Exercise of Option to Extend. The options to extend the term of this Lease shall be deemed to be automatically exercised unless Tenant shall give City notice of the relinquishment of such option and all succeeding options in the manner hereinafter specified for notices not later than July 19, 2005, prior to the expiration of the Original Term or at least one hundred sixty-five (165) days prior to the expiration of the prior Extended Term, as the case may be. The failure of Tenant to give such notice within the time limited shall cause such option to be automatically exercised and this Lease shall continue in full force and effect for the succeeding Extended Term. The giving of notice of the relinquishment of an option to extend the term within the specified time periods prior to the expiration of the preceding term shall cause such Extended Term and any succeeding Extended Terms to lapse and become null and void and of no further force or effect, and this Lease and all rights of Tenant hereunder shall expire and terminate as of the end of the Original Term or Extended Term, as the case may be.”
Exercise of Option to Extend. Section 2.04 of the Original Lease, as amended by the MOUs, is hereby amended in its entirety to read as follows:
Exercise of Option to Extend. For all purposes under the Lease, this amendment shall be deemed to exercise the first of the two options to extend provided to Tenant in Section S.6 of the Lease, and to the extent the terms of this Amendment are inconsistent with the terms provided for the first extension under Section S-6 of the Lease, this Amendment shall control.
Exercise of Option to Extend. The Option to Extend contained in this Section 2.3 shall be exercised by Tenant, if at all, and only in the following manner: (i) Tenant shall deliver written notice to Landlord not more than thirteen (13) months nor less than twelve (12) months prior to the expiration of the Lease Term, stating that Tenant is interested in exercising its Option to Extend; (ii) Landlord, after receipt of Tenant's notice, shall deliver notice (the "Option Rent Notice") to Tenant not less than ten (10) months prior to the expiration of the Lease Term, setting forth the Option Rent; and (iii) if Tenant wishes to exercise such Option to Extend, Tenant shall, on or before the earlier of (A) the date occurring nine (9) months prior to the expiration of the Lease Term, and (B) the date occurring thirty (3 0) days after Tenant's receipt of the Option Rent Notice, exercise the Option to Extend by delivering written notice (the "Option Exercise Notice") thereof to Landlord, and upon, and concurrent with, such exercise, Tenant may, at its election, object to the Market Rent contained in the Option Rent Notice, in which case the parties shall follow the procedure, and the Market Rent shall be determined, as set forth in Section 2.3.4 below. Notwithstanding the foregoing Tenant may, anytime prior to the date occurring nine (9) months prior to the expiration of the Lease Term, exercise the option to extend by delivering the option exercise notice to Landlord, in which case the parties shall follow the procedure, and the Market Rent shall be determined, as set forth in Section 2.3.4, below.
Exercise of Option to Extend. The option to extend shall be deemed exercised unless:
Exercise of Option to Extend. Pursuant to Paragraph 23 of Lease, Tenant hereby exercises its option to extend the Lease for a period of five (5) years (“Extension Period”). The covenants and conditions between Landlord and Tenant during this Extension Period shall be the same as those contained in the Lease, except that the monthly base rent during the first year of the Extension Period shall be the same as the monthly base rent for September 2009 under the Lease, plus 3%, and the base rent for each subsequent year of the Extension Period shall be subject to a 3% annual increase from the base rent for the previous year. Thus, the base rent schedule for this Extension No. 1 shall be as follows: PERIOD MONTHLY BASE RENT Oct. 1, 2009 thru Sept. 30, 2010 $26,780.00 Oct. 1, 2010 thru Sept. 30, 2011 $27,583.40 Oct. 1, 2011 thru Sept. 30, 2012 $28,410.90 Oct. 1, 2012 thru Sept. 30, 2013 $29,263.23 Oct. 1, 2013 thru Sept. 30, 2014 $30,141.13
Exercise of Option to Extend. Landlord and Tenant acknowledge that Tenant has validly exercised the option to extend the Term of the Lease as contemplated under Section 15.1 of the Lease.
Exercise of Option to Extend. The term of the Sublease will be extended to March 31, 2011 pursuant to section 2.2 of the Sublease.
Exercise of Option to Extend. Clarendon hereby exercises its option under Section 3.1.2(i) of the Tolling Agreement to extend the term of the Tolling Agreement by two years, through September 30, 1991, and the parties agree that Clarendon's right to xxxxxxxxe Alumina Deliveries after September 30, 1991 shall be as stated in Section 3.1.2(ii) of the Tolling Agreement except that the reference to "at least three (3) months' prior notice" is hereby amended to read "at least six (6) month's prior notice."
Exercise of Option to Extend. The term of the Sublease will be extended to March 31, 2011 pursuant to section 2.2 of the Sublease. For greater certainty, the Sublease will expire on March 31, 2011 (rather than April 30, 2011 as originally contemplated in section 2.2 of the Sublease), unless extended to May 14, 2011 pursuant to Section 5(i) of this Amending Agreement.
