Second Option to Extend. Borrower shall have the option to extend the term of the Loan from the First Extended Maturity Date to the Second Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
Second Option to Extend. [Terms to be negotiated in each instance.]
Second Option to Extend. On or before one hundred twenty (120) days prior to the expiration of the First Extension Period, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “Second Extension Period”). The maximum term of the Lease with the second extension is fifty-four and one-half (54 1/2) years.
Second Option to Extend. In the event Tenant exercises its First Option to Extend above, Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2026, to 12:01PM on 31st Day of December 2031. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than the December 31st, 2025. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
Second Option to Extend. The option to extend the First Extended Maturity Date to the Second Extended Maturity Date (“Second Option to Extend”) shall be approved by Lender in its sole discretion. In order for the Lender to consider such extension, the Sponsor must satisfy each of the following conditions precedent in Lender’s sole discretion:
Second Option to Extend. Provided Tenant has extended the Lease for an additional ten (10) year period as set forth in Paragraph 44 above, Landlord hereby grants to Tenant an Option to Extend ("Second Option to Extend") this Lease for an additional term equal to nine (9) years and eleven (11) months reduced day for day by (i) any Early Occupancy Period as provided in Paragraph 2C above, and (ii) the period between the date of execution of this Lease and the Lease Commencement Date (the "Build-Out Period") except to the extent that legal counsel for Tenant delivers to Landlord and Tenant prior to the exercise of the Second Option to Extend, a legal opinion to the effect that all or some portion of such Build-Out Period is not includible for Proposition 13 reassessment purposes in the calculation of the overall maximum term of this Lease (which term was to be in all events less than 35 years in duration as of the date of execution of this Lease), in which event such portion of the Build-Out Period which has been so determined not to be includible for Proposition 13 purposes shall not be deducted from such nine year and eleven month term (as so calculated, the "Second Extended Term") on the following terms and conditions;
Second Option to Extend. Subject to approval of CMS and requisite State approvals, the State may request continued performance for up to two additional years starting on November 1, 2021 and ending no later than October 31, 2023 at mutually agreed rates and on the same terms specified in this Contract. If the State exercises this option, it shall provide written notice to Contractor at least thirty (30) days prior to the end of the current Contract term in form substantially equivalent to Exhibit B, Sample Option Letter. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract. Any agreed increase in rates under this Section 5.D shall be limited as follows: In no event will the rates agreed under this Section 5.D exceed the rates covering the period from November 1, 2020 to October 31, 2021 as specified in this Contract plus a maximum percentage increase equal to the mathematical mean of the annual percent increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley metropolitan area for calendar year 2018 and calendar year 2019 as published by the US Department of Labor, Bureau of Labor Statistics. If the CPI-U is for some reason not available as specified in this Section, the Parties will use the CPI-U (U.S.) for the same period.
Second Option to Extend. Borrower shall have the option to extend the First Extended Mandatory Conversion Date to the Second Extended Mandatory Conversion Date, upon satisfaction of the following conditions precedent:
Second Option to Extend. Borrower shall have the option to extend the B-Note First Extended Maturity Date to a date which is twelve (12) months after the B-Note First Extended Maturity Date (the "B-Note Second Extended Maturity Date"), upon satisfaction of each of the following conditions precedent:
Second Option to Extend. If and only if Lessee has exercised its option to extend the term of this Lease for the First Renewal Term and this Lease is in full force and effect, Lessee shall have the right, subject to the provisions hereinafter provided, to further extend the term of this Lease for one (1) period of five (5) years on the terms and provisions of this Article XXXIV. Such five-year renewal period, which is sometimes hereinafter referred to as the "Second Renewal Term", shall commence on the day after the expiration of the First Renewal Term. The conditions of such Second Renewal Term shall be as follows: renewal, but Lessor shall have the right at its sole discretion to waive the non-default conditions herein.
