The "Option to Extend Lease Term" clause grants the tenant the right to prolong their lease for an additional period, commonly under pre-established conditions negotiated at the signing of the original lease agreement. This clause often stipulates the notice period the tenant must adhere to and may outline the terms, such as rental rates or duration, applicable during the extension period.
43.1Option to Extend Lease Term. Tenant shall have the right to renew this Lease (“Option To Extend Lease”) for two (2) five (5) year periods (each an “Option To Extend Lease”) subject to the terms and conditions as set forth in this Section 43.
43.2. Exercise of Option To Extend Lease. Tenant shall exercise the Option To Extend Lease, if at all, by giving Landlord written notice of Tenant’s intention to do so at least six (6) months prior to the expiration of the original Term, time being of the essence herein. Notwithstanding the foregoing, Tenant shall not have the right to exercise the Option To Extend Lease if Tenant is in material default under this Lease at the time of the purported exercise of Option to Extend Lease. The Option To Extend Lease Term shall be upon all of the terms and conditions of this Lease, except that the monthly Base Rent for such Option To Extend Lease Term shall be determined in accordance with subsection (c) herein below. The extension of the Term shall be on an “AS IS” basis. Upon commencement of the Option To Extend Lease Term, all references herein to the “Lease Term” of this Lease shall be deemed to include the Option To Extend Lease Term. Unless expressly mentioned and approved in the written consent of Landlord provided for by Section 21 of this Lease, Tenant’s Option To Extend Lease right is granted for Tenant’s personal benefit and may not be assigned or transferred by Tenant.
43.3. Option To Extend Lease Term Base Rent. Base Rent for each Option To Extend Lease Term shall be at one hundred percent (100%) of the then fair market value (FMV) which shall be as determined as follows: (a)Within thirty (30) days after Landlord’s receipt of Tenant’s notice of exercise of the Option To Extend Lease, Landlord shall deliver to Tenant a proposal setting forth the monthly Base Rent for the Option To Extend Lease Term, including annual increases, if applicable. Landlord’s proposal shall be based upon the fair market rental for the Premises based on properties similar to the Premises’ condition at the execution of the Option to Extend Lease . If Tenant, within ten (10) business days after receipt of such proposal, agrees to the Base Rent proposed by Landlord, or fails to notify Landlord of its acceptance or rejection of such proposal (in which event Tenant shall be deemed to have agreed thereto), the amount of monthly Base Rent set forth in such proposal shall be binding upon Landlord and Tenant. Should Tenant object in writing to Landlord’s proposal within ten (10) business days after receipt thereof, then during the fifteen (15) day period following Tenant’s objection to Landlord’s proposal, Landlord and Tenant shall negotiate in good faith for the purpose of reaching an agreement on the Base Rent amount. In the event the parties fail to agree in a written instrument signed by both parties within such fifteen (15) day period, the monthly Base Rent shall be determined by appraisal in the manner set forth in subparagraph (d) herein below; provided, however, that in no event shall the monthly Base Rent for the Option To Extend Lease Term be less than the monthly Base Rent payable hereunder for the last full month of the original Term. For the purposes of the preceding sentence, the amount of monthly Base Rent for the last month of the Lease shall not be reduced to reflect any abatement of Base Rent which may then be in effect.
3.2 Option to Extend Lease Term. Landlord and Tenant acknowledge and agree that notwithstanding the extension of the Lease Term for the Third Extended Term, Tenant shall continue to have one (1) option to further extend the Lease Term pursuant to the same terms set forth in Section 2.2 of the Original Lease, provided that the Option Term shall be for a period of one (1) year (as opposed to five (5) years as set forth in Section 3.2 of the Third Amendment).
OPTION TO EXTEND LEASE TERM: Provided that Tenant (a) is not in default of the Lease, as amended herein, beyond applicable notice and/or cure periods; and (b) has neither sublet nor assigned any interest in the Lease or in the Leased Premises or any part thereof, Tenant shall have the option to extend the Lease Term for one (1) 5-year period (the “Renewal Term”), upon the same terms and conditions as are applicable during the Lease Term except that the Base Rent for the Renewal Term shall reflect an increase of 5.00% per square foot or Fair Market Value. In any event, the Base Rent for the Renewal Term may not be less than the Base Rent during the last year of the expiring term. Notice of Tenant’s exercise of this option to extend the Lease Term for the Renewal Term must be received by Landlord no later than nine (9) months prior to the expiration of the Amended Lease Term. If Tenant fails to give Landlord timely notice as provided in this Section or in the event that Landlord and Tenant are unable to agree upon the amount of the Base Rent for the Renewal Term, such option shall automatically become null and void.
2.2 Option to Extend Lease Term. Notwithstanding the extension of the Lease Term set forth in Section 2.1 above, Landlord and Tenant acknowledge and agree that Tenant shall continue to have one (1) option to extend the Lease Term in accordance with, and pursuant to the terms of, Section 2.2 of the Lease; provided, however, all references therein to the "initial Lease Term" shall be deemed to refer to the "Extended Term" and such option shall be an option to extend the Lease Term for a period of eight (8) years (as opposed to seven (7) years as currently set forth in the Lease).
9.OPTION TO EXTEND LEASE TERM. The renewal options set forth in Section 1 of the Lease remain in full force and effect.
Option to Extend Lease Term. Landlord hereby grants to Tenant one (1) option (“Option”) to extend the Lease Term for a period of five (5) years (“Option Term”) immediately following the expiration of the Extension Term. The Option shall be exercised, if at all, by written notice (“Option Notice”) delivered by Tenant to Landlord not later than nine (9) full months (but no earlier than twelve (12) full months) prior to the expiration of the Extension Term. Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice, Tenant (i) is in uncured default under the Lease continuing beyond the expiration of any applicable notice, grace and/or cure period, (ii) has assigned the Lease or its interest therein, or (iii) has sublet more than fifty percent (50%) of the Remainder Premises. Provided Tenant has properly and timely exercised the Option, the Extension Term shall be extended by the Option Term, and all terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except for the Annual Base Rent, which shall be adjusted to the “Fair Market Rental Value” for the Remainder Premises, as reasonably determined by Landlord as provided below. As used herein, “Fair Market Rental Value” shall mean the projected prevailing rental rate (but not inducements or other concessions) as of the first day of the Option Term for similarly improved premises situated in a similar building in a similar Northwest suburban market area, within or close to the Building with similar loading, clear height, and other attributes of the Building. No additional options to extend the Option Term shall be granted or allowed unless specifically agreed to in writing between Landlord and Tenant.
OPTION TO EXTEND LEASE TERM: If the Tenant is not in default under the terms and conditions of this Agreement, the Tenant shall have the option to renew this Agreement for the extended term of 1 year (“Renewal Term”). If the Tenant chooses to exercise this renewal option, the Tenant shall provide to the Landlord written notice of Tenant’s intention to renew at least 60 days prior to the expiration of the initial Lease Term. The Renewal Term shall continue upon the same terms and conditions in this Agreement, except the new annual base rate for the first year of the Renewal Term shall be $66,000.00 payable in twelve (12) equal monthly installment payments of $5,500.00 per month. In the event that the Tenant does not wish to extend the Lease and instead desires to vacate the Premises, then the Tenant shall provide the Landlord with 60 days advance written notice of intent to vacate. Advance notice shall be provided to ensure termination ensues at the end of the month.
33. OPTION TO EXTEND LEASE TERM. Lessee shall have the right and option, which option shall not be severed from this Lease or separately assigned, mortgaged or transferred, at its election, to extend the initial Lease Term for one (1) additional period of five (5) years (the “Extension Period”) commencing upon the expiration of the initial Lease Term, provided that (a) Lessor shall receive written notice from Lessee of the exercise of its election at least six (6) months prior to the expiration or the initial Lease Term, and (b) no default by Lessee beyond the expiration of any applicable notice and cure period shall exist at the time of Lessor’s receipt of such notice. If Lessor shall receive notice of the exercise of the election in the manner and within the time provided aforesaid, the Term of the Lease shall be extended for the Extension Period upon the receipt of the notice without the requirement of any action on the part of Lessor or Lessee, except as may be required in order to determine Base Rent as hereinafter provided. Except for the amount of Base Rent (which is to be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements contained in this Lease shall be applicable to the Extension Period, except that there shall be no further options to extend the Lease Term nor shall Lessor be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature except as determined as applicable to the “fair market rent” as determined below. Lessor hereby reserves the right, exercisable by Lessor in its sole discretion, to waive (in writing) any condition precedent set forth in clauses (a) or (b) above. Time is of the essence with respect to the exercise of the option contained herein. Lessee shall not have the right to give any notice exercising such option after the expiration of the applicable time limitation set forth herein, and any notice given after such time limitation purporting to exercise such option shall be void and of no force or effect. The Base Rent payable hereunder during the Extension Period shall be adjusted as of the commencement of the Extension Period so as to equal the then “fair market rent” for the Extension Period as mutually determined by Lessor and Lessee through the process of negotiation. The term “fair market rent” shall mean the rental rate for comparable premises in the Greater Boston area, on an arms’ length basis between unrelated parties, taking into consideration all factors typically considered by brokers in determining fair market rent, including (and giving Lessee the benefit of) all market concessions and inducements, such as tenant improvement allowances and free rent periods. Notwithstanding anything to the contrary contained herein, however, if for any reason Lessor and Lessee shall not agree in writing upon the “fair market rent” for the Extension Period at least three (3) months prior to the commencement of the Extension Period, then the fair market rent for the Premises shall be determined by licensed real estate brokers having at least ten (10) years’ experience in the leasing of similar commercial real estate in the Greater Boston, Massachusetts area, one such broker to be designated by each of Lessor and Lessee. If either party shall fail to designate its broker by giving notice of the name of such broker to the other party within fifteen (15) days after receiving notice of the name of the other party’s broker, then the broker chosen by the other party shall determine the fair market rent and his determination shall be final and conclusive. If the brokers designated by Lessor and Lessee shall disagree as to the fair market rent, but if the difference between their estimates of fair market rent shall be five percent (5%) or less of the greater of the estimates, then the average of their estimates shall be the fair market rent for purposes hereof. If the brokers designated by the parties shall disagree as to the amount of fair market rent, and if their estimates of fair market rent shall vary by more than five percent (5%) of the greater of said estimates, then they shall jointly select a third broker meeting the qualifications set forth above (but who is independent and has not previously acted for any party hereto or any of its affiliated persons or entities) and the third broker shall independently determine the fair market rent (without knowledge of the determination of the fair market rent by Lessor’s broker or Lessee’s broker). If the value determined by the third broker is the average of the values proposed by Lessor’s broker and Lessee’s broker, the third broker’s determination of fair market rent shall be the fair market rent. If such is not the case, fair market rent shall be the rent proposed by whichever of Lessor’s broker or Lessee’s broker is closest to the determination of fair market rent by the third broker. Lessor and Lessee shall each pay for the services of its broker, and if a third broker shall be chosen, then Lessor and Lessee shall each pay for one half of the services of the third broker.
3.4Option to Extend Lease Term. (a)Tenant is granted an option (the “Extension Option”) to extend the Lease Term for five (5) years, to and including February 28, 2026. The period of time shall be referred to herein as the “Option Period”. To exercise the Extension Option, Tenant must give Landlord unequivocal written notice of Tenant’s election to exercise the Extension Option at least ten (10) calendar months (but not earlier than twelve (12) calendar months) prior to the Expiration Date. (b)If Tenant elects to exercise the Extension Option, the Rent for the Option Term (“New Rent”) shall be the Fair Market Rent (as defined below) for comparable space in the Bank of America Building (“Comparable Space”), but in no event shall the New Rent be less than the Rent payable during the last month of the Lease Term. If there is no Comparable Space in the Bank of America Building at the time, Tenant shall pay, as New Rent, whatever the fair market rent in the Bank of America Building would be if there was such Comparable Space in the Bank of America Building. The term “Fair Market Rent” shall mean the rent that would be paid by a willing tenant renewing its lease for Comparable Space for a term of five (5) years. Tenant concessions shall be included in the determination of fair market rent with respect to tenants who are renewing their leases in the Bank of America Building. The term “tenant concessions” shall include, without limitation, such inducements as tenant improvements and free rent. (c)In the event Landlord and Tenant cannot agree on the New Rent, the matter shall be submitted for decision to a panel of three (3) arbitrators. Landlord and Tenant shall each appoint one (1) arbitrator, who shall by profession be a licensed commercial real estate broker or an MAI real estate appraiser and who shall be familiar with Bellevue Place and have been active (over the three (3) year period ending on the date of such appointment) in the brokering or appraisal of Comparable Space. The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s proposed New Rent is the closest to the Fair Market Rent. Each such arbitrator shall be appointed within fifteen (15) days after Tenant’s or Landlord’s notice to the other of its election to have the New Rent be determined by this arbitration procedure. The two arbitrators so appointed shall, within fifteen (15) days of the date of the appointment of the last appointed arbitrator, agree upon and appoint a third arbitrator, who shall be qualified under the same criteria set forth above for qualification of the initial two arbitrators. Failing such agreement, either Landlord or Tenant shall have the right to petition for the appointment of the third arbitrator by the Presiding Judge of the Superior Court of the County of King. The three (3) arbitrators shall, within thirty (30) days of the appointment of the third arbitrator, reach a decision as to whether the parties shall use Landlord’s or Tenant’s proposed New Rent and shall notify Landlord and Tenant thereof. The decision of the majority of the three (3) arbitrators shall be binding upon both Landlord and Tenant. The cost of the arbitration shall be paid by Landlord and Tenant equally. The arbitration procedure shall not take more than thirty (30) days. However, if the arbitrators have not determined the New Rent prior to the beginning of the Option Period, Tenant shall pay the Rent previously in effect under the Lease plus a ten percent (10%) increase until such time as the arbitrators determine the New Rent. If the arbitration procedure results in a higher Rent, Tenant shall pay the difference with the next monthly rental payment due under the Lease. If the arbitration procedure results in a lower Rent, Tenant shall receive a credit against its next monthly Rent payments under the Lease, and any succeeding monthly rental payments, if necessary, in an amount equal to the overpayment. (d)Notwithstanding anything in the foregoing to the contrary, the Extension Option may not be exercised during any period in which Tenant is in default under any provision of the Lease until said default has been fully cured. Time is of the essence. If Tenant fails to exercise the Extension Option in any instance when such right is in effect, prior to the expiration of the applicable time period for the exercise of such right, the Extension Option shall thereafter be deemed null and void and of no further force or effect. The period of time within which the Extension Option may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise such rights because of the foregoing provisions. All rights of Tenant to the Extension Option shall terminate and be of no further force or effect, even after Tenant’s due and timely exercise thereof, if, after such exercise, but prior to the commencement date of the Option Period, Tenant defaults under the terms of the Lease which default is not cured within any applicable cure period. (e)The Extension Option shall be personal to Tenant and may not be exercised or be assigned, voluntarily or involuntarily, by or to any person or entity other than Tenant, nor shall the Extension Option be assignable separate and apart from this Lease.
40. OTHER TERMS AND CONDITIONS/SUPPLEMENTS: Option to Extend Lease Term: Providing Tenant is in compliance with the Lease and subject to Six (6) months prior written notice. Tenant shall have Two (2) Options to extend the lease, each for a period of Three (3) years. Base Rent during the extended term(s) shall be increased by 2.0% above the prior year base rent. Base Rent to be as follows: Base rent to be $0.35 psf for the initial term on lease. Base rent to be calculated on actual square feet delivered to Tenant. Per Exhibit A1 and Exhibit A. November 1, 2016 thru December 31, 2016 Base Rent to be $0.00 per month. For Bldg. F January 1, 2017 thru June 20, 2017: Base rent to be $11,900.00 per month. For Bldg. F + 25,000 sq. ft. of Bldg. C per Exhibit A1 July 1, 2017 thru October 31, 2017: Base rent to be $31,341.00 per month. November 1, 2017 thru October 31, 2018 Base rent to be $31,968.00 per month. For Bldg. F & Bldc. Per Exhibit A November 1, 2018 thru October 31, 2019 Base rent to be $32,607.00 per month. The following ATTACHED supplements/exhibits are incorporated in this agreement: ☐ Option Agreement (C.A.R. Form OA) Exhibit A, Exhibit A1, Addendum 1, Addendum 2, Addendum 3, Addendum 4.
36. Option to Extend Lease Term Landlord hereby grants to Tenant the option to extend the Lease Term for one (1) period of five (5) years (the “Extended Term”), on the following terms and conditions: 36.1 Tenant shall give Landlord written notice of its exercise of the option to extend the Lease Term for the Extended Term no earlier than nine (9) months nor later than six (6) months before the date the Lease Term would end but for said exercise. Time is of the essence. 36.2 Tenant may not extend the Lease Term pursuant to this Section 36 if Tenant is in default in the performance of any of the material terms and conditions of this Lease at the time of Tenant’s notice of exercise of this option, or if Tenant shall have assigned or otherwise transferred its interest in this Lease and/or the Premises, or any portion thereof, to any person or entity, whether or not Landlord’s consent to such assignment or transfer has been given (unless Landlord has waived such restriction in any written consent to such assignment or subletting, which waiver may be withheld in Landlord’s sole and absolute discretion). If Tenant is in default under this Lease on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease notwithstanding any notice given by Tenant of an exercise of its option to extend. 36.3 All terms and conditions of this Lease shall apply during the Extended Term, except that the Base Monthly Rent for the Extended Term shall be determined in accordance with Section 37 below, there shall be no further rights to extend the Lease Term and Landlord shall have no obligation to construct any improvements on, in or around the Premises or in the Building or to provide any tenant improvement allowance. 36.4 Once Tenant delivers notice of its exercise of the option to extend the Lease Term, Tenant may not withdraw such exercise and, subject to the provisions of this Section 36, such notice shall operate to extend the Lease Term. Upon such extension of the Lease Term pursuant to this Section 36, the term “Lease Term” as used in this Lease shall thereafter include the Extended Term and the expiration date of the Lease shall be the expiration date of the Extended Term.
Section 2.05 Option to Extend Lease Term. At the expiration of the original Term, Tenant may extend this Lease for two (2) extended terms of five (5) years each by giving Landlord written notice of its intention to do so not later than twelve (12) months prior to the expiration of the original Lease Term, and thereafter twelve (12) months prior to the expiration of the applicable extended term; provided, however, that Tenant is not in material default beyond any applicable cure period under the Lease on the date of giving such notice or on the date of commencement of such extended term. Any termination of the Lease shall result in automatic termination of this option. Tenant’s right to extend the Lease Term provided herein is personal to Tenant and may not be assigned or otherwise transferred separate from this Lease; provided, however, the foregoing shall not prohibit Tenant from assigning the right to extend to a Tenant Affiliate pursuant to an assignment of the Lease permitted under Section 9.02. The extended term shall be upon all of the terms and conditions of this Lease, except that the following rights of Tenant during the original Term of this Lease shall not apply during such extended term: (a) any right to rent-free possession; (b) any right to further extension of the term of the Lease beyond the extended terms set forth herein above; (c) any right to continue to pay the same Base Rent; (d) any right to additional Tenant Allowance; and (f) the right to the continuation of any cap on Controllable Operating Expenses from the previous year (it being understood that the Operating Expenses for the first twelve (12) months of each new extension term shall be the actual Operating Expenses without any cap and thereafter the cap set forth in Section 4.02(e) shall apply. In no event shall the Base Rent for any extended term be less than the Base Rent payable by Tenant during the full month immediately preceding the extended term. The Base Rent for each extended term shall be calculated as follows: (a) Landlord and Tenant hereby acknowledge and agree that the Base Rent during each extended term shall be equal to the “Fair Market Rental” for the Premises, as determined in accordance with this Section. Following receipt by Landlord of Tenant’s notice to exercise each option, Landlord shall provide Tenant with written notice of its determination of Fair Market Rental for the Premises. The parties shall have thirty (30) days thereafter (“Agreement Period”) in order to agree on Base Rent during such extended term. (b) If the parties fail to agree on the Base Rent for such extended term during the Agreement Period, then the Fair Market Rental shall be established by appraisal. Landlord and Tenant shall each appoint one real estate appraiser who meets the qualifications set forth below, within thirty (30) days following the Agreement Period (“Appraiser Selection Period”); provided, however, that if either party fails to designate an appraiser within the time period specified, then the appraiser who is designated shall conclusively determine the Fair Market Rental. The two (2) appraisers shall attempt to reach an agreement concerning the Fair Market Rental within the within thirty (30) days after the second thereof has been designated. (c) Landlord and Tenant intend that the “Fair Market Rental” shall be deemed to be the rent per square foot of rentable area of space that is then being charged for space located in buildings in the vicinity of the Building that are comparable in quality, age and size and offer similar amenities to the Building and involving leases with similar terms and conditions, and involving the use of the premises for similar purposes allowed under the Lease for tenants of similar size, credit quality and stature and include current market concessions including tenant improvement allowances, abatement, downtime to secure a new tenant, brokerage commissions, a new base year, inducements and other economic considerations for the lease of space comparable to the Premises then being offered in similar buildings in the Southeast Valley Submarket. The spaces used for comparison shall be comparable in size, age, quality and design to the Premises, and such spaces used for comparison shall be comparable to the Premises with respect to their location within such buildings, the quality and quantity of tenant improvements installed at each landlord’s expense, the services provided by each landlord to such tenant, and the financial strength of tenant. (d) Should the two appraisers be unable to agree within said thirty (30) days, the two appraisers shall each submit an independent written appraisal and together they shall designate one (1) additional person as appraiser (which appraiser must also meet the qualifications set forth below) within five (5) days following the expiration of said thirty (30) day period; provided however, that if the difference between the two appraisals is ten percent (10%) or less, then an additional appraiser shall not be designated and the Fair Market Rental shall equal the average of the two (2) appraisals that are submitted. If the two appraisers cannot agree upon a third appraiser, then either party hereunder may request that the Presiding Judge of the Maricopa County Superior Court appoint such third appraiser. The third appraiser shall submit an independent written appraisal within fifteen (15) days following his or her appointment. The Fair Market Rental shall be equal to the average of the two (2) written appraisals which are closest, and third (3rd) appraisal shall be disregarded. (e) Each party shall bear the costs of the appraiser appointed by it. If three (3) appraiser are appointed, each party shall bear the cost of the appraiser appointed by it and the parties shall share equally in the cost of the third appraiser. No person shall be appointed or designated an appraiser unless he or she is (i) an independent appraiser who is a currently certified member of the American Institute of Real Estate Appraisers (with MAI designation) and unless he or she has at least five (5) years’ experience as an appraiser in Maricopa County, or (ii) a real estate broker with at least ten (10) years’ experience in leasing of commercial office space in the vicinity of the Project. The third appraiser shall not have ever been employed (full-time or part-time or on a consulting basis) by Landlord or Tenant. (f) In the event that the Fair Market Rental is not established before the commencement of the extended term, Tenant shall continue to pay the Base Rent in effect as of the end of the prior term; when the Fair Market Rental has been established, the new Base Rent shall be retroactively effective as of the beginning of the extended term, and Tenant shall pay Landlord any deficiency with in thirty (30) days after the establishment of the new Base Rent.
An Option to Extend Lease Term is a contractual provision that gives the tenant the right, but not the obligation, to extend the duration of an existing lease agreement for an additional period. This option is typically negotiated at the beginning of the lease and specifies the conditions under which the lease can be extended, including the duration of the extension and any changes in rent or terms.
You should consider using an Option to Extend Lease Term in the following scenarios:
When drafting an Option to Extend Lease Term, consider including the following key elements:
The Tenant shall have the option to extend this Lease for an additional period of five (5) years by providing written notice to the Landlord at least ninety (90) days prior to the expiration of the original lease term. Rent during the extension period shall be adjusted to reflect the current market rates, as mutually agreed upon by both parties.
Contracts that commonly include an Option to Extend Lease Term are:
Having an option to extend the lease term can be a strategic advantage in various leasing arrangements, providing tenants with flexibility and certainty for future planning.
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An "Option to Renew" clause allows a contract to be extended beyond its original term under specified conditions, typically at the discretion of one or both parties. It typically outlines the process for renewal, including notification requirements and any changes to terms or pricing.
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The Outstanding Fees clause stipulates that any unpaid fees or dues incurred by one party must be settled within a specified timeframe. Failure to settle these outstanding fees may result in additional penalties, interest charges, or legal action to recover the owed amount.
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