Second Option Term. The Authority, at its sole discretion, may elect to extend the term of the Contract for the period of March 26, 2022 through March 25, 2023 (“Second Option Term”) by giving written notice to the Contractor prior to the expiration of the First Option Term, unless earlier terminated as provided herein.
Second Option Term. The rent payable by Tenant during the second Option Term shall be equal to the Fair Market Rental Value of the Premises as of the commencement of the Option Term. For purposes of this Section 2.5.2.2, Fair Market Rental Value of the Premises shall be the rental rate, including all escalations, at which tenants lease comparable space as of the commencement of the second Option Term. For this purpose, “comparable space” shall be office space that is: (a) not subleased; (b) not subject to another tenant’s expansion rights; (c) not leased to a tenant that holds an ownership interest in the landlord; (d) not leased to a tenant under a renewal or an extension of a lease; (e) comparable in size, location, and quality to the Premises; (f) leased for a term comparable to the second Option Term; and (g) located in comparable buildings.
Second Option Term. Provided Tenant is not in Default as provided herein, Tenant shall have the right, upon prior written notice given to Landlord no later than July 2, 2017, time being of the essence, given in accordance with the terms of this Lease (“Tenant’s Second Option Renewal Notice”), to extend the term of this Lease for one additional five (5) year period commencing on the Second Option Term Commencement Date and ending on the Second Option Term Expiration Date (the “Second Option Term”), on the same terms and conditions and at the rental set forth herein. Tenant’s failure to give Tenant’s Second Option Renewal Notice shall be deemed an election by Tenant not to exercise the option provided herein.
Second Option Term. TBD The State may exercise each of the options by written notice to the Contractor. In the event the State elects to exercise an option to extend the Agreement as set forth in this provision, the expiration date of the Agreement shall become the ending date of the option term exercised.
Second Option Term. The Second Option shall become exercisable on the date the First Option is exercised. The Second Option shall expire on the earlier to occur of (i) the First Option Expiration Date if Contango fails to exercise the First Option on or prior thereto or (ii) December 15, 2002, provided that if the payment specified in Section 2.4(b)(i) has not been delivered to Cheniere, the Second Option shall expire at the close of business on September 15, 2002 (such date as applicable, the "Second Option Expiration Date").
Second Option Term. Tenant shall have an option to extend the term of this Lease for an additional period of five (5) years (second option term) (Years 16-20 from the date upon which it would otherwise expire, upon the same terms and conditions as herein provided, except that (i) Owner shall have no obligation to perform any work in the demised premises except as otherwise set forth herein and (ii) the Annual Fixed Rental for each year of the second option term shall be the greater of (x) the Annual Fixed Rental for lease year 15 and (y) the Fair Rental Value of the premises for like office, research and testing space with ancillary assembly space.
Second Option Term. Section 2.6 of the Lease is hereby amended to provide that the second option term shall be for an eight (8) year period.
Second Option Term. If DP&L extends this Agreement through the First Option Term, then DP&L shall have the unilateral option to extend the Term of this Agreement for an additional five (5) Contract Years (i.e., through the Second Option Term) by giving written notice to Pen on or before January 1, 2000. If exercised the Second Option Term will begin on July 1, 2000 and continue through June 30, 2005.
Second Option Term. The Parties hereto agree that the term of the second option to the Lease, as amended, shall be three (3) years commencing May 1, 2009 and terminating on April 30, 2012 (“Termination Date”).
Second Option Term. Provided Tenant is not then in default under any terms of the Lease, as hereby amended, Tenant shall provide Landlord written notice in accordance with Section 5(b) above, of its intent to exercise the Second Option Term on or before (i) October 1, 2020, or (ii) November 1, 2020:
