Extension Right. Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.
Extension Right. Tenant shall have a one time right (the "EXTENSION RIGHT") to extend the term of this Lease for five years (the "EXTENSION TERM") on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least nine months prior, and no earlier than twelve months prior, to the expiration of the Base Term of the Lease.
Extension Right. In addition to extension rights of the State set forth in the Contract, the State CIO reserves the right to extend any Contract if the State CIO determines such extension to be in the best interest of the State.
Extension Right. The Commonwealth reserves the right, upon notice to the Grantee, to extend the term of the Grant Agreement for up to three months upon the same terms and conditions.
Extension Right. Subject to the terms and conditions of this Section 3.3 and provided that Tenant is not in default under this Lease, either at the time of Tenant's exercise of Extension Right under this Section 3.3 and at the time the Extension Term is scheduled to commence, Tenant shall have the right ("Extension Right") to extend the term of this Lease for one (1) additional period of two (2) years (the "Extension Term") on the same terms and conditions of this Lease as are provided for the initial Term (but excluding any rent credits, allowances or free rent). The Extension Term shall commence upon the date of expiration of the initial Term of this Lease. To exercise its Extension Right, Tenant must give written notice to Landlord that Tenant is exercising its Extension Right at least 180 days before the date of expiration of the initial Term. Tenant's exercise of its Extension Right shall be null and void unless Landlord receives (i) simultaneously with Tenant's notice of exercise and (ii) at least thirty (30) days before the commencement of the Extension Term, Tenant's most recent audited and monthly unaudited financial statements, bank references, Dun & Bradstreet report, and a balance sheet certified as being true by Tenant's chief financial officer. If, in Landlord's reasonable discretion, Landlord determines from any of the foregoing material that the creditworthiness of Tenant is materially less than the creditworthiness of Tenant as of the Lease's execution date, Landlord may reject Tenant's exercise of its Extension Right by written notice to Tenant and upon such rejection Tenant's Extension Right shall immediately terminate and be of no further force or effect. Tenant further acknowledges and agrees that the amount of the Security Deposit payable by Tenant for the Extension Term shall be increased to an amount equal to the first monthly installment of Base Rent payable by Tenant during the Extension Term.
Extension Right. If, upon expiration of the Initial R&D Term, Merck (a) has not designated its fifth (5th) Elected Candidate in accordance with Section 2.10 and [***], Merck may, at its written election, extend the R&D Collaboration for [***] that will begin upon the expiration of the Initial R&D Term and end on the earlier to occur of (i) the fourth anniversary of the Effective Date and (ii) the date on which Merck designates its fifth (5th) Elected Candidate hereunder (the “R&D Extension Term”, and together with the Initial R&D Term, the “R&D Term”). Merck may exercise such right by providing written notice to Moderna at [***] prior to the expiration of the Initial R&D Term and, subject to [***], the R&D Extension Term will automatically go into effect. Absent further agreement of the Parties but subject to Section 2.8(c) for an applicable R&D Program, the maximum duration of the R&D Term is four (4) years, and all R&D Programs will terminate upon expiration of the R&D Term.
Extension Right. The first sentence of the first paragraph of Section 39(a) of the Lease (as amended by Section 3 of the First Amendment and Section 3 of the Second Amendment) is hereby deleted in its entirety and replaced with the following: “So long as Tenant exercises its Extension Right (as defined in the Other Lease) pursuant to the Other Lease, Tenant shall have 1 right (an "Extension Right") to extend the term of this Lease for 5 years (an "Extension Term") on the same terms and conditions as this Lease (other than with respect to Base Rent) by giving Landlord written notice of its election to exercise the Extension Right on or before February 29, 2016.”
Extension Right. Subject to Article 2 of the Lease Amendment, Lessee has the right to extend the Term of the Lease pursuant to Article 1 of the Lease Amendment.
Extension Right. Section 39 of the Lease is hereby deleted and replaced in its entirety with the following:
Extension Right. For the avoidance of doubt, Tenant’s Extension Right pursuant to Section 39 of the Lease (as amended by the Second Amendment) shall apply to both the Current Premises and the Third Expansion Premises and, if exercised by Tenant pursuant to the terms of Section 39, must be exercised with respect to the entire Premises.
