After the expiration of the Initial Lease Term the Lessor and/or its heirs/trustees agrees to extend the Lease of this Agreement for further two (2) extensions, each extension being for thirty (30) years. Any costs, expenses, and fees arising from any of the renewal terms (the “New Lease”) are to be borne by the Lessee.
11.1 The parties hereto agree that in the event the Lessee prior to the expiration of the Lease Term decides to transfer the rights of this contract to any other person the Lessor irrevocably agrees to let the person designated by the lessee to lease and use the Leased Property and the Lessor agrees to enter into a New Lease Agreement with that person for the same terms and conditions specified in this Agreement. The Lessee shall be responsible for legal fee and new lease registration fee.