Grouped Into 2 Collections of Similar Clauses From Business Contracts
This page contains Option to Extend Term clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times preceding the Expiration Date, (ii) there then exists no default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except as a Permitted Transfer), and (iv) Tenant remains creditworthy, as determined by Landlord in Landlord's commercially reasonabl...e discretion, Tenant shall have the right and option (an "Extension Option") to extend the Term for one (1) additional period of five (5) years, exercisable in the following manner. If Tenant is desirous of exercising the Extension Option under this section, Tenant shall give Landlord written notice not less than nine (9) months in advance of the scheduled Expiration Date of Tenant ‘s intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party, except for a Permitted Transfer (who shall be permitted to exercise the Extension Option pursuant to the same conditions which Tenant can). Promptly after receipt of Tenant's Extension Notice, Landlord and Tenant shall negotiate the Fixed Rent for the Extension Option in good faith. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: (a) the Extension Option period shall begin at the original Expiration Date and thereafter the Expiration Date shall be one hundred thirty-two (132) months from the Commencement Date; (b) all references to the Term in this Lease shall be deemed to mean the Term as extended pursuant to this section; (c) after the Extension Option provided herein, there shall be no further options to extend; and (d) the Fixed Rent payable by Tenant shall be the then market rate as reasonably determined by Landlord and Tenant negotiating in good faith.View More
Option to Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times preceding the Expiration Date, times, (ii) there then exists no event of default by Tenant under the Lease this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant has occupies not previously assigned this Lease or sublet less than all of the Premises (except as a Permitted Transfer), and (iv) Tenant remains creditworthy, as ...determined by Landlord in Landlord's commercially reasonable discretion, Premises, Tenant shall have the right and option (an "Extension ("Extension Option") to extend the Term for one (1) additional period of five (5) years, three (3) years (the "Renewal Term"), exercisable in the following manner. If Tenant is desirous of exercising intends to exercise the Extension Option under this section, Section, Tenant shall give Landlord written notice not less than nine (9) months in advance of the scheduled Expiration Date of Tenant ‘s Tenant's intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee Affiliate or other party, except for a Permitted Transfer (who shall be permitted to exercise the Extension Option pursuant to the same conditions which Tenant can). party. Promptly after receipt of Tenant's Extension Notice, Landlord and shall advise Tenant shall negotiate in writing of Landlord's reasonable determination of the Fixed Rent then market rental rate for the Premises based upon the then market rate for comparable office space in Class "A" buildings, located within the Malvern office market. If Tenant accepts such determination in writing within fifteen days of delivery of Landlord's market rent notice, and, if requested by Landlord, enters into a lease amendment extending the term of the Lease within such fifteen days as provided in this Section, the Extension Option in good faith. shall be effective. If Tenant does not accept Landlord's determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain sixty-four (64) months from the Commencement Date. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: (a) (i) the Extension Option period shall begin at the original Expiration Date Date, and thereafter the Expiration Date shall be one hundred thirty-two (132) (100) months from the Commencement Date; (b) (ii) all references to the Term in this Lease shall be deemed to mean the Term as extended pursuant to this section; (c) Section; (iii) after the Extension Option provided herein, Option, there shall be no further options to extend; and (d) (iv) the Fixed Minimum Annual Rent payable by Tenant shall be the greater of the then market rate as reasonably determined by Landlord and Tenant negotiating in good faith. above, or the Minimum Annual Rent for the immediately preceding lease year. View More
Option to Extend Term. Provided that: that (i) Landlord has not given Tenant notice of a default material non-monetary Event of Default or any monetary Event of Default more than two (2) times in the preceding the Expiration Date, 12-month period, (ii) there then exists no default Event of Default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, an Event of Default, (iii) Tenant has not previously assigned this Lease or sublet all of the Prem...ises (except as a Permitted Transfer), and (iv) Tenant remains creditworthy, Tenant's creditworthiness is equal to or greater than it was as of the date of this Lease (as reasonably determined by Landlord in Landlord's commercially reasonable discretion, Landlord), Tenant shall have the right and option (an "Extension Option") to extend the Term for one (1) additional period of five (5) years, exercisable in the following manner. If Tenant is desirous of exercising the Extension Option under this section, Tenant shall give Landlord written notice not less than nine (9) twelve (12) months in advance of the scheduled Expiration Date of Tenant ‘s Tenant's intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party, except for party other than a Permitted Transfer (who shall be permitted to exercise the Extension Option pursuant to the same conditions which Tenant can). Transferee. Promptly after receipt of Tenant's Extension Notice, Landlord and Tenant shall negotiate the Fixed Rent for the Extension Option in good faith. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: 43 (a) the Extension Option period shall begin at the original Expiration Date and thereafter the Expiration Date shall be one hundred thirty-two (132) ninety (190) months from the Commencement Date; (b) all references to the Term in this Lease shall be deemed to mean the Term as extended pursuant to this section; (c) after the Extension Option provided herein, there shall be no further options to extend; and (d) the Fixed Rent payable by Tenant shall be the then market rate as reasonably determined by Landlord and Tenant negotiating in good faith. faith immediately following Landlord's receipt of the Tenant's Extension Notice. View More
Option to Extend Term. a. Subject to Section 9(b) below, provided the Lease or Tenant's right of possession thereunder has not been earlier terminated, Tenant shall have the right to extend the Term of the Lease as to all, but not less than all, of the Premises being leased under the Lease for one (1) period of three (3) years (the "Extended Term") beginning on July 1, 2021, subject to the following terms and conditions: (i) Tenant shall give written notice to Landlord of the exercise of Tenant's right to extend the T...erm of the Lease no later than January 1, 2021, time being of the essence (the "Renewal Notice"). If no such Renewal Notice is timely given, the Lease shall terminate as of June 30, 2021; (ii) Tenant shall not be in default under the Lease beyond the passage of any applicable period of cure, grace or notice at the time of giving the Renewal Notice or at any time thereafter to and including the commencement of the Extended Term; and (iii) The extension of the Term hereunder for the Extended Term shall be on the same terms and conditions as are applicable to the Term expiring on June 30, 2021; provided, however, (1) Tenant shall have no further right to extend the Term of the Lease beyond the end of the Extended Term, (2) Article 45 of the Lease and Section 3 of this Amendment shall not apply to the Extended Term, (3) Tenant shall lease the Premises in its then-existing "AS-IS" condition, without any obligation on the part of Landlord to make any alterations or improvements thereto or to provide any allowances to Tenant (provided, however, that this provision shall not be construed to amend any provisions of the Lease, including without limitation any maintenance and/or repairs obligations of Landlord under the Lease), and Landlord shall not pay any brokerage commissions or finder's fees, and (4) the Base Rent payable by Tenant to Landlord for the Extended Term shall be as follows: 4 Months Price Per SquareFoot Monthly Annually 7/1/2021 to 6/30/2022 $ 9.00 $ 33,497.25 $ 401,967.00 7/1/2022 to 6/30/2023 $ 9.20 $ 34,241.63 $ 410,899.60 7/1/2023 to 6/30/2024 $ 9.40 $ 34,986.02 $ 419,832.20 b. It is acknowledged and agreed by the parties that the right of Tenant to extend the Term of the Lease under this Section 9 is personal to Entellus Medical, Inc. (the "Original Tenant") and its Affiliates (as defined in Article 21(a) of the Lease) and should said Original Tenant assign the Lease or sublet all or any part of the Premises to any person or entity other than an Affiliate, the right of Tenant to extend the Term of the Lease under Section 9(a) above shall automatically terminate, and said Section 9(a) above shall become null and void and of no further force or effect.View More
Option to Extend Term. a. Subject to Section 9(b) Sections 6(b) and 6(c) below, provided the Lease or Tenant's right of possession thereunder has not been earlier terminated, Tenant shall have the right to extend the Term of the Lease as to all, but not less than all, of the Premises being leased under the Lease for one (1) period of three (3) years (the "Extended Term") beginning on July 1, 2021, subject to the following terms and conditions: (i) Tenant shall give written notice to Landlord of the exercise of Tenant'...s right to extend the Term of the Lease no later than January 1, 2021, time being of the essence (the "Renewal Notice"). If no such Renewal Notice is timely given, the Lease shall terminate as of June 30, 2021; (ii) Tenant shall not be in default under the Lease beyond the passage of any applicable period of cure, grace or notice at the time of giving the Renewal Notice or at any time thereafter to and including the commencement of the Extended Term; and (iii) The extension of the Term hereunder for the Extended Term shall be on the same terms and conditions as are applicable to the Term expiring on June 30, 2021; provided, however, (1) Tenant shall have no further right to extend the Term of the Lease beyond the end of the Extended Term, (2) Article 45 of the Lease and Section 3 of this Amendment shall not apply to the Extended Term, (3) Tenant shall lease the Premises in its then-existing "AS-IS" condition, without any obligation on the part of Landlord to make any alterations or improvements thereto or to provide any allowances to Tenant (provided, however, that this provision shall not be construed to amend any provisions of the Lease, including without limitation any maintenance and/or repairs obligations of Landlord under the Lease), and Landlord shall not pay any brokerage commissions or finder's fees, and (4) (3) the Base Rent payable by Tenant to Landlord for the Extended Term shall be as follows: 4 Months Price Per SquareFoot Monthly Annually 7/1/2021 to 6/30/2022 $ 9.00 5.55 $ 33,497.25 3,411.86 $ 401,967.00 40,942.35 7/1/2022 to 6/30/2023 $ 9.20 5.70 $ 34,241.63 3,504.08 $ 410,899.60 42,048.90 7/1/2023 to 6/30/2024 $ 9.40 5.85 $ 34,986.02 3,596.29 $ 419,832.20 43,155.45 b. It is acknowledged and agreed by the parties that the right of Tenant to extend the Term of the Lease under this Section 9 6 is personal to Entellus Medical, Inc. (the "Original Tenant") and its Affiliates (as defined in Article 21(a) of the Lease) and should said Original Tenant assign the Lease or sublet all or any part of the Premises to any person or entity other than an Affiliate, the right of Tenant to extend the Term of the Lease under Section 9(a) 6(a) above shall automatically terminate, and said Section 9(a) 6(a) above shall become null and void and of no further force or effect. c. Landlord and Tenant acknowledge that they are parties to a Commercial Lease dated February 27, 2012 (the "Plymouth Ponds 4 Lease"), as amended by a First Amendment to Lease dated of even date herewith (the "Plymouth Ponds 4 Amendment") for Suite 40, 3600 Holly Lane North, Plymouth, MN. Notwithstanding anything herein to the contrary, Tenant may only extend the Term of the Lease under said Section 6(a) if Tenant has properly exercised its right to extend that term of the Plymouth Ponds 4 Lease pursuant to Section 9 of the Plymouth Ponds 4 Amendment. View More
