Innovation Pharmaceuticals Inc (IPIX)

[BonelessCat]

Paragraph 2 of Lease Extension #1 says that there will be automatic 5 year extensions of the lease UNLESS the Lessor or Lessee provides notice between 6 and 12 months prior to the expiration of the current lease period indicating that they DO NOT intend to extend. It ends with this statement: "Time is of the essence.”

Accepting the accuracy of your quote, the lease will automatically extend on September 30. So, there is no “out-on-their-asses clause,” unless Leo or the lessor gave notice. Interesting, even better than I had speculated. Thanks.