Early Termination Procedures Clause Samples
Early Termination Procedures. On the date of the payment by the Lessee of the Outstanding Lease Balance and all other amounts then due in accordance with Section 16.1 hereof (such date, the "Early Termination Date"), the Memorandum of Lease covering this Master Lease shall terminate and concurrently with the Lessor's receipt of such payment:
(a) the Lessor shall execute and deliver to the Lessee (or to the Lessee's designee), at the Lessee's cost and expense, a grant deed and a ▇▇▇▇ of sale or other appropriate conveyance instrument with respect to the Property containing representations and warranties of grantor regarding the absence of Lessor Liens and an assignment of the Lessor's entire interest in the Property, in each case in recordable form and otherwise in conformity with local custom and free and clear of the Lien of this Master Lease and the Memorandum of Lease covering the Property and any Lessor Liens attributable to the Lessor;
(b) the Property shall be conveyed to the Lessee "AS IS" and in its then present physical condition; Master Lease
(c) the Lessor shall, at the Lessee's sole cost and expense and as a condition to the Lessee's obligation to acquire the Lessor's interest in the Property, (x) execute and deliver to the Lessee a statement of termination of this Master Lease and the Memorandum of Lease and releases of any Liens on the Property created by the Operative Documents attributable to the Lessor and (y) obtain terminations of any Liens on the Property which may be held by the Agent or any other Lessor Party, including, in each case, termination statements for any financing statements (to the extent relating to the Property) which are then of record naming the Lessor, the Agent or any other Lessor Party, as the case may be, as the secured party with respect to the Property; and
(d) in the case of a termination pursuant to clause (a) of Section 16.1 hereof, the Lessor shall convey to the Lessee any net insurance proceeds therefor received by the Lessor or assign the Lessor's right to receive all insurance proceeds with respect to the Casualty or Condemnation giving rise to the termination of this Master Lease or at the request of the Lessee, such amounts shall be applied against sums due hereunder.
Early Termination Procedures. If this Agreement is terminated before completion of the Study, the Parties shall negotiate in good faith on the phase-out for Study subjects and subsequent treatment of Study subjects. Company shall reimburse Institution for (i) obligations incurred in accordance with the Study budget that cannot be cancelled or mitigated by Institution using reasonable efforts; (ii) reasonable costs incurred in connection with the safe withdrawal of Study subjects; and (iii) any other post-termination expenses mutually agreed to by the Parties in writing.
Early Termination Procedures. If this Agreement is terminated before completion of the Study, the Parties shall negotiate in good faith on the phase-out for Study subjects and subsequent treatment of Study subjects. In the event such early termination occurs, which is not due to a breach of this Agreement by Institution and/or Principal Investigator or their bankruptcy/insolvency, and/or is not terminated by Institution for convenience, Company shall reimburse the Institution for (i) obligations incurred in accordance with the Study budget that cannot be cancelled or mitigated by Institution using reasonable efforts; (ii) reasonable costs incurred in connection with the safe withdrawal of Study subjects; and (iii) any other post-termination expenses mutually agreed to by the Parties.
Early Termination Procedures