Common use of Demise of Premises and Term Clause in Contracts

Demise of Premises and Term. (a) In consideration of the rents, covenants, and agreements set forth herein and subject to the terms and conditions hereof, Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, the Premises for a term commencing on the effective date hereof (the “Commencement Date”) and ending at midnight on the date which is fifty (50) years after the date hereof, and after such date the term of this Lease shall be automatically renewed for a maximum of four (4) successive ten-year periods thereafter (the “Term”); provided, however, Lessee may terminate this Lease at the end of such initial period or any subsequent ten-year period by delivering written notice to Lessor, on or before 180 days prior to the end of any such period, that Lessee has elected to terminate this Lease. (b) At Lessee’s option, Lessee may terminate this Lease, by providing written notice to Lessor on or before 180 days prior to the desired termination date if Lessee ceases to operate the Relevant Assets and Additional Improvements or ceases its business operations. In the event of such termination pursuant to this Section 2.1(b), Lessor shall retain one half of the remaining Rent (as defined below) for the then current 12-month rental period as set forth in Section 2.3 below as its sole and exclusive remedy for such early termination and shall refund to Lessee the remaining Rent.

Demise of Premises and Term. (a) In consideration of the rents, covenants, and agreements set forth herein and subject to the terms and conditions hereof, Lessor hereby leases to Lessee Lessees and Lessee Lessees hereby leases lease from Lessor, the Premises for a term commencing on the effective date hereof (the “Commencement Date”) and ending at midnight on the date which is fifty (50) years after the date hereof, and after such date the term of this Lease shall be automatically renewed for a maximum of four (4) successive ten-year periods thereafter (the “Term”); provided, however, Lessee Lessees may terminate this Lease at the end of such initial period or any subsequent ten-year period by delivering written notice to Lessor, on or before 180 days prior to the end of any such period, that Lessee has Lessees have elected to terminate this Lease. (b) At Lessee’s Lessees’ option, Lessee Lessees may terminate this Lease, by providing written notice to Lessor on or before 180 days prior to the desired termination date if Lessee ceases Lessees cease to operate the Relevant Assets and Additional Improvements or ceases its business operations. In the event of such termination pursuant to this Section 2.1(b), Lessor shall retain one half of the remaining Rent (as defined below) for the then current 12-month rental period as set forth in Section 2.3 below as its sole and exclusive remedy for such early termination and shall refund to Lessee Lessees the remaining Rent.

Demise of Premises and Term. (a) In consideration of the rents, covenants, and agreements set forth herein and subject to the terms and conditions hereof, Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, the Premises for a а term commencing on the effective date hereof (the “Commencement Date”) and ending at midnight on the date which is fifty (50) 50 years after the date hereof, and after such date the term of this Lease shall be automatically renewed for a а maximum of four (4) successive ten10-year periods thereafter (the “Term”); provided, however, Lessee may terminate this Lease at the end of such initial period or any subsequent ten10-year period by delivering written notice to Lessor, on or before 180 days prior to the end of any such period, that Lessee has elected to terminate this Lease. (b) At Lessee’s option, Lessee may terminate this LeaseLease at any time, by providing written notice to Lessor on or before 180 days prior to the desired termination date if Lessee ceases to operate the Relevant Assets and Additional Improvements or ceases its business operationsoperations prior to sending such notice of termination. HOU03:1337014 - 6 - (c) In the event of such termination pursuant to this Section 2.1(b), Lessor shall retain one half of the remaining Rent (as defined below) for the then current 12-month rental period as set forth in Section 2.3 below as its sole and exclusive remedy for such early termination and shall refund to Lessee the remaining Rent.