extension option

extension option

An agreed-upon continuation of occupancy under the same conditions, as opposed to a renewal, which implies new terms or conditions. In a lease, it is a right granted by the landlord to the tenant whereby the tenant has the option to extend the lease for an additional period.

References in periodicals archive ?
Total quantity or scope: delivery of 45 000 m 3 of marine fuel f-75 + 15% additional option + 3-month extension option (= 25%).
Summary: Both facilities have a 1-year extension option at the end of the two-year term
The loan has a four-year initial term with a one-year extension option, carries a coupon of LIBOR+3.6% and has an appraised loan-to-value ("LTV") of approximately 73%.
Download Kanaan after visiting Kassem: For a new electoral law NNA - "Change and Reform" bloc MP Ibrahim Kanaan categorically rejected on Wednesday the extension option, saying that a new electoral protects us from vacuum rather than extension MP Kanaan, who accompanied a delegation, met with Hezbollah Deputy Secretary General, Sheikh Naim Kassem, in presence of MP Ali Ammar.
This facility comprises of a USD200m two-year tenor tranche with a one-year extension option and a USD300m three-year tenor tranche with two one-year extension options.
In the Gulf of Mexico, Bristow has been awarded a new contract for one new large helicopter starting in April 2014 for a minimum of three years with two one-year extension options. In Nigeria, Bristow has been awarded a new one-year contract for one new large helicopter to commence work in October 2013 with a one-year extension option; and
The contract is for a period of four years with an extension option of one year, the company said in a statement posted on Muscat Securities Market (MSM) yesterday.
TELECOMWORLDWIRE-October 21, 2011-WordPress offers .ME as domain extension option for blogs(C)1994-2011 M2 COMMUNICATIONS http://www.m2.com
The debt volume may be increased by up to EUR 50 million if the extension option is exercised at the time of pricing, Cofinimmo said.
The extension option is the right of the player and/or the club to extend the employment contract for a certain period of time which is stipulated by the parties in an employment contract.
Seven night holiday extension option. Visit to La Laguna and LaOratava Botanic Garden.
Liverpool loudly trumpeted that agreement in May, and the new deal includes a one-year extension option that could keep Torres at Anfield until 2014.