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Section 2.5. Extension of Lease. The City and the Lessee agree that the Lessee has <br />an option to extend the Lease Term of this Lease for a period of thirty years following <br />January 2, 2027 by providing to the City a notice in writing of the exercise of the option to so <br />extend the Lease Term which notice shall be given not earlier than January 1, 2021 and not later <br />than December 1, 2024. Exercise by the Lessee of its option to extend the Lease Term shall <br />be irrevocable. <br /> <br />(End of Article II) <br /> <br />- 15- <br /> <br /> <br />