RENEWAL LEASE TERMS Sample Clauses

RENEWAL LEASE TERMS. (a) Not earlier than 42 months prior to, but not less than 18 months prior to, the expiration of the Basic Lease Term, so long as no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date any notice is given pursuant to this SECTION 15.1(A) and no Material Lease Default or Lease Event of Default shall have occurred and be continuing on the date the lease renewal proposed pursuant to this SECTION 15.1(A) is to commence, the Facility Lessee may deliver to the Owner Lessor a notice (which notice may be in addition to a notice of the Facility Lessee's interest in electing a FMV Renewal Lease Term under SECTION 15.2) of the Facility Lessee's interest in renewing this Facility Lease at the end of the Basic Lease Term for a term (the "FIRST RENEWAL TERM") selected by the Facility Lessee, which term shall satisfy the following criteria: (i) the aggregate of the proposed First Renewal Term and the Basic Lease Term shall be no greater than 75% of the estimated remaining economic useful life of the Facility as of the Closing Date, as determined in an appraisal to be conducted at such time and (ii) on the last date of such proposed First Renewal Term, the estimated Fair Market Sales Value of the Facility is expected to be no less than 20% of the Purchase Price (without taking into account inflation or deflation subsequent to the Closing Date as determined in an appraisal to be conducted at such time). Items (i) and (ii) of the immediately preceding sentence shall be determined by an Independent Appraiser selected by the Facility Lessee and reasonably acceptable to the Owner Lessor. The Facility Lessee shall pay all expenses and fees of such Independent Appraiser. The Facility Lessee may withdraw any notice given in accordance with this SECTION 15.1(A) by written notice of such withdrawal to the Owner Lessor, on or prior to the date which is 18 months before the commencement of the 36 proposed First Renewal Term.
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RENEWAL LEASE TERMS. 54 7.2 Limitation on Lessee's Liability.................................................55
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RENEWAL LEASE TERMS. The Lessee may renew this Lease subject to, and in accordance with, the terms and conditions of SECTION 7.1
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RENEWAL LEASE TERMS. The Term of the Sublease shall automatically be extended for up to three (3) additional periods of five (5) years each unless Tenant gives Landlord a cancellation notice as more particularly set forth in the Sublease. TENANT EXCLUSIVE: Landlord warrants, covenants and agrees that Landlord will not sell, lease or develop, nor permit the sale, lease or development of any part of the Shopping Center (excepting the Premises) for a restaurant use if fifteen percent (15%) or more of its gross sales, exclusive of tax, beverage and dairy product sales, consist of hamburgers, any other type of beef products served in sandwich form, ground meat or meat substitute, or a combination of ground meat and meat substitute, or chicken sandwiches (or any combination thereof) (the "Tenant Exclusive"). In addition and without limitation or regard to the percentage of sales of the restricted products, the Tenant Exclusive shall also apply to any restaurant operated under any of the following trade names or any successor trade name thereto: Arby’s, Xxxxxx Xxxxxxx, Big Boy, Bresslers, Xxxxx'x Chicken, Burger Chef, Burger King, Carl's Jr., Carrow's, Checker’s, Church’s Chicken, Chick-fil- a, Chipotle, Culver’s, Denny’s, Denny's, El Pollo Loco, Five Guys Burgers and Fries, Fuddrucker's, Hardee's, In and Out Burgers, Xxxx-in-the-Box, Kentucky Fried Chicken (KFC), Krystal, McDonald’s, Panera Bread Company, Perkin's, Popeye's Chicken, Quiznos, Raising Cane’s, Rally's, Shoney's, Smashburger, Sonic, Steak ‘n Shake, Subway, Whataburger, White Castle, and Zaxby’s. TENANT’S EASEMENT RIGHTS AND NON-DISTURBANCE: Tenant’s Easement Rights are an appurtenance to the Premises. RIGHT TO ENCUMBER PERSONALTY: Tenant has the right to place liens upon and grant security interests in any and all Personalty in accordance with certain conditions set forth in Section 8.05 of the Sublease.
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Related to RENEWAL LEASE TERMS

  • Lease Terms 8.1. The Tenant must observe and perform all conditions and covenants that apply to the Allotment Site contained in any lease under which the Council hold the Allotment Site.

  • Initial Lease Term The Initial Lease Term is for a minimum of ten (10) years; however, the State will consider a longer lease term if economic benefits are deemed to be in the State’s best interest. Please propose a fixed, or flat, rental rate for a Gross Lease: including all expenses – taxes, insurance, janitorial services, maintenance, etc. The State may elect to pay for utilities separately so please include a cost per square foot to reduce the rental rate if such occurs.

  • BASIC LEASE TERMS For purposes of this Lease, the following terms have the following definitions and meanings:

  • Option to Extend Lease Term At the expiration of the original Lease Term, Tenant may extend this Lease as to the entire Premises or a portion of the Premises for two (2) extended terms of five (5) years each (each an “Extended Term”) by giving Landlord written notice (the “Option Notice”) of its intention to do so not later than twelve (12) months prior to the expiration of the original Lease Term, and thereafter twelve (12) months prior to the expiration of the applicable Extended Term; provided, however, that Tenant is not in material default beyond any applicable notice and cure period under the Lease on the date of giving such notice or on the date of commencement of such Extended Term. The Option Notice shall set forth Tenant’s election to extend the Lease for all or a portion of the Premises. If Tenant elects to extend the Lease for only a portion of the Premises, the portion of the Premises for which Tenant elects not to extend the Lease shall be: (i) either located entirely on one floor of the Premises or located on one entire floor and a portion of the other floor; (ii) a minimum of 15,000 RSF; (iii) adjacent to a window line and easily accessible; and (iv) shall be in a readily marketable and leasable location. Landlord shall be responsible for any and all costs to separate the portion of the Premises for which Tenant elects not to extend the Lease from the remainder of the Premises such that the space is a separate easily accessible and readily marketable space promptly following the commencement of the applicable Extended Term. Any termination of the entire Lease shall result in automatic termination of this option. Tenant’s right to extend the Lease Term provided herein is personal to Tenant and may not be assigned or otherwise transferred except in connection with a permitted assignment of this Lease, including to a Tenant’s Affiliate. The Extended Term shall be upon all of the terms and conditions of this Lease, except that the following rights of Tenant during the original Lease Term shall not apply during such Extended Term unless granted as part of the Fair Market Rental: (a) any right to rent-free possession; (b) any right to further extension of the Lease Term beyond the Extended Terms set forth herein above; (c) any right to continue to pay the same Base Rent; (d) any right to additional Tenant Allowance; (e) any right to terminate the Extended Term early; (f) any right to continue to exclude HVAC Capital Expenditures; (g) cost of security for the Building; and (h) the right to the continuation of any cap on Controllable Operating Expenses from the previous year (it being understood that the Operating Expenses for the first twelve (12) months of each new Extended Term shall be the actual Operating Expenses without any cap and thereafter the cap set forth in Section 4.2(e) shall apply). Landlord and Tenant hereby acknowledge and agree that the Base Rent during each Extended Term shall be equal to ninety-five (95%) of the Base Rent component of the “Fair Market Rental” and one hundred percent (100%) of the economic concessions, including without limitation, free rent, improvement allowance, base year and other monetary concessions, component of the Fair Market Rental for the Premises, as determined by as follows:

  • Sublease Term The term of the Sublease (“Sublease Term”) commences on the later to occur of (1) Sublandlord’s receipt of Prime Landlord’s written consent to this Sublease, and (2) October 1, 2009 (“Sublease Commencement Date”); and expires on January 28, 2018 (“Sublease Expiration Date”; i.e., the day prior to the Termination Date pursuant to the Prime Lease). Sublandlord shall deliver the Subleased Premises “broom clean” and free of all of Sublandlord’s personal property (other than the F&F (defined in Section 2(f))) and debris, but otherwise in “AS IS, WHERE IS” condition on the Sublease Commencement Date; provided that Subtenant shall not be responsible for, or required to remedy, any violation of any applicable law, or any condition or state of facts, with respect to the Subleased Premises, the Building or the Land existing on or prior to the Sublease Commencement Date. Sublandlord is not required to perform any work to prepare the Subleased Premises for Subtenant’s intended use. If (i) for any reason Sublandlord has not received Prime Landlord’s written consent to this Sublease in form required by Section 15(i) below by the date which is sixty (60) days from the date hereof, or (ii) Prime Landlord elects to terminate the Prime Lease in respect of the Subleased Premises pursuant to Prime Landlord’s recapture right set forth in Section 16.5 of the Prime Lease, then in the case of (i), then Sublandlord and Subtenant each may elect at any time thereafter to terminate this Sublease by written notice to the other, whereupon the parties shall deem this Sublease to be null and void and of no effect (except for those provisions expressly stated herein to survive a termination), and in the case of (ii) the Sublease will be deemed terminated in accordance with Section 16.5 of the Prime Lease.

  • Term of Lease This Lease shall commence on the date of ________ and shall continue until its natural termination under this part on the date of ________ at 11:59 PM. After the date of termination, this Lease shall automatically renew and shall continue for the same term amount until Landlord or Tenant undertake cancellation of this Lease in writing. At the expiration of this Lease, Tenant shall be responsible for providing a forwarding address to Landlord to receive any funds owed or other notices.

  • Extension of Lease Term The Term of the Lease is hereby extended, pursuant to all of the terms and conditions of the Lease as amended, for an additional period of forty-two (42) months, ending on August 31, 2022 (the “First Extended Term”).

  • Original Lease The single executed original of this Lease marked "THIS COUNTERPART IS THE ORIGINAL EXECUTED COUNTERPART" on the signature page thereof and containing the receipt of the Lessor therefor on or following the signature page thereof shall be the Original Executed Counterpart of this Lease (the "Original Executed Counterpart"). To the extent that this Lease constitutes chattel paper, as such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction, no security interest in this Lease may be created through the transfer or possession of any counterpart other than the Original Executed Counterpart.

  • Lease of Premises for Lease Term Landlord hereby leases the Premises to Tenant, and Tenant hereby rents the Premises from Landlord, for the Term and subject to the conditions of this Lease.

  • Sublease Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.

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