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 ?
The loan has a four-year initial term with a one-year extension option, carries a coupon of LIBOR+3.
0 million non-recourse floating rate interest-only loan that features a 24-month term with one extension option, flexible pre-payment, and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.
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.
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 in Port El Kantaoui.
The contract is for 270 days with an extension option.
The loan matures in March 2009 and has one remaining one-year extension option.
The umbrella contract has a tenure of three years from Dec 22, 2017 to Dec 21, 2020 with an extension option of 1 year.
5 million non-recourse interest-only loan that features a 24-month term with one extension option.
If the first extension option is exercised, the interest rate will increase to 9.
8 October 2010 - Oslo-listed oil service contractor Prosafe Production Public Ltd (OSL: PROD) said today that Nigerian Agip Exploration Limited has exercised an extension option with a gross value of USD30m.
9, 2009, and there is one more one-year extension option.