Common use of EARLY TERMINATION OF LEASE Clause in Contracts

EARLY TERMINATION OF LEASE. a. If the “Transactions” defined in that certain Agreement and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence of the “Merger Closing” (as such term is defined in the Merger Agreement), then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement), Tenant shall have the right to terminate the Lease by providing Landlord with written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days prior to the termination date (the “Early Termination Date”) set forth in the Early Termination Notice and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted to commence marketing the Premises to prospective tenants and Landlord shall have access to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Notice.

Appears in 1 contract

Samples: Lease (Sport Chalet Inc)

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EARLY TERMINATION OF LEASE. a. If Tenant anticipates that its business operation may grow during the “Transactions” defined Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in that certain Agreement writing, requesting additional space consisting of 11,837 contiguous square feet or more and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence Landlord is unable to accommodate Tenant's expansion requirements within one of the “Merger Closing” (as such term is defined in the Merger Agreement)following buildings: Inglewood Tech Center 1, then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement)2, 3, 4, or 5, Tenant shall have the right to terminate the Lease at the end of the Fourth Rental Year of the Renewal Term, provided Tenant is not in default of any term, covenant or condition of the Lease. Tenant shall exercise the right granted herein by providing Landlord with delivering written notice to Landlord of termination its intention to terminate twelve (the “Early Termination Notice”12) at least two hundred seventy (270) days months prior to the termination date (Tenant intends to terminate. Failure by Tenant to deliver such written notice within the “Early Termination Date”) set forth in time period stipulated herein shall constitute a waiver of tenant's right of termination. If Tenant elects to terminate the Early Termination Notice and concurrently paying Lease as provided herein, Tenant shall pay to Landlord in cash or cash equivalents a as Additional Rent, an early termination fee (in an amount equal to due unamortized costs of the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination DateTenant Improvements, then the Early Termination Fee which sum shall be Three Hundred Thousand Dollars calculated on a straight-line basis over the Renewal Term; plus ($300,000.00); or (2i) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 portion of the Original Lease if Tenant does not timely comply with clause broker's commission due for the remainder of the Renewal Term (1)(ii) below; based upon a total broker's commission of $70,038.33), and (ii) an amount equal to three (3) months of the Annual Basic Rent for the Fifth Rental Year of the Renewal term. Upon receipt of Tenant's notice exercising its right to terminate, Landlord will notify Tenant of the exact amount of termination fee due. Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date have fifteen (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of 15) days from the date of this Amendment); and (iii) such notice to pay the Term shall end on specified termination fee. If such termination fee is not paid to Landlord within said fifteen day period, Tenant's notice exercising its right to terminate the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord Lease shall be permitted deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to commence marketing the Premises to prospective tenants execute an instrument which confirms and Landlord shall have access effects a release and surrender of all right title and interest in and to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email pursuant to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx terms of the Lease and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Noticeotherwise.

Appears in 1 contract

Samples: Maryland Multi Tenant Industrial Lease (Inphonic Inc)

EARLY TERMINATION OF LEASE. a. If the “Transactions” defined Provided Tenant is not in that certain Agreement default of any term, covenant or condition of this Lease (beyond all applicable notice and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence of the “Merger Closing” (as such term is defined in the Merger Agreement), then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreementcure periods), Tenant shall have a one-time right to terminate this Lease at the end of the third Rental Year (as defined in Section 6.1) of the Term. Tenant shall exercise the right granted herein by delivering written notice to Landlord of its intention to terminate twelve (12) months prior to the date Tenant intends to terminate, time being of the essence. Failure by Tenant to deliver such written notice within the time period stipulated herein shall constitute a waiver of Tenant’s right of termination. If Tenant elects to terminate this Lease as provided herein, Tenant shall pay to Landlord an early termination fee in an amount equal to the unamortized portion of the Tenant Improvements, broker’s commission paid by Landlord in connection with this Lease and the Moving Allowance (as defined in Section 5.2), which sum shall be amortized on a straight-line basis over the Term of the Lease at eight percent (8%) rate per annum, plus two (2) months of the then current Annual Basic Rent. Upon receipt of Tenant’s notice exercising its right to terminate, Landlord will notify Tenant of the exact amount of termination fee due. Tenant shall pay the specified termination fee no later than thirty (30) days prior to such termination date. If such termination fee is not timely paid to Landlord, Tenant’s notice exercising its right to terminate the Lease by providing Landlord with written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days prior to the termination date (the “Early Termination Date”) set forth in the Early Termination Notice and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if deemed void and inoperative. If this Lease is terminated as provided herein, the Early Termination Notice is tendered parties agree to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Dateexecute a commercially reasonable instrument which confirms and effects a release and surrender of all right, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice title and concurrently pays the Early Termination Fee interest in and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted to commence marketing the Premises to prospective tenants and Landlord shall have access to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email pursuant to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx terms of this Lease and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Noticeotherwise.

Appears in 1 contract

Samples: California Office Lease (Legalzoom Com Inc)

EARLY TERMINATION OF LEASE. a. If Notwithstanding anything to the “Transactions” defined in that certain Agreement and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence of the “Merger Closing” (as such term is defined in the Merger Agreement), then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement)contrary contained herein, Tenant shall have the right to terminate this Lease (a) with the termination effective during Lease Years 6 through 10, by providing Landlord with written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days prior to the termination date (the “Early Termination Date”) set forth in the Early Termination Notice and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted to commence marketing the Premises to prospective tenants and Landlord shall have access to the Premises during customary business hours upon at least twenty-four (24) hours months’ prior written notice of Xxxxxx’s intent to terminate this Lease (in which case Tenant will owe a termination fee equal to twelve (12) months of the then current Fixed Rent); and (b) with the termination effective during Lease Years 11 through 20, by providing Landlord with at least eighteen (18) months’ prior written notice of Xxxxxx’s intent to terminate this Lease (in which case Tenant will not owe any termination fee). Tenant’s notice of termination to Landlord shall be given by email referred to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place as a For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Notice.”, the period of time between the giving of the Termination Notice and the termination date shall be referred to as the “Termination Notice Period”, and the termination fee required to be paid by Tenant hereunder for the applicable Lease Year shall be referred to as the “Termination Fee”. The termination date of this Lease shall be set forth in the Termination Notice and the Termination Fee, if any, shall be payable on such termination date. In the event Tenant exercises its termination right as provided in this Section 27, all of the terms of this Lease, including, but not limited to Tenant’s obligation to pay Fixed Rent and Additional Rent shall continue to be applicable through the Termination Notice Period. Upon the effective date of termination of this Lease by Landlord pursuant to this Section 27, Tenant shall surrender the Premises in accordance with the terms and 32 4312031 v7-07879/002

Appears in 1 contract

Samples: Purchase and Sale Agreement (Selina Hospitality PLC)

EARLY TERMINATION OF LEASE. a. If Landlord and Tenant hereby agree that the “Transactions” term of the Lease shall terminate and expire as of the close of business on the date (the "Early Termination Date") that is the latest of (i) the date of this Agreement, (ii) the date Tenant pays Landlord the Termination Fee (as defined below) by wire transfer of good funds, (iii) the date upon which the full execution and delivery of a New Lease (as defined below) on terms and conditions satisfactory to Landlord in that certain Agreement and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC its sole discretion occurs (“ParentNew Lease Condition”), Everest Merger Sub, Inc. and (“Merger Sub”iv) and Tenant the Scheduled Date (as defined below), and the same may Early Termination Date shall be amended, deemed the “Merger Agreement”) are consummated, including without limitation the occurrence expiration date of the “Merger Closing” Lease for all purposes. If the Early Termination Date shall not have occurred on or before 6:00 p.m. Pacific Time on May 12, 2023 (as such term is defined in the Merger Agreement"Scheduled Date"), then Landlord by written notice to Tenant may terminate this Agreement by delivery of written notice to Tenant at any time from prior to the Scheduled Date; provided, however, if the New Lease Condition is not satisfied, Landlord shall provide such written notice no later than March 31, 2023. Landlord in its sole discretion may elect to waive the conditions in clauses (ii) and after (iii) of this Section 1, but such waiver shall not be a waiver or release of Tenant's obligation to pay the initial payment or any other portion of the Termination Fee as and when required under Section 2, below, and require that Tenant vacate the Premises on or before the Vacating Date (as defined below). If, despite Xxxxxx’s commercially reasonable efforts, Kriya Therapeutics, Inc., as sublessor, and Tenant, as sublessee, have not executed and delivered a Sublease with respect to certain subleased premises located at 0000 Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxx, Xxxxxxxxxx, on terms and conditions satisfactory to Tenant in its reasonable discretion, by March 31, 2023, and/or if Landlord has not consented in writing to such Sublease, Tenant may terminate this Agreement by delivery of written notice of termination to Landlord no later than the Scheduled Date, in which event the Lease shall not terminate on the Early Termination Date pursuant to the terms above and the Lease shall continue in full force and effect as if this Agreement had not been executed. 1.1 For avoidance of doubt, if this Agreement terminates pursuant to the provisions of Section 1 above, then this Agreement shall be void and of no force or effect EXCEPT that if Landlord has received the Termination Fee referred to below, then the provisions of the last sentence of Section 2.1 below shall apply. The provisions of the immediately preceding sentence and the provisions of the last sentence of Section 2.1 below shall survive the termination of this Agreement and remain in full force and effect following the termination of this Agreement pursuant to Section 1 above. 1.2 On or before the later of (i) the date seven (7) weeks following the date Landlord notifies Tenant in writing that the New Lease Condition has been satisfied (or waived by Landlord) and (ii) the Scheduled Date (such later date being referred to herein as the “Effective Time” (as such term is defined in the Merger AgreementVacating Date”), Tenant shall have (x) surrender to Landlord all right, title and interest of Tenant in the right Premises (and the Lease), (y) vacate and surrender the Premises, broom clean, in good condition and repair, reasonable wear and tear excepted and (z) remove from the Premises Tenant’s furniture, furnishings and equipment in accordance with Section 3 below and repair any damage to terminate the Premises or Building arising from such removal. In the event the expiration date of the seven (7) week period referred to in clause (i) above extends beyond the Scheduled Date, then Tenant shall be deemed holding over in the Premises with Landlord’s consent for the period (hereinafter referred to as the “Consent Holdover Period”) commencing on May 13, 2023 and ending on the earlier of (A) the date Tenant complies with the terms of clauses (x), (y) and (z) above or (B) the expiration of the seven (7) week period referred to above, and during such Consent Holdover Period, the applicable terms, covenants and conditions of the Lease by providing shall apply, including Tenant’s obligation to pay to Landlord with written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days prior any Base Rent or Additional Rent, including, without limitation, any Operating Expenses or Taxes, during or allocable to the termination date Consent Holdover Period; it being understood and agreed that during such Consent Holdover Period, Tenant’s obligation to pay Base Rent and Additional Rent shall be at the same rate and terms as if the Lease had not yet terminated (and shall not be at the “Early Termination Date”[***] percent ([***]%) rate set forth in the Early Termination Notice and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share Section 31.1 of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as ). In the event that Tenant fails to vacate the Premises and when due all Base Rent, Tenant’s Share of Operating Expenses surrender and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender deliver exclusive possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Vacating Date (it being acknowledged and agreed by in accordance with the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date terms of this Amendment); Agreement, then, following the Vacating Date and (iii) until Tenant vacates the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; Premises and (2) Landlord shall be permitted to commence marketing surrenders and delivers exclusive possession of the Premises to prospective tenants Landlord, Tenant shall be deemed to be in holdover of the Premises without Landlord’s consent and Landlord shall have access be subject to the Premises during customary business hours upon at least twenty-four terms of Article 31 of the Lease (24) hours prior written notice except that for purposes of this sentence and application of Article 31 of the Lease to Tenant (which notice this sentence, the holdover period shall be given by email deemed to commence on the day following the Vacating Date and clause (a) of the fifth sentence of Article 31 of the Lease shall be deemed deleted and the following addresses simultaneouslyshall be deemed substituted in place thereof: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place For Lease” signs on the Building beginning on (a) the date Landlord receives that is the Early Termination NoticeVacating Date, or”).

Appears in 1 contract

Samples: Lease Termination Agreement (Talis Biomedical Corp)

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EARLY TERMINATION OF LEASE. a. If Tenant shall use its commercially reasonable efforts to execute a Grocery Store Lease on or before December 31, 2023 (the “Transactions” defined Grocery Store Lease Execution Deadline”). The identity of the lessee/operator of the Grocery Store Component shall be subject to approval by the Landlord in that certain Agreement Landlord’s sole and Plan absolute discretion. Landlord hereby approves Sprouts as a lessee/operator of Merger dated the Grocery Store Component. If Tenant fails to deliver an executed Grocery Store Lease with a lessee/operator approved by Landlord on or about even before the December 31, 2025, or complete construction of the Grocery Store and cause it to open for business to the general public on or before the second anniversary date herewith by and among Vestis Retail Group, LLC of the date of the Grocery Store Lease (“Parent”), Everest Merger Sub, Inc. (“Merger SubCompletion Deadline”) and Tenant (as the same it may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence of the “Merger Closing” (as such term is defined in the Merger Agreementextended pursuant to Section 3.2), then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement), Tenant Landlord shall have the right to terminate the this Lease by providing Landlord with upon written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days to Tenant prior to the termination date (that the “Early Termination Date”) set forth in Grocery Store Lease is executed or that date that Tenant has caused completion of construction of the Early Termination Notice Grocery Store and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered it to open for business to the general public, as applicable. If the Landlord at least two hundred seventy (270terminates the Lease pursuant to this Section 3.3, then then City shall retain the Liquidated Damages re Second Closing described in Section 201.6 of the DDA. In the event that the Tenant completes its obligation under this Section 3.3, the Liquidated Damages re Second Closing shall be returned to the Tenant following the opening for business of the Grocery Store to the general public. The Grocery Store Lease Execution Deadline and Completion Deadline may be extended only pursuant to Section 3.2(b) days above, or as a result of Landlord Delays and the Completion Deadline shall be subject to extensions as a result of force majeure pursuant to Section 23.1; provided, however, the Completion Deadlines shall be extended so long as Tenant has Commenced and is diligently prosecuting construction to Completion. Further, any cure by a Mortgagee of a failure to Complete the Improvements prior to the Early Termination Date but less than three hundred sixty five (365) days prior Completion Deadline shall be subject to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered additional cure period afforded to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due Mortgagees pursuant to Section 26 of 18.2.1. In the Original event Landlord terminates this Lease if Tenant does not timely comply with clause pursuant to this Section 3.3, then (1)(iii) below; Landlord shall keep any and all Extension Payments received by Landlord pursuant to this Lease (ii) Tenant shall surrender possession of be responsible, at Tenant’s sole cost and expense, for delivering the Premises Property to Landlord with title in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); Section 5.4.1, and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted to commence marketing the Premises to prospective tenants and Landlord parties shall have access no further obligations to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Noticeeach other.

Appears in 1 contract

Samples: Ground Lease

EARLY TERMINATION OF LEASE. a. If Tenant anticipates that its business operation may grow during the “Transactions” defined Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in that certain Agreement writing, requesting additional space consisting of 11,837 contiguous square feet or more and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence Landlord is unable to accommodate Tenant’s expansion requirements within one of the “Merger Closing” (as such term is defined in the Merger Agreement)following buildings: Inglewood Tech Center 1, then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement)2, 3, 4, or 5, Tenant shall have the right to terminate the Lease at the end of the Fourth Rental Year of the Renewal Term, provided Tenant is not in default of any term, covenant or condition of the Lease. Tenant shall exercise the right granted herein by providing Landlord with delivering written notice to Landlord of termination its intention to terminate twelve (the “Early Termination Notice”12) at least two hundred seventy (270) days months prior to the termination date (Tenant intends to terminate. Failure by Tenant to deliver such written notice within the “Early Termination Date”) set forth in time period stipulated herein shall constitute a waiver of tenant’s right of termination. If Tenant elects to terminate the Early Termination Notice and concurrently paying Lease as provided herein, Tenant shall pay to Landlord in cash or cash equivalents a as Additional Rent, an early termination fee in an amount equal to due unamortized costs of the Tenant Improvements, which sum shall be calculated on a straight-line basis over the Renewal Term; plus (i) that portion of the “Early Termination Fee”broker’s commission due for the remainder of the Renewal Term (based upon a total broker’s commission of $70,038.33), and (ii) determined as follows: an amount equal to three (13) if months of the Early Termination Notice is tendered Annual Basic Rent for the Fifth Rental Year of the Renewal term. Upon receipt of Tenant’s notice exercising its right to terminate, Landlord will notify Tenant of the Landlord at least two hundred seventy exact amount of termination fee due. Tenant shall have fifteen (27015) days prior from the date of such notice to pay the Early Termination Date but less than three hundred sixty five (365) days prior specified termination fee. If such termination fee is not paid to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rentwithin said fifteen day period, Tenant’s Share of Operating Expenses and any other amounts then in arrears under notice exercising its right to terminate the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being cured, then: (1)(i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to commence marketing the Premises to prospective tenants execute an instrument which confirms and Landlord shall have access effects a release and surrender of all right title and interest in and to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email pursuant to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx terms of the Lease and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Noticeotherwise.

Appears in 1 contract

Samples: Maryland Multi Tenant Industrial Lease (Inphonic Inc)

EARLY TERMINATION OF LEASE. a. If the “Transactions” defined in that certain Agreement and Plan of Merger dated on or about even date herewith by and among Vestis Retail Group, LLC (“Parent”), Everest Merger Sub, Inc. (“Merger Sub”) and Tenant (as the same may be amended, the “Merger Agreement”) are consummated, including without limitation the occurrence of the “Merger Closing” (as such term is defined in the Merger Agreement), then at any time from and after the “Effective Time” (as such term is defined in the Merger Agreement), Tenant shall have the right to terminate the Lease by providing Landlord with written notice of termination (the “Early Termination Notice”) at least two hundred seventy (270) days prior to the termination date (the “Early Termination Date”) set forth in the Early Termination Notice and concurrently paying Landlord in cash or cash equivalents a termination fee (the “Early Termination Fee”) determined as follows: (1) if the Early Termination Notice is tendered to the Landlord at least two hundred seventy (270) days prior to the Early Termination Date but less than three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Three Hundred Thousand Dollars ($300,000.00); or (2) if the Early Termination Notice is tendered to the Landlord at least three hundred sixty five (365) days prior to the Early Termination Date, then the Early Termination Fee shall be Two Hundred Thousand Dollars ($200,000.00). b. If Tenant tenders the Early Termination Notice and concurrently pays the Early Termination Fee and any other Base Rent, Tenant’s Share of Operating Expenses and any other amounts then in arrears under the Lease (including without limitation all applicable interest and late fees) and cures all existing non-monetary defaults that are reasonably susceptible of being curedLease, then: (1)(i1) (i) Tenant shall continue to perform its obligations under the Lease, including, but not limited to, pay as and when due all Base Rent, Tenant’s Share of Operating Expenses and any other amounts due under the Lease through the Early Termination Date as well as any holdover rent due pursuant to Section 26 of the Original Lease if Tenant does not timely comply with clause (1)(ii) below; (ii) Tenant shall surrender possession of the Premises to Landlord in the condition required by the Lease on or before the Early Termination Date (it being acknowledged and agreed by the Landlord that Tenant’s surrender obligations do not include the removal of any Alterations that exist as of the date of this Amendment); and (iii) the Term shall end on the Early Termination Date as though such date were the date originally scheduled for the Term to end; and (2) Landlord shall be permitted to commence marketing the Premises to prospective tenants and Landlord shall have access to the Premises during customary business hours upon at least twenty-four (24) hours prior written notice to Tenant (which notice shall be given by email to the following addresses simultaneously: xxxxxx@xxxxxxxxxxx.xxx, xxxxxxxxx@xxxxxxxxxxx.xxx and xxxxxx@xxxxx.xxx). Landlord shall also have the right to place “For Lease” signs on the Building beginning on the date Landlord receives the Early Termination Notice. c. Tenant’s right to terminate the Lease pursuant to Section 2 of this Amendment is in addition to any and all other termination rights that Tenant has under the Original Lease, including without limitation Sections 9.4 and 14.1 of the Original Lease.

Appears in 1 contract

Samples: Lease (Sport Chalet Inc)

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