Examples of Termination Option in a sentence
Your continued acceptance or use of the Services after the Termination Option Period will indicate your acceptance of the increased fees.
Paragraph 29 is amended such that (a) the term “Early Termination Date” shall mean April 30, 2033, (b) the Early Termination Notice must be delivered to Landlord not later than April 30, 2032 (in the event that Tenant elects to exercise the Early Termination Option, and (c) the term “Termination Fee” shall mean two years of Fixed Basic Rent from the Early Termination Date (at the rental rates set forth in the Fixed Basic Rent schedule).
If Tenant does not timely deliver the 3rd Floor Early Termination Notice prior to June 1, 2025, then the 3rd Floor Early Termination Option shall expire, and Tenant shall have no further right to terminate the Lease with respect to the Existing Premises (except as is otherwise provided in Paragraph 29 of the Lease, as amended by Paragraph 21 of this First Amendment).
For the avoidance of doubt, such Termination Option is a one-time option to terminate the Lease with respect to the entire Premises (including the Existing Premises, the Expansion Space, any ROFR Premises, and the Additional Expansion Space, as applicable, to the extent the same is leased during the Term).
If you timely terminate the Services during the Termination Option Period, you will be responsible for the payment of all fees that accrue up to the termination date and all pre- approved, non-mitigatable expenses that we incurred in our provision of the Services through the date of termination (such as “per seat licensing costs”, as discussed below).