Example ContractsClausesInitial Term; Renewal Terms
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Renewal Term. Lessor hereby grants to Lessee the right to renew this Lease until for the base rent amount of and 59/100 () per month (the “Option Term”). After the Option Term, this Lease shall automatically renew unless Lessee gives notice of termination as set forth in [Section 3.3] of this Lease (each a “Renewal Term” and collectively, the “Renewal Terms”). The terms and conditions for the Option Term and each Renewal Term shall be the same as for the Initial Term hereof, however the monthly rental payment shall be the rental payment then in effect, as adjusted pursuant to the procedure described in [Section 4.1] in this Lease.”

Term; Renewal. This Agreement has a one-year term from the Effective Date and shall continue in full force until the first anniversary of the Effective Date. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. It is the Board’s duty to evaluate the performance of the Advisor annually before reentering into or renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Independent Directors. If this Agreement is not renewed by either party, the notice provisions of [Section 13.02] shall apply to such determination to not renew.

Initial Term. The Employer shall employ the Employee, and the Employee accepts employment with the Employer, upon the terms and conditions set forth in this Agreement. The initial term of this Agreement (the “Initial Term”) shall be for a period of five (5) years commencing on the date hereof, unless terminated earlier pursuant to [Article 5] hereof; provided, however, that Employee’s obligations in [Article 11] and [Article 12] hereof shall continue in effect after such termination.

Initial Term. The term of this Agreement commences on the Effective Date and continues through the fifteenth (15th) month anniversary of the Effective Date (the “Initial Term”), unless it is earlier terminated pursuant to the terms of this Agreement or applicable law.

Initial Term. The term of this Lease (the “Term”) shall commence on the Term Commencement Date and continue in full force and effect for the Term of this Lease as provided in the Basic Lease Information or until this Lease is terminated as otherwise provided herein. If the Term Commencement Date is a date other than the first day of the calendar month, the Term shall be the number of months of the length of Term in addition to the remainder of the calendar month following the Term Commencement Date. This Lease shall be a binding contractual obligation effective upon execution and delivery hereof by Landlord and Tenant, notwithstanding the later commencement of the Term.

Selected Renewal Term. The Lessee has elected the Selected Renewal Term. As set forth in [Sections 12(b)] and [Section 13(a)] of the Facility Lease, such election shall be irrevocable as to the Lessee, but shall not be binding on the Lessor if, on , an Event of Default shall have occurred and be continuing or an Event of Loss or a Deemed Loss Event shall have occurred and the Lessor shall have demanded payment under [[Section 9(c) or 9(d)])]])], as the case may be, or in response to which a Special Transfer has been effected.

upon the expiration of the Initial Term or any Renewal Term unless the Company or Executive delivers to the other at least ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term, as the case may be, a written notice (pursuant to [Section 14] of this Agreement) specifying that the term of Executive’s employment will not be renewed at the end of the Initial Term or the then-current Renewal Term, as the case may be. Like the Initial Term, the then-current Renewal Term is subject to earlier termination pursuant to the terms herein. The Executive’s period of employment hereunder is referred herein as the “Employment Term,” whether the Initial Term, the then-current Renewal Term or the shorter period through the date of an earlier termination thereof as provided elsewhere herein. The notice of non-renewal given by the Company is referred to herein as the “Company’s Non-Renewal.” The notice of non-renewal given by Executive is referred to herein as the “Executive’s Non-Renewal.”

Term. The term of this Agreement shall commence on the Effective Date and shall continue for a period of two (2) years following the Effective Date and shall be automatically renewed for successive one (1) year periods thereafter unless either party provides the other party with written notice of his or its intention not to renew this Agreement at least three (3) months prior to the expiration of the initial term or any renewal term of this Agreement. “Employment Period” shall mean the initial two (2) year term plus one (1) year renewals, if any.

The term of this Lease shall commence on and shall continue for an initial term of 10 years. Lessee may at its option renew the Lease for an extended term of 10 years. Lessee shall exercise such renewal option by giving written notice of not less than thirty (30) days to Lessor.

Terms and Conditions. If Tenant exercises the renewal option, then all of the terms and conditions set forth in this Lease as applicable to the 14th Floor Expansion Space during the initial term shall apply during such renewal term, except that # Tenant shall have no further right to renew the Lease as to the 14th Floor Expansion Space, # Tenant shall take the 14th Floor Expansion Space in its then “as-is” state and condition for the renewal term, # the annual fixed rent payable by Tenant for the 14th Floor Expansion Space shall be the then fair market rent for the 14th Floor Expansion Space based upon the terms of the Lease as to the 14th Floor Expansion Space, as renewed, # the Operating Expense Base under [Section 4.05(c)] of the Lease for the 14th Floor Expansion Space shall be the calendar year in which the renewal term commences, and # the Tax Base under [Section 4.01(b)] of the Lease for the 14th Floor Expansion Space shall be the fiscal tax year in which the renewal term commences. Fair market rent shall include the periodic rental increases, if any, that would be included for space leased for the period the 14th Floor Expansion Space will be covered by the Lease. For purposes hereof, the term “fair market rent” shall have the meaning set forth above in Paragraph 1.b.(i) above. The fair market rent shall be mutually agreed upon by Landlord and Tenant in writing within the thirty (30) calendar day period commencing six (6) months prior to commencement of the renewal period. If Landlord and Tenant are unable to agree upon the fair market monthly rent within said thirty (30) day period, then the fair market rent shall be established by appraisal in accordance with the procedures set forth in attached [Exhibit B].

Term. The term of the Executive’s employment with the Company shall commence on the Effective Date and shall continue until and including the third anniversary of the Effective Date unless earlier terminated as provided herein or extended as described in this paragraph (the “Initial Term”). The Initial Term shall be renewed automatically for periods of one year (each, an “Extended Term”) commencing at the third anniversary of the Effective Date and each subsequent anniversary thereof, unless written notice of non-renewal is given by either party to the other not less than 180 days prior to the end of the Initial Term or any Extended Term. As used herein, “Term” shall include the Initial Term and any Extended Term, but the Term shall end upon any termination of the Executive’s employment with the Company as provided herein. Notwithstanding the foregoing, in the event a Change in Control (as defined in [Section 6(d)]) occurs during the Initial Term or any Extended Term, the Term shall be extended until 18 months after the Change in Control.

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Terms and Conditions. If Tenant exercises the renewal option, then all of the terms and conditions set forth in this Lease as applicable to the Demised Premises during the initial term shall apply during such renewal term, except that # Tenant shall have no further right to renew this Lease, # Tenant shall take the Demised Premises in their then “as-is” state and condition, # the annual fixed rent payable by Tenant for the Demised Premises shall be equal to ninety-five percent (95%) of the then fair market rent for the Demised Premises based upon the terms of this Lease, as renewed, # the Operating Expense Base for the Demised Premises shall be the calendar year in which the renewal term commences, and # the Tax Base shall be the fiscal tax year in which the renewal term commences. Fair market rent shall include the periodic rental increases, if any, that would be included for space leased for the period the space will be covered by the Lease. For purposes of this [Article 22], the term “fair market rent” shall mean the rental rate for comparable space under primary lease (and not sublease) to new tenants, taking into consideration the unique quality and prestige of the Building and such amenities as existing improvements, view, floor on which the Demised Premises are situated and the like, situated in first-class, reputable, established high-rise office buildings in comparable locations in Mid-town Manhattan, in comparable physical and

Additional Terms. This Agreement may be extended beyond the Initial Term upon the mutual consent and agreement of Employee and Employer. The Initial Term and additional terms, if any, shall collectively be referred to herein as the “Employment Period”.

Initial Grant. Each new Outside Director will receive an initial, one-time restricted stock unit grant, with a Value of (the “Initial Grant”), that vests in three (3) equal installments on the first, second, and third anniversary of the grant date; provided, however, that all vesting will cease if the director ceases to provide services to the Company, unless the Board determines otherwise prior to the cessation of such services.

Initial Funding. Notwithstanding anything to the contrary in this Agreement, on the date hereof, and hereby agree that shall purchase 3,076,923 restricted common shares from on the date hereof at an effective priced of per share (or in the aggregate), with no registration rights.

Initial Grant. On the date of the Director’s initial election to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Director will be granted the following equity award:

Initial Awards. Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall automatically be granted, on the date of such initial election or appointment, an option (an “Initial Award”) to purchase 30,000 shares of the Company’s common stock (“Shares”). No Non-Employee Director shall be granted more than one Initial Award.

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