Common use of Early Termination Option Clause in Contracts

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Neuronetics, Inc.)

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Early Termination Option. Provided that there is (a) Tenant has not leased any Offer Space, (b) no Event of Default as is outstanding at the time of the date that Tenant delivers Termination Notice, and (c) no portion of the Premises has been subleased for a term extending beyond the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)Date, Tenant shall have a one-time option the right to terminate this Lease (“Termination Option”) in its entirety effective as of December 31, 2022 (the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon on the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by conditions set forth in this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee Section (the “Early Termination FeeRight) in an amount equal ). In order to exercise the unamortized portion of the following costs (“Costs”): Early Termination Right, by no later than December 31, 2021, Tenant must (i) all costs incurred by deliver to Landlord in connection with an irrevocable written notice clearly exercising the construction of Early Termination Right (the Tenant Improvements (including“Termination Notice”), but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by pay Landlord a fee in the amount calculated pursuant to Landlord’s Broker and Exhibit E (the Tenant’s Broker; “Termination Fee”), and (iii) all other costs incurred by if the Additional Advance is advanced under Exhibit C, pay Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term entire outstanding balance of the Lease at an Additional Advance including all principal and interest rate of nine percent (9%) per annumaccrued through the payment date. Following the Commencement DateUpon request from Tenant any time after November 1, within thirty (30) days following Tenant’s request2021, Landlord shall will provide Tenant with a an estimated calculation of the Costs Termination Fee. Tenant shall pay the amount set forth in such estimate when it delivers the Termination Notice and an amortization schedule when the actual amount of same. (c) The Early the Termination Fee is calculated, any overpayment shall be paid by credited or refunded back to Tenant to Landlord via certified check or by wire transfer Tenant shall make an additional payment, as applicable. Time is of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinessence of this provision and neither late notice nor late payment shall be effective. If Tenant delivers the Early does not deliver a Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option Fee by the above deadline, Tenant’s Early Termination Right shall immediately terminate and shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Dateno further force or effect. Tenant acknowledges that this provision was specifically negotiated by the parties and is a material term of this Lease and Tenant hereby waives all equitable claims and defenses that might extend the period within which Tenant may exercise the Early Termination Fee is consideration for Tenant’s exercise of Right or pay the Termination Option andFee. If Tenant does not pay all sums due under this Lease in a timely manner any time after delivering a Termination Notice, thereforethen in addition to any other remedies available to Landlord, shall not be credited against Rent due through Landlord shall, in its sole discretion, have the right to void the Termination Notice and the Early Termination Date. (e) Right shall not take effect. If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination DateRight, Tenant the Extension Options and the Right of First Opportunity shall surrender possession immediately terminate and shall be of the Premises in the condition required by the terms of this Lease; no further force and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseeffect.

Appears in 2 contracts

Samples: Office Lease (Impinj Inc), Office Lease (Impinj Inc)

Early Termination Option. Provided that there is no Event of Default as of (a) Subject to the date that Tenant delivers the Early Termination Notice terms and on the Early Termination Date (each, as hereinafter defined)provisions set forth in this Paragraph 12, Tenant shall have a one-time option to terminate this the Lease as to all, and not part of, the Premises (the “Termination Option”) effective ), as of April 30, 2012 (the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject ) conditioned upon Tenant’s delivery to and upon the following terms and conditions: Landlord of at least three (a3) Tenant shall give Landlord months prior written notice (time being of the essence) of Tenant’s unconditional and irrevocable election to terminate the Lease (the Early Termination Notice”) ). Delivery of its intention to exercise a Termination Notice shall not relieve Tenant of any obligations under the Termination Option not less than 365 days Lease that accrue prior to the Early Termination Date (“Date. Any delivery by Tenant of a Termination Notice Date”)shall be ineffective if at the time of delivery an Event of Default exists. If such Termination Option is validly exercisedFurther, at Landlord’s option, the Lease shall will not terminate as of on the Early Termination Date. If Tenant fails Date if, on such date, an Event of Default exists. (b) Termination of the Lease pursuant to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and exercise of the Termination Option shall be null and void. (b) At further conditioned upon the time payment by Tenant to Landlord, in immediately available funds, of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Optionsum of: (i) on or prior to the Early Termination Dateunamortized costs, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate calculated as of the Early Termination Date, as if such Early Termination Date were of all Leasing Costs (using straight-line depreciation and an amortization rate of ten percent (10%)); plus (ii) the date originally stipulated Monthly Installment of Rent and Tenant’s Proportionate Share of the excess Expenses and Taxes for the expiration Premises over the applicable Base Year for calendar months May, June and July 2012. One half (1/2) of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.the

Appears in 2 contracts

Samples: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Early Termination Option. Provided that there is (i) no Event Default exists at the time of Default as Tenant’s delivery of the Early Termination Notice (as defined below), (ii) no Default under the Lease occurs between the date that Tenant delivers of delivery of the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined); and (iii) Tenant has not assigned its interest in the Lease or sublet more than fifty percent (50%) of the Rentable Area of the Premises (except to an Affiliate Transferee), then Tenant shall have a the one-time option right to terminate this the Lease (the Early Termination Option”) effective as of the last day of the sixty-ninth sixth (69th6th) month of Lease Year (the Term (“Early Termination Date”), subject to and upon . Tenant may only exercise the following terms and conditions: (a) Tenant shall give Landlord prior Early Termination Option by delivering an irrevocable written notice of termination to Landlord on or before the date which is twelve (“Early Termination Notice”12) of its intention to exercise the Termination Option not less than 365 days full calendar months prior to the Early Termination Date (the Early Termination Notice Delivery Date”). If such Termination Option is validly exercised, In the Lease shall terminate as of event Tenant elects to exercise the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a termination fee (the “Early Termination Fee”) in an amount equal to the unamortized portion sum of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction unamortized balance, as of the Tenant Improvements Termination Date, of all Lease Costs (includinghereinafter defined) and, but not limited toif applicable, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord any such Lease Costs attributable to Landlord’s Broker the Offered Space Lease Costs and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this LeaseExpansion Space Lease Costs. Assuming that Tenant does not exercise its Preferential Right or the Expansion Option, including, but not limited to, legal fees and expenses and permitting fees and expensesthe Early Termination Fee would be $1,114,688.94. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of calculating the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.term “

Appears in 2 contracts

Samples: Office Lease, Office Lease (Connecture Inc)

Early Termination Option. (a) Provided that there is no Event of Default as of shall exist at the date that time notice is given by Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)hereunder, Tenant shall have a one-time option the right on one (1) occasion only to terminate give Landlord written notice of Tenant's desire to cause an early termination of this Lease as follows: (“Termination Option”1) effective On no less than twelve (12) months and no more than fifteen (15) months prior written notice to Landlord designating as of a proposed termination date the last first day of the sixty-ninth (69th) month eleventh year of the Primary Term or the first day of any subsequent year of the Primary Term; or (2) On no less than fifteen (15) months and no more than eighteen (18) months prior notice designating as a proposed termination date the first business day of any calendar month in or after the eleventh year of the Primary Term (the date designated pursuant to clause (1) or (2) being the "Proposed Early Termination Date”), subject to " and upon the following terms and conditions: (a) Tenant shall give Landlord prior any written notice of early termination given pursuant to clause (1) or (2) being an "Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”"). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void deemed to be a continuing offer by Tenant (until the end of the Marketing Period (as defined below)) to terminate this Lease on the terms set forth in this Paragraph 41. During the Marketing Period, Landlord shall reasonably cooperate with Tenant to allow Tenant to market the sale of Landlord's interest in the Premises, though in no event shall Tenant have any right to act as Landlord's agent or broker or to bind Landlord in any way. Landlord may also market the sale of Landlord's interest in the Premises, and Tenant shall be deemed to have irrevocably waived reasonably cooperate with Landlord's marketing activities. It is understood that any such marketing and any sale of Landlord's interest in the Termination Option and the Termination Option Premises under this Paragraph 41 shall be null based on a sale free and void. clear of this Lease. Tenant shall pay all expenses in connection with such marketing efforts (dincluding without limitation the preparation of brochures, advertising and other customary marketing expenses ("Marketing Expenses")) Notwithstanding incurred by Tenant and all Marketing Expenses incurred by Landlord and approved in advance by Tenant’s delivery , which approval shall not be unreasonably withheld. Landlord's reasonable Marketing Expenses shall be reimbursed by Tenant within twenty (20) days after each request therefor. Landlord and Tenant each shall promptly provide to the other a copy of each written offer, term sheet or letter of intent received during the Marketing Period by such party for the purchase of Landlord's interest in the Premises. During the period following Landlord's receipt of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the earliest to occur of (A) the Proposed Early Termination Date, Tenant shall surrender possession (B) the giving by Landlord of a Notice of Acceptance or (C) the giving by Landlord of a Notice of Qualified Offer Rejection (as defined below) (the "Marketing Period"), Landlord may sell its interest in the Premises in the condition required by the on whatever terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Termit chooses; provided, however, that nothing herein shall relieve either that: (i) Landlord or Tenant of will not accept any obligations of such party which accrued hereunder prior offer without Tenant's written consent unless the Adjusted Price is at least equal to the Early Termination Date and that survive the termination or expiration ninety percent (90%) of the Leaseapplicable purchase price set forth on Exhibit 15-1 (the "Scheduled Price"); (ii) subject to Paragraph 41(d)(ii) below, Landlord will accept a Qualified Offer if Landlord receives one, so long as the Adjusted Price is at least equal to one hundred ten percent (110%) of the applicable Scheduled Price; and (iii) subject to Paragraph 41(d)(ii) below, if no such Qualified Offer with an Adjusted Price at least equal to one hundred ten percent (110%) of the applicable Scheduled Price is received by Landlord by the end of the sixth (6th) month of the Marketing Period, then, subject to Subparagraph (d) below, Landlord will thereafter during the Marketing Period accept any Qualified Offer, whatever the Adjusted Price, if Tenant specifically directs Landlord in writing to accept such Qualified Offer.

Appears in 2 contracts

Samples: Lease (School Specialty Inc), Lease (School Specialty Inc)

Early Termination Option. Provided that there is no Event of Default as Tenant shall have the one-time option (“Early Termination Option”) to terminate this Lease in its entirety at the end of the date that seventh (7th) anniversary of the Commencement Date (“Early Termination Date”). Tenant delivers may exercise its Early Termination Option only if it provides Landlord an early termination notice no less than twelve (12) months prior to the Early Termination Notice Date. If Tenant properly exercises its Early Termination Option and on pays the Early Termination Fee, and is not in default, then following the Early Termination Date, Tenant shall be fully and forever released and discharged from any and all obligations, covenants or liabilities of whatsoever kind or nature in law or equity or otherwise arising out of or in connection with this Lease except any obligation or liability accrued before the Early Termination Date (each, as hereinafter defined)including any indemnification obligation of Tenant. If Tenant exercises its Early Termination Option under this Section 2.18, Tenant shall have a one-time option pay to terminate this Lease Landlord, no later than ninety (90) days prior to the Early Termination Option”) effective as Date, an amount equal to the portion of the last day of the sixty-ninth unamortized Tenant Improvement Allowance (69thas defined in Section 12.7 and Exhibit D) month and leasing commissions (including Floor 12), plus an amount equal to nine (9) months Base Rent for year eight (8) of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice DateFee”). If such Termination Option is validly exercisedFor purposes of this Section 2.18, the Lease Tenant Improvement Allowance and leasing commission shall terminate as of amortize on a straight line basis over the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraphten (10) year Initial Term at six percent (6%) interest per annum, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to with the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker Improvement Allowance and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, lease commission being the Costs shall be amortized over the initial Term last 27 months of the Lease at an interest rate of nine percent (9%) per annum. Following Term to take into account the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Base Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise first nine months of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration year eight of the Lease.

Appears in 2 contracts

Samples: Office Building Lease, Office Building Lease (Avalara Inc)

Early Termination Option. Provided that there Paragraph 12 in the First Amendment is no Event of Default revised as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditionsfollows: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the The Early Termination Date is extended by one (“Termination Notice Date”). If such Termination Option is validly exercised1) year to April 30, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void2013. (b) At The Termination Option shall apply to the time Premises in its entirety (including Suite 110 under Paragraph 9 of giving the Early Termination Notice, Fourth Amendment as consideration for its exercise amended by this Paragraph 11). (c) That portion of the Termination Option, Tenant shall pay Fee which is calculated by reference to Landlord a fee payment of three (3) months rent is revised to equal the “Early Termination Fee”) in an amount equal to the unamortized portion Monthly Installment of the following costs (“Costs”): Rent and Tenant’s Proportionate Share of (i) all costs the amount by which Expenses exceed Expenses paid or incurred by Landlord in connection with the construction of the Tenant Improvements Base Year (including, but not limited to, all hard Expenses) (calendar year 2011) and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions the amount by which Taxes exceeds Taxes paid or incurred in Base Year (Taxes) (Taxes for January 1, 2011 to December 2011) for each of calendar months May, June and July 2013. Landlord’s confirmation of Tenant’s Proportionate Share of the excess Expenses and Taxes over the applicable Base Years as aforesaid shall be calculated by Landlord reference to Landlord’s Broker then budgeted Expenses and Taxes for calendar year 2013. (d) The Termination Fee payable by Tenant upon exercise of its Termination Option as set forth in Paragraph 12 in the Tenant’s Broker; and First Amendment (iiias amended) is increased to include all other costs Leasing Costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent Amendment (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs using straight-line depreciation and an amortization schedule rate of same. ten percent (c10%) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer as therein set forth), plus, the Monthly Installment of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null Rent for Xxxxx 000 xxx Xxxxx 000 and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery Proportionate Share (namely, 11.19%) of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on the amount by which Expenses exceed Expenses paid or prior to the Early Termination Date, Tenant shall surrender possession of the Premises incurred in the condition required by the terms of this Lease; Base Year (Expenses) (calendar year 2011) and (ii) the Lease shall terminate as amount by which Taxes exceeds Taxes paid or incurred in Base Year (Taxes) (Taxes for January 1, 2011 to December 2011) for each of the Early Termination Datecalendar months May, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date June and that survive the termination or expiration of the LeaseJuly 2013.

Appears in 2 contracts

Samples: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Early Termination Option. Provided If Lessee determines in good faith that there is no Event the Aircraft has become economically obsolete or surplus to Lessee in its business, then Lessee may, at its option, elect to terminate the Lease with respect to all but not less than all such Aircraft by delivering to Lessor written notice of Default as of its election not less than ninety (90) days prior to the anticipated termination date. Such notice shall (A) specify the date that Tenant delivers of such termination (the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject which shall be any Rent Payment Date on or after the Rent Payment Date that is thirty-six (36) months after the Rent Commencement Date, and (B) include written certification from an authorized officer of Lessee that the Aircraft has become economically obsolete or surplus to Lessee in its business. During the period from the date of delivery to Lessor of such notice to the Termination Date, Lessee, as exclusive agent for Lessor and upon at Lessee’s sole risk, cost and expense, shall use reasonable efforts to obtain bids from persons other than Lessee or any affiliated Person controlling, controlled by or under common control with Lessee (“Lessee Affiliate”) for the following terms cash purchase of the Aircraft. Unless an Event of Default shall have occurred and conditions: be continuing or Lessor shall have elected to retain the Aircraft as provided below, on the Termination Date (A) Lessee shall sell the Aircraft to the highest bidder, which shall not be a Lessee Affiliate, and (B) regardless of whether Lessee has complied with its obligation to sell the Aircraft as required in the foregoing subsection, Lessee shall pay Lessor the sum of (I) all amounts accrued but unpaid under the Lease, plus (II) the greater of (a) Tenant the net sales price actually received by Lessee from the sale of the Aircraft, or (b) the amount of the highest bid if Lessee has not sold the Aircraft or (c) the amount specified as the “Termination Value” for the corresponding Rent Payment Date on Schedule 4 to Lease Supplement 1 attached hereto, plus (III) applicable sales taxes that are or would be attributable to the sale of the Aircraft. Any sale by Lessee shall give Landlord prior be on an as-is, where-is basis, without any representation or warranty (other than as to the absence of Lessor Liens) by or recourse to Lessor. Lessee shall be liable for all costs and expenses incurred by Lessor in connection with Lessee’s election to terminate this Lease, including, without limitation, any breakage charges incurred by Lessor. Notwithstanding the foregoing, Lessor may irrevocably elect by written notice to Lessee, no later than thirty (“Early Termination Notice”30) days after receipt of its intention Lessee’s notice of termination, to exercise retain the Aircraft. If Lessor elects to retain the Aircraft, Lessee shall (i) deliver the Aircraft to Lessor on the Termination Option not less than 365 days prior Date in the same manner and condition required under the Lease as if delivery were made to Lessor pursuant to Section 8 and (ii) pay to Lessor all amounts accrued but unpaid hereunder. Upon delivery of the Early Termination Date (“Termination Notice Date”). If Aircraft to Lessor and Lessor’s receipt of all such Termination Option is validly exercisedamounts, the Lease shall terminate as of the Early Termination Date. If Tenant fails except with respect to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ indemnities and other design professionals’ fees); (ii) all commissions paid by Landlord provisions herein expressly stated to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 2 contracts

Samples: Aircraft Lease Agreement (Ahern Rentals Inc), Aircraft Lease Agreement (Ahern Rentals Inc)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior Subject to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as first sentence of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option Section 15.2 and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Noticelimitations contained in Section 14.1(b), as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee on any day (the “Early Termination FeePayment Date”) after the Delivery Date and so long as Lessee has not delivered written notice that it intends to exercise the Sale Option, Lessee may, at its option, upon at least 30 days advance written notice to Agent and Lessor, purchase one or more Items of Equipment for a purchase price equal to the Early Termination Purchase Amount plus any Break Funding Amounts, if any (the “Early Termination Option”). Upon the payment of the Early Termination Purchase Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Option from the terms and scope of this Lease and the other Operative Documents (without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Lessor), in such form as may be reasonably requested by Lessee, all at Lessee’s sole cost and expense. If Lessee has elected the Early Termination Option with respect to one or more Items of Equipment, Lessee shall continue to make all payments of Rent due under this Lease until and including the Early Termination Payment Date. Upon payment of the Early Termination Purchase Amount in respect of such Items of Equipment together with all Basic Rent and Supplemental Rent then due and owing, the remaining scheduled Basic Rent payments under this Lease shall be reduced by an amount equal to the unamortized portion product of the following costs scheduled amount of each such remaining Basic Rent payment (“Costs”): (i) all costs incurred determined in each case prior to the receipt of such Early Termination Purchase Amount), multiplied by Landlord in connection with the construction Item Value Fraction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord Item or Items of Equipment subject to Landlord’s Broker and such early termination. In the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs event Lessee shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers elect the Early Termination Notice as prescribed herein. If Tenant delivers Option with respect to all of the Early Termination Notice but fails Items of Equipment, the obligation of Lessee to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice pay Rent hereunder shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option cease and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms term of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were end on the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasepayment.

Appears in 2 contracts

Samples: Lease and Security Agreement (Lsi Logic Corp), Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant Lessee shall have a one-time option the right to terminate this Lease on March 31, 2005, September 30, 2005, March 31, 2006, or September 30, 2006 (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (each an “Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant . Lessee shall give Landlord prior written notice of Lessee’s election to terminate, and such written notice shall be delivered to Lessor at least six (6) months prior to the applicable Early Termination Date. Should Lessee elect to terminate this Lease, Lessee shall pay a termination fee “Early Termination NoticeFee, and the Early Termination Fee shall be delivered to Lessor at least ninety (90) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the applicable Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraphFee is delinquent, then Tenant the Lease shall not be deemed to have irrevocably waived terminated until the next following Early Termination Option and the Termination Option shall be null and void. (b) At the time of giving Date which is at least 90 days after the Early Termination Notice, as consideration for its exercise Fee is paid. The Early Termination Fee shall consist of the Termination Option, Tenant shall pay to Landlord a fee sum of: (the “Early Termination Fee”1) in an amount equal to the The unamortized portion of the following Lessor’s out-of-pocket costs (“Lessor’s Work Costs”): (i) all costs incurred by Landlord in connection with making the construction Premises available to Lessee pursuant to this Lease (including any expansion and/or increase of the Tenant Improvements (includingPremises), such costs including but not limited to: costs of completing the tenant improvements, all hard space planning and soft costsdesign fees, including architects’contractor’s fees and profits, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlordsales taxes, insurance premiums for builder’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord risk insurance in connection with such work, clean-up, computer or other telecommunications cabling work, permit fees, the cost of demolishing existing improvements, if any, leasing fees and commissions, and legal fees. The unamortized portion shall be determined by taking the total of such costs over the term of this Lease, including, and amortizing them from the date incurred (but not limited to, legal fees and expenses and permitting fees and expenses. For purposes earlier than the Commencement Date) over the remaining initial term of this SectionLease using an assumed interest rate of eight percent (8%). No later than ninety (90) days after the completion of Lessor’s Work, Lessor shall deliver to Lessee a full and complete accounting of Lessor’s Work Costs, including full detail and background documentation reasonably requested by Lessee, for Lessee’s review and approval, together with an amortization schedule based on the Costs final amount of Lessor’s Work Costs. So long as Lessee finds no reasonable basis on which to challenge such accounting or amortization schedule by providing written objection to Lessor within 30 days, this accounting shall be used by Lessee in determining the amount of any Early Termination Fee due hereunder. Plus (2) Seventy-five percent (75%) of the value of the rental abatement associated with the Space Pocket, which value shall be amortized over the initial Term final twenty-four (24) months of this Lease. By way of example, if the value of the Lease at an interest rate of nine percent (9%) per annum. Following rental abatement for the Commencement DateSpace Pocket is $100,000 and the Early Termination Date is September 30, within thirty (30) days following Tenant’s request2006, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid include an additional $18,750 ($100,000 divided by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at 24 months, times 6 months then remaining, times 75%) for the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery value of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated rent abatement for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the LeaseSpace Pocket.

Appears in 2 contracts

Samples: Commercial Lease (HouseValues, Inc.), Commercial Lease (HouseValues, Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), a) Tenant shall have a one-the one time option right to terminate this Lease (“Termination Option”) effective as of the last day twelve (12) year and six (6) month anniversary of the sixty-ninth Commencement Date (69th) month of the Term (“Early Termination Date”), subject ) by delivering notice thereof to and upon Landlord (the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) no later than the eleven (11) year anniversary of its intention the Commencement Date (time being of the essence with respect to exercise the Termination Option not less than 365 days prior giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Date Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate or as of the Early Termination DateDate for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). If The failure of Tenant fails to deliver timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and voidvoid and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal Notwithstanding anything to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (includingcontrary contained herein, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with right to terminate this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of Lease pursuant to this Section, the Costs Article 33 shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs waived and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice this Article 33 shall be null and void and Tenant shall be deemed of no further force or effect following the earlier to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery occur of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession have, through one or more exercises of its Right of First Refusal Expansion Option set forth in Article 32, expanded the Premises leased hereunder by more than 7,500 square feet, in the condition required by the terms of this Lease; and aggregate, or (ii) the Lease Tenant shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasehave exercised its rights under Article 35.

Appears in 2 contracts

Samples: Lease Agreement (BTRS Holdings Inc.), Lease Agreement (South Mountain Merger Corp.)

Early Termination Option. Provided that there Paragraph 12 in the First Amendment is no Event of Default revised as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditionsfollows: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the The Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercisedextended to December 31, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void2014. (b) At The Termination Option shall apply to the time of giving the Early Termination Notice, as consideration for Premises in its exercise entirety (including Suite 180). (c) That portion of the Termination Option, Tenant shall pay Fee which is calculated by reference to Landlord a fee payment of three (3) months rent is revised to equal the “Early Termination Fee”) in an amount equal to the unamortized portion Monthly Installment of the following costs (“Costs”): Rent and Tenant’s Proportionate Share of (i) all costs the amount by which Expenses exceed Expenses paid or incurred by Landlord in connection the applicable Base Year (Expenses) (namely, calendar year 2011 with respect to the construction of the Tenant Improvements (including, but not limited to, all hard Existing Premises and soft costs, including architects’, engineers’ calendar year 2013 with respect to Suite 180) and other design professionals’ fees); (ii) all commissions the amount by which Taxes exceeds Taxes paid or incurred in the applicable Base Year (Taxes) (namely, Taxes for January 1, 2011 to December 31, 2011 with respect to the Existing Premises and Taxes for January 1, 2013 to December 31, 2013 with respect to Suite 180) for each of calendar months January, February and March 2015. The amount of the Termination Fee shall be confirmed by Landlord within thirty (30) of receipt of written request therefor, which request shall be given by Tenant no earlier than March 1, 2014 and Landlord’s confirmation of Tenant’s Proportionate Share of the excess Expenses and Taxes over the applicable Base Years as aforesaid shall be calculated by reference to Landlord’s Broker then budgeted Expenses and Taxes for calendar year 2014. (d) The Termination Fee payable by Tenant upon exercise of its Termination Option as set forth in Paragraph 12 in the Tenant’s Broker; and First Amendment (iiias amended) is increased to include all other costs Leasing Costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent Amendment (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs using straight-line depreciation and an amortization schedule rate of same. ten percent (c10%) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer as therein set forth), plus, the Monthly Installment of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null Rent for Suite 180 and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery Proportionate Share (namely, 6.49%) of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on the amount by which Expenses exceed Expenses paid or prior to the Early Termination Date, Tenant shall surrender possession of the Premises incurred in the condition required by the terms of this Lease; Base Year (Expenses) (calendar year 2013) and (ii) the Lease shall terminate as amount by which Taxes exceeds Taxes paid or incurred in Base Year (Taxes) (Taxes for January 1, 2013 to December 2013) for each of the Early Termination Datecalendar months January, as if such Early Termination Date were the date originally stipulated February and March 2015 (calculated by reference to Landlord’s then budgeted Expenses and Taxes for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasecalendar year 2014).

Appears in 2 contracts

Samples: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Early Termination Option. Provided that there is Notwithstanding anything in this Lease to the contrary, provided no Event of Default as exists upon either the exercise of the option to terminate, or upon the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)of termination, Tenant shall have a one-time the option to terminate this Lease (“Termination Option”) effective as at the end of the last day of the sixtyeighty-ninth fourth (69th84th) month of following the Term (“Early Termination Expansion Space Commencement Date”), subject to and upon the following terms and conditions: provided that (a) Tenant shall give Landlord gives prior written notice (“Early Termination Notice”) of its intention intent to exercise so terminate not later than the Termination Option not less than 365 days prior end of the seventy-fifth (75th) month following the Expansion Space Commencement Date; and (b) Tenant repays to Landlord an amount equal to the Early Termination Date sum of the following: (“Termination Notice Date”). If i) the unamortized cost of the T.I. Allowance, free rent, and broker’s commissions, with such Termination Option is validly exercised, amount calculated in the Lease shall terminate same manner as the remaining principal balance of a fully amortizing loan bearing interest at the rate of six and one-half percent (6.5%) and having a ten (10) year term which commenced as of the Early Termination Expansion Space Commencement Date. If , and (ii) the unamortized cost of any improvement allowance, free rent, and broker’s commissions paid or provided by Landlord for any additional space acquired by Tenant fails pursuant to deliver Section 38(n), with such amount calculated in the Early Termination Notice same manner as the remaining principal balance of a fully amortizing loan bearing interest at the rate of six and one-half percent (6.5%) and having a term equal to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived from the Termination Option and commencement of such new space until the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise end of the Termination Optioninitial term of this Lease (collectively, Tenant shall pay to Landlord a fee (the “Early Termination FeePayment). The Early Termination Payment is to be made concurrently with the rental payment due for the eighty-fourth (84th) month following the Expansion Space Commencement Date; (iii) Tenant pays Landlord an early termination fee in an amount equal to six (6) months of prepaid rental payments due for the unamortized portion eighty-fifth (85th) month through the end of the following costs ninetieth (“Costs”): (i90th) all costs incurred by Landlord in connection month from the Expansion Space Commencement Date, such payment to be made concurrently with the construction of rental payment due for the Tenant Improvements eighty-fourth (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii84th) all commissions paid by Landlord to Landlord’s Broker and month following the Tenant’s BrokerExpansion Space Commencement Date; and (iiiiv) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, Tenant vacates the Costs shall be amortized over Premises on or before the initial Term end of the Lease at an interest rate of nine percent eighty-fourth (9%84th) per annum. Following month following the Expansion Space Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs Date and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of leaves the Premises in the condition required by the terms Lease. For avoidance of doubt, the termination of this Lease; and (ii) the Lease pursuant to this provisions shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or any Tenant of any obligations of such party which accrued hereunder prior rights to the Early Termination Date and that survive the termination or expiration of the Leasespace added to this Lease pursuant to Section 38(n).

Appears in 2 contracts

Samples: Office Lease Agreement (Emdeon Inc.), Office Lease Agreement (Emdeon Inc.)

Early Termination Option. Provided that there 29.1 So long as no Default of Tenant has occurred and is no Event of Default as of continuing at the date that time Tenant delivers gives Landlord notice exercising the Early Termination Notice and on Option herein granted or thereafter until the Early Termination Date (each, as hereinafter definedunless Landlord in its sole discretion at any time shall elect to waive such condition), Tenant shall have a one-time option (the “Early Termination Option”) to terminate this Lease (“Termination Option”) with respect to the entire Premises with such termination to be effective as of April 30, 2030 (as applicable, the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give by giving Landlord prior written notice of Tenant's election to exercise the Early Termination Option (the “Early Termination Notice”) not later than April 30, 2029, time being of its intention to exercise the Termination Option not less than 365 days prior essence with respect to the Early Termination Date (“Termination Notice Date”). If giving of such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Datenotice. If Tenant fails to does not timely deliver the Early Termination Notice prior to Landlord within April 30, 2029, the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Early Termination Option shall be null expire, and voidTenant shall have no further right to terminate the Lease. (b) At 29.2 Tenant shall pay to Landlord concurrent with the time delivery of giving the Early Termination Notice, as consideration for its exercise a Termination Fee equal to $2,891,612.67, which amount may be increased in accordance with the terms and conditions herein (the “Termination Fee”). 29.3 Time shall be of the essence with regard to Tenant’s responsibilities under this Early Termination Option, and in the event that Tenant fails to timely deliver the Early Termination Notice or to timely pay the Termination Fee, such failure shall be deemed a waiver by Tenant of its right to terminate the Lease. 29.4 If Tenant timely and properly exercises the Early Termination Option, Tenant shall pay vacate the Premises and deliver possession thereof to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of on or before the Early Termination Date, as if such Early Termination Date were and neither Landlord nor Tenant shall have further obligations under the date originally stipulated Lease with respect to the Premises except for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder those accruing prior to the Early Termination Date and that survive those which, pursuant to the termination or expiration terms of the Lease, survive the expiration or early termination of the Lease. To the extent that Tenant does not timely vacate the Premises, the Tenant will be deemed to be a holdover Tenant and subject to Paragraph 14 of the Lease. Any purported attempt to terminate the Lease with respect to the Premises, or any portion thereof, that is not in conformity with the terms and conditions as set forth in this Paragraph 29 shall be deemed to be null, void and of no effect.

Appears in 1 contract

Samples: Lease Agreement (Duolingo, Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior Subject to the limitations contained in Section 11.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") after the Base Term Commencement Date and so long as Lessee has not delivered written notice (“Early Termination Notice”) of its intention that it intends to exercise the Termination Sale Option not less than 365 or the Renewal Option, Lessee may, at its option, upon at least 30 days prior advance written notice to Agent, purchase one or more Items of Equipment subject to this Lease for a purchase price equal to the Early Termination Date Purchase Amount plus any Break Funding Amounts, if any (the "Early Termination Notice Date”Option"). If such Termination Option is validly exercised, Upon the Lease shall terminate as payment of the Early Termination Date. If Tenant fails Purchase Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to deliver Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Notice Option from the terms and scope of this Lease and the other Operative Documents (without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens), in such form as may be reasonably requested by Lessee, all at Lessee's sole cost and expense. If Lessee has elected the Early Termination Option with respect to Landlord within one or more Items of Equipment leased pursuant to any Quarterly Lease Supplement, Lessee shall continue to make all payments of Rent due under this Lease until and including the time period prescribed by this paragraphEarly Termination Payment Date. LSI Logic Trust No. 2001-A Lease Intended as Security Upon payment of the Early Termination Purchase Amount in respect of such Item of Equipment together with all Basic Rent and Supplemental Rent then due and owing, then Tenant the remaining scheduled Basic Rent payments under the applicable Quarterly Lease Supplement shall be deemed reduced by an amount equal to have irrevocably waived the product of the scheduled amount of each such remaining Basic Rent payment (determined in each case prior to the receipt of such Early Termination Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment leased pursuant to any Quarterly Lease Supplement subject to such Early Termination Option. In the event Lessee shall elect the Early Termination Option with respect to all of the Items of Equipment then subject to this Lease, the obligation of Lessee to pay Rent hereunder shall cease and the Termination Option term of this Lease shall be null and voidend on the date of such payment. (b) At the time of giving Lessee shall not be entitled to elect the Early Termination Notice, as consideration for its exercise Option with respect to less than all of the Termination Option, Tenant shall pay Items of Equipment then subject to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): this Lease unless: (i) after giving effect to such Early Termination Option and all costs incurred Early Termination Options previously exercised by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this SectionLessee, the Costs shall be amortized over aggregate Early Termination Purchase Amount paid with respect to Items of Equipment leased under each Quarterly Lease Supplement during the initial Term term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation not exceed 25% of the Costs and an amortization schedule aggregate Purchase Price of same. (c) The Early Termination Fee shall be paid by Tenant all Items of Equipment subject to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice such Quarterly Lease Supplement as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment date of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option such Quarterly Lease Supplement; and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease Lessee shall terminate as of have delivered an Appraisal at Lessee's sole expense to the Early Termination DateAgent which is reasonably satisfactory in scope and form to the Participants (which has been prepared by an appraiser selected by the Participants and approved by Lessee (such approval not to be unreasonably withheld)) that confirms that, as if after giving effect to such Early Termination Date were the date originally stipulated for the expiration Option with respect to any Items of Equipment leased pursuant to any Quarterly Lease Supplement, End of Term Value Ratio of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant Items of any obligations Equipment remaining subject to such Quarterly Lease Supplement is not less than the End of such party which accrued hereunder prior Term Value Ratio of all Items of Equipment referred to and as set forth in the Early Termination Date and that survive Appraisal delivered on the termination or expiration of the LeaseDocument Closing Date.

Appears in 1 contract

Samples: Participation Agreement (Lsi Logic Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-the one time option right to terminate this Lease (“Termination Option”) effective as of the last day five (5) year and five (5) month anniversary of the sixty-ninth Commencement Date (69th) month of the Term (“Early Termination Date”), subject ) by delivering notice thereof to and upon Landlord (the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) no later than the four (4) year and five (5) month anniversary of its intention to exercise the Termination Option not less than 365 days prior Commencement Date (time being of the essence with respect to the Early Termination Date (“Termination Notice Date”giving of such notice). If such Termination Option Tenant’s right to terminate this Lease is validly exercised, the Lease shall terminate as contingent upon (a) timely delivery of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion date of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery giving of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Date were Notice, a payment in an amount equal to $84,159.15 (the date originally stipulated for “Early Termination Payment”). The failure of Tenant to timely give Landlord the expiration Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 31, the Term; provided, however, that nothing herein Lease shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to expire at midnight on the Early Termination Date and that survive as if such date was the termination or expiration of date set forth in the LeaseLease as the Expiration Date.

Appears in 1 contract

Samples: Lease Agreement (Cognition Therapeutics Inc)

Early Termination Option. Provided that there is no Event Tenant has not exercised its right of Default First Refusal (as set forth in Section 13.29 below) and Landlord has not provided Tenant with notice of the date that Tenant delivers the Early Termination Notice an ongoing default of its obligations hereunder and on the Early Termination Date (each, as hereinafter defined)such default remains uncured, Tenant shall have a the one-time option to terminate this Lease (the Early Termination Option”) effective as at the expiration of the last day of the sixty-ninth ninetieth (69th90th) month of after the Term Rent Commencement Date (the “Early Termination Date”), subject to and upon the following terms and conditions: (a) provided that Tenant shall give gives Landlord prior written notice (“Early Termination Notice”) of its intention election to exercise the Termination Option not less than 365 days prior to the end of the seventy-eighth (78th) month after the Rent Commencement Date of the Term (the “Early Termination Option Exercise Period”). The date of Tenant’s notice of the election to exercise this option shall be the “Early Termination Option Exercise Date”. Tenant’s exercise of the Early Termination Option shall be irrevocable and expressly conditioned on each of the following items being properly and timely completed: (i) as of the Early Termination Option Exercise Date and the Early Termination Date, all Basic Rent and Additional Rent shall be current and shall be apportioned as of the Early Termination Date; and (ii) within thirty (30) days after Landlord’s receipt of Tenant’s timely and written exercise of the Early Termination Option, Tenant shall submit to Landlord a termination fee equal to Two Million Two Hundred Sixty-Seven Thousand Two Hundred Seventy-Four and 90/100 Dollars ($2,267,274.90) (or 50% of the Basic Rent owed between the Early Termination Date and the Expiration Date, and this amount shall be revised in the event that the Lease is amended so that the Basic Rent is adjusted) (the “Termination Notice DatePayment”); and (iii) neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Early Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of the term of this Lease; and (iv) Tenant shall surrender the Premises in the condition required under this Lease. If such Provided that Tenant properly exercises its Early Termination Option is validly exercisedand timely submits the Termination Payment, pursuant to the terms of this section, Landlord and Tenant shall promptly execute an amendment to this Lease shall terminate as of to document the Early Termination Date. If Tenant fails to deliver strictly comply with the Early Termination Notice to Landlord within the time period prescribed by terms and provisions of this paragraphsub-section, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date remain in full force and that survive the termination or expiration of the Leaseeffect.

Appears in 1 contract

Samples: Lease Agreement (Castle Biosciences Inc)

Early Termination Option. Provided that there is no Event of Default as of Tenant has the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option ("Termination Option") to terminate this Lease (“Termination Option”) effective as of upon the last day of the sixtyforty-ninth first (69th41st) full calendar month of the initial Lease Term only (“Early the "Termination Date"), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention . In order to exercise the Termination Option not Option, Tenant must fully and completely satisfy each of the following conditions: (i) Tenant must give Landlord written notice ("Termination Notice") no more than thirteen (13) and no less than 365 days twelve (12) full calendar months prior to the Early Termination Date (the "Termination Notice Date”Exercise Window"). If such Termination Option is validly exercised, the (ii) Tenant has not received notice of a default under this Lease shall terminate as that then remains uncured, and (iii) concurrently with Tenant's delivery of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination OptionLandlord, Tenant shall pay to Landlord a termination fee (the “Early "Termination Fee") in an amount equal to the unamortized portion of the following costs (“Costs”): sum of: (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard $3,366,045.12 and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker three (3) months of Additional Rent otherwise due for the Premises during full calendar months forty-two (42), forty-three (43), and forty-four (44) of the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, includinginitial Lease Term, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, for the Costs shall be amortized over the initial Term termination of the Lease at an interest rate of nine percent (9%) per annumLease. Following the Commencement Date, within Within thirty (30) days following of Tenant’s request's written request therefore (but without extending the time period by which Tenant is required to pay the Termination Fee hereunder), and provided that such request occurs no earlier than fifteen (15) months prior to the Termination Date, Landlord shall provide Tenant with a calculation Landlord's computation of the Costs and an amortization schedule of same. (c) The Early Termination Fee and the components thereof, which shall be paid by based on Landlord's good faith estimate of the Additional Rent component of the Termination Fee, but such estimate shall be binding on Landlord and Tenant and shall not be subject to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinreconciliation. If Tenant delivers the Early Termination Notice but fails Tenant's failure to deliver the Early Termination Fee as prescribed herebyconcurrently with the Termination Notice, then if such failure is not cured by the Early expiration of the Termination Exercise Window, shall render the Termination Notice shall be and the Termination Option null and void and Tenant this Lease shall be deemed to have irrevocably waived the Termination Option continue in full force and effect. Additionally, the Termination Option shall be null and void. terminate upon the earliest to occur of (da) Notwithstanding Tenant’s 's delivery of the Early Termination any First Offer Exercise Notice and payment (as defined in Section 3 of Exhibit G attached hereto), or (b) Tenant's assignment of its interest in this Lease, other than to a Permitted Transferee Assignee (defined in Section 14.7 below) or (c) Tenant's sublease of more than seventy-five percent (75%) of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise rentable square feet of the Termination Option andthen-existing Premises, therefore, shall not be credited against Rent due through other than to a Permitted Transferee (defined in Section 14.7 below) for essentially the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession remainder of the Premises in the condition required by the terms of this Lease; and (ii) the then remaining Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Office Lease (Reddit, Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time an option to terminate this the Lease effective at any time on or after December 1, 2007. Tenant may exercise its option by giving written notice to Landlord specifying the date the Lease shall terminate (the Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise provided that the Termination Option not less Date shall be no sooner than 365 thirty (30) days after the date of Tenant’s notice. On or before the 15th day prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises an early termination fee in the condition required by the terms amount of this LeaseThree Hundred Eighty-Five Thousand Dollars ($385,000.00); and (ii) Fixed Rent and any other charges due and payable under the Lease through the Termination Date. In the event Tenant validly exercises its early termination option, Tenant waives its right to reimbursement for insurance premiums and real estate taxes to the extent paid in advance by Tenant. Tenant shall vacate the Leased Premises on or before the Termination Date; shall leave the Leased Premises in broom-clean condition; and shall surrender the Leased Premises to Landlord free of Tenant’s personal property in accordance with, and subject to the terms of, Section 22 of the Lease. Tenant shall remain liable for, and shall indemnify Landlord against, any loss, damage, claim or liability arising under the Lease with respect to matters occurring on or before the Termination Date. Except as modified above, the Lease shall terminate remain in full force and effect as originally written. Any ambiguity or inconsistency between the terms and provisions of the Early Termination DateLease and prior amendment thereto, as if such Early Termination Date were and the date originally stipulated for the expiration terms and provisions of the Term; providedthis Second Modification, however, that nothing herein shall relieve either Landlord or Tenant be resolved in favor of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasethis Second Modification.

Appears in 1 contract

Samples: Lease (Dominion Homes Inc)

Early Termination Option. Provided In the event that there is no Event of Default as of Landlord cannot accommodate within the date that Tenant delivers Building the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)Tenant's increased demand for lease area, Tenant shall have a the one-time option right to terminate this Lease (“Termination Option”) effective as at any point after the conclusion of the last day of the sixtyforty-ninth first (69th) 4151 month of the Term Lease's Term, which termination shall be effective on the date that falls nine (9) months after the date on which notice of termination is given in writing by the Tenant to the Landlord (the "Early Termination Date"), subject to and upon in accordance with the following terms provisions of this Section 2. Any exercise of Tenant's right to terminate the Lease shall be applicable to the entire Premises and conditions: may not be exercised for less than all of the Premises. To exercise such early termination right, Tenant must (a) Tenant shall give Landlord prior deliver written notice to Landlord nine (“Early Termination Notice”9) of its intention to exercise the Termination Option not less than 365 days months prior to the Early Termination Date, stating that Tenant desires to terminate this Lease as of the Early Termination Date and (“Termination Notice Date”b) pay to Landlord, simultaneously with the delivery of such notice of termination, a payment equal to (i) the Landlord's then-unamortized costs with respect to the Lease (as described below). If In the event any Default, beyond any applicable cure period, exists either when Tenant delivers the notice to Landlord or upon the Early Termination Date, or Tenant fails to timely give such Termination Option is validly exercisednotice of termination or pay the amounts as and when described above, Tenant's exercise of such early termination right shall automatically become null and void, whereupon the Lease shall terminate continue in full force and effect as if Tenant had never exercised or attempted to exercise such early-termination right. As used in this Section, Landlord's "then-unamortized costs" means the sum of: (i) the unamortized balance of all costs incurred by Landlord with respect to the Landlord Work or other work performed by Landlord described in Exhibit C hereof, including such work with respect to any ROFO Space into which Tenant has chosen to expand; (ii) the unamortized balance of all concessions and incentives granted to Tenant hereunder, including without limitation, the Moving Allowance (as described above) and all abatements of Base Rent during the Term; (iii) the unamortized balance of real-estate commissions paid by Landlord to the Brokers with respect to this Lease; and (iv) the unamortized balance of legal fees incurred by Landlord with respect to the preparation and negotiation of this Lease. (collectively, "Landlord's Costs"). The calculation of Landlord's then-unamortized costs will be made by (a) taking the total of all such costs, (b) fully amortizing such amount at six percent (6%) interest per annum over Sixty-Five (65) months, and (c) calculating the remaining principal balance of such amortized amount as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be Such remaining principal balance is deemed to have irrevocably waived be Landlord's "then-unamortized costs". Provided, however, that in the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Noticeevent Landlord grants any additional tenant-improvement allowances, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord rent concessions and/or abatements or pays any additional real-estate commissions in connection with Tenant's exercise of any rights to lease additional space under the construction of Lease, the Tenant Improvements (including, but not limited to, all hard acknowledges and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to agree that Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the 's Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option may increase and, therefore, the then-unamortized costs shall be appropriately adjusted. Upon the exercise of Tenant's Early Termination Right as set forth herein, Tenant's remaining Extension Option (as set forth in Section 1 above}, if any, shall automatically terminate and have no further force or effect. Tenant's rights under this Section 2 are personal to Tenant and, except in connection with a Permitted Transfer, shall not be credited against Rent due through transferrable or assignable to any other entity without the Early Termination Dateprior written consent of Landlord, which consent may be granted or withheld in its sole and absolute discretion. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Echo Therapeutics, Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth second (69th62nd) month of the Lease Term (the “Early Termination Date”), subject Date”),provided Tenant gives notice thereof to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 one hundred eighty (180) days prior to the Early Termination Date and provided Tenant is not in default beyond the expiration of any applicable notice and cure period provided in the Lease at the time of the giving of such notice nor on the Early Termination Date (“Termination Notice Date”provided that Tenant shall remain obligated to cure each such default notwithstanding any early termination of the Lease). If such Termination Option Additionally, Tenant’s right to terminate hereunder is validly exercised, conditioned upon: (a) the Lease shall terminate as payment in full by Tenant of all Rent through and including the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option ; and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee not later than three (the “Early Termination Fee”3) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or months prior to the Early Termination Date, Tenant shall surrender possession pay Landlord the cash sum of: (i) one (1) month of Base Rent due at the rate in effect on the Early Termination Date, together with one (1) month of Tenant’s Proportionate Share of Operating Expenses and Taxes at the rate in effect on the Early Termination Date; plus (ii) the unamortized cost of all tenant improvement allowances and leasing commissions paid by Landlord in connection with the Lease (using an interest rate of eight percent (8%) per annum) (collectively, the “Termination Payment”). If Tenant has timely exercised its early termination right, then after Landlord’s receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required by the terms of under this Lease; and (ii) , neither party shall have any rights, liabilities or obligations under this Lease for the Lease shall terminate as of period accruing after the Early Termination Date, as if such Early Termination Date were except those which, by the date originally stipulated for the expiration provisions of the Term; providedthis Lease, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that expressly survive the termination of this Lease. If Tenant fails to timely notify Landlord of Tenant’s exercise of its early termination right or expiration fails to timely pay the Termination Payment, time being of the Leaseessence, then Tenant’s rights under this Exhibit shall be null and void. Notwithstanding the foregoing, Tenant’s right to terminate the Must-Take Space or any Expansion Space will be subject to an adjusted termination payment (for the Must-Take Space and/or the Expansion Space) which quantifies a minimum sixty-two (62) month occupancy along with prorated payments for tenant improvements and commissions (such payments prorated specifically to the adjusted term). Tenant shall not be responsible for any unamortized tenant improvements and commissions of any period during which Tenant has prepaid or continues to pay its Base Rent obligations.

Appears in 1 contract

Samples: Lease Agreement (Hallmark Financial Services Inc)

Early Termination Option. A. Provided that there is no Event of Default as each and every one of the date that Tenant delivers the Early Termination Notice terms and on the Early Termination Date (each, as hereinafter defined)conditions set forth below are fully satisfied, Tenant shall have a the one-time option to terminate this Lease (the Early Termination Option”) to terminate the Lease, effective as of July 31, 2023 (the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions:): (ai) Tenant shall have made timely rent payments hereunder from the date hereof through the Early Termination Date; (ii) Tenant shall then give Landlord prior a written notice of Tenant’s irrevocable election to exercise the Early Termination Option (the “Early Termination Notice”), which Early Termination Notice shall be given not later than November 1, 2022; (iii) Tenant shall not be in default under any of its intention the terms, covenants and conditions of the Lease to exercise be observed and performed after the Termination Option not less than 365 days prior to expiration of applicable notice and grace periods either on the date that Tenant exercises the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of or on the Early Termination Date. If ; and (iv) Tenant fails to deliver the Early Termination Notice pays to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time concurrently with delivery of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a lease termination fee (the “Early Termination Fee”) in an amount equal to the unamortized portion five (5) months of: (a) all Base Rent; and (b) all other payments due pursuant to Sections 3.2 and 3.3 of the following costs Original Lease, calculated based upon the aggregate monthly payment to be made by Tenant for the month of July 2023, as confirmed by Landlord, multiplied by five (“Costs”): 5), payable by check or wire. B. If Tenant timely and properly exercises the Early Termination Option, (i) all costs incurred by Landlord in connection with rent payable under the construction Lease shall be paid through and apportioned as of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees)Early Termination Date; (ii) all commissions paid neither party shall have any rights, estates, liabilities, or obligations under the Lease for the period accruing after the Early Termination Date, except those which, by the provisions of the Lease, expressly survive the expiration or termination of the term of the Lease; (iii) Tenant shall surrender and vacate the entire Premises and deliver possession thereof to Landlord to Landlord’s Broker and on or before the Tenant’s BrokerEarly Termination Date in the condition required under the Lease for its surrender; and (iiiiv) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, Tenant shall enter into a written agreement reflecting the Costs shall be amortized over the initial Term termination of the Lease at an interest rate of nine percent (9%) per annum. Following upon the Commencement Dateterms provided for herein, which agreement shall be executed within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding after Tenant’s delivery of the Early Termination Notice and payment Notice. Tenant’s failure to comply with any of the above terms, shall render the Early Termination Fee, Tenant shall continue to pay all Rent through the Option and any Early Termination Date. Tenant acknowledges that the Notice void and of no force and effect. C. The Early Termination Fee is consideration for Tenant’s exercise of Option shall automatically terminate and become null and void upon the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Optionearlier to occur of: (i) on the termination of Tenant’s right to possession of the Premises; (ii) the assignment by Tenant of the Lease, in whole or prior in part; (iii) the failure of Tenant to timely or properly exercise the Early Termination DateOption, or any failure by Tenant shall surrender possession of the Premises in the condition required by to comply with the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the LeaseSection.

Appears in 1 contract

Samples: Lease (Celldex Therapeutics, Inc.)

Early Termination Option. Provided that there is (a) no Event of Default as is outstanding at the time of the date that Tenant delivers Termination Notice, and (b) no portion of the Early Termination Notice and on Premises has been subleased for a term extending beyond the Early Termination Date (eachprovided that, at the time it provides its Termination Notice, Tenant may cause any sublease with a term extending beyond the Early Termination Date to terminate as hereinafter definedof the Early Termination Date to the extent the term of the sublease would not by its terms, terminate by reason of Tenant’s exercise of its right hereunder), Tenant shall have a one-time option the right to terminate this Lease (“Termination Option”) in its entirety effective as of 11:59 p.m. on the last day of the sixty-ninth (69th) [***] full calendar month of the Lease Term (the “Early Termination Date”), subject to and upon on the following terms and conditions:conditions set forth in this Section (the “Early Termination Right”). To exercise the Early Termination Right, no later than the last day of [***] full calendar month of the Lease Term, Tenant must deliver to Landlord an irrevocable written notice clearly exercising the Early Termination Right (the “Termination Notice”). 5.1 In order for Tenant’s exercise of the Early Termination Right to take effect, by no later than the later of (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the date the Termination Option not less than 365 Notice is delivered or (b) thirty (30) days prior to after Landlord provides a reasonably detailed calculation of the Early Termination Date Fee, Tenant must pay Landlord a fee in the amount calculated pursuant to the following paragraph (the “Termination Notice DateFee”). If Upon request from Tenant any time after the last day of [***] month after the Rent Commencement Date, Landlord will provide an estimated calculation of the Termination Fee. Tenant shall pay the amount set forth in such estimate when it delivers the Termination Option Notice and when the actual amount of the Termination Fee is validly exercisedcalculated, any overpayment shall be credited or refunded back to Tenant or Tenant shall make an additional payment, as applicable. 5.2 The Termination Fee shall be equal to the Lease shall terminate as sum of (a) the unamortized Construction Allowance and the Additional Allowance, (b) the unamortized brokerage commissions paid by Landlord in connection with the negotiation and execution of this Lease, (c) the unamortized Base Rent abated during the Abatement Period, and (d) three (3) months of Base Rent, Operating Charges and Real Estate Taxes on the entire Premises calculated using the rate applicable immediately after the Early Termination Date. If Tenant fails leases any Offer Space, the Termination Fee shall include all of the costs described in clauses (a), (b) and (c) above and the unamortized balance of any other incentives or concessions paid by Landlord for the Offer Space. Amortization of such costs for the initial Premises shall be calculated over the balance of the Initial Term after the Abatement Period and for each increment of Offer Space shall be calculated over the rent paying Term for such Offer Space. For the avoidance of doubt, the portion of the Termination Fee described in clauses (a), (b) and (c) above plus the Base Rent under clause (d) to be paid with respect to the original Premises is equal to $15,240,949. 5.3 Time is of the essence of this provision and neither late notice nor late payment shall be effective. If Tenant does not deliver a Termination Notice and the Termination Fee by the above deadlines, Tenant’s Early Termination Right shall immediately terminate and shall be of no further force or effect. Tenant acknowledges that this provision was specifically negotiated by the parties and is a material term of this Lease and Tenant hereby waives all equitable claims and defenses that might extend the period within which Tenant may exercise the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived Right or pay the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding an Event of Default occurs any time after Tenant’s delivery of a Termination Notice, then in addition to any other remedies available to Landlord, Landlord shall, in its sole discretion, have the right to void the Termination Notice and the Early Termination Notice and payment of the Right shall not take effect. If Tenant exercises its Early Termination FeeRight, Tenant the Extension Options and the Right of First Offer shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise immediately terminate and shall be of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Dateno further force and effect. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Office Lease Agreement (Qualtrics International Inc.)

Early Termination Option. Provided that there is no Event of Default as of Notwithstanding anything to the date that Tenant delivers contrary contained in the Early Termination Notice and on the Early Termination Date (eachLease, as hereinafter defined)hereby amended, Tenant shall have a one-time the option to terminate this and cancel the Lease, as hereby amended, at any time during (i) the Term of the Lease (as extended pursuant to Section 1 above) or (ii) the Option Term (as defined in Section 4 below), in a timely manner in accordance with the following provisions of this Section 3. To exercise such termination option, Tenant must deliver to Landlord written notice of Tenant’s exercise of such option (the “Termination OptionNotice”) effective specifying the date upon which Tenant desires to terminate the Lease, as of hereby amended (the last day of the sixty-ninth (69th) month of the Term (Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early which Termination Date must be at least sixty (60) days after the date such Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Datereceived by Landlord. If Tenant fails to deliver properly and timely exercises the Early Termination Notice to Landlord within termination option in this Section 3, the time period prescribed by this paragraphLease, then Tenant as hereby amended, shall be deemed to have irrevocably waived expire at midnight on the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Date so specified by Tenant in such Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed required to have irrevocably waived surrender the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue Premises to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) Landlord on or prior to the Early Termination DateDate in accordance with the applicable provisions of the Lease. Notwithstanding the foregoing provisions of this Section 3 to the contrary, Tenant shall surrender possession of not have the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate right to exercise such termination option, as provided above, if as of the Early Termination Datedate of the attempted exercise of such option, Tenant is in default under the Lease, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; providedhereby amended, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date beyond all applicable notice and that survive the termination or expiration of the Leasecure periods.

Appears in 1 contract

Samples: Marina Village Net Office Tech Lease (Xenogen Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), a) Tenant shall have a one-time option right to terminate this Lease (“Termination Option”) effective only as of the that last day of the sixtyeighty-ninth fourth (69th84th) month of the Lease Term (the “Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give by providing Landlord prior with written notice (a Early Termination Notice”) of its intention intent to exercise the Termination Option not less than 365 days terminate given at least nine (9) months prior to the Early Termination Date Date. (b) If Tenant elects to exercise the right to terminate this Lease in accordance with this Section 3.03, Tenant shall pay a cancellation payment simultaneously with the delivery of the Termination Notice in an amount (the “Termination Notice DateFee). If ) equal to the unamortized portion of (i) the abated Rent during the first six months of the Initial Term, (ii) the Tenant Improvement Allowance or any other tenant improvement allowance provided to Tenant, (iii) the costs incurred by Landlord to complete any tenant improvements (including without limitation architectural and engineering fees, permit fees and other soft costs) which were not included in any other allowance provided to Tenant, and (iv) any leasing commissions paid or incurred by Landlord in connection with this Lease, plus interest on the cumulative sum of the items described in subsections (i) through (iv) herein accruing from the Commencement Date of this Lease until such Termination Option Fee is validly exercisedpaid to Landlord at the rate of eight percent (8%) per annum. The parties agree to compute the Termination Fee and include it as an item in the Memorandum of Commencement of Lease Term upon its execution by Landlord and Tenant (c) Provided that Tenant pays the Termination Fee, the Lease shall terminate as of the Early Termination DateDate with the same force and effect as if scheduled to expire according to its terms as of such date, and all terms and provisions of this Lease (including, without limitation, the condition of the Premises upon expiration of the Term and survival of indemnity obligations) shall be applicable thereto. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived timely pay the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination NoticeFee, as consideration for its Tenant’s exercise of the Termination Option, Tenant shall pay its right to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice terminate shall be null and void and of no force and effect whatsoever, this Lease shall continue in full force and effect and Tenant shall be deemed have no further right to have irrevocably waived the Termination Option and the Termination Option shall be null and voidterminate this Lease under this Section 3.03. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Feeforegoing, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of its rights under this Section 3.03 shall, if Landlord so elects in its absolute discretion, be ineffective in the event that Tenant is in default beyond any applicable notice and cure period of this Lease at the time of delivery of a Termination Option and, therefore, shall not be credited against Rent due through Notice or upon the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Triple Net Space Lease (Rambus Inc)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a the one-time option (the "Early Termination Option") to terminate this Lease (“Termination Option”) the Lease, as hereby amended, effective as of April 30, 2026 (the last day of the sixty-ninth (69th) month of the Term (“Early "Termination Date"), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to . To exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay must deliver to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Optionfollowing: (i) on or prior to before September 30, 2025, written notice of Tenant's exercise of the Early Termination Date, Tenant shall surrender possession of Option (the Premises in the condition required by the terms of this Lease"Termination Notice"); and (ii) on or before December 31, 2025, cash in the Lease amount equal to $400,000.00 (the "Termination Consideration"). If Tenant properly and timely exercises the Early Termination Option in this Section 7, the Lease, as hereby amended, shall terminate at midnight on the Termination Date, and Tenant shall vacate and surrender exclusive possession of the Premises to Landlord on or prior to the Termination Date in accordance with the applicable provisions of the Lease, as hereby amended. Notwithstanding the foregoing provisions of this Section 7 to the contrary, at Landlord's option and in addition to any and all remedies available to Landlord, the Early Termination Option shall not be deemed to be properly exercised if as of the Early date Tenant delivers the Termination DateNotice to Landlord Tenant is in default under the Lease, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; providedhereby amended, howeverbeyond all applicable notice and cure periods. In addition, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date Option is personal to the original Tenant executing this First Amendment and that survive the termination may not be assigned to or expiration of the Leaseexercised by any other person or entity.

Appears in 1 contract

Samples: Lease (Surrozen, Inc./De)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice 20.1 Both Lessee and on the Early Termination Date (each, as hereinafter defined), Tenant Lessor shall have a one-time the right and option to terminate this Lease (“Termination Option”) effective as prior to the expiration of the last day of the sixty-ninth (69th) month of the Lease Term (“Early Termination DateOption), subject ) pursuant to and upon the following terms and conditions:set forth in this Article 20. (a) Tenant shall give Landlord prior 20.2 Lessee may exercise the Early Termination Option by serving written notice (“Early Termination Notice”) on Lessor of its intention intent to exercise the Termination Option not terminate this Lease, which notice must be served no less than 365 ninety (90) calendar days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, date on which Lessee proposes to terminate the Lease; provided that the date upon which Lessee proposes to terminate the Lease shall terminate as must be on or after the first anniversary of the Lease Commencement Date. Lessee’s exercise of the Early Termination Date. If Tenant fails Option is subject to deliver the following conditions: (a) Lessee has determined in good faith, subject to Lessor’s reasonable verification, that it is unprofitable for Lessee to utilize the Aircraft in conjunction with Lessee’s essential air service program operations, and (b) Lessee shall return the Aircraft to Lessor in accordance with the provisions of Article 14 of the Lease Agreement. 20.3 Lessor may exercise the Early Termination Notice Option, for any reason, by serving written notice on Lessee of its intent to Landlord within terminate this Lease, which notice must be served no less than ninety (90) calendar days prior to the time period prescribed by this paragraph, then Tenant shall date on which Lessor proposes to terminate the Lease; provided that the date upon which Lessor proposes to terminate the Lease must be deemed to have irrevocably waived on or after the Termination Option and first anniversary of the Termination Option shall be null and void. (b) At Lease Commencement Date. In the time of giving event that Lessor exercises the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant Lessee shall pay to Landlord a fee (return the “Early Termination Fee”) in an amount equal Aircraft to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord Lessor in connection accordance with the construction provisions of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term Article 14 of the Lease Agreement. IN WITNESS OF the mutual promises, covenants and agreements set forth above, the parties have caused their duly authorized officers to execute this Lease at an interest rate Wichita, Kansas, on the date and year indicated below. RAYTHEON AIRCRAFT CREDIT CORPORATION By: Xxxxx X. Xxxxxxxx Vice President – General Counsel Date of nine percent (9%) per annumExecution: “Lessor” GREAT LAKES AVIATION, LTD. Following the Commencement Date, within thirty (30) days following TenantBy: Xxxxxxx Xxxxxxxx Vice President & Chief Financial Officer Date of Execution: “Lessee” Aircraft: Manufacturer’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same.Serial Number: Registration Number: (c1) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void.Article 2.1: Lease Term: (d2) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination OptionArticle 2.2: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.Rental Payments:

Appears in 1 contract

Samples: Operating Lease Agreement (Great Lakes Aviation LTD)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a the one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixtyeighty-ninth seventh (69th87th ) month of Lease Month (the Term (“Early Termination Date”), subject to and upon the following terms and conditions: ) provided that (ai) Tenant shall give gives Landlord not less than nine (9) months prior written notice to terminate (the Early Termination Notice”), (ii) of its intention to exercise Tenant provides the Termination Option Payment (defined below) with the Termination Notice, (iii) Tenant is not less than 365 days prior to in Default hereunder either at the time of the Termination Notice or on the Early Termination Date and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the Early Termination Date. Together with the Termination Notice, Tenant shall pay Landlord a “Termination Notice Date”)Payment” of $400,000.00. If such Termination Option is validly exercised, the Lease shall terminate as As of the Early Termination Date. If Tenant fails to deliver , neither party shall have any rights, liabilities or obligations under this Lease for the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to accruing after the Early Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of the term of this Lease, and Tenant shall surrender possession of the Premises in the condition required by the terms of under this Lease; . This option to terminate shall be self-operative as provided herein and (ii) no additional agreement between Landlord and Tenant shall be necessary to effectuate such termination. This Early Termination Option shall be available to Tenant irrespective of assignment of the Lease (provided such assignment is permitted under the Lease) or one or more subleases of all or a portion of the Premises; provided, however that if any portion of the Premises is sublet, or if this Lease shall be assigned, then this Early Termination Option may be exercised by Tenant only if all then-existing subleases specifically provide that they shall automatically terminate as simultaneously with the Lease upon Tenant’s (or Tenant’s permitted assignee’s) exercise of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the LeaseOption.

Appears in 1 contract

Samples: Office Lease Agreement (Bitstream Inc)

Early Termination Option. Provided that there is (a) So long as no Lease Default or Lease Event of Default as of has occurred and is continuing hereunder, at any time during the date that Tenant delivers Basic Lease Term, Lessee may give Lessor, the Early Termination Notice Lenders and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior Administrative Agent an irrevocable written notice (the “Early Termination Notice”) of its Lessee’s intention to exercise terminate this Lease and purchase the Termination Option not Leased Property pursuant to this Section 17.22. Such notice shall (i) refer specifically to this Section 17.22, (ii) state that Lessee shall purchase the Leased Property in accordance with the provisions of Section 14.5 hereof by paying to Lessor the Purchase Amount due on the date set forth in clause (iii), and (iii) specify the date for such purchase, which shall be the first Payment Date no less than 365 30 nor more than 90 days prior to after the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exerciseddate of delivery the Purchase Notice, but in any event shall not be later than the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver Upon such election, Lessee shall purchase the Early Termination Notice to Landlord within Leased Property in accordance with the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and voidprovisions of Section 14.5 hereof on such purchase date at such purchase price. (b) At If Lessee has elected to purchase the time Leased Property in accordance with paragraph (a), on the date of giving the Early Termination Noticepurchase, Lessee shall pay in cash or immediately available federal funds, as consideration for its exercise of the Termination Optionpurchase price therefor, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of samePurchase Amount. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and Upon payment of the Early Termination FeePurchase Amount, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as and the Leased Property shall be conveyed to Lessee pursuant to Section 14.5 hereof and in accordance with the terms and conditions thereof. If Lessee fails to purchase the Leased Property on the designated purchase date in accordance with the terms hereof, such failure shall immediately constitute a Lease Event of Default hereunder. Time is of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any essence with regard to Lessee’s obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseunder this Section 17.22.

Appears in 1 contract

Samples: Lease Agreement (Lennox International Inc)

Early Termination Option. Provided Landlord and Tenant acknowledge and agree that there is no Event of Default as of the date that Tenant delivers the Tenant’s Early Termination Notice and on Option set forth in Paragraph 3 of Exhibit D attached to the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (captioned Early Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to remains in full force and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior effect in all respects with respect to the Early Termination Date (“Termination Notice Date”)Original Premises and with respect to the Expansion Space. If such Termination Option is validly exercisedExcept as expressly set forth in the Lease, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed amended by this paragraphFirst Amendment, then Tenant shall be deemed acknowledges and agrees that it has no other option to have irrevocably waived terminate the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination NoticeLease, as consideration for its exercise of the Termination Optionamended by this First Amendment; provided, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to however, that the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this LeaseFirst Amendment shall be added to the calculation of the Termination Fee: the Expansion Space Tenant Allowance, includingthe Expansion Space Free Rent Allowance, but not limited to, legal reasonable attorneys’ fees and expenses and permitting fees and expenses. For purposes of this Sectionbrokerage commissions, calculated on a straight line basis, including interest thereon from the Costs shall be amortized over Expansion Space Commencement Date until the initial Term of Early Termination Date at the Lease at an interest rate of nine eight percent (98%) per annum. Following For clarity, it is agreed that (i) the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of unamortized amounts used to calculate the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate determined as of the Early Termination Date, as if such Early (ii) the amortization period for unamortized costs included in the Termination Fee in connection with the Lease shall be the period commencing on the Commencement Date were (i.e., February 11, 2016) and ending on the date originally stipulated Expiration Date (i.e., September 30, 2023), and (iii) the amortization period for unamortized costs included in the expiration of Termination Fee in connection with this First Amendment shall be the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to period commencing on the Early Termination Expansion Space Commencement Date and that survive ending on the termination or expiration of the LeaseExpansion Space Expiration Date (i.e., September 30, 2023).

Appears in 1 contract

Samples: Lease Agreement (REGENXBIO Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant Sublessee shall have a one-the right at any time option after June 1, 2008 to terminate this Lease (“Termination Option”) effective as Sublease, but only in the event that Sublessee shall not, despite diligent efforts, obtain adequate funding sources to support its operation at the Demised Premises, whether such funding sources are from the federal, state or local government or elsewhere. Sublessee shall provide Sublessor with evidence of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject Sublessee’s attempts to and upon obtain such financing following Sublessor’s written request therefor. Such early termination shall be under the following terms and conditions: (a) Tenant Sublessee shall give Landlord Sublessor at least twelve (12) months’ prior written notice (“Early Termination Notice”) of its intention election to exercise terminate this Sublease, which notice shall specify the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as date of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee termination (the “Early Termination FeeDate); (b) Sublessee shall pay to Sublessor, at the time Sublessee provides notice to Sublessor of Sublessee’s exercise of the early termination option, a termination fee in an amount equal to six (6) months’ Minimum Annual Rent, at the unamortized portion rate in effect at the end of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same.term being terminated; (c) The Early Termination Fee Sublessee shall be paid by Tenant otherwise pay all installments of Minimum Annual Rent and additional rent accruing up to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void.Date; and (d) Notwithstanding Tenant’s delivery Sublessee shall not be in default under this Sublease beyond any applicable period of grace. If Sublessee exercises its option to terminate in accordance with the provisions hereof, this Sublease shall be terminated on the Early Termination Notice and payment Date without further liability of the Early Termination FeeSublessee hereunder, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges except for such liability that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) has accrued on or prior to the Early Termination Date, Tenant shall surrender possession Date and such liability that survives termination of the Premises in the condition required Sublease by the terms hereof. After notice has been given to Sublessor of Sublessee’s election to terminate this Lease; and (ii) Sublease, the Lease shall terminate as of the Early Termination DateDemised Premises may be shown by Sublessor from time to time, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; providedat any time during business hours or any other reasonable time upon reasonable prior notice, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseprospective tenants.

Appears in 1 contract

Samples: Sublease (Vie Financial Group Inc)

Early Termination Option. Provided that So long as there is no does not then exist an uncured, continuing, material, Event of Default as defined in Section 9.1 of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)this Lease, Tenant shall have a one-time option to may, at its sole option, terminate this Lease (the “Termination Option”) effective as of on the last first (1st) day of the sixty-ninth month eighty (69th80) month of the Term (the “Early Termination Date”), subject by delivering notice of Tenant’s election to and upon terminate (the following terms and conditions: (a) Tenant shall give Landlord prior written notice (Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days at least twelve (12) months prior to the Early Termination Date, provided that Tenant pays to Landlord on or before the Early Termination Date (a payment equal to the “Termination Notice Date”)Fee” as set forth below. If Tenant fails to timely deliver its Termination Notice or pay the Termination Fee as provided below, then Tenant will be deemed to have waived such Termination Option is validly exercised, Option. The Termination Fee shall be equal to the Lease shall terminate unamortized balance of all Landlord’s Transaction Costs as of the Early Termination Date. If The term “Landlord’s Transaction Costs” as used above shall only be calculated to include the unamortized eight (8) months of Fixed Rent, unamortized Tenant fails to deliver improvements (which only consists of the Early Termination Notice to Landlord TI Allowance and the Lab Upgrade Allowance), unamoritzed brokerage leasing fees, and two (2) months rent. The amortization rate shall be 6.5%. The Exhibit C items shall not be included within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived Landlord’s Transaction Costs. Promptly upon the Termination Option determination of the actual rentable square footage of the Premises and the Termination Option TI allowance and Lab Upgrade Allowance are finalized, Landlord shall be null and void. (b) At prepare an amortization table showing the time of giving the Early Termination Notice, as consideration for its exercise calculation of the Termination Option, Fee (“Amortization Table”). The Amortization Table shall be submitted to Tenant shall pay to Landlord a fee (for review and comment. Upon agreement by the “Early parties that the Amortization Table accurately reflects the costs and calculations that are part of the Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs parties shall be amortized over enter into an amendment to this Lease to incorporate the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinAmortization Table. If Tenant delivers properly exercises its Termination Option in accordance with the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyforegoing, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall automatically terminate as of the Early Termination DateDate without the necessity of any additional documentation, as if such Early Termination Date were the date originally stipulated except for the expiration a termination of the Term; providedNotice of Lease, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseif applicable.

Appears in 1 contract

Samples: Lease Agreement (Sonus Networks Inc)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time LESSEE may exercise an option to terminate this Lease lease early if the following conditions are met. (“Termination Option”1) effective as of Lessee delivers to Lessor at least sixty (60) days prior to the intended vacate date, which shall be on the last day of any month, a written notice, via certified mail, of Lessee’s intent to vacate the sixty-ninth Apartment, signs a break lease agreement and at the same time concurrent with delivery of said notice and executed break lease agreement, (69th2) month Lessee increases, via a cashier’s check, lessee’s security deposit by an amount equal to an additional two months' rent and (3) Lessee pays to Lessor any outstanding balances and continues to pay all regular rent due, pursuant to all the terms and conditions of this lease, through to the end of the Term (“Early Termination Date”)intended move out date as outlined in the Lessee’s break lease notice to vacate. Once Lessee has fully honored all provisions of this paragraph and break lease agreement and only after any damages to the unit and any lost rent on the unit prior to it being rerented are deducted from the increased security deposit, subject any remaining funds in the security deposit will be refunded. Lost rent is anytime the landlord is not collecting rent on the unit and before a new tenant has taken occupancy of said unit and paid all amounts due for same in full. Notwithstanding anything to and upon the following terms and conditions: (a) contrary contained herein this lease document, once a Tenant provides notice of their intent to vacate / terminate or is in the process of being evicted, Landlord or its agent shall give Landlord prior written notice (“Early Termination Notice”) of its intention have the right to exercise show the Termination Option not unit to prospective tenants during working hours with no less than 365 days prior 3 hours notice to Tenant. Tenant agrees to make arrangments with respect to any animals in the Early Termination Date (“Termination Notice Date”)unit so that Landlord or agent can safely show the unit. If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant tenant fails to deliver the Early Termination Notice return calls to Landlord within regarding a request to show the time period prescribed by this paragraphunit after Landlord has attempted same for more than three hours, then Tenant shall be deemed to have irrevocably waived given Landlord permission to show the Termination Option unit and the Termination Option Landlord shall be null and void. (b) At authorized to show the time unit. Landlord may show the premises to perspective tenants at anytime tenant is in default of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the any terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaselease agreement.

Appears in 1 contract

Samples: Lease Agreement

Early Termination Option. Provided that there is no Event material Default shall have occurred and be continuing (it being understood that a Default in the payment of Rent in excess of an amount equal to one month’s Net Rent and Additional Rent then due and owing hereunder shall in any event be deemed a “material” Default as for purposes of the date that Tenant delivers the Early Termination Notice foregoing), this Lease shall be in full force and on the Early Termination Date (eacheffect, as hereinafter defined)and Tenant’s right of possession shall have not been terminated, Tenant shall have a one-time option right (“Early Termination Option”) to terminate this Lease (“Termination Option”) in its entirety, effective as of the last day of the sixty-ninth (69th) month of the Term on February 28, 2025 (“Early Termination Date”), subject as though such date were the original Expiration Date set forth in this Lease, provided that Tenant delivers to Landlord written notice irrevocably and upon unconditionally exercising the Early Termination Option (“Lease Termination Notice”) on or before February 28, 2023. If Tenant exercises the Early Termination Option, the following terms and conditionsconditions shall apply: (ai) Effective on the Early Termination Date, the Lease shall be deemed to have been terminated as though it had expired in accordance with its terms; however, Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention continue to exercise timely pay all Net Rent and Additional Rent under the Termination Option not less than 365 days prior to Lease and comply with each and every term and provision hereof accruing through the Early Termination Date (“Termination Notice Date”). If and all such Termination Option is validly exercised, the Lease shall terminate as of obligations accruing through the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant Date shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Leasesurvive such termination, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant any Additional Rent not yet determined or billed prior to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date). (eii) If Tenant validly exercises its Termination Option: (i) shall vacate the entire then existing Premises on or prior to the Early Termination Date, Tenant shall Date and surrender possession the same to Landlord free and clear of the Premises rights of any subtenants, licensees or other parties claiming by, through or under Tenant, in the condition required by accordance with the terms of this Lease; and Article 12 hereof; (iiiii) Tenant shall pay to Landlord, no later than the Lease shall terminate as of date that is thirty (30) days prior to the Early Termination Date, as if such a cancellation fee and not as liquidated damages or a penalty, and as a further condition to the effectiveness of Tenant’s exercise of Tenant’s Early Termination Date were Option an amount equal to: (a) twelve (12) full months of Net Rent (at the date originally stipulated rates scheduled to be in effect under the Lease for the expiration period immediately following the Termination Date), and (b) twelve (12) full months of Additional Rent for Operating Expenses and Taxes (in the Term; provided, however, amounts that nothing herein shall relieve either Landlord or is billing Tenant of any obligations of such party on an estimated basis for the calendar year in which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseoccurs).

Appears in 1 contract

Samples: Office Lease (KBS Real Estate Investment Trust II, Inc.)

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Early Termination Option. Provided Midwest anticipates obtaining the necessary approvals and consents to operate E170 aircraft on its own operating certificate. At such time as Midwest is successful in obtaining such certification, or at such time that there Midwest is no Event reasonably certain such certification is forthcoming, so long as Midwest is not in default of Default its obligations under Sections 3.01, 3.04, 3.06, 5.03 and 5.04, Midwest may elect to operate the Covered Aircraft pursuant to a long term operating lease (the “Operating Lease”) and the related agreements in the forms attached hereto as of the date that Tenant delivers the Early Termination Notice and Exhibit H commencing on the Early Termination Transfer Date (each, as hereinafter defined), Tenant shall have described below) and continuing for a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior term equal to the Early Termination Date remaining term of this Agreement with respect to such aircraft (“Termination Notice Date”assuming no early termination right were exercised). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (bi) At In connection with the time of giving the Early Termination Notice, as consideration for its exercise transition of the Termination OptionCovered Aircraft as set forth above, Tenant shall pay to Landlord a fee Midwest may at its option (the “Early Termination FeeOption”) terminate this Agreement upon 180 days prior written notice to RAI if such notice is given on or before June 1, 2010. The notice of termination provided by Midwest pursuant to this Section 8.02(d) will provide notice of the month in which each Covered Aircraft will be removed from the terms and conditions of this Agreement and leased by Midwest pursuant to an amount equal Operating Lease. In addition, Midwest will provide notice to RAI of the date (a “Transfer Date”) during the applicable month on which each Covered Aircraft will be removed from the terms and conditions of this Agreement and leased by Midwest pursuant to an Operating Lease no fewer than 60 days prior to the unamortized portion date such removal will occur. Notwithstanding the foregoing, (x) no more than two Covered Aircraft shall be removed from the terms of the following costs this Agreement and be made subject to Operating Leases during any month; and (“Costs”): (iy) all Covered Aircraft shall be removed from the terms of this Agreement and made subject to Operating Leases within a continuous 6 month period commencing on the first Transfer Date. (ii) RAI will provide full cooperation and support to Midwest in connection with its efforts to obtain the certification reference above, including, without limitation, providing access to all relevant maintenance programs, task cards, manuals, materials, training programs and manuals and materials for ground, flight, inflight and maintenance operations, checklists and dispatch training and performance data. RAI will use reasonable good faith efforts to provide Midwest with the use of an EMB 170 aircraft (which shall not be a Covered Aircraft) for training purposes on terms and conditions reasonably acceptable to Midwest and RAI; provided that payments due by Midwest in consideration for such use shall be at the rates as provided in Appendix 1 to Exhibit D. (iii) In connection with the execution and delivery of each Operating Lease, RAI shall use reasonable good faith efforts to provide Midwest with spares and maintenance support (including engine maintenance support) for the aircraft subject to such Operating Lease, including access to RAI’s total care package; provided that, RAI shall be under no obligation to provide any such support, and any such obligations agreed to by RAI shall be evidenced by a written agreement between RAI and Midwest. (iv) RAI and Midwest shall each bear their own costs incurred by Landlord and expenses in respect of each Operating Lease; provided that Midwest shall pay all FAA counsel fees in connection with the construction execution and delivery of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this each Operating Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (cv) The Early Termination Fee Prior to the first Transfer Date, Midwest shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to execute and deliver an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and voidOperating Lease for each Covered Aircraft. (dvi) Notwithstanding Tenant’s delivery Prior to the commencement of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Operating Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of Spare Aircraft, RAI shall paint the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the LeaseSpare Aircraft in Midwest’s livery.

Appears in 1 contract

Samples: Airline Services Agreement (Republic Airways Holdings Inc)

Early Termination Option. Provided that there the Lease is no Event of Default as in full force and effect and Tenant is not in default under any of the date that other terms and conditions of the Lease at the time of notification or commencement, Tenant shall have the one-time option to terminate the Lease (“Early Termination Option”) effective on May 31, 2007 (the “Early Termination Date”) by providing a written termination notice (the “Early Termination Notice”) to Landlord on or before August 31, 2006. The Early Termination Notice must be accompanied by a payment in an amount (the “Early Termination Payment”) equal to One Hundred Thousand and No/100 Dollars ($100,000), less the Excess Allowance (as defined herein). If, and only if, Tenant timely and properly delivers the Early Termination Notice and the Early Termination Payment, the Term shall end on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to though the Early Termination Date (“had been originally fixed as the expiration date of the Term. The Early Termination Notice Payment is the sole property of Landlord upon payment and is not refundable under any circumstance. Tenant acknowledges and agrees that the Early Termination Payment is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled term after the Early Termination Date”). If such Termination Option is validly exercised, All terms and conditions of the Lease and Tenant’s obligations hereunder as they apply to Tenant’s lease of the Premises, including without limitation Tenant’s obligation to pay rent, shall terminate continue up to and including the Early Termination Date. All obligations of Tenant under the Lease not fully performed as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant Date shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through survive the Early Termination Date. This option is not transferable; Tenant acknowledges and agrees that it intends that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If “personal” to Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date set forth above and that survive in no event will any assignee or sublessee have any rights to exercise the termination or expiration of the Leaseaforesaid option to terminate.

Appears in 1 contract

Samples: Lease Agreement (Select Comfort Corp)

Early Termination Option. Provided that there is no Event of Default as of Notwithstanding anything to the date that Tenant delivers contrary contained in the Early Termination Notice and on the Early Termination Date (eachLease, as hereinafter defined)hereby amended, Tenant shall have a the one-time option to terminate this Lease the Lease, as hereby amended, with respect to the Second Amendment Expansion Space, only (“Termination Option”) but not with respect to any portion of the Existing Premises), effective as of the last day of the sixtythirty-ninth sixth (69th36th) month of the Second Amendment Expansion Space Lease Term (“Early the "Second Amendment Expansion Space Termination Date"). To exercise such termination option, subject Tenant must deliver to and upon Landlord on or before the following terms and conditions: last day of the twenty-seventh (a27th) Tenant shall give Landlord prior month of the Second Amendment Expansion Space Lease Term: (i) written notice of Tenant's exercise of such option (“Early the "Second Amendment Expansion Space Termination Notice"); and (ii) of its intention to exercise cash in the Termination Option not less than 365 days prior amount equal to the Early Second Amendment Expansion Space Termination Date (“Termination Notice Date”)Consideration. If such Termination Option is validly exercisedAs used herein, the Lease "Second Amendment Expansion Space Termination Consideration" shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in mean an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with cost of the design, permitting and construction of Landlord's Second Amendment Expansion Space Work (the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees"Landlord's Second Amendment Expansion Space Work Costs"); (ii) all commissions paid by Landlord to . The Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the 's Second Amendment Expansion Space Work Costs shall be amortized on a straight-line basis over the initial Term of scheduled six (6)-year Second Amendment Expansion Space Lease Term, together with interest at the Lease at an interest rate of nine eleven percent (911%) per annum. Following , and the Commencement Date, within thirty (30) days following Tenant’s request, Landlord unamortized portions thereof shall provide Tenant with a calculation be determined based upon the unexpired portion of the Costs and an amortization schedule Second Amendment Expansion Space Lease Term as of same. (c) The Early the Second Amendment Expansion Space Termination Fee shall be paid by Tenant Date had the Lease, as hereby amended, not been so terminated pursuant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinthis Section 9. If Tenant delivers properly and timely exercises the Early termination option in this Section 9, the Lease, as hereby amended, with respect to the Second Amendment Expansion Space, only (but not with respect to any portion of the Existing Premises), shall expire at midnight on the Second Amendment Expansion Space Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyDate, then the Early Termination Notice shall be null and void and Tenant shall be deemed required to have irrevocably waived surrender the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue Second Amendment Expansion Space to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) Landlord on or prior to the Early Second Amendment Expansion Space Lease Term Termination DateDate accordance the applicable provisions Lease, as hereby amended. Notwithstanding 827994.04/LAH4321-047/7-10-09/dbs/dbs -4- UNION BANK PLAZA[Union Bank of California] the foregoing provisions of this Section 9 to the contrary, at Landlord's option and in addition to any and all remedies available to Landlord, Tenant shall surrender possession of not have the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate right to exercise such termination option, as provided above, if as of the Early Termination Datedate of the attempted exercise of such option, Tenant is in default under the Lease, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; providedhereby amended, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date beyond all applicable notice and that survive the termination or expiration of the Leasecure periods.

Appears in 1 contract

Samples: Office/Retail Lease (KBS Real Estate Investment Trust II, Inc.)

Early Termination Option. Provided that there is no Event of Default as of Subject to the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined)conditions set forth below, Tenant shall have a one-time option the right to terminate this the Lease (the “Termination Option”) effective as of the last day of the sixty-ninth third (69th63rd) full calendar month of after the Term Relocation Premises Commencement Date (the Early Termination Date”), subject provided Tenant notifies Landlord, in writing, of Tenant’s intention to and upon terminate the following terms and conditions: Lease at least twelve (a12) Tenant shall give Landlord months prior written notice to the Termination Date (the Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as time being of the Early Termination Dateessence with respect thereto. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for In connection with its exercise of the Termination Option, Tenant shall pay to Landlord a fee an amount (the “Early Termination Fee”) in an amount equal to the unamortized portion all of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other unamortized transaction costs incurred by Landlord in connection with respect to this LeaseAmendment, including, but not limited towithout limitation, legal fees attorneys’ fees, brokerage fees, and expenses and permitting fees and expenses. For purposes the costs of this Sectionthe Landlord’s Relocation Premises Work (collectively, the “Transaction Costs”) based upon an interest factor of 8% per annum for such amortization calculation, which Transaction Costs shall be amortized over the initial Term submitted to Tenant by Landlord after delivery of the Lease at an interest rate of nine percent (9%) per annum. Following Termination Notice and Tenant shall pay the Commencement Date, Termination Fee to Landlord within thirty (30) days following of Tenant’s request, Landlord shall provide Tenant with a calculation receipt of the Costs and an amortization schedule written notice of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinsuch amount due. If Tenant delivers the Early Termination Notice but fails to (a) timely exercise the Termination Option in accordance with the provisions of this Section 7, or (b) deliver to Landlord the Early Termination Fee as prescribed herebywithin the aforesaid thirty (30) day period, then the Early Termination Notice Option and this Section 7 shall be null and void and without further force and effect. Tenant’s right to terminate the Lease as set forth herein is conditioned upon (i) no Event of Default then existing on the date the Termination Notice is delivered to Landlord, (ii) the Lease (as amended hereby) being in force and effect on the date the Termination Notice is delivered to Landlord, (iii) Landlord having received the Termination Fee when required as aforesaid, and (iv) Tenant shall be deemed not having exercised its right of first opportunity pursuant to have irrevocably waived Exhibit E to this Amendment. Notwithstanding the foregoing provisions of this Section 7, if Tenant timely exercises the Termination Option and thereafter an Event of Default occurs, then Landlord may elect to nullify the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through by giving written notice thereof to Tenant on or before the Early Termination Date. (e) If . Should Tenant validly exercises effectively exercise its Termination Option: Option as set forth herein, (i) the Lease Term shall automatically terminate on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by with all the terms and conditions of this Lease; , including, without limitation, the obligation to pay Rent, remaining in full force and effect until the Termination Date, and (ii) Tenant shall relinquish, yield up and surrender the Lease shall terminate as of Premises on the Early Termination Date, as if such Early Termination Date were in accordance with the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration provisions of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Verastem, Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date SUBJECT TO THE LIMITATIONS HEREINBELOW, TENANT SHALL HAVE THE OPTION TO TERMINATE THE LEASE EARLY ON OR AFTER OCTOBER 31, 2006, UPON AT LEAST ONE HUNDRED FIFTY (each150) DAYS PRIOR WRITTEN NOTICE TO LANDLORD (THE "EARLY TERMINATION NOTICE") AND PAYMENT TO LANDLORD WITH THE EARLY TERMINATION NOTICE OF A TERMINATION FEE (THE "TERMINATION FEE") IN AN AMOUNT EQUAL TO THE VALUE OF TWO (2) MONTHS OF RENT WHICH WOULD OTHERWISE BE SCHEDULED TO BE PAID FOR THE TWO (2) MONTHS IMMEDIATELY FOLLOWING THE EARLY TERMINATION DATE. THE EARLY TERMINATION DATE SHALL BE THE DATE SPECIFIED BY TENANT AS SUCH IN THE EARLY TERMINATION NOTICE WHICH DATE SHALL BE AT THE END OF A CALENDAR MONTH. IF REQUESTED BY EITHER PARTY, as hereinafter defined)THE PARTIES SHALL ENTER INTO A WRITTEN TERMINATION AGREEMENT CONFIRMING THE EARLY TERMINATION OF THE LEASE. THE LEASE AND THE TERM SHALL COME TO AN END ON THE EARLY TERMINATION DATE WITH THE SAME FORCE AND EFFECT AS IF THE TERM WERE, Tenant shall have a one-time option to terminate this Lease BY THE PROVISIONS HEREOF, FIXED TO EXPIRE ON SUCH DATE. NOTWITHSTANDING THE FOREGOING. TENANTS' OPTION TO TERMINATE GRANTED HEREIN SHALL BE NULL AND VOID, AND OF NO FORCE OR EFFECT IF (“Termination Option”I) effective as of the last day of the sixty-ninth TENANT IS IN DEFAULT OF THE LEASE AT THE TIME OF DELIVERY OF THE EARLY TERMINATION NOTICE OR AT ANY TIME THEREAFTER, UP TO AND INCLUDING THE EARLY TERMINATION DATE, OR (69thII) month of the Term TENANT FAILS TO GIVE THE EARLY TERMINATION NOTICE AT LEAST ONE HUNDRED EIGHTY (“Early Termination Date”)180) DAYS PRIOR TO THE EARLY TERMINATION DATE, subject to and upon the following terms and conditions: OR (aIII) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercisedTENANT FAILS TO PAY IN FULL WHEN DUE THE TERMINATION FEE; PROVIDED, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s requesthowever, Landlord shall provide Tenant with a calculation have the right to waive any of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyforegoing conditions, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) declare the Lease shall terminate terminated as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration and remain entitled to payment of the Term; provided, however, that nothing herein shall relieve either Landlord or Termination Fee by Tenant of any obligations of such party which accrued hereunder prior to if the Early Termination Date and that survive the termination or expiration of the Leasesame is not paid when due.

Appears in 1 contract

Samples: Office Lease (Biotel Inc.)

Early Termination Option. Provided that there is no Event Each of Default as of the date that Tenant delivers the Early Termination Notice Landlord and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time the option (the “Early Termination Option”), exercisable in the sole and absolute discretion, to terminate this Lease (“Termination Option”) early, effective as of 11:59 p.m. local time on the last day of the sixty-ninth Sixtieth (69th60th) full calendar month of following the Term Commencement Date (the “Early Termination Date”), subject as if such day were the natural expiry date of the Lease Term. Subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior , the Early Termination Option may only be exercised by delivery of written notice from the exercising party to the other party hereto (an “Early Termination Notice”) of its intention to exercise the Termination Option at least six (6) months prior, but not less more than 365 days prior twelve (12) months prior, to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, electing to terminate the Term of this Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the The Early Termination Option may only be exercised by Landlord if Landlord certifies in its Early Termination Notice delivered to Tenant that Landlord, in good faith, intends to redevelop the Premises for its own use or for investment purposes. The Early Termination Option may only be exercised by Tenant if Tenant delivers with its Early Termination Notice delivered to Landlord within the time period prescribed by this paragraphsum of Four Hundred Forty One Thousand Six Hundred Seventy Eight and No/100 Dollars ($441,678.00), then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Noticein cash or equivalent, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term early termination of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement DateTerm, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid upon delivery thereof by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyLandlord, then the Early Termination Notice shall be null and void and Tenant said consideration shall be deemed fully earned by Landlord. As a further condition precedent to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) if any sums due under the Lease shall terminate as at the time of exercise are then past due, Tenant’s exercise of the Early Termination Date, as if Option shall not be effective unless all such past due sums are paid to Landlord on or before delivery of Tenant’s Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Notice. Any failure by Landlord or Tenant of any obligations of such party which accrued hereunder to effectively exercise the Early Termination Option as set forth above at least six (6) months prior to the Early Termination Date shall render any later attempt to exercise the Early Termination Option null and void and without force or effect, the parties agreeing that survive the termination or expiration time is of the Leaseessence in so exercising the Early Termination Option.

Appears in 1 contract

Samples: Lease Agreement (Intermolecular Inc)

Early Termination Option. Provided In the event that there is no Event of Default as Landlord has not obtained and delivered to Tenant copies of the date that Tenant delivers building permit and any other governmental permits and approvals required for the Early Termination Notice commencement of construction of the Building, the Building Parking Area and on the Early Termination Date Common Areas of the Park (each, as hereinafter defined), in accordance with and as set forth in the Landlord's Plans and the other requirements of this Lease, then Tenant shall have a one-time option the right, by written notice to Landlord, to terminate this Lease on or at any time within ten (“Termination Option”10) effective as of days after the last second (2/nd/) day of June, 1997 (the sixty-ninth (69th) month of the Term (“"Early Termination Date"). Such termination right may be exercised on or within ten (10) days after June 2, subject 1997, prior to Landlord having obtained and upon delivered copies of all such permits and approvals to Tenant. In the following event that Tenant so exercises its termination right in accordance with the terms hereof, (i) Landlord shall reimburse Tenant for all third party out-of-pocket costs and conditions: expenses, including architectural fees, engineering fees and other associated costs and expenses in connection with its obligations as Tenant under this Lease, but excluding attorneys' fees and disbursements and excluding costs and expenses for which no invoices or other reasonable documentation is available and (aii) all future obligations of the parties hereto shall cease and this Lease shall be null and void and of no further force or effect, except such obligations as are, by the terms hereof, expressly intended to survive the earlier termination of this Lease. If Landlord does not obtain and deliver all such permits and approvals before June 2, 1997, but, prior to Tenant shall give exercising its right to terminate this Lease on account thereof, Landlord prior does obtain and deliver to Tenant copies of all such permits and approvals as aforesaid, or if Landlord has not received written notice (“Early Termination Notice”) of by Tenant exercising its intention option to exercise the Termination Option not less than 365 days prior to terminate hereunder on or before the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraphaforesaid, then Tenant shall be deemed to have irrevocably waived its right to terminate this Lease as hereinabove provided, whereupon the Termination Option terms and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes provisions of this Section, the Costs Section 2.2.1 shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and become void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and voidof no further force or effect. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Open Market Inc)

Early Termination Option. Provided that there no default has occurred and is no Event of Default as of continuing under the date that Tenant delivers Lease, Lessee will have the Early Termination Notice and on following buy-out options (the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination OptionValue”) effective as upon a minimum of thirty (30) days’ prior written notice: (i) during the last day of fifteenth (15th) month, twenty-fifth (25th) month, and the sixtythirty-ninth seventh (69th37th) month of the Term (“Early Termination Date”)Lease, subject Lessee shall have an early buy-out option with respect to and all but not less than all of the Equipment upon the following terms and conditions: payment of (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention the amount listed on Exhibit B attached hereto for the applicable time period when the buy-out option is to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly be exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. plus (b) At the all other fees, costs and sums due at such time of giving the Early Termination Notice, as consideration for its exercise of in accordance with this Lease. In addition to the Termination OptionValue, Tenant the Lessee shall pay to Landlord a fee (the “Early Termination Fee”) in Lessor an amount equal administrative charge to the unamortized portion of the following costs (“Costs”): (i) all costs be determined by Lessor to cover its time and expenses incurred by Landlord in connection with the construction exercise of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord option to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Leasepurchase, including, but not limited to, legal reasonable attorney fees and expenses costs. Furthermore, upon the exercise by the Lessee of the option to purchase any of the Equipment, Lessee shall pay all applicable sales and permitting transfer taxes and all applicable fees and expensespayable to any governmental authority as a result of the transaction contemplated by this Schedule. For purposes of this SectionIn such event, the Costs Termination Value shall be amortized over the initial Term of the Lease increased by any sales and transfer taxes. If Lessee desires to exercise this option it shall provide Lessor with at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within least thirty (30) days following Tenant’s requestprior written notice of such intention. Partial prepayments or payoffs may be permitted at Lessor's sole and absolute discretion subject to a Termination Value determined by Lessor, Landlord provided that such prepayment or payoff amounts shall provide Tenant with a calculation be applied to amounts due under the Lease in inverse chronological order of the Costs Lease termination date, commencing first with the End of Term Buyout Price and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall Value. The Termination Value is presumed to be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery a reasonable estimate of the Early Termination Notice and payment amount of damages sustained by Lessor as a result of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges early termination of this Lease and Lessee agrees that the Early Termination Fee amount is consideration for Tenant’s exercise reasonable under the circumstances currently existing. DATE OF EXECUTION: the 27th day of the Termination Option andFebruary, therefore, shall not be credited against Rent due through the Early Termination Date. 2020 Lessor By: /s/ Rxxxx Xxxxxxxx Name: Rxxxx Xxxxxxxx Title: Assistant Vice President Lessee By: /s/ Mxxxxxx Xxxxxxxx Name: Mxxxxxx Xxxxxxxx Title: CEO Lessee By: /s/ Mxxxxxx Xxxxxxxx Name: Mxxxxxx Xxxxxxxx Title: CEO Month of Lease Term Payment Date Buyout After Lease Payment (e$) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession 15 8/27/2021 $ 10,818,753.11 25 6/27/2022 $ 8,175,726.45 37 6/27/2023 $ 4,837,403.36 To and part of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate Equipment Schedule 5J-0001 dated as of the Early Termination Date27th day of February, 2020 (the “Schedule”) executed pursuant to that certain Master Lease Agreement dated as of the 27th day of February, 2020 (the "Lease"), each between UTICA LEASECO, LLC, its successors and assigns ("Lessor"), 5J TRUCKING, a Texas limited liability company, d/b/a 5J and 5J Trucking, LLC (“5J Trucking”), its successors and permitted assigns, and 5J OILFIELD SERVICES, LLC, a Texas limited liability company (“5J Oil”), its successors and permitted assigns, (hereafter referred to both individually, and collectively (if more than one), as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease"Lessee").

Appears in 1 contract

Samples: Master Lease Agreement (SMG Industries Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option the right to terminate this the Lease (“Termination Option”) effective as with respect to all of the last day Premises at the end of the sixty-ninth seventh (69th67th) full month of the Term (the “Early Termination Date”), subject to and upon the following terms and conditions: following: (a) Tenant shall give Landlord prior delivers a written notice (“Early Termination Notice”) to Landlord of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of least nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or months prior to the Early Termination Date, Tenant shall surrender possession time being of the Premises essence; (b) Tenant is not in default beyond any applicable notice and cure period under the condition required by Lease from the terms of this Leasetime the Early Termination Notice is delivered until the Early Termination Date; and (iic) Tenant delivers to Landlord a payment (“Termination Fee”) equal to the Lease shall terminate as of following unamortized costs incurred by Landlord in this transaction, to include the Improvements Allowance, abated Fixed Rent, reasonable attorneys’ fees, and brokerage commissions, calculated on a straight line basis, including interest thereon from the Commencement Date until the Early Termination Date, as if such Early Termination Date were at the date originally stipulated for the expiration rate of eight percent (8%) per annum. Landlord shall advise Tenant by written notice of the Term; provided, however, that nothing herein amount of the Termination Fee within ten (10) days of receipt of the Termination Notice (which notice shall relieve either Landlord or Tenant of any obligations include a reasonably detailed calculation of such party which accrued hereunder prior amount) and Tenant shall pay the Termination Fee within thirty (30) days thereafter. If Tenant fails to the Early Termination Date and that survive the termination or expiration timely comply with any of the Lease.provisions of this Section, at Landlord’s sole option, Tenant's Termination Notice shall be deemed ineffective and the Lease shall expire on its otherwise scheduled termination date. EXHIBIT E

Appears in 1 contract

Samples: Lease Agreement (REGENXBIO Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-the one time option to terminate this Lease right (the Early Termination Option”) effective as to terminate the Term of the last day of Lease effective on October 31, 2025 (the sixty-ninth (69th) month of the Term (“Early Termination Date”). Tenant must exercise the Early Termination Option, subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior if at all, by delivering a written notice of exercise of the Early Termination Option (a Early Termination Notice”) of its intention to exercise the Termination Option Landlord not less later than 365 days prior to the Early Termination Date (“October 31, 2024, and with such Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall must pay to Landlord a fee (the in immediately available good funds an “Early Termination Fee”) in an amount equal to the sum of (i) the unamortized portion of the following all brokerage fees and legal costs (“Costs”): (i) all costs incurred payable by Landlord in connection with through the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord Early Termination Date in connection with this LeaseAmendment, includingtogether with five percent (5%) interest, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term Third Extension Term, plus (ii) six (6) months of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Base Rent and Tenant’s request, Additional Rent for the Premises (based upon the amounts which Tenant would have been obligated to pay Landlord shall provide Tenant with a calculation of for the Costs and an amortization schedule of same. six (c6) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers month period following the Early Termination Notice Date), which sum the parties stipulate to be $7,241,000.00 (provided that if Tenant exercises its Contraction Option, as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyset forth in Section 9 below, then the Early Termination Notice such amount shall be null and void and Tenant shall be deemed reduced to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding $6,548,000.00), based upon Tenant’s delivery of the Early Termination Notice current Additional Rent plus a 3% annual inflation escalator, and payment of the Early Termination Fee, Tenant shall continue to pay all Rent rentals and other charges under the Lease and comply with each and every term and provision hereof accruing through the Early Termination Date (and all such obligations accruing through the Early Termination Date shall survive such termination, including but not limited to, any rentals or other charges not yet determined or billed prior to the Early Termination Date). Tenant acknowledges Notwithstanding the foregoing, the parties acknowledge and agree that the Early Termination Fee shall be increased in accordance with the criteria set forth in subparts (i) and (ii) above with regard to any additional space leased by Tenant after the date of this Amendment that is consideration for Tenant’s exercise subject to early termination hereunder, except as to subpart (i) the amortization period shall be over the term of the Termination Option and, therefore, shall not be credited against Rent due through any such additional space. As of the Early Termination Date. (e) If Date Tenant validly exercises its Termination Option: shall completely vacate and surrender the Premises to Landlord in accordance with the terms of the Lease, subject to the remaining provisions of this Section 8. Without limitation, Tenant shall leave the Premises in a broom-clean condition and free of all movable furniture, fixtures, equipment, and other personal property, including all data and telecommunications cabling, and must (i) repair any damage to the Premises caused by Tenant’s removal of its personal property therefrom, (ii) repair any damage to Building systems or structures caused in connection with Tenant’s use or occupancy of the Premises, (iii) remove all hazardous materials and substances, if any, brought onto the Premises by Tenant, its employees, agents, contractors, or invitees, and (iv) remove all data and telecommunications cabling that was installed by or on or prior behalf of Tenant back to the point of entry into the Premises. Subject to Tenant’s compliance with the foregoing, if Tenant timely and properly exercises its Early Termination Option, then effective as of the Early Termination Date the Lease shall be deemed to have expired by its terms. If Tenant shall holdover in the Premises beyond the Early Termination Date, Tenant shall surrender possession be liable for Base Rent, Tenant’s Additional Rent and other charges in accordance with the hold over provisions of the Premises Lease for such period of holdover. If Tenant, subsequent to providing Landlord with a Termination Notice, defaults in any of the condition required by the terms provisions of this Lease; and (ii) the Lease shall terminate as beyond any applicable notice and cure period (including, without limitation, a failure to pay the Early Termination Fee), Landlord, at its option, may (i) declare Tenant’s exercise of the Early Termination DateOption to be null and void, as if and any Termination Fee paid to Landlord shall be returned to Tenant, after first applying such Termination Fee against any past due Rent under the Lease, or (ii) continue to honor Tenant’s exercise of its Early Termination Date were the date originally stipulated Option, in which case Tenant shall remain liable for the expiration payment of the Term; providedTermination Fee and for all Base Rent, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior Tenant’s Additional Rent and other sums due under the Lease up to and including the Early Termination Date and that survive even though xxxxxxxx for such may occur subsequent to the termination or expiration Xxxx Termination Date. As of the Leasedate Tenant provides Landlord with a Termination Notice, any unexercised rights or options of Tenant to renew the Term of the Lease or to expand the Premises (whether expansion options, rights of first or second refusal, rights of first or second offer, or other similar rights), and any outstanding tenant improvement allowance or other contribution not claimed and properly utilized by Tenant in accordance with the Lease as of such date, shall immediately be deemed terminated and no longer available or of any further force or effect. It shall be a condition to Tenant’s right to exercise the Early Termination Option that, as of the date of Tenant’s exercise notice, Tenant is not in default under the Lease beyond any applicable notice and cure period, and neither the Lease nor Tenant’s right of possession shall have been terminated and the Lease shall then be in full force and effect.

Appears in 1 contract

Samples: Lease (Capella Education Co)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to Lessee may terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (Schedules early providing: i) all costs incurred by Landlord in connection with payments on all Lease Schedules are current at the construction of the Tenant Improvements (includingtime a Lease Schedule is terminated early, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (or ii) all commissions paid by Landlord Lease Schedules are terminated early and at the same time. Upon early termination, Lessee will be required to Landlord’s Broker and the Tenant’s Broker; and (iiipay: i) all other costs incurred amounts due by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, Lessee to Lessor under the Costs shall be amortized over Lease up to the initial Term date of the Lease early termination, ii) the unpaid balance of the total rent for the remaining term discounted to present value at an interest a discount rate of nine six percent (96%) per annum. Following Upon Early Termination, Lessee will be subject to the Commencement Date, within thirty (30) days following Tenant’s request, Landlord Lease Termination Options from Paragraph 11 found in the Master Lease Agreement. The FMV shall provide Tenant with a calculation not exceed 15% of the Costs and an amortization schedule of same. (c) The Early Termination Fee original Lease Amount. Lessee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord responsible for any and all taxes which are due at the time that Tenant delivers termination of each Lease Schedule. End of Lease Options: Fair Market Value (“FMV”) shall not exceed 15% of the Early Termination Notice as prescribed hereinEquipment cost on each individual Lease Schedule. If Tenant delivers Condition Precedent to Funding: Prior to funding any Lease Schedules or issuing any Purchase Orders, Lessee must issue to Lessor a Warrant to Purchase Shares of Common Stock equivalent to 6,757 Shares of Common Stock at $3.50 per Share with an expiration date of four (4) years from its Date of Issuance in a form acceptable to Lessor. The terms and information set forth above are a part of the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed herebyMaster Lease Agreement Number 5209, then the Early Termination Notice shall be null entered into by and void and Tenant shall be deemed to have irrevocably waived the Termination Option between VenCore Solutions LLC (“Lessor”) and the Termination Option shall be null Lessee set forth above. The undersigned representative of Lessee affirms that he or she has read and void. (d) Notwithstanding Tenant’s delivery understands this Exhibit A - 1 to Master Lease Agreement Number 5209 and is duly authorized to execute this Exhibit A - 1 on behalf of the Early Termination Notice Lessee, and payment that, if Lessee is a corporation, this Exhibit A - 1 is entered into with consent of the Early Termination FeeLessee’s Board of Directors and stockholders, Tenant shall continue to pay all Rent through the Early Termination if so required. LESSOR: LESSEE: A DELAWARE CORPORATION By: /s/ Xxxxx Xxxxxx By: X /s/ Xxxxx Xxxxxx Name: Xxxxx Xxxxxx Name: XXXXX XXXXXX Title: Managing Director Title: CEO & CHAIRMAN Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and: _______________________________ Date: X 5-7-05 VENCORE SOLUTIONS LLC VENCORE SOLUTIONS LLC 0000 XX Xxxxx Way, thereforeSuite 350 ◊ Lake Oswego, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination OptionOR 97035 000.000.0000 ◊ FAX: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.000.000.0000 LESSEE NAME AND ADDRESS LESSOR NAME AND ADDRESS

Appears in 1 contract

Samples: Master Lease Agreement (IsoRay, Inc.)

Early Termination Option. Provided that there is (a) So long as no Lease Default or Lease Event of Default as of has occurred and is continuing hereunder, at any time during the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (eachBasic Lease Term, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall Lessee may give Landlord prior Lessor an irrevocable written notice (the “Early Termination Notice”) of its Lessee’s intention to exercise terminate this Lease and purchase the Termination Option not Leased Property pursuant to this Section 17.22. Such notice shall (i) refer specifically to this Section 17.22, (ii) state that Lessee shall purchase the Leased Property in accordance with the provisions of Section 14.5 hereof by paying to Lessor the Purchase Amount due on the date set forth in clause (iii), and (iii) specify the date for such purchase, which shall be the first Payment Date no less than 365 30 nor more than 90 days prior to after the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exerciseddate of delivery the Purchase Notice, but in any event shall not be later than the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver Upon such election, Lessee shall purchase the Early Termination Notice to Landlord within Leased Property in accordance with the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and voidprovisions of Section 14.5 hereof on such purchase date at such purchase price. (b) At If Lessee has elected to purchase the time Leased Property in accordance with paragraph (a), on the date of giving the Early Termination Noticepurchase, Lessee shall pay in cash or immediately available federal funds, as consideration for its exercise of the Termination Optionpurchase price therefor, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of samePurchase Amount. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and Upon payment of the Early Termination FeePurchase Amount, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as and the Leased Property shall be conveyed to Lessee pursuant to Section 14.5 hereof and in accordance with the terms and conditions thereof. If Lessee fails to purchase the Leased Property on the designated purchase date in accordance with the terms hereof, such failure shall immediately constitute a Lease Event of Default hereunder. Time is of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any essence with regard to Lessee’s obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leaseunder this Section 17.22.

Appears in 1 contract

Samples: Lease Agreement (Lennox International Inc)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior Subject to the first sentence of Section 15.2 and the limitations contained in Section 14.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") after the Delivery Date and so long as Lessee has not delivered written notice (“Early Termination Notice”) of its intention that it intends to exercise the Termination Option not less than 365 Sale Option, Lessee may, at its option, upon at least 30 days prior advance written notice to Agent and Lessor, purchase one or more Items of Equipment for a purchase price equal to the Early Termination Date Purchase Amount plus any Break Funding Amounts, if any (the "Early Termination Notice Date”Option"). If such Termination Option is validly exercised, Upon the Lease shall terminate as payment of the Early Termination Date. If Tenant fails Purchase Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to deliver Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Notice Option from the terms and scope of this Lease and the other Operative Documents (without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Landlord within Lessor), in such form as may be reasonably requested by Lessee, all at Lessee's sole cost and expense. If Lessee has elected the time period prescribed by Early Termination Option with respect to one or more Items of Equipment, Lessee shall continue to make all payments of Rent due under this paragraphLease until and including the Early Termination Payment Date. Upon payment of the Early Termination Purchase Amount in respect of such Items of Equipment together with all Basic Rent and LSI Logic Corporation Lease A Supplemental Rent then due and owing, then Tenant the remaining scheduled Basic Rent payments under this Lease shall be deemed reduced by an amount equal to have irrevocably waived the product of the scheduled amount of each such remaining Basic Rent payment (determined in each case prior to the receipt of such Early Termination Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. In the event Lessee shall elect the Early Termination Option with respect to all of the Items of Equipment, the obligation of Lessee to pay Rent hereunder shall cease and the Termination Option term of this Lease shall be null and voidend on the date of such payment. (b) At the time of giving Lessee shall not be entitled to elect the Early Termination Notice, as consideration for its exercise Option with respect to less than all of the Termination Option, Tenant shall pay Items of Equipment then subject to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): this Lease unless: (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord after giving effect to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The such Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and all Early Termination Options previously exercised by Lessee, the aggregate Early Termination Option Purchase Amount paid with respect to Items of Equipment during the Lease term shall be null and void. (d) Notwithstanding Tenant’s delivery not exceed 25% of the Early Termination Notice and payment aggregate Purchase Price of all Items of Equipment as of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Delivery Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option ; and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease Lessee shall terminate as of have delivered an appraisal at Lessee's sole expense to the Early Termination DateAgent which is reasonably satisfactory in scope and form to the Agent (which has been prepared by an appraiser selected by the Agent and approved by Lessee (such approval not to be unreasonably withheld)) that confirms that, as if after giving effect to such Early Termination Date were Option, the date originally stipulated for the expiration End of Term Value Ratio of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant Items of any obligations Equipment remaining subject to this Lease is not less than the End of such party which accrued hereunder prior Term Value Ratio of all Items of Equipment originally subject to this Lease (as set forth in the Early Termination Date and that survive the termination or expiration of the LeaseAppraisal).

Appears in 1 contract

Samples: Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a the one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixtyeighty-ninth seventh (69th87th) month of Lease Month (the Term (“Early Termination Date”), subject to and upon the following terms and conditions: ) provided that (ai) Tenant shall give gives Landlord not less than nine (9) months prior written notice to terminate (the Early Termination Notice”), (ii) of its intention to exercise Tenant provides the Termination Option Payment (defined below) with the Termination Notice, (iii) Tenant is not less than 365 days prior to in Default hereunder either at the time of the Termination Notice or on the Early Termination Date and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the Early Termination Date. Together with the Termination Notice, Tenant shall pay Landlord a “Termination Notice Date”)Payment” of $400,000.00. If such Termination Option is validly exercised, the Lease shall terminate as As of the Early Termination Date. If Tenant fails to deliver , neither party shall have any rights, liabilities or obligations under this Lease for the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to accruing after the Early Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of the term of this Lease, and Tenant shall surrender possession of the Premises in the condition required by the terms of under this Lease; . This option to terminate shall be self-operative as provided herein and (ii) no additional agreement between Landlord and Tenant shall be necessary to effectuate such termination. This Early Termination Option shall be available to Tenant irrespective of assignment of the Lease (provided such assignment is permitted under the Lease) or one or more subleases of all or a portion of the Premises; provided, however that if any portion of the Premises is sublet, or if this Lease shall be assigned, then this Early Termination Option may be exercised by Tenant only if all then-existing subleases specifically provide that they shall automatically terminate as simultaneously with the Lease upon Tenant’s (or Tenant’s permitted assignee’s) exercise of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the LeaseOption.

Appears in 1 contract

Samples: Office Lease Agreement (Marlborough Software Development Holdings Inc.)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), a) Tenant shall have a one-time option right to terminate this the Lease (“Early Termination Option”) ), effective as of the last day of the sixtyninety-ninth eighth (69th98th) calendar month of the initial Term (“Early Termination Date”), subject to and upon provided Tenant (i) is not then in an Event of Default nor has ever been in an Event of Default of any monetary obligations under the following terms and conditions: Lease , (aii) Tenant shall give gives Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days fifteen (15) months prior written notice, and (iii) pays to Landlord, at the time of said notice, the Early Termination Payment (as hereinafter defined). Failure to provide written notice and payment within the prescribed time frame will be considered by Landlord, without the necessity of additional notice, as a waiver of this right to terminate. Tenant acknowledges and agrees that the Early Termination Payment is not a penalty and is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled Term. If Tenant timely and properly exercises this Early Termination Option in accordance with this provision, the Lease and the Term shall come to an end on the Early Termination Date (“Termination Notice Date”). If with the same force and effect as if the Term were fixed to expire on such Termination Option is validly exerciseddate, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option terms and provisions of Section 20 shall be null and voidapply. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the The “Early Termination Fee”) in an amount Payment” shall be equal to the unamortized portion of costs on a straight-line basis over the following costs Term with interest at eight and four tenths percent (“Costs”): 8.4%)) of: (iA) all costs incurred brokerage commissions and attorneys’ fees paid by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees)Lease; (iiB) all commissions paid total cost incurred by Landlord for improvements to Landlord’s Broker and the Tenant’s BrokerPremises in connection with the Lease; and (iiiC) all other costs incurred any Fixed Rent abated with respect to the Premises for any Abatement Period. The amount of the Early Termination Payment shall be confirmed in writing by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide after written request from Tenant with a calculation to Landlord. The estimated amount of the Costs Early Termination Payment is $1,084,633.21. If Tenant exercises the Expansion Option pursuant to Section 31 of this Lease and/or Right of First Offer pursuant to Section 32 of the Lease, then the Early Termination Payment shall include the unamortized costs on a straight-line basis over the Term with interest at eight and an amortization schedule of samefour tenths percent (8.4%)) of: (A) brokerage commissions and attorneys’ fees paid by Landlord in connection with the Expansion Space and/or First Offer Space; (B) total cost incurred by Landlord for improvements to the Expansion Space and/or First Offer Space; and (C) any Fixed Rent abated with respect to the Expansion Space and/or First Offer Space for any free Fixed Rent period. (c) The Early Termination Fee shall be paid by Option is personal to the original-named Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery any Affiliate of the Early Termination Notice original-named Tenant and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not may only be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required exercised by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Dateoriginal-named Tenant or such Affiliate, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasecase may be.

Appears in 1 contract

Samples: Lease (Inovio Pharmaceuticals, Inc.)

Early Termination Option. Provided that there is no Event of Default 41.1 Effective as of the date that Tenant delivers ten (10) year anniversary of the Early Termination Notice and on the Early Termination Rent Commencement Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject Tenant may elect to and upon terminate this Lease (the “Early Termination Option”). In order to exercise the Early Termination Option, Tenant shall satisfy the following terms and conditions, TIME BEING OF THE ESSENCE: (a) Tenant shall give Landlord at least nine (9) months’ prior written notice (“Early Termination Notice”) of its intention to Tenant’s exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void.Option; (b) At When Tenant gives such notice, and on the time of giving day immediately before the Early Termination NoticeDate, as consideration for its exercise of Tenant shall not be in Default under this Lease beyond applicable cure periods; (c) On the last business day before the Early Termination OptionDate, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion (as of the following costs (“Costs”): Early Termination Date) of the sum of, (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all amounts paid as commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord any brokers in connection with this Lease (and any other lease transaction between Landlord and Tenant after Effective Date of this Lease, including, but not limited to, legal fees ) and expenses (ii) the Base TI Allowance and permitting fees and expensesany Expansion TI Allowance. For purposes of this SectionSection 41.1(c), the Costs amortization of any amounts which are to be amortized shall be amortized over the initial Term of the Lease at determined utilizing an interest rate of nine percent (9%) per annum. Following annum based on the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation remaining principal balance which would be reducing over the Term utilizing equal monthly payments of the Costs interest and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void.principal; and (d) Notwithstanding Tenant’s delivery As of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession perform all the obligations that this Lease requires Tenant to perform at the end of the Premises in Term. Provided that the condition required by the terms of foregoing conditions have been satisfied, this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein and neither Landlord nor Tenant shall relieve either Landlord have any further obligations or Tenant of any obligations of such party which accrued hereunder prior liabilities to the Early Termination Date and other hereunder, except for such obligations or liabilities that expressly survive the termination or expiration of the Leasehereof.

Appears in 1 contract

Samples: Lease Agreement (Acorda Therapeutics Inc)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant Lessee shall have a one-time option the right to prematurely terminate the Term of this Lease (the "Early Termination Option”) "), effective as of December 31, 2023 (the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date"), subject to and upon the following terms and conditions: (a) Tenant Lessee shall not be in default under this Lease (beyond applicable grace, notice and cure periods) either on the date that Lessee exercises the Early Termination Option, or on the designated Early Termination Date; and (b) Lessee must give Landlord prior Lessor no less than nine (9) months advance written notice (time being of the essence) of Lessee’s election to exercise this Early Termination Option (Early Lessee’s Termination Notice”); and (c) of its intention to Upon exercise the Termination Option not less than 365 days prior to the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant Lessee shall pay to Landlord a Lessor an early termination fee (the “Early Termination Fee”) in an amount equal to the sum of: (a) One Hundred Seventy Thousand Dollars ($170,000.00), plus (b) an amount computed to reimburse Lessor for all of its unamortized portion of costs incurred in completing this Amendment and reconfiguring and preparing the following costs expanded Premises for Lessee’s occupancy (“Costs”): (i) i.e., the extension and expansion commissions payable for this Amendment to Lease and all costs incurred by Landlord in connection with Lessor to complete Lessor’s Work (as defined herein) to remodel and prepare the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ feesPremises for Lessee); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other . Such costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall will be amortized over the initial Term of the Lease on a straight-line one hundred twenty (120) month schedule (with interest at an interest a stipulated rate of nine percent 6.5%), starting January 1, 2017 and ending December 31, 2026. On request (9%) per annum. Following the Commencement Dateafter completion of remodeling construction), within thirty (30) days following Tenant’s request, Landlord Lessor shall provide Tenant Lessee with a calculation of the Costs schedule summarizing said costs and an amortization schedule of for the same. (c) . The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s payable in full with delivery of the Lessee’s Termination Notice. If Lessee properly exercises this Early Termination Notice and payment Option, performs all of the Early Termination Fee, Tenant shall continue to pay all Rent its obligations through the designated Early Termination Date. Tenant acknowledges that , and cleanly vacates and surrenders the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) Premises on or prior to before the Early Termination Date, Tenant then Rent payable under this Lease shall surrender possession be apportioned as of the Premises in Early Termination Date, the condition required by the terms Term of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such and neither party shall thereafter have any further rights or obligations accruing after said Early Termination Date were Date, except those which by the date originally stipulated for provisions of this Lease expressly survive the expiration of the Lease Term; provided, however, that nothing herein shall relieve either Landlord or Tenant . Upon Lessee’s surrender of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive Premises in accordance with the termination or expiration provisions of the Lease, the LOC shall be surrendered and the Security Deposit will be refunded in accordance with the provisions of Article 5.

Appears in 1 contract

Samples: Lease (Torotel Inc)

Early Termination Option. Provided that there is then exists no Event of default or ------------------------ Potential Default as under this Sublease, Sublessor agrees to exercise Sublessor's early termination rights under Section 1(h) of the date that Tenant delivers Master Lease at the request of Sublease in order to effect a simultaneous early termination of this Sublease (the "Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”Termination") effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon in accordance with the following terms and conditions: (a) Tenant Sublessee shall give Landlord prior provide Sublessor with written notice (the "Early Termination Notice") of its intention desire to exercise the Termination Option not less than 365 days prior to effect the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercisedon or before June 28, the Lease shall terminate as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void.2003; (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant accompanied by (i) the full cancellation payment required in connection with the early termination of the Master Lease under Section 1(g) of the Master Lease, plus (ii) $25,326 in consideration of the early acquisition of the Leased Furniture (collectively, the "Early Termination Consideration"); (c) Landlord shall recognize in writing the effective exercise by Sublessor of its early termination rights under the Master Lease. Upon the effective Early Termination, the Sublease Expiration Date hereunder shall be deemed modified to have irrevocably waived the effective Early Termination Option and date. Provided that Sublessor provides Landlord with timely notice of its desire to terminate the Termination Option shall be null and void. (dMaster Lease early under Section 1(h) Notwithstanding Tenant’s delivery of the Master Lease following timely receipt of Sublessee's Early Termination Notice and payment of Sublessor forwards to Landlord with such notice the Early Termination FeeConsideration delivered by Sublessee to Sublessor, Tenant Sublessor shall continue have no liability if Landlord, for any reason, refuses to pay all Rent through recognize the early termination of the Master Lease and in no event shall the Early Termination Datebe effective as to this Sublease unless and until such early termination is acknowledged by Landlord to be effective as to the Master Lease. Tenant acknowledges that Sublessor agrees not to exercise Sublessor's early termination rights under Section 1(h) of the Master Lease except as requested by Sublessee pursuant to an Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination DateNotice. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Lease.

Appears in 1 contract

Samples: Sublease Agreement (Multilink Technology Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior Subject to the first sentence of Section 15.2 and the limitations contained in Section 14.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") after the Delivery Date and so long as Lessee has not delivered written notice (“Early Termination Notice”) of its intention that it intends to exercise the Termination Option not less than 365 Sale Option, Lessee may, at its option, upon at least 30 days prior advance written notice to Agent and Lessor, purchase one or more Items of Equipment for a purchase price equal to the Early Termination Date Purchase Amount plus any Break Funding Amounts, if any (the "Early Termination Notice Date”Option"). If such Termination Option is validly exercised, Upon the Lease shall terminate as payment of the Early Termination Date. If Tenant fails Purchase Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to deliver Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Notice Option from the terms and scope of this Lease and the other Operative Documents (without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Landlord within Lessor), in such form as may be reasonably requested by Lessee, all at Lessee's sole cost and expense. If Lessee has elected the time period prescribed by Early Termination Option with respect to one or more Items of Equipment, Lessee shall continue to make all payments of Rent due under this paragraphLease until and including the Early Termination Payment Date. Upon payment of the Early Termination Purchase Amount in respect of such Items of Equipment together with all Basic Rent and LSI Logic Corporation Lease B Supplemental Rent then due and owing, then Tenant the remaining scheduled Basic Rent payments under this Lease shall be deemed reduced by an amount equal to have irrevocably waived the product of the scheduled amount of each such remaining Basic Rent payment (determined in each case prior to the receipt of such Early Termination Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. In the event Lessee shall elect the Early Termination Option with respect to all of the Items of Equipment, the obligation of Lessee to pay Rent hereunder shall cease and the Termination Option term of this Lease shall be null and voidend on the date of such payment. (b) At the time of giving Lessee shall not be entitled to elect the Early Termination Notice, as consideration for its exercise Option with respect to less than all of the Termination Option, Tenant shall pay Items of Equipment then subject to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): this Lease unless: (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord after giving effect to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The such Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and all Early Termination Options previously exercised by Lessee, the aggregate Early Termination Option Purchase Amount paid with respect to Items of Equipment during the Lease term shall be null and void. (d) Notwithstanding Tenant’s delivery not exceed 25% of the Early Termination Notice and payment aggregate Purchase Price of all Items of Equipment as of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Delivery Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option ; and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease Lessee shall terminate as of have delivered an appraisal at Lessee's sole expense to the Early Termination DateAgent which is reasonably satisfactory in scope and form to the Agent (which has been prepared by an appraiser selected by the Agent and approved by Lessee (such approval not to be unreasonably withheld)) that confirms that, as if after giving effect to such Early Termination Date were Option, the date originally stipulated for the expiration End of Term Value Ratio of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant Items of any obligations Equipment remaining subject to this Lease is not less than the End of such party which accrued hereunder prior Term Value Ratio of all Items of Equipment originally subject to this Lease (as set forth in the Early Termination Date and that survive the termination or expiration of the LeaseAppraisal).

Appears in 1 contract

Samples: Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. Provided that there the Lease is no Event of Default as in full force and effect and Tenant is not in default under any of the date that other terms and conditions of the Lease at the time of notification or commencement, Tenant shall have the one-time option to terminate the Lease (“Early Termination Option”) effective on May 31, 2014 (the “Early Termination Date”) by providing a written termination notice (the “Early Termination Notice”) to Landlord on or before May 31, 2013. The Early Termination Notice must be accompanied by a payment in an amount hereinafter defined as the “Early Termination Payment”. The Early Termination Payment will be the unamortized balance of tenant improvements, including the Allowance, and leasing commissions incurred in connection with this Lease (“Lease Costs”), assuming amortization in full of the Lease Costs with interest at ten percent (10%) per annum over the herein provided extension of the Term of the Lease. If, and only if, Tenant timely and properly delivers the Early Termination Notice and the Early Termination Payment, the Term shall end on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option to terminate this Lease (“Termination Option”) effective as of the last day of the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon the following terms and conditions: (a) Tenant shall give Landlord prior written notice (“Early Termination Notice”) of its intention to exercise the Termination Option not less than 365 days prior to though the Early Termination Date (“had been originally fixed as the expiration date of the Term. The Early Termination Notice Payment is the sole property of Landlord upon payment and is not refundable under any circumstance. Tenant acknowledges and agrees that the Early Termination Payment is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled term after the Early Termination Date”). If such Termination Option is validly exercised, All terms and conditions of the Lease and Tenant’s obligations hereunder as they apply to Tenant’s lease of the Premises, including without limitation Tenant’s obligation to pay rent, shall terminate continue up to and including the Early Termination Date. All obligations of Tenant under the Lease not fully performed as of the Early Termination Date. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant Date shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its exercise of the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) in an amount equal to the unamortized portion of the following costs (“Costs”): (i) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall be paid by Tenant to Landlord via certified check or by wire transfer of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through survive the Early Termination Date. This option is not transferable; Tenant acknowledges and agrees that it intends that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If “personal” to Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date set forth above and that survive in no event will any assignee or sublessee have any rights to exercise the termination or expiration of the Leaseaforesaid option to terminate.

Appears in 1 contract

Samples: Lease Agreement (Select Comfort Corp)

Early Termination Option. Provided that there is no Event of Default as of the date that Tenant delivers the Early Termination Notice and on the Early Termination Date (each, as hereinafter defined), Tenant shall have a one-time option the right to terminate this Lease (the Early Termination Option”) effective as of at any time after the last day of the sixty-ninth date that is sixty (69th60) month of months after the Term Commencement Date (the “Early Termination Date”), subject to and upon the following terms and conditions: (a) 44.1. Tenant shall not be in Default either on the date that Tenant exercises the Early Termination Option or on the designated Early Termination Date; and 44.2. Tenant must give Landlord prior no less than nine (9) months’ advance written notice of Tenant’s election to exercise the Early Termination Option (“Early Tenant’s Termination Notice”) ), time being of its intention to exercise the Termination Option not less than 365 days prior to essence, which notice will state the Early Termination Date (“Termination Notice Date”). If such Termination Option is validly exercised, the Lease shall terminate as and Tenant’s calculation of the Early Termination DateFee (as defined below); and 44.3. If Tenant fails to deliver the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (b) At the time of giving the Early Termination Notice, as consideration for its Upon exercise of the Early Termination Option, Tenant shall pay to Landlord a Landlord, on or before the Early Termination Date, an early termination fee (the “Early Termination Fee”) in an amount equal to the unamortized portion balance of the following costs (“Costs”): (ia) all costs incurred by Landlord in connection with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all leasing commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; related to this Lease and (iiib) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee shall TI Allowance still to be paid by Tenant to Landlord via certified check or by wire transfer as of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed hereinDate. If Tenant delivers the Early Termination Notice but fails to deliver The calculation of the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery based on a straight line amortization of the Early Termination Notice and payment above amounts commencing as of the Early Termination Fee, Tenant Term Commencement Date and continuing through the scheduled Term Expiration Date. Rent shall continue to pay all Rent be payable through the Early Termination Date. Tenant acknowledges that If Lessee properly exercises the Early Termination Fee is consideration for Tenant’s exercise Option and performs all of the Termination Option and, therefore, shall not be credited against Rent due its obligations through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to , then all Rent payable under this Lease shall be paid through and apportioned as of the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms Term of this Lease; and (ii) the Lease shall terminate as of the Early Termination Date, as if such and neither party shall thereafter have any further rights or obligations accruing after said Early Termination Date were Date, except those which by the date originally stipulated for provisions of this Lease expressly survive the expiration of the Term; provided, however, that nothing herein shall relieve either Landlord or Tenant of any obligations of such party which accrued hereunder prior to the Early Termination Date and that survive the termination or expiration of the Leasethereof.

Appears in 1 contract

Samples: Lease (Regulus Therapeutics Inc.)

Early Termination Option. Provided that there is no Event of Default that, as of the date that Tenant delivers exercises the Early Termination Notice Option and on as of the proposed Early Termination Date (eachDate, as hereinafter defined)Tenant is not in Default of any monetary obligations or material non-monetary obligations under this Lease, in either case that remains uncured, Tenant shall have a the one-time option right to terminate this Lease (the Early Termination Option”) ), effective as of the date (which shall be the last day of a month) identified by Tenant in Tenant’s Early Termination Notice (the sixty-ninth (69th) month of the Term (“Early Termination Date”), subject to and upon Tenant’s timely satisfaction of the following terms and conditions: : (a) the Early Termination Date shall be no earlier than the last day of seventy-second (72nd) full calendar month of the initial Term, and no later than that the last day of the eighty-fourth (84th) full calendar month of the initial Term, (b) Tenant shall give Landlord prior deliver written notice to Landlord of Tenant’s election to exercise the Early Termination Option (the “Early Termination Notice”) of its intention to exercise no later than the Termination Option not less than 365 days date that is twelve (12) months prior to the Early Termination Date (the Early Termination Notice DateDeadline”), and (c) Tenant shall pay to Landlord an early termination fee, as provided in this Section (the “Early Termination Fee”). If such The Early Termination Option Fee shall be an amount that is validly exercisedequal to (i) One Million Four Hundred Thousand Dollars ($1,400,000), in the event the Early Termination Date occurs during the time period commencing on the last day of the seventy-second (72nd) full month of the initial Term and ending on the last day of the eighty-third (83rd) full month of the initial Term or (ii) One Million One Hundred Thousand Dollars ($1,100,000), in the event the Early Termination Date occurs during the time period commencing on the first day of the eighty-fourth (84th) full month of the initial Term and ending on the last day of the eighty-fourth (84th) full month of the initial Term; provided, in either case, the Early Termination Fee required to be paid by Tenant to effectuate the termination of the Lease shall terminate as of the Early Termination DateDate shall be increased by the amount of any Rent that is due and payable by Tenant, regardless of whether Tenant received notice from Landlord that such Rent is outstanding. If Tenant fails to deliver The Early Termination Fee shall be due and payable on the Early Termination Notice to Landlord within the time period prescribed by this paragraph, then Tenant Date. Time shall be deemed of the essence as to have irrevocably waived Tenant’s exercise of the Early Termination Option and Tenant’s payment of the Early Termination Fee. The period of time within which Tenant may exercise the Early Termination Option and pay the Early Termination Fee shall not be extended or enlarged for any reason whatsoever, including Force Majeure (as defined below). Tenant assumes full responsibility for maintaining a record of the deadline to exercise the Early Termination Option and pay the Early Termination Fee. Tenant acknowledges that it would be inequitable to require Landlord to accept the exercise of the Early Termination Option after the Early Termination Deadline and/or the payment of the Early Termination Fee after the Early Termination Date. In the event Tenant does not timely exercise the Early Termination Option, the Early Termination Option shall be null and void. (b) At the time of giving , in which event this Lease shall remain in full force and effect. In addition, Tenant’s failure to timely pay the Early Termination Notice, as consideration for its exercise of Fee shall render the Termination Option, Tenant shall pay to Landlord a fee (the “Early Termination Fee”) Notice null and void, in an amount equal to which event this Lease shall remain in full force and effect as if the unamortized portion of Early Termination Notice had not been given. In the following costs (“Costs”): (i) all costs incurred by Landlord event that Tenant timely exercises the Early Termination Option and pays the Early Termination Fee in connection accordance with the construction of the Tenant Improvements (including, but not limited to, all hard and soft costs, including architects’, engineers’ and other design professionals’ fees); (ii) all commissions paid by Landlord to Landlord’s Broker and the Tenant’s Broker; and (iii) all other costs incurred by Landlord in connection with this Lease, including, but not limited to, legal fees and expenses and permitting fees and expenses. For purposes provisions of this Section, the Costs shall be amortized over the initial Term of the Lease at an interest rate of nine percent (9%) per annum. Following the Commencement Date, within thirty (30) days following Tenant’s request, Landlord shall provide Tenant with a calculation of the Costs and an amortization schedule of same. (c) The Early Termination Fee then all Rent shall be paid by Tenant to Landlord via certified check or by wire transfer through and apportioned as of immediately available funds to an account designated by Landlord at the time that Tenant delivers the Early Termination Notice as prescribed herein. If Tenant delivers the Early Termination Notice but fails to deliver the Early Termination Fee as prescribed hereby, then the Early Termination Notice shall be null and void and Tenant shall be deemed to have irrevocably waived the Termination Option and the Termination Option shall be null and void. (d) Notwithstanding Tenant’s delivery of the Early Termination Notice and payment of the Early Termination Fee, Tenant shall continue to pay all Rent through the Early Termination Date. Tenant acknowledges that the Early Termination Fee is consideration for Tenant’s exercise of the Termination Option and, therefore, shall not be credited against Rent due through the Early Termination Date. (e) If Tenant validly exercises its Termination Option: (i) on or prior to the Early Termination Date, Tenant shall surrender possession of the Premises in the condition required by the terms of this Lease; and (ii) the Lease Term shall terminate as of the Early Termination Date, as if such Early Termination Date were the date originally stipulated for the expiration of the Term; provided, however, that nothing herein and Landlord and Tenant shall relieve either Landlord or Tenant of any have no further obligations of such party which accrued hereunder prior to under this Lease after the Early Termination Date and that Date, except with respect to those obligations which expressly survive the expiration or earlier termination of this Lease. The Early Termination Option shall be personal to and only exercisable by the original Tenant (i.e., Silverback Therapeutics, Inc.) and, in the event of an Exempt Transfer, such Tenant’s Affiliate (as such terms are defined in Section 29.1), and shall only apply to the extent that the original Tenant (and not any assignee, or expiration any sublessee or other transferee of the original Tenant’s interest in this Lease, other than Tenant’s Affiliate in the event of an Exempt Transfer) is the Tenant under this Lease at the time the Early Termination Notice is given. In addition to the foregoing, Tenant’s Early Termination Option shall be expressly conditioned and contingent upon Tenant negotiating exclusively and in good faith with Landlord for a period of six (6) months following the date that Landlord receives Tenant’s Early Termination Notice (the “Alternate Lease Negotiation Period”) regarding a lease for premises in existing improvements, or a build-to-suit lease in improvements to be constructed, in either case upon another property owned or leased by Landlord or an affiliate of Landlord (an “Alternate Lease”) and a design for such premises. In consideration of Landlord granting the Early Termination Option to Tenant, during the Alternate Lease Negotiation Period, Tenant shall not actively solicit or negotiate with any other prospective landlord regarding a lease for other premises and shall negotiate exclusively with Landlord in good faith with the objective of executing a mutual acceptable lease. In the event that during such Alternate Lease Negotiation Period, either (x) Landlord and Tenant agree in writing that a suitable premises cannot be provided by Landlord or an affiliate of Landlord or (y) Tenant and Landlord or such affiliate of Landlord are unable to agree and therefore fail to execute and deliver an Alternate Lease, then Tenant shall have the right to seek space outside of the portfolio of properties owned or leased by Landlord and its affiliates.

Appears in 1 contract

Samples: Lease (Silverback Therapeutics, Inc.)

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