CANCELLATION OPTION. If, and only if, an Expansion Failure Event or a Corporate Transfer Event occurs, then Tenant will have the one-time right to terminate this Lease (the “Cancellation Option”) effective as of the last day of the 66th full calendar month of the Lease Term (the “Early Termination Date”). If neither an Expansion Failure Event nor a Corporate Transfer Event occurs, then the Cancellation Option and the provisions of this Section 38.0 will be of no force or effect. Tenant will exercise the Cancellation Option by delivering written notice to Landlord along with the Cancellation Fee (defined below) on or before the date (“Early Termination Notice Deadline”) which is either (i) if the then existing Premises consists of the Premises initially leased hereunder, the date which is 270 days prior to the Early Termination Date, or (ii) if the then existing Premises consists of the Premises initially leased hereunder plus additional premises in the Building, the date which is 365 days prior to the Early Termination Date, time being of the essence. Failure by Tenant to deliver such written notice and pay the Cancellation Fee on or before the Early Termination Notice Deadline will constitute a waiver of Tenant’s Cancellation Option. Landlord will not be obligated to honor the Cancellation Option, and this Section 38.0 shall be null and void, if, on the date of Landlord’s receipt of Tenant’s termination notice, a Default exists. If Tenant elects to terminate this Lease as provided herein, Tenant must pay to Landlord an early termination fee in an amount equal to the sum of the following (plus any applicable sales tax): (a) one month’s Base Rent at the rate (that would have been) applicable in 67th full calendar month of the Lease Term, plus (b), the monthly installment of Tenant’s Share of estimated Expenses and Taxes applicable for such 67th full calendar month, plus (c) the unamortized costs incurred by Landlord in connection with the Leasehold Improvements performed pursuant to the Work Letter Agreement attached hereto (assuming that all such costs were expended on the Commencement Date, regardless of the date of actual expenditure), plus the unamortized cost of leasing commissions and attorneys’ fees paid by Landlord in connection with this Lease, plus the unamortized amount of all Base Rent and Tenant’s Share of Expenses and Taxes abated or reduced ($353,193.75) in respect of the initial Premises, in each case as of the Early Termination Date, amortized over the period b...
CANCELLATION OPTION. Upon at least one hundred eighty (180) but not more than two hundred seventy (270) days written notice to Lessor prior to the Basic Term Expiration Date (the "Notice Date"), Lessee my cancel the Agreement (the "Cancellation Option") with respect to all (but not less than all) of the Equipment on this Schedule. If all of the terms and conditions of this Section are not fulfilled, this Lease shall continue in full force and effect and Lessee shall continue to be liable for all obligations thereunder, including, without limitation, the obligation to continue paying rent. Lessee shall be deemed to have waived this option if it fails to timely provide Lessor with the required written notice of its election to exercise the same.
(a) Prior to the Basic Term Expiration Date, Lessee shall
(i) pay to Lessor, as additional rent, ________________ percent (________ %) of the Capitalized Lessor's Cost of the Equipment, plus all rent and all other sums due and unpaid as of the Basic Term Expiration Date (including, but not limited to, any rent payment due and payable on the Basic Term Expiration Date and any sales taxes and property taxes); and
(ii) return the Equipment in full compliance with Section XI of the Agreement, such compliance being independently verified by an independent appraiser selected by Lessor (reasonably acceptable to Lessee) to determine that the Equipment is in such compliance, which determination shall be final, binding and conclusive. Lessee shall bear all costs associated with such appraiser's determination and such costs, if any, to cause the Equipment to be in full compliance with Section XI of the Agreement on or prior to such Basic Term Expiration Date.
(b) From the applicable Notice Date through the Basic Tenn Expiration Date, Lessee shall:
(i) continue to comply with all of the terms and conditions of the Lease, including, but not limited to, Lessee's obligation, to pay rent, and
(ii) make the Equipment available to Lessor in such a manner as to allow Lessor to market and demonstrate the Equipment to potential purchasers or lessees from such premises at no cost to Lessor, provided, however, that, subject to Lessor's right to market and demonstrate the Equipment to potential purchasers or lessees from time to time, Lessee may still use the Equipment until the Basic Term Expiration Date.
(c) Lessee shall, from the Basic Term Expiation Date through the earlier of the date the Equipment is sold by Lessor to a third party or thirty (30) days fol...
CANCELLATION OPTION. Parent understands that this contract may be cancelled in writing, without penalty (except forfeiture of the registration fee) provided that written cancellation notification is received by the School by June 25, 2021.
CANCELLATION OPTION. So long as no event of default has occurred and continues under the Master Lease or any Schedule thereto AND so long as Lessee gives Lessor written notice of its election under this paragraph at least 90 days, but no more than 180 days, prior to the Cancellation Date (as defined below), Lessee may, subject the provisions of this paragraph, elect to cancel this Schedule and return all of the Equipment. Lessee may not cancel the Schedule under the terms of this paragraph UNLESS AND UNTIL all of the following conditions have been satisfied in full on or before the Cancellation Date:
(a) Lessee shall pay to Lessor on the applicable Cancellation Date a return and remarketing fee equal to the Cancellation Value (as defined below); AND
(b) Lessee shall return all, but not less than all, of the Equipment to Lessor on the Cancellation Date in full compliance with subsection 23(b) of the Master Lease and with all other return and maintenance requirements of this Schedule.
CANCELLATION OPTION. In the event of insolvency of Allianz Life, the Ceding Company, upon written notice within ninety (90) days, may at its option cancel this agreement effective retroactively to the date of such insolvency as it relates to the renewal of existing reinsurance. Allianz Life shall then make proper financial adjustment from the effective cancellation date and remain liable for the payment of any claim which had occurred prior to the date of cancellation whether or not due proof of such claim had actually been received by such date.
CANCELLATION OPTION. On the due date of the 12th Base Monthly Rental payment Lessee shall have the following options: 1) return the Equipment to the Lessor and pay Lessor via electronic funds transfer a cancellation fee equal to of $1,857,415.00 plus the Base Monthly Rental due on such date, plus any other amounts due; or 2) continue the Lease to its expiration.
CANCELLATION OPTION. Observe the Contract and confirm the Financed Vehicle is not disclosed as “used” with a cash price of less than $40,000 and is purchased for personal use or, if so, confirm a completed and signed contract cancellation option agreement is in the Receivable File.
CANCELLATION OPTION. Tenant shall have the option to terminate this Lease at the end of the thirty-six (36) month of the Lease Term provided Tenant has notified Landlord in writing on or before the thirtieth (30th) month of the Lease Term, of its election to terminate this Lease. Except as hereinafter amended, the Lease remains in full force and effect, unmodified. In the event of any conflict between a provision of this Addendum or the Lease, the provisions of the Addendum shall prevail.
CANCELLATION OPTION. In every case under 14.6.1, if none of those options can reasonably be accomplished, or if the continued use of the infringing items is impracticable, State may cancel the relevant Order or terminate the Contract and Contractor shall take back the infringing items. If State does cancel the Order or terminate the Contract, Contractor shall refund to State: (a) for any software created for State under the Contract, the amount State paid to Contactor for creating it; (b) for all other Materials, the net book value of the product provided according to generally accepted accounting principles; and (c) for Services, the amount paid by State or an amount equal to 12 (twelve) months of charges, whichever is less.
CANCELLATION OPTION. Either Hotel or Group may cancel the Agreement without cause upon written notice to the other party at any time prior to the Event. In the event Group cancels without cause, Group shall pay Hotel liquidated damages in an amount calculated according to the Cancellation Charges scale in the Event Details, plus applicable taxes. Applicable Services Charges will be added to the Cancellation Charges when cancellation occurs sixty (60) days or less prior to the first date of the Event. Payment of the Cancellation Charges shall be made by Group to Hotel at the time the Agreement is canceled by written notice. Hotel and Group agree that: (a) the damages suffered by Hotel in the event that Group cancels without cause are difficult to calculate; (b) the above formula is a reasonable estimate of such damages; and (c) the Cancellation Charges do not constitute a penalty. In the event Hotel cancels the Agreement without cause, Hotel shall pay Group any direct damages suffered as a result of the cancellation, which damages shall not exceed the amount calculated according to Cancellation Charges scale.
