Common use of Initial Term; Renewal Term Clause in Contracts

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12, 2021 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three (3) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 2 contracts

Samples: Lease and Option to Purchase Agreement, Lease and Option to Purchase Agreement

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Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12September 15, 2021 2023, and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three four (34) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12, 2021 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three four (34) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12January 13, 2021 2023 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three four (34) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12, 2021 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three four (34) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

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Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12January 17, 2021 2023 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three four (34) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12, 2021 and shall terminate the last day of Lessee’s current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three (3) fiscal years (the “Maximum Lease Term”). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this Agreement, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

Initial Term; Renewal Term. The Initial Term of this Agreement shall commence on July 12August 1, 2021 2023 and shall terminate the last day of Lessee’s 's current Fiscal Year. The Lease Term may be continued, solely at the option of Lessee at the end of the Initial Term or any Renewal Term for an additional one year, up to a Maximum Lease Term not to exceed three of five (35) fiscal years (the "Maximum Lease Term"). At the end of the Initial Term and at the end of each Renewal Term, unless Lessee Xxxxxx has terminated this Agreement pursuant to SECTION 4.5 of this AgreementSection 4.5, Lessee shall be deemed to have exercised its option to continue this Agreement for the next Renewal Term Tenn until the Maximum Lease Term has been completed. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Initial Term, except that the Rental Payments shall be as provided in EXHIBIT D Exhibit E to this Agreement.

Appears in 1 contract

Samples: Lease and Option to Purchase Agreement

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