC Water exercises this option, the extended contract shall be considered to include this option provision. The total duration of this contract including the exercise of any options under this provision shall not exceed five (5) years.
Option Periods. If DC Water determines it to be advantageous, it may extend the term of the contract for two (2) one-year periods or a fraction of a year.
Option Periods. The Airports Authority, at its sole discretion, may extend the Base Term for up to three (3) option periods of (1) year each (Option Period). The Airports Authority shall notify Contractor in writing whether it intends to exercise an Option Period no later than sixty (60) days prior to the expiration of the Operating Period.
Option Periods. The first Option Period granted herein shall commence sixty (60) days and end fifteen (15) days prior to the end of the third year of the Lease. If the Option is not exercised within the required time frame of the third year of the Lease, Tenant shall have the opportunity to exercise the second Option Period beginning sixty (60) days and ending fifteen days before the end of the fourth year of the Lease. If the Option is not executed within the required time frame of fourth year of the Lease, Tenant will have the opportunity to exercise the third Option Period beginning sixty (60) days and ending fifteen (15) days before the end of fifth year of the Lease. Buyer may exercise the Option only during Option Periods as set forth herein, and only during the dates set forth above, provided however, that Buyer is not then in default under the Lease Agreement.
Option Periods. On the Manager’s receipt of notice under Sections 8.3 and/or 8.4 (the date of such receipt is hereinafter referred to as the “Option Date”), the Manager shall promptly cause a copy of such notice to be sent to all Members. The Company shall then have the option, for a period ending thirty (30) calendar days following the determination of the Fair Market Value (the “Company’s Purchase Option Period”), to purchase the Membership Interest to which the option relates (the “Option Membership Interest”). Said purchase shall be at the Fair Market Value and on the terms set forth in Section 8.7 below. If the Company does not purchase all or any portion of the Option Membership Interest, then the Members shall each have that same option, in the same proportion that such Member’s Membership Interest bears to the total Membership Interests of all of the Members who choose to participate in that purchase, for a period of thirty (30) days following the expiration of the Company’s Purchase Option Period, to purchase the Option Membership Interest not purchased by the Company, on the same terms and conditions as apply to the Company; provided, however, that the Company and the participating Members may not, in the aggregate, purchase less than the entire Option Membership Interest. All transferees of Membership Interests shall hold such Membership Interests subject to all of the provisions of this Agreement.
Option Periods. The parties shall have the option to renew or extend this Agreement beyond its current term. Discussions concerning renewal will be commenced by the parties no later than 30 days prior to the expiration date of this Agreement.
Option Periods. Tenant shall have the option and privilege of extending or renewing this Agreement for two (2) additional period(s) of five (5) years each, provided the Strategic Alliance Agreement (as defined more specifically in §8.3 hereof) is in effect and has not been terminated or expired or there are no material defaults hereunder. If Tenant shall fail to extend the Lease Term as provided herein, then all further option periods shall automatically terminate and be null and void. Tenant shall, not less than ninety (90) days prior to the expiration of the current term, notify Landlord in writing of its intention to renew this Agreement or exercise said option; otherwise it will be presumed that Tenant has not exercised its option to extend the Lease Term or to renew the Lease Term. In the event Tenant exercises said option period or periods to extend the term of this Agreement, the Agreement shall be under the same terms and conditions as herein set out except that annual Rent shall increase by ten percent (10%) at the beginning of the first option period over the annual Rent that Tenant was paying in the initial Lease Term and thereafter, Rent shall increase by ten percent (10%) at the beginning of each successive option period over the Rent that Tenant was paying for the previous option period. The reference to the Lease Term, shall hereinafter refer to the Lease Term as extended herein.
