OPTION TO RENEW. Provided Tenant is not, and has not been (more than two (2) times), in default under any of the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided herein (“Option”). The Option shall only be exercised by Tenant delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date which is nine (9) months prior to the expiration of the Rental Term (the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded). “Fair Market Rate” means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of renewal period(s) with each term being year(s) month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by % ☐ - Increase by dollars ($ )
OPTION TO RENEW. Tenant is hereby granted the option to extend the term of this Lease for two (2) five (5) year periods, hereinafter referred to a the "First Extended Term" and the "Second Extended Term", respectively, by giving notice of exercise of the option ("Option Notice") to Landlord at least six (6) months, but not more than one (1) year, before the expiration of the Basic Term or the First Extended Term, as the case may be; provided, however, that if Tenant is in default on the date of giving any such Option Notice, or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a material default, the Option Notice shall be totally ineffective, and provided further, that if Tenant is in default or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a default, on the date that the First Extended Term or the Second Extended Term (collectively the "Extended Terms") would otherwise commence, at Landlord's option, such Extended Term shall not commence and this Lease shall expire at the end of the Basic Term, or at the end of the First Extended Term, as the case may be. In the event Tenant gives notice of exercise of option, which notice is ineffective for any reason stated herein, Landlord shall provide Tenant with prompt written notice of rejection of such notice of exercise of option. Tenant shall have no other right to extend the term beyond the Second Extended Term described herein. During the Extended Terms all of the terms and provisions contained herein shall apply except that commencing at the beginning of each Extended Term, the Annual Basic Rent shall be increased to an amount equal to ninety-five percent (95%) of the fair market Rental ("FMR") for the Premises unless Tenant elects to arbitrate the fair market rental, as set forth herein. Landlord shall notify Tenant of the FMR within sixty (60) days after receipt of Tenant's Option Notice. Tenant shall then have sixty (60) days following Tenant's receipt of Landlord's determination of the FMR within which to confirm or to revoke its election to renew the Lease. If Tenant fails to revoke its election, Tenant's consent to FMR shall be deemed given and the Lease shall be deemed extended. If Tenant elects arbitrate the issue of FMR, such dispute shall be resolved by means of banding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. Arbitration shall be...
OPTION TO RENEW. Provided that Lessee is not in default in the performance of this lease, Lessee shall have the option to renew the lease for an additional term of twelve months commencing at the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term except that the monthly rent shall be the sum of $2,000.000. The option shall be exercised by written notice given to Lessor not less than 90 days prior to the expiration of the initial lease term. If notice is not give in the manner provided herein within the time specified, this option shall expire.
OPTION TO RENEW. (Check One) ☐ - Lessee may not renew the Lease. ☐ - Lessee may have the right to renew the Lease with a total of ____ renewal period(s) with each term being ____ year(s) ____ month(s) which may be exercised by giving written notice to Lessor no less than 60 days prior to the expiration of the Lease or renewal period. Rent for each option period shall: (Check One) ☐ - Not increase. ☐ - Increase as calculated by multiplying the Base Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ - Increase by ____% ☐ - Increase by ___________________ dollars ($_______________)
OPTION TO RENEW. The Lessor hereby grants to the Lessee the right and option to renew this Lease for a further like or lesser term upon the same or like conditions as herein contained, and applicable to the portion of the premises for which the renewal applies, and the Lessee shall exercise this option by written notice to the Lessor given upon any rental payment date prior to the expiration of this Lease.
OPTION TO RENEW. If the Lessee is not in default upon the expiration of this lease, the Lessee shall the option to renew this Lease for a similar term on such terms as the Parties agree upon. 13.
OPTION TO RENEW. (If an option to renew is applicable, keep this clause and type the specifics as to how many renewal terms e.g. two one-year renewals, etc.) SAMPLE The term of the Agreement may be extended up to by a written amendment executed by both parties. However, the total term of the Agreement including the extended term shall not exceed years. EXHIBIT B INSURANCE SAMPLE (RESERVED FOR CITY’S INSURANCE PROVISIONS APPROVED BY RISK) EXHIBIT C GENERAL TERMS AND CONDITIONS
OPTION TO RENEW. If this Lease is not previously canceled or terminated and if Lessee is not then in default, then Lessee shall have the option to renew this Lease upon the same conditions and covenants contained in this Lease for Three (3) consecutive periods of Five (5) years each (singularly "Renewal Term"). Rent during each Lease Year of any Renewal Term shall increase by 1% of the Rent payable for the preceding Lease year. The first Renewal Term will commence on the day following the date the original Term expires and successive Renewal Terms will commence on the day of following the last day of the then expiring Renewal Term. Lessee must give one hundred twenty (l20) days written notice to Lessor of its intent to exercise this option prior to the expiration of the original Term of this Lease or any Renewal Term, as the case may be.
OPTION TO RENEW. The Tenant may: (check one) ☐ – Not Renew this Agreement. ☐ – Renew this Agreement. The tenant may have the option to renew this Agreement with a total of [#] renewal period(s) with each term being [#] year(s) [#] month(s), which may be exercised by giving written notice to the Landlord no less than 60 days prior to the expiration of this Agreement or renewal period thereafter (“Renewal Periods”). Rent for each Renewal Period shall: (check one) ☐ – Not increase. ☐ – Increase as calculated by multiplying the Rent by the annual change in the Consumer Price Index (CPI) published by the Bureau of Labor Statistics by the most recent publication to the option period start date. ☐ – Increase by [#]% ☐ – Increase by $[AMOUNT] The Initial Term and any renewal periods mentioned shall be collectively referred to as the “Term.” 10.
