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(excepting this option and Percentage Rent, which shall be established in accordance with <br />Section 3.1), for an additional period of ten (10) years ( the "First Extension Term") following <br />the expiration of the Initial Term by delivering to Landlord written notice of Tenant's exercise of <br />such option ("Option Notice") at least one (1) year in advance of the expiration date of the Initial <br />Term. If this Lease shall not have been previously terminated, Tenant shall have the option to <br />further extend the Initial Term of this Lease on the same terms and conditions as set forth in this <br />Lease (excepting this option and Percentage Rent, which shall be established in accordance with <br />Section 3.1), for a second additional period of ten (10) years ( the "Second Extension Term") <br />following the expiration of the First Extension Term by delivering to Landlord an_Option Notice <br />at least one (1) year in advance of the expiration date of the First Extension Term. The Initial <br />Term and all properly and effectively exercised Extension Terms are collectively defined as the <br />"Term." The foregoing provisions of this Section 2.3 to the contrary notwithstanding, if, at the <br />time of Tenant's delivery of an Option Notice or at the time an Extension Term is to commence, <br />Landlord shall have delivered a Notice of Default to Tenant notifying Tenant of an Event of <br />Default, the effectiveness of the Option Notice or the commencement of the Extension Term in <br />question, as the case may be, shall, at Landlord's election, be conditioned upon Tenant's cure of <br />the subject Event of Default within the time period, if any, provided for such cure under <br />Article XVIII ("Cure Event"). If the Cure Event does not occur within the time period, if any, <br />provided for such cure, the Option Notice shall, at Landlord's election, be deemed null and void <br />and the Term shall expire at the end of the Initial Term or the First Extension Term, as the case <br />LEASE BETWEEN CITY OF SAN LEANDRO <br />AND SAN FRANCISCO BAY CONFERENCE RESORT <br />002574.0001\409817.4 <br />PAGE 13 <br />