Common use of Additional Termination Right Clause in Contracts

Additional Termination Right. Notwithstanding any provision to the contrary contained in this Agreement, upon the sale or exchange of the Project, Lessor (or its successor in interest as more particularly described below) shall be entitled to terminate this Agreement provided that the close of any such sale or exchange occurs on or after January 1, 2003 by giving written notice ("Termination Notice") to Lessee. The effective date of any such termination shall be the date set forth in the Termination Notice provided, however, that in no event shall such date be less than sixty (60) days following the date on which the Termination Notice is given. In the event of any such termination, provided that Lessee is not otherwise in default pursuant to this Agreement, prior to the effective date of such termination Lessor shall pay to Lessee in cash a termination fee in the amount of $10,000.00. Pursuant to provisions of this Paragraph 11.6, Lessor shall be entitled to terminate this Agreement with respect to either the Telephone System or the Television System or both. In the event of the termination of this Agreement only with respect to one (but not both) of the Telephone System or the Television System then this Agreement shall continue with respect to that system not terminated and following the effective date of the termination the rent payable by Lessee as provided in Paragraph 4.1 shall be based upon the percentage of gross receipts as set forth on Exhibit E in connection with the system not then terminated. In the event of the termination of either the Telephone System or the Television System as described in this Paragraph 11.6, but not both, the above described fee in the amount of Ten Thousand Dollars ($10,000) shall be reduced as applicable such that the fee payable in connection with the termination of the Telephone System shall be Seven Thousand Five Hundred Dollars ($7,500) and the fee payable in connection with the Television System shall be Two Thousand Five Hundred Dollars ($2,500). In the event of any termination by Lessor of the Telephone System or the Television System or both as provided in this Paragraph 11.6, the provisions of Paragraphs 11.2 and 11.3 shall be applicable with respect to the equipment of the terminated system and Lessee shall have thirty (30) days following the effective date of termination to remove the applicable equipment as provided in Paragraph 11.2 subject however to the provisions of Paragraph 11.3 pursuant to which provisions Lessor and Lessee, during the sixty (60) day period prior to the effective date of termination, shall negotiate in good faith with respect to the purchase and sale of the Telephone Equipment and/or Television Equipment relating to the terminated service(s). - The right to terminate as set forth in this Paragraph 11.6, shall inure to the benefit of Lessor and shall, in addition, inure to the benefit of successors in interest to Lessor pursuant to this Agreement who hereafter purchase the Project from Lessor (or a successor in interest to Lessor) provided that following such purchase this Agreement remains in force and effect (and is therefore not terminated pursuant to the provisions of the Paragraph 11.6).

Additional Termination Right. Notwithstanding any provision to the contrary contained in this Agreement, upon the sale or exchange of the Project, Lessor (or its successor in interest as more particularly described below) shall be entitled to terminate this Agreement provided that the close of any such sale or exchange occurs on or after January 1, 2003 by giving written notice ("Termination Notice") to Lessee. The effective date of any such termination shall be the date set forth in the Termination Notice provided, however, that in no event shall such date be less than sixty (60) days following the date on which the Termination Notice is given. In the event of any such termination, provided that Lessee is not otherwise in default pursuant to this Agreement, prior to upon the effective date of such termination Lessor shall pay to Lessee in cash a termination fee in the amount of $10,000.00set forth on Exhibit "G" attached hereto. Pursuant to provisions of this Paragraph paragraph 11.6, Lessor shall be entitled to terminate this Agreement with respect to either the Telephone System or the Television System or both. In the event of the termination of this Agreement only with respect to one (but not both) of the Telephone System or the Television System then this Agreement shall continue with respect to that system not terminated and following the effective date of the termination the rent payable by Lessee as provided in Paragraph paragraph 4.1 shall be based upon the percentage of gross receipts as set forth on Exhibit E "E" in connection with the system not then terminated. In the event of the termination of either the Telephone System or the Television System as described in this Paragraph paragraph 11.6, but not both, the above described fee in the amount of Ten Thousand Dollars ($10,000) as set forth on Exhibit "G" shall be reduced as applicable such that the fee payable in connection with the termination of the Telephone System shall be Seven Thousand Five Hundred Dollars seventy-five percent ($7,50075%) of the total fee and the fee payable in connection with the Television System shall be Two Thousand Five Hundred Dollars twenty-five percent ($2,500)25%) of the total applicable fee. In the event of any termination by Lessor of the the, Telephone System or the Television System or both as provided in this Paragraph paragraph 11.6, the provisions of Paragraphs paragraphs 11.2 and 11.3 shall be applicable with respect to the equipment of the terminated system and Lessee shall have thirty (30) days following the effective date of termination to remove the applicable equipment as provided in Paragraph paragraph 11.2 subject however to the provisions of Paragraph paragraph 11.3 pursuant to which provisions Lessor and Lessee, during the sixty (60) day period prior to the effective date of termination, shall negotiate in good faith with respect to the purchase and sale of the Telephone Equipment and/or Television Equipment relating to the terminated service(s). - The right to terminate as set forth in this Paragraph paragraph 11.6, shall inure to the benefit of Lessor and shall, in addition, inure to the benefit of successors in successors-in-interest to Lessor pursuant to this Agreement who hereafter purchase the Project from Lessor (or a successor in successor-in-interest to Lessor) provided that following such purchase this Agreement remains in force and effect (and is therefore not terminated pursuant to the provisions of the Paragraph paragraph 11.6).