Renewal term clause samples

2. Landlord and Tenant agree that Tenant has properly exercised the First Renewal Term. The First Renewal Term shall be for a period of three (3)years and shall commence September1, 2016 (“First Renewal Term Commencement Date”) and shall terminate August31, 2019 (“First Renewal Term Termination Date”).

6.Renewal Option. Tenant shall have the option to extend the Term of the Lease for one (1) additional period of five (5) years (the “Sixth Renewal Term”) to commence immediately upon the expiration of the Fifth Renewal Term, provided Tenant is not in default of any term, covenant or condition of the Lease (i) on the date Tenant notifies Landlord of its intent to exercise for the Sixth Renewal Term and (ii) on the date the Sixth Renewal Term is otherwise scheduled to commence. In order to exercise its options granted herein, Tenant shall notify Landlord in writing of its intent to renew not less than twelve (12) months prior to the expiration of the Fifth Renewal Term. Upon the exercise of this renewal option, the Lease shall continue under all the same terms and conditions with the exception that the new Base Rent for the Sixth Renewal Term shall be the greater of (A) the Prevailing Market Rate as defined in the Third Amendment to Lease, or (B) the then current Base Rent escalated at 2.5% for the first year of the Sixth Renewal Term, and the Base Rent for the Sixth Renewal Term shall escalate 2.5% annually thereafter. Except as set forth in this Paragraph, Tenant shall have no further option to extend the Term of the Lease.

1.Lease Renewal Term.The Lease “Term” as defined in Section 1.3 and elsewhere throughout the Lease shall now be extended for three (3) additional years (“Renewal Term”). Effective as of the date first written above, all references to “Term” shall also refer to the Renewal Term.

long as no Default under this Agreement has occurred and is then continuing. If Lessee does not provide this notice at the end of an Initial Renewal Term or any 2017 Lease Subsequent Renewal Term, then such Initial Renewal Term or 2017 Lease Subsequent Renewal Term (as applicable) shall be automatically extended on a month-to-month basis at the monthly rental rate equal to the final Rent payment due immediately prior to the end of such Initial Renewal Term or 2017 Subsequent Renewal Term and such month-to-month renewal term (the "2017 Lease Month-to­ Month Renewal Term") shall be terminable by Lessee or Lessor by giving the other Party not less than ninety (90) days prior written notice (the "2017 Lease Month-to-Month Renewal Term Termination Notice"). If such 2017 Lease Month-to-Month Renewal Term TerminationNotice is given by either Party, the Lessee shall be deemed to have elected the 2017 Lease Return Option at the end of such 2017 Lease Month-to-Month Renewal Term. If the Equipment leased under such 2017 Lease is not then in good repair, condition and working order, ordinary wear and tear excepted, or has not been maintained in accordance with Section 6 hereof, Lessee shall promptly reimburse Lessor for all reasonable costs incurred to restore such Equipment to such condition. If, at the end of any Lease Term or any 2017 Lease Month-to-Month Renewal Term for a 2017 Lease, Lessee has elected or is deemed to have elected the 2017 Lease Return Option, then Lessee shall, within sixty (60) days of the end of such Lease Term or 2017 Lease Month-to­ Month Renewal Term (as applicable), at Lessee's expense, (i) reimburse Lessor for the costs to restore such Equipment as provided above and (ii) remove all of such Equipment from the relevant Site, repair any damage to the relevant location caused by such removal so the Site is restored to its original condition at the time such Equipment was installed, pack such Equipment into appropriate shipping containers, insure the shipment for the fair market value of such Equipment at such time, and cause such Equipment to be delivered to such location within the United States as Lessor may specify, free of any hazardous materials or environmental concerns.

(c)The amounts that are payable during any 2017 Lease Subsequent Renewal Term for a 2017 Lease as Termination Value shall be determined on the basis of the fair market sales value of the Equipment leased under such 2017 Lease as of the commencement of such 2017 Lease Subsequent Renewal Term and shall be set forth in a schedule to be mutually agreed by Lessor and Lessee prior to the commencementof such 2017 Lease SubsequentRenewal Term. If Lessor and Lessee cannot agree on the fair market sales value, such amount shall be determined by the Appraisal Procedure, and the fees and expenses of the appraiser shall be borne by Lessee.

2. Renewal Term.Notwithstanding anything to the contrary contained in the Lease, Tenant hereby has the sole right and option to extend the Term for eight (8) additional terms of five (5) Lease Years each, upon the same te1ms and conditions as herein set forth, except as otherwise provided herein. Should Tenant elect to exercise its Renewal Term, Tenant shall do so by written notice to Landlord on or before one hundred eighty (180) days prior to the expiration of then current Term. In the event Tenant exercises its Renewal Term, the Renewal Term shall commence at the expiration of then current Term. In the event Tenant does not exercise a Renewal Term as herein granted, then all unexercised Renewal Terms shall become null and void within ten (10) days after written notice thereof from Landlord, unless Tenant shall exercise such Renewal Term prior to the expiration of the ten (10) day notice period.

F. The initial determination of Basic Rent shall be made by Landlord pursuant to notice (the “FMV Notice”) to Tenant no earlier than three hundred sixty-five (365) days and no later than one hundred eighty (180) days prior to the commencement of the Renewal Term. Such determination shall be binding unless Landlord shall receive a notice from Tenant (the “FMV Objection Notice”) objecting to Landlord’s determination and providing Tenant’s determination, within 30 days after Landlord shall have given Tenant the FMV Notice. If Landlord and Tenant fail to agree upon the Basic Rent for the Additional Renewal Term within 15 days from Landlord’s receipt of the FMV Objection Notice, then Landlord and Tenant shall each give notice to the other setting forth the name of a disinterested and independent appraiser. If either party shall fail to give such a designation of an appraiser within 10 days of the expiration of such 15-day period, then the first appraiser shall make the determination alone. If both parties properly designate the name of an appraiser, the appraisers shall then have 20 days to confer with each other and attempt to reach an agreement as to the Basic Rent. If the two appraisers shall concur as to the determination of the Basic Rent for the Additional Renewal Term, such determination shall be final and binding on Landlord and Tenant. If the two appraisers fail to agree within said 20-day period, then they shall designate a third disinterested and independent appraiser. The decision of such third appraiser shall be final and binding on Landlord and Tenant.

G. TIME SHALL BE OF THE ESSENCE with regard to Tenant’s delivery of the Renewal Notice for the Additional Renewal Term. If Tenant shall fail to deliver to Landlord the Renewal Notice exactly as and when required under this Article, the Renewal Option shall terminate immediately and shall have no further force or effect. The parties acknowledge that they have fully negotiated the terms and provisions of this Article. Tenant acknowledges and agrees that Landlord has granted Tenant the Renewal Option in consideration for Tenant’s agreement that the same shall be strictly construed and enforced and that in the event the Renewal Option shall terminate as provided above, Tenant shall not be entitled to any grace, notice or cure periods otherwise provided under this Lease.

The Base Rent in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence as reasonably determined by Lessor, taking into account the specific provisions of the Lease which will remain constant.Lessor shall advise Lessee of the new Base Rent for the Premises no later than sixty (60) days after receipt of Lessee’s written request therefor.Said request shall be made no earlier than thirty (30) days prior to the first date on which Lessee may exercise its option under this paragraph.Said notification of the new Base Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the applicable renewal term.In no event shall the Base Rent for the renewal period be less than the Base Rent in the preceding period.Within thirty (30) days after Lessee’s receipt of Lessor’s determination of the Base Rent for the renewal term, Lessee may dispute Lessor’s determination or otherwise shall be deemed to have accepted such determination.If Lessee elects to dispute Lessor’s determination by delivering written notice to Lessor within the time frame required above (“Lessee’s Estimate Notice”), Lessee shall specify Lessee’s determination of the fair market rental for the renewal term of this Lease.If Lessee disputes Lessor’s determination, Lessor and Lessee shall then negotiate in good faith to resolve the fair market rent, but in the event Lessor and Lessee fail to reach agreement as to the fair market rent for the renewal term within twenty (20) days after Lessor’s receipt of Lessee’s Estimate Notice, such dispute shall be resolved in accordance with the provisions of Section 61(c) Error! Reference source not found.below.

(a)The Tenant’s right to renew the term of this Lease as to the 26th Floor Space shall be conditioned on this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the 26 Renewal Notice (as defined below) or on the effective date of the 26 Renewal Term. Tenant may exercise the 26 Renewal Option by delivering written notice to Landlord, not later than April 1, 2027 (a “26 Renewal Notice”).

Either party may elect to arbitrate the determination of the Monthly Installment of Rent for the Renewal Term by sending written notice to the other party and the regional office of the American Arbitration Association in which the Premises is located within three (3) business days after the expiration of the fifteen (15) day negotiation period provided in the preceding paragraph, invoking the binding arbitration provisions of this subsection. The arbitration to determine the Monthly Installment of Rent for the Renewal Term shall be in accordance with the Real Estate Industry Arbitration Rules and Mediation Procedures of the American Arbitration Association. Unless otherwise required by state law, arbitration shall be conducted in the metropolitan area where the Premises is located by a single arbitrator mutually selected by the parties and unaffiliated with either party. Landlord and Tenant shall each submit to the arbitrator their respective proposal of the appropriate Monthly Installment of Rent for the Renewal Term. The arbitrator must choose between the Landlord’s proposal and the Tenant’s proposal and may not compromise between the two or select some other amount. The cost of the arbitration shall be borne equally between the parties. If the arbitrator has not determined the Monthly Installment of Rent by the end of the Second Extended Term, Tenant shall pay one hundred five percent (105%) of the Monthly Installment of Rent in effect under the Lease as of the end of the Second Extended Term for the Renewal Term until the Monthly Installment of Rent is determined as provided herein. Upon such determination, Landlord and Tenant shall make the appropriate adjustments to the payments between them, including the reimbursement of any credit that may be due for the Monthly Installment of Rent actually paid by Tenant which is higher than the final Monthly Installment of Rent for the Renewal Term determined in accordance with the procedures set forth herein for such period. For the avoidance of doubt, the parties consent to the jurisdiction of any appropriate court to enforce the arbitration provisions of this subsection and to enter judgment upon the decision of the arbitrator.

(g)Landlord shall have no obligation to refurbish or otherwise improve the Premises for the Renewal Term. The Premises shall be tendered on the Renewal Commencement Date in “as-is” condition.

2.4.1.Subject to Section 2.4.2 below, this Agreement shall automatically renew for additional one (1) year terms (which shall start January 1 and end December 31) (each, a Renewal Term) unless MOKO provides IML written notice of MOKO’s intention not to renew at least 120 days before the expiration of a Renewal Term (the Renewal Notice Date); provided, however, that in order for the Agreement to renew as described herein, MOKO must (i) not be in material breach of the Agreement, and (ii) pay to IML for each Renewal Term the greater of (A) the Renewal Fee for such year as provided in Schedule 1 Item 7 (the Renewal Fee), or (B) a [********] percent ([********] %) share of the Net Revenue earned by REC*IT during such Renewal Term (the Revenue Share). For purposes of this Agreement, Net Revenue means the net Revenue of REC*IT related to College Activities as determined in accordance with U.S. Generally Accepted Accounting Principals. If MOKO chooses to renew, then MOKO shall pay the Renewal Fee to IML thirty (30) days in advance of such Renewal Term. If, at the conclusion of such Renewal Term, the Revenue Share exceeds the Renewal Fee, then MOKO shall pay to IML the difference between the Revenue Share and the Renewal Fee within thirty (30) days of the end of that Renewal Term. MOKO will provide to IML a Net Revenue report with each Revenue Share payment.

4.2 Renewal Term. Upon expiration of the Initial Term, the term of this Agreement will automatically renew for up to twenty-four (24) additional successive months unless either ABS or Elegance provides written Notice of non-renewal at least 60 days prior to the end of the then-current term (each, a “Renewal Term” and together with the Initial Term, the “Term”), unless any Renewal Term is earlier terminated pursuant to the terms of this Agreement or applicable Law. If the Initial Term or any Renewal Term is renewed for any Renewal Term(s) pursuant to this Section 4.2, the terms and conditions of this Agreement during each such Renewal Term will be the same as the terms in effect immediately prior to such renewal. In the event either Party provides timely Notice of its intent not to renew this Agreement, then, unless earlier terminated in accordance with its terms, this Agreement terminates on the expiration of the Initial Term or then-current Renewal Term, as applicable.

The employment of Executive hereunder shall be for a term commencing on January 1, 2019 and expiring on December 31, 2019 (“Initial Term”). Upon the expiration of the Initial Term, the term of such employment automatically shall be renewed for an additional term of one year commencing on January 1st and expiring on the succeeding December 31st (a “Renewal Term”) unless Executive or the Company shall give notice of the termination of Executive's employment and this Agreement by written notice to the other more than 90 days prior to the date of expiration of the Initial Term or any Renewal Term. In the event that such notice of termination shall be given timely, subject to any accrued rights of Executive to compensation, including without limitation pursuant to the provisions of paragraph 4 hereof, this Agreement shall terminate on the date of expiration of such Initial Term or Renewal Term.

option under the Over-Lease that would extend the term of the Over-Lease to at least encompass the Renewal Term. Accordingly, within 90 days following the date on which Landlord receives a timely Renewal Exercise Notice, Landlord shall notify Tenant in writing as to whether the term of the Over-Lease (as the same may have been extended) expires on or after the expiration of the applicable Renewal Term or, in the alternative, whether no Over-Lease is then in effect. If Landlord’s notice confirms that the term of the Over-Lease (as the same may have been extended) expires on or after the expiration of the applicable Renewal Term or, in the alternative, that no Over-Lease is then in effect, such notice shall be deemed a “Renewal Acceptance Notice”. If Landlord’s notice indicates that this Lease is subject to an Over-Lease and the term of such Over-Lease has not been extended and will expire prior to the expiration of the applicable Renewal Term, such notice shall be deemed a “Renewal Rejection Notice”. If Landlord fails to deliver to Tenant either a timely Renewal Acceptance Notice or Renewal Rejection Notice within said 90-day time period, Landlord shall, for purposes hereof, be deemed to have delivered to Tenant a timely Renewal Rejection Notice. In the event that Landlord delivers (or is deemed to have delivered) a Renewal Rejection Notice hereunder, Tenant’s Renewal Option shall be null and void and of no force and effect. If Tenant fails to timely exercise its first Renewal Option or if such Renewal Option is deemed null and void as set forth above, Tenant’s second Renewal Option shall likewise be null and void and of no further force and effect. Notwithstanding anything to the contrary, Tenant’s delivery of a timely Renewal Exercise Notice shall not obligate Landlord to extend the term of any Over-Lease to encompass the applicable Renewal Term then being exercised by Tenant.

i. If (A)Tenant shall exercise a Renewal Option and (B)Landlord shall deliver a Renewal Acceptance Notice, the Base Rent per rentable square foot for the Premises for such Renewal Term shall be equal to the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during such Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of the Prevailing Market rate. Notwithstanding the foregoing or anything else to the contrary, the annual Base Rent due and payable at the commencement of each Renewal Term shall not be less than the annual Base Rent in effect immediately prior to such Renewal Term. Base Rent during any Renewal Term shall continue to be payable in monthly installments in accordance with the terms and conditions of this Lease. Notwithstanding the foregoing or anything else in this Lease to the contrary, in the event this Lease is subject to an Over-Lease, the Base Rent rate per leasable square foot of the Premises during each Renewal Term will under no circumstance be any less than the Base Rent rate per leasable square foot payable by Landlord under the Over-Lease during the same period.

Renewal Term Termination Notice”). If such Month-to-Month Renewal Term Termination Notice is given by either party, the Lessee shall be deemed to have elected the Return Option at the end of such Month-to-Month Renewal Term. If the Equipment is not then in good repair, condition and working order, ordinary wear and tear excepted, or has not been maintained in accordance with Section6 hereof, Lessee shall promptly reimburse Lessor for all reasonable costs incurred to restore the Equipment to such condition. If, at the end of the Lease Term, Lessee has elected the Return Option and any Project Document with respect to the relevant Equipment is no longer in full force and effect, then Lessee shall, within sixty (60) days of the end of the Lease Term, at Lessee’s expense, (i)reimburse Lessor for the costs to restore the Equipment as provided above and (ii)remove all of the Equipment from the relevant Site, repair any damage to the relevant location caused by such removal so the Site is restored to its original condition at the time the Equipment was installed, pack the Equipment into appropriate shipping containers, insure the shipment for the fair market value of the Equipment at such time, and cause the Equipment to be delivered to such location within the United States as Lessor may specify. If, at the end of the Lease Term, Lessee has elected the Return Option and any Project Document with respect to the relevant Equipment is in full force and effect, then Lessee shall assign such Project Document to Lessor or Lessor’s designee.

of such Renewal Term and shall be set forth in a schedule to be mutually agreed by Lessor and Lessee prior to the commencement of such Renewal Term. If Lessor and Lessee cannot agree on the fair market sales value, such amount shall be determined by the Appraisal Procedure, and the fees and expenses of the appraiser or panel of appraisers shall be shared equally by Lessor and Lessee.

(b)Renewal Term. If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by Heartland’s Board of Directors or (ii) by a vote of a majority of the outstanding voting securities of the relevant Fund of Heartland, provided that in either event the continuance is also approved by the majority of the Directors of Heartland who are not interested persons (as defined in the 1940 Act) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect (where applicable), continuance of the plan and this Agreement must be approved at least annually by a majority of the Directors of Heartland who are not interested persons (as defined in the 1940 Act) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

1.Renewal Term. Notwithstanding Section 17(b) of the Transfer Agency Agreement, the parties agree to renew the Transfer Agency Agreement under the terms set forth in this Amendment for a period that ends three (3) years after the Effective Date (the “New Renewal Term”).

(b) Renewal Term. If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive three year periods until terminated by the Fund or by ALPS, without penalty, upon not less than 60 days’ written notice to the other party.

2. Option to Renew: If the Tenant is “DIRTT Environmental Solutions Ltd.” or any subsidiary thereof and is itself in occupation of the whole of the Premises throughout the Term in accordance with the Lease and if the Tenant is not in default and has not been in default during the Term, and the Tenant has delivered a written notice to the Landlord not less than nine (9)months and not more than twelve (12)months before the expiration of the Term that the Tenant wishes to renew the Term, then the Landlord shall renew the Term of the Lease for the entire Premises at the expiration of the Term for a period of five (5)years (the “Renewal Term”). The Base Rent for the Renewal Term shall be the then prevailing standard base rent in the Building for comparable industrial space, failing which, shall be determined by the Arbitration Act of Alberta. All other terms and conditions of the Lease will apply to the Renewal Term, except that there will be no leasehold improvement allowance, no free rent, no Landlord’s work and no further right to renew the Term of the Lease. If the parties are able to agree upon a Base Rent within such sixty (60)day period, then the Tenant shall sign the Landlord’s then current standard form of net lease for the Building to document the Renewal Term or, at the Landlord’s option, a lease renewal agreement prepared by the Landlord to reflect the terms of the Renewal Term. It is understood and agreed that the Tenant, in exercising this right, shall be deemed to be exercising a right to renew the Term for all space which the Tenant is occupying in the Building.

1.7Rental: ($.025/sq. ft.)$16,515.60 per Lease Term paid in monthly installments of $1,376.30, including during Renewal Term. Rent shall be adjusted in accordance with Section4.2.

and any rate so agreed to by Landlord and Tenant shall equal the Base Rent for the Renewal Term. If the parties cannot agree on the Base Rent for the Renewal Term within 30 days after Landlord submits its determination for the Base Rent for the Renewal Term to Tenant, and Tenant desires to exercise its option to extend, the decision shall be referred to an arbitrator who shall be reasonably acceptable to Landlord and Tenant. If Landlord and Tenant cannot agree on an arbitrator within 30 days after the expiration of the aforementioned 30-day period, Landlord and Tenant shall each appoint a member of the Cincinnati Board of Realtors who is either a MAI appraiser or licensed real estate broker and whose business is primarily appraising commercial real estate or office sales/leasing in the Cincinnati, Ohio market, provided that if either party fails to notify the other of their selection within 10 days of the expiration of the aforementioned 30-day period, the arbitrator selected by the party who did so notify the other shall be the sole arbitrator. If each party duly appoints an arbitrator in accordance with the terms hereof, the two arbitrators shall appoint a third duly qualified arbitrator reasonably acceptable to each arbitrator and such third arbitrator shall be the sole arbitrator hereunder. The arbitrator shall choose solely from the Landlord’s or the Tenant’s Base Rent for the Renewal Term, and the rate so selected by the arbitrator shall be the Base Rent for the Renewal Term. Any fees or remuneration due or payable to the arbitrators shall be split equally by the Landlord and Tenant. The Base Rent shall be paid at the same time and in the same manner as provided in the Lease. All references in this Lease to “Term” shall be deemed to mean and include the Initial Term and the Renewal Terms, as appropriate.