Common use of EARLY TERMINATION OF LEASE Clause in Contracts

EARLY TERMINATION OF LEASE. Tenant anticipates that its business operation may grow during the Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s expansion requirements within one of the following buildings: Inglewood Tech Center 1, 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 delivering written notice to Landlord of its intention to terminate twelve (12) months prior to the date Tenant intends to terminate. 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 the Lease as provided herein, Tenant shall pay to Landlord 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 broker’s commission due for the remainder of the Renewal Term (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 have fifteen (15) days from the date of such notice to pay the 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 Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to execute an instrument which confirms and effects a release and surrender of all right title and interest in and to the Premises pursuant to the terms of the Lease and otherwise.

Appears in 1 contract

Samples: Lease (Inphonic Inc)

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EARLY TERMINATION OF LEASE. Landlord and Tenant anticipates hereby agree that its business operation may grow during the Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s expansion requirements within one term of the following buildings: Inglewood Tech Center 1, 2, 3, 4, or 5, Tenant Lease shall have the right to terminate the Lease at the end and expire as of the Fourth Rental Year close of business on the Renewal Termdate (the "Early Termination Date") that is the latest of (i) the date of this Agreement, provided Tenant is not in default of any term, covenant or condition of the Lease. Tenant shall exercise the right granted herein by delivering written notice to Landlord of its intention to terminate twelve (12ii) months prior to the date Tenant intends to terminate. Failure pays Landlord the Termination Fee (as defined below) by Tenant to deliver such written notice within wire transfer of good funds, (iii) the time period stipulated herein shall constitute date upon which the full execution and delivery of a waiver of tenant’s right of termination. If Tenant elects to terminate the New Lease (as provided herein, Tenant shall pay defined below) on terms and conditions satisfactory to Landlord 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 its sole discretion occurs (i) that portion of the broker’s commission due for the remainder of the Renewal Term (based upon a total broker’s commission of $70,038.33“New Lease Condition”), and (iv) the Scheduled Date (as defined below), and the Early Termination Date shall be deemed the expiration date of the 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 (the "Scheduled Date"), Landlord by written notice to Tenant may terminate this Agreement by delivery of written notice to Tenant at any time 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) an amount equal to three and (3iii) months of the Annual Basic Rent for the Fifth Rental Year of the Renewal term. Upon receipt this Section 1, but such waiver shall not be a waiver or release of Tenant’s notice exercising its right to terminate, Landlord will notify Tenant of the exact amount of termination fee due. Tenant shall have fifteen (15) days from the date of such notice 's obligation to pay the specified 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 fee. If such termination fee is not paid to Landlord within said fifteen day periodno later than the Scheduled Date, Tenant’s notice exercising its right to terminate in which event the Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, not terminate on the parties agree to execute an instrument which confirms and effects a release and surrender of all right title and interest in and to the Premises Early Termination Date pursuant to the terms of above and the Lease shall continue in full force and otherwiseeffect as if this Agreement had not been executed.

Appears in 1 contract

Samples: Lease Termination Agreement (Talis Biomedical Corp)

EARLY TERMINATION OF LEASE. Tenant anticipates that its business operation may grow during Notwithstanding anything to the Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s expansion requirements within one of the following buildings: Inglewood Tech Center 1, 2, 3, 4, or 5contrary 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 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 delivering least twenty-four (24) months’ prior written notice to Landlord of its intention 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 referred to as a “Termination Notice”, the period of time between the giving of the Termination Notice and the termination date Tenant intends shall be referred to terminate. Failure 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 deliver 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 written notice within termination date. In the time period stipulated herein shall constitute a waiver of tenant’s event Tenant exercises its termination right of termination. If Tenant elects to terminate the Lease as provided hereinin 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 pay to Landlord 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 broker’s commission due for the remainder of the Renewal Term (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 have fifteen (15) days from the date of such notice to pay the 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 Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to execute an instrument which confirms and effects a release and surrender of all right title and interest in and to the Premises pursuant to in accordance with the terms of the Lease and otherwise.32 4312031 v7-07879/002

Appears in 1 contract

Samples: Purchase and Sale Agreement (Selina Hospitality PLC)

EARLY TERMINATION OF LEASE. As broker/manager for the home, our primary responsibility is to act in Owner’s best interest at all times. However, we realize that extenuating circumstances may prevent a resident from fulfilling the term of their lease agreement. If Tenant anticipates that its business operation may grow during is not able to fulfill the Renewal Term term of the lease agreement, please contact MHN Properties to discuss the situation. ELECTRICITY DOES NOT WORK  Check the Breaker Box  Check the GFI plug (Ground Fault Interrupter), which is usually located in the garage, patio, kitchen or the bathroom. o Resetting the GFI will usually restart the electricity.  Know where all GFI plugs are located in order to quickly solve any problems.  If circuit breakers keep tripping, the circuits are possibly being overloaded with appliances, such as a microwave, toaster, curling irons, blow dryers, etc.  If the electricity is still not working after checking breakers and such growth could require all GFI plugs, call MHN Properties, LLC for assistance. EVICTION NOTICES If the rent payment is not received by the 5th day of the month, Tenant will be served a Notice to need additional spaceQuit and Vacate (NTQ). Tenants will NOT receive a phone call if their rent is late. If the rent, all late charges and a $25.00 dollar charged or the NTQ are not received in our office within 3 days after receiving the NTQ, we will order a Forcible Entry and Detainer (eviction suit). In the event case of an eviction suit, Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet will receive a notice from a constable informing him or more and Landlord is unable to accommodate Tenant’s expansion requirements within one her of the following buildings: Inglewood Tech Center 1, 2, 3, 4, court date to appear before a judge. If Landlord or 5Landlord’s Agent must appear in court for an eviction suit or like suit, Tenant shall have will incur additional charges. M HN Properties’ rent collection policy conforms to industry standards. FILTERS AND MAINTENANCE FOR A/C AND HEATING As stated in the right to terminate lease agreement, Tenant is responsible for supplying and changing the Lease heating and air-conditioning filters at least once a month. Check for location of A/C filter at move in. If there is not a new A/C filter in place contact the end office. We require the use of a pleated filter of the Fourth Rental Year correct size unless there is a permanent filter in the unit. A clean filter prevents serious damage to the motor, compressor and other parts of the Renewal Term, provided Tenant is not in default of any term, covenant or condition AC/Heating unit. Failure to perform this service affects the efficiency of the LeaseA/C and heating units, which requires the unit to work harder. Tenant shall exercise This reduces the right granted herein operating life and causing an increase in the electric xxxx. The filter has to be replaced a minimum of once a month and must be installed in the correct position for the proper airflow. See arrows on filter for correct placement. Any cleaning required or damage done to AC/Heating unit caused by delivering written notice failure to Landlord perform mandatory changes of its intention to terminate twelve (12) months prior the filter will be charged to the date Tenant intends tenant. We have had some instances in the past where we had to terminatesend our A/C repairmen out to repair a unit and the tenant had never changed the filter or had removed it. Failure by Tenant to deliver such written notice within the time period stipulated herein shall constitute This is a waiver of tenant’s right of termination. If Tenant elects to terminate the Lease as provided herein, Tenant shall pay to Landlord 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 broker’s commission due for the remainder of the Renewal Term (based upon a total broker’s commission of $70,038.33)very expensive repair, 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 have fifteen (15) days from the date of such notice tenant is ALWAYS required to pay the specified termination feeentire billed due to tenant neglect. Filters only cost a few dollars and the cost is more than offset by the savings on the electric xxxx. We recommend changing the filter when rent is submitted for payment. Buy several at one time to have them on hand when it is time to change. If such termination fee the property has an A/C system with a drain line that has an opening in it, pour a cup of bleach or vinegar down the drain tube every month. In most cases, this prevents the drain line from clogging up with algae and flooding the property. Anytime you see the secondary drain line dripping water or water drips from inside the unit, it indicates that the primary drain is not paid clogged and needs to Landlord within said fifteen day period, Tenant’s notice exercising its right to terminate the Lease shall be deemed void and inoperativeserviced. If this Lease not corrected, it may cause serious water damage. DO NOT operate the unit until the clogged drain line is terminated cleared as provided herein, the parties agree to execute an instrument which confirms unit will produce water and effects a release and surrender of all right title and interest in and damage to the Premises pursuant property may occur. Please report any water drips to the terms of office so we can have the Lease and otherwiseA/C checked.

Appears in 1 contract

Samples: Residential Lease Agreement

EARLY TERMINATION OF LEASE. Tenant anticipates that its business operation may grow during the Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s 's expansion requirements within one of the following buildings: Inglewood Tech Center 1, 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 delivering written notice to Landlord of its intention to terminate twelve (12) months prior to the date Tenant intends to terminate. Failure by Tenant to deliver such written notice within the time period stipulated herein shall constitute a waiver of tenant’s 's right of termination. If Tenant elects to terminate the Lease as provided herein, Tenant shall pay to Landlord 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 broker’s 's commission due for the remainder of the Renewal Term (based upon a total broker’s '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 's notice exercising its right to terminate, Landlord will notify Tenant of the exact amount of termination fee due. Tenant shall have fifteen (15) days from the date of such notice to pay the specified termination fee. If such termination fee is not paid to Landlord within said fifteen day period, Tenant’s 's notice exercising its right to terminate the Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to execute an instrument which confirms and effects a release and surrender of all right title and interest in and to the Premises pursuant to the terms of the Lease and otherwise.

Appears in 1 contract

Samples: Inphonic Inc

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EARLY TERMINATION OF LEASE. Tenant anticipates that its business operation 41. Lessee may grow terminate the Term of this Lease prior to the Lease Termination Date upon the following conditions precedent: (i) Lessee shall give UTA written notice of Lessee’s proposed date of early termination (“Early Termination Date”) not less than sixty (60) days prior to the Early Termination Date; (ii) Lessee must not be in default of this Lease at either the time of the giving of notice of termination to UTA or on the Early Termination Date; and (iii) Lessee and all Occupants must vacate the Premises no later than 5:00 pm on the Early Termination Date. If Early Termination is granted by UTA prior to lease commencement, Lessee shall be released from the Lease but shall forfeit the Deposit and pay a cost-of-reletting fee as described in Section 42. If Early Termination is granted by UTA after lease commencement, Lessee shall pay a cost-of-reletting fee as described in Section 42, unless UTA also approves an Academic or Military Exception as described below. Lessee may request an Academic Exception in the following instances: (i) Lessee is scheduled to Graduate during the Renewal Term, (ii) Lessee is enrolled in a UTA Study Abroad Program during the Term, or (iii) Lessee is enrolled in a For-Credit Internship which requires daily travel further than 45 miles from the Premises during the Term. Lessee may request a Military Exception if Lessee has received official orders requiring military deployment for more than 30 continuous days during the Term. Lessee must submit such official written documentation evidencing the reason for the request for an Academic or Military Exception as may be required by the UTA Housing Office. If UTA approves a request for Early Termination for an Academic or Military Exception, Lessee may thereafter terminate the Term and such growth could require Tenant of this Lease prior to need additional space. In the event Tenant notifies Landlord Lease Termination Date upon the following conditions precedent: (i) Lessee shall give UTA written notice of Lessee’s proposed date of early termination (“Early Termination Date”) not less than sixty (60) days prior to the Early Termination Date; (ii) Lessee must not be in writing, requesting additional space consisting default of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s expansion requirements within one this Lease at either the time of the following buildings: Inglewood Tech Center 1giving of notice of termination to UTA or on the Early Termination Date; and (iii) Lessee must vacate the Premises no later than 5:00 pm on the Early Termination Date. Notwithstanding the foregoing to the contrary, 2Lessee’s requested Early Termination Date may be amended by UTA to coincide with specified move-out periods associated with the UTA academic calendar. For instance, 3, 4, or 5, Tenant shall have the right to terminate the Lease at UTA may require that a Lessee requesting an Academic Exception because of December graduation remain as a Lessee through the end of the Fourth Rental Year fall academic term and vacate the premises within 48 hours after graduation. Lessee’s due exercise of a right of Early Termination shall not prejudice or preclude the Lessee’s right to a refund of all or a portion of the Renewal TermDeposit, provided Tenant but all terms and provisions of this Lease (including, without limitation, the obligation to pay Rent and other charges hereunder through the Early Termination Date and the provisions of Sections 38 and 39 of this Lease) shall remain in force and effect. The Premises will be inspected by a designated UTA representative during the move out procedure. Lessee is not in default of any term, covenant or condition of required to contact the Lease. Tenant shall exercise UTA Apartment Community Office designated for the right granted herein by delivering written notice to Landlord of its intention to terminate twelve Premises no later than five (125) months days prior to the date Tenant intends Lease Termination Date to terminate. 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 the Lease as provided herein, Tenant shall pay to Landlord as Additional Rent, schedule 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 broker’s commission due appointment for the remainder of the Renewal Term (based upon a total brokermove-out inspection. UTA may charge reasonable fees for Lessee’s commission of $70,038.33), and (ii) an amount equal failure 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 have fifteen (15) days from the date of such notice to pay the 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 Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to execute an instrument which confirms and effects a release and surrender of all right title and interest in and to the Premises pursuant to the terms of the Lease and otherwisefollow established move-out procedures.

Appears in 1 contract

Samples: Apartment Lease Agreement

EARLY TERMINATION OF LEASE. Tenant anticipates that its business operation may grow during the Renewal Term and such growth could require Tenant to need additional space. In the event Tenant notifies Landlord in writing, requesting additional space consisting of 11,837 contiguous square feet or more and Landlord is unable to accommodate Tenant’s expansion requirements within one of the following buildings: Inglewood Tech Center 1, 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 Provided Tenant is not in default of any term, covenant or condition of this Lease (beyond all applicable notice and cure periods), Tenant shall have a one-time right to terminate this Lease at the Leaseend 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 tenantTenant’s right of termination. If Tenant elects to terminate the this Lease as provided herein, Tenant shall pay to Landlord as Additional Rent, an early termination fee in an amount equal to due the unamortized costs 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 calculated amortized on a straight-line basis over the Renewal Term; plus (i) that portion Term of the broker’s commission due for the remainder of the Renewal Term Lease at eight percent (based upon a total broker’s commission of $70,038.33)8%) rate per annum, and plus two (ii) an amount equal to three (32) months of the then current Annual Basic Rent for the Fifth Rental Year of the Renewal termRent. 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 have fifteen (15) days from the date of such notice to pay the specified termination feefee no later than thirty (30) days prior to such termination date. If such termination fee is not timely paid to Landlord within said fifteen day periodLandlord, Tenant’s notice exercising its right to terminate the Lease shall be deemed void and inoperative. If this Lease is terminated as provided herein, the parties agree to execute an a commercially reasonable instrument which confirms and effects a release and surrender of all right right, title and interest in and to the Premises pursuant to the terms of the this Lease and otherwise.

Appears in 1 contract

Samples: California Office Lease (Legalzoom Com Inc)

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