Common use of Early Termination Right Clause in Contracts

Early Termination Right. Tenant shall have the right to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after the Rent Commencement Date (the “Early Termination Date”); provided, however, that Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Lease.”

Appears in 3 contracts

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

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Early Termination Right. In the event that Landlord and Tenant fully execute and deliver a new lease agreement (the “New Lease”) for other space in the Project during the Lease Term (or other space in a project owned by an affiliate of Landlord) which satisfies the following conditions: (i) a term for such New Lease which extends beyond the Lease Expiration Date of this Lease as set forth in Section 3.4 of the Summary, and (ii) the premises under such New Lease containing no less than the number of rentable square feet of the Premises as set forth in Section 2.2 of the Summary (i.e., contains more than 38,109 rentable square feet), and provided that Tenant is not then in default of this Lease beyond any applicable notice and cure period, then Tenant shall have the right to terminate the Term of this Lease with respect to without the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration payment of the 84th month after the Rent Commencement Date any penalty or termination fee by delivering written notice (the “Tenant Termination Notice”) to Landlord not less than thirty (30) days prior to the commencement date under such New Lease, and in the event such Tenant Termination Notice is timely delivered by Tenant to Landlord, then this Lease shall terminate effective as of the date which is five (5) business days following the commencement date under such New Lease (the “Tenant Early Termination Date”); provided, however, that . To the extent Tenant delivers exercises its right to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of terminate this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those whichLease, pursuant to the terms of this LeaseSection 2.3, then this Lease shall terminate effective as of the Tenant Early Termination Date with the same force and effect as if the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Date, subject to the provisions of this Lease which expressly survive the expiration or early earlier termination of this Lease.

Appears in 3 contracts

Samples: Lease Agreement, Lease (Denali Therapeutics Inc.), Lease (Denali Therapeutics Inc.)

Early Termination Right. Tenant shall have the one time right to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration as of the 84th month date that is 36 months after the Rent Commencement Date (the Early Termination Date”); provided, however, that Tenant delivers to Landlord (ai) a written notice (“Termination Notice”), of its election to exercise ) exercising its Termination Right not less no later than 12 the date that is 6 months prior to the Early Termination Date, and (bii) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment Notice delivers funds in the amount of $2,515,356 250,000 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination PaymentRight, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of the Lease with respect to the Premises. If Tenant does not deliver to Landlord the Termination Notice and the Early Termination Payment within the time period provided in this Leaseparagraph, Tenant shall be deemed to have waived its Termination Right. Notwithstanding anything to the contrary contained herein, in no event shall this Section 41 apply to any ROFR Space that Tenant leases pursuant to Section 39.

Appears in 2 contracts

Samples: Lease Agreement (Adaptive Insights Inc), Lease Agreement (Adaptive Insights Inc)

Early Termination Right. In the event that (a) Landlord and Tenant fully execute and deliver a new lease agreement (the “New Lease”) for other space in the Project or (b) an affiliate of Landlord and Tenant fully execute and deliver a New Lease for other space in a project owned by such affiliate of Landlord, in either event, during the Lease Term which New Lease satisfies the following conditions: (i) a term for such New Lease which extends beyond the New Expiration Date, and (ii) the premises under such New Lease contains no less than 60,000 rentable square feet of space, and provided that Tenant is not then in default of the Lease beyond the applicable notice and cure periods, then Tenant shall have the right to terminate the Term Lease without the payment of this Lease with respect any penalty or termination fee upon not less than thirty (30) days’ prior written notice to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after the Rent Commencement Date Landlord (the “Tenant Termination Notice”). Such Tenant Termination Notice shall set forth the termination date of the Lease (the “Tenant Early Termination Date”); provided, however, that . To the extent Tenant delivers exercises its right to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to terminate the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those whichLease, pursuant to the terms of this LeaseSection 8, then the Lease shall terminate effective as of the Tenant Early Termination Date with the same force and effect as if the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Date, subject to the provisions of the Lease which expressly survive the expiration or early earlier termination of this the Lease.

Appears in 2 contracts

Samples: Lease (Septerna, Inc.), Lease (Septerna, Inc.)

Early Termination Right. (a) Tenant shall have the a right to terminate this Lease effective anytime on or after the last day of the thirty-sixth (36th) full calendar month of the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after the Rent Commencement Date (as applicable, the “Early Termination Date”); provided, however, that Tenant delivers to ) by providing Landlord (a) a with written notice (a “Termination Notice”), ) of its election intent to terminate given at least nine (9) months prior to the applicable Early Termination Date. (b) If Tenant elects to exercise its the right to terminate this Lease in accordance with this Section 3.03, Tenant shall pay Landlord a cancellation payment (the “Termination Right not less than 12 Fee”) equal to One Hundred Twenty-Five Thousand and No/100 Dollars ($125,000.00). Twenty-five percent (25%) of such Termination Fee shall be paid by Tenant to Landlord concurrently with the giving of the Termination Notice, twenty-five percent (25%) of such Termination Fee shall be paid by Tenant to Landlord four (4) months prior to the Early Termination Date, and the remaining fifty percent (b50%) concurrent with Tenant’s delivery of such Termination Fee shall be paid by Tenant to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord on the Early Termination PaymentDate. (c) Provided that Tenant pays the Termination Fee, Tenant the Lease shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms terminate as of this Lease on or before the Early Termination Date 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 timely pay the Termination Fee, Tenant’s exercise of its right to 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 have no further obligations right to terminate this Lease. Notwithstanding the foregoing, 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 of this Lease with respect to at the original Premises (including time of delivery of a Termination Notice or upon the Suite 120 Premises) except for those accruing prior to the applicable Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this LeaseDate.

Appears in 2 contracts

Samples: Triple Net Space Lease, Triple Net Space Lease (Imprivata Inc)

Early Termination Right. Tenant Effective as of the date hereof, Landlord shall have the right (the "Early Termination Right") exercisable at any time upon ninety (90) days' prior written notice to Tenant (the "Early Termination Notice") to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration as of the 84th month after date specified in the Rent Commencement Date Early Termination Notice (the "Early Termination Date"); provided. Tenant shall not be entitled to recover any compensation, however, that damages or any other amounts from Landlord should Landlord exercise the Early Termination Right. Tenant delivers shall pay and perform all obligations of Tenant in accordance with the Lease through the Early Termination Date and shall surrender the Current Premises to Landlord (a) a written notice (“in the condition required under the Lease on the Early Termination Notice”), Date as if the Early Termination Date were the Expiration Date. Termination of its election the Lease on the Early Termination Date pursuant to exercise its Termination Right this Paragraph 6 shall not less than 12 months release Tenant from any obligation or liability that arises under the Lease prior to the Early Termination Date. Notwithstanding anything contained herein to the contrary, and (b) concurrent with Tenant’s delivery to if Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Substitution Right and delivers to Landlord set forth in Paragraph 5 above, then the Early Termination Payment, Tenant Right shall vacate the Premises terminate and deliver possession thereof to Landlord in the condition required by the terms be of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration force or early termination of this Leaseeffect.

Appears in 1 contract

Samples: Lease (Critical Path Inc)

Early Termination Right. During the Additional Extension Term and provided (i) the Lease is in full force and effect; and (ii) no default by Tenant is existing either on (a) the day of the Early Termination Notice (defined herein), or (b) the Early Termination Date (defined herein); and (iii) Tenant provides Landlord with reasonable evidence that it will be moving into a Broward County owned or leased building or facility, Tenant shall have the right to terminate the Term of this Lease with respect prior to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after Additional Extension Term (“Early Termination Right”), subject to the Rent Commencement Date terms and conditions hereof. Tenant (through its County Administrator or designee), in order to exercise its Early Termination Right, shall provide Landlord with written notice of its desire to terminate the Lease (“Early Termination Notice”), and subject to the terms of this provision, the Lease shall terminate on the year anniversary of the Early Termination Notice (“Early Termination Date”); provided. For avoidance of doubt and illustration purposes only, howeverif Tenant provides Landlord with the Early Termination Notice on October 1, that 2025, the Early Termination Date shall be October 1, 2026. If Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of timely exercises its election to exercise its Early Termination Right not less than 12 months prior to and complies with the terms and conditions of the Lease, as modified by this Sixth Amendment, the Parties, as of the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under obligation or liability in connection with this Lease with respect to the original Premises (including the Suite 120 Premises) Lease, except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, provisions that survive the expiration or early earlier termination of this Leasethereof.

Appears in 1 contract

Samples: Office Space Lease Agreement

Early Termination Right. Tenant shall have the right right, subject to the provisions of this Section 11, to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at with respect to the expiration entire Premises only as of last day of the 84th 60th month after the Rent Expansion Premises Commencement Date (the “Early Termination Date”); provided, however, that so long as Tenant delivers to Landlord (ai) on or before that date that is 9 months prior to the Early Termination Date, a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to the Early Termination DateRight, and (bii) concurrent with Tenant’s delivery to Landlord of the Termination NoticeNotice delivers, an early termination (a) a payment in the amount of $2,515,356 500,000, and (b) an amount equal to the then- current outstanding unamortized TI Rent (collectively, the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination PaymentRight, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this the Lease, survive the expiration or early termination of the Lease. In the event that (x) Tenant does not deliver to Landlord the Termination Notice and the Early Termination Payment within the time period provided in this paragraph, or (y) Tenant exercises its Right of First Refusal under Section 39 of the Lease, Tenant shall be deemed to have waived its Termination Right and the provisions of this Section 11 shall have no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Organovo Holdings, Inc.)

Early Termination Right. In the event that Landlord and Tenant fully execute and deliver a new lease agreement (the “New Lease”) for other space in the Project or in a project owned by an affiliate of Landlord during the Lease Term which New Lease satisfies the following conditions: (i) a term for such New Lease which extends beyond the Lease Expiration Date of this Lease, and (ii) the premises under such New Lease contains no less than 80,000 rentable square feet of space, and provided that Tenant is not then in default of this Lease beyond the applicable notice and cure periods, then Tenant shall have the right to terminate this Lease without the Term payment of any penalty or termination fee upon not less than thirty (30) days’ prior written notice to Landlord (the “Tenant Termination Notice”). Such Tenant Termination Notice shall set forth the termination date of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after the Rent Commencement Date (the “Tenant Early Termination Date”); provided, however, that . To the extent Tenant delivers exercises its right to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of terminate this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those whichLease, pursuant to the terms of this LeaseSection 2.3, then this Lease shall terminate effective as of the Tenant Early Termination Date with the same force and effect as if the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Date, subject to the provisions of this Lease which expressly survive the expiration or early earlier termination of this Lease. [*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

Appears in 1 contract

Samples: Lease Agreement (Principia Biopharma Inc.)

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Early Termination Right. Tenant shall have the one time right to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at as of the expiration of the 84th 60th month after of the Rent Commencement Date Term (the Early Termination Date”); provided, however, that Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election intent to exercise its Termination Right not less no later than 12 months prior to the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord last calendar day of the Termination Notice, an early termination payment in 52nd month of the amount of $2,515,356 (the “Early Termination Payment”)Base Term. If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination PaymentRight, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this the Lease, survive the expiration or early termination of the Lease (excluding, in any event, the obligation to pay any Rent which would have otherwise accrued under the Lease following the Termination Date if Tenant had not exercised its Termination Right). If Tenant does not deliver to Landlord the Termination Notice within the time period provided for in this Leaseparagraph, Tenant shall be deemed to have waived its Termination Right. Notwithstanding anything to the contrary contained herein, in the event that Tenant exercises its Expansion Right under Section 39 resulting in the actual expansion of the Premises, Tenant’s Termination Right under this Section 40 shall immediately expire and be of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Prothena Corp PLC)

Early Termination Right. (a) Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the one-time right (the "Early Termination Right") to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration effective as of the 84th month after the Rent Commencement Date December 31, 2013 (the "Early Termination Date"); provided. In order to exercise the Early Termination Right, however, that Tenant delivers to Landlord (a) a shall give written notice (the "Early Termination Notice”), of its election ") to exercise its Termination Right Landlord not less than 12 fifteen (15) months prior to the Early Termination Date, and (b) concurrent . Together with Tenant’s delivery to Landlord of the Early Termination Notice, Tenant shall pay to Landlord an early termination payment (the "Early Termination Payment") in the amount of Nine Hundred Thousand Dollars ($2,515,356 (the “Early Termination Payment”). If Tenant timely 900,000.00) as an early termination payment and properly exercises the Termination Right and delivers as compensation to Landlord for its unamortized transaction costs associated with this Lease and other costs caused by the early termination. Time shall be of the essence with respect to the giving of the Early Termination Payment, Notice. (b) If the Early Termination Notice is duly given by Tenant shall vacate the Premises and deliver possession thereof to Landlord in and the condition required by the terms of Early Termination Payment is duly made, then this Lease shall terminate on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to same effect as if the Early Termination Date and those which, pursuant to were the terms of Expiration Date set forth in this Lease. If the Early Termination Notice is not timely given or the Early Termination Payment is not timely made, survive then the expiration or early termination of Lease Term shall continue to and until the Expiration Date as if this LeaseSection 2.5 were not included herein.

Appears in 1 contract

Samples: Office Lease (Broadpoint Securities Group, Inc.)

Early Termination Right. Provided (i) this Lease has not been terminated previously pursuant to the provisions of this Lease or pursuant to law; and (ii) Tenant is not then in default beyond the applicable period (x) under any of the terms, covenants or conditions of this Lease on Tenant’s part to be observed or performed (other than the covenant to pay Fixed Rent) beyond the applicable notice and cure periods set forth in this Lease or (y) of the covenant to pay Fixed Rent, Tenant shall have the right to terminate this Lease and the Term as of the last day of any calendar month (which day is referred to as the “Earlier Termination Date”) by notice to Landlord exercising such right at least six (6) months prior to the Earlier Termination Date. Tenant shall continue to pay the Fixed Rent and any Additional Rent payable by Tenant under the provisions of this Lease up to and including the Earlier Termination Date. Time is of the essence with respect to the original Premises (including giving of such notice and any notice given after the Suite 120 Premises) only (“Termination Right”) at date as defined above purporting to exercise such option shall be void and of no force or effect. Such notice of termination shall be given in accordance with the expiration provisions of Article 18. In the event Tenant shall give any such notice of termination pursuant to the provisions of this Section and shall otherwise comply with the conditions of the 84th month after exercise of Tenant’s right to terminate this Lease, this Lease and the Rent Commencement Term shall come to an end and expire on the Tenant’s Earlier Termination Date (with the “Early Termination Date”); provided, however, that Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to same force and effect as though said date were the Early Termination Expiration Date, and (b) concurrent with Tenant’s delivery unless sooner terminated pursuant to Landlord of the Termination Noticeany other term, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the covenant or condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Leaselaw.

Appears in 1 contract

Samples: Lease (GTJ REIT, Inc.)

Early Termination Right. Tenant shall have the right right, subject to the provisions of this Section 11, to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at with respect to the expiration entire Premises only on the last day of the 84th 82nd month after the Rent Third Expansion Premises Commencement Date (the “Early Termination Date”); provided, however, that so long as Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not no less than 12 months prior to in advance of the Early Termination Date, and (b) the payment to Landlord concurrent with Tenant’s delivery to Landlord of the Termination NoticeNotice to Landlord, of an early termination payment in the amount of $2,515,356 2,500,000 (collectively, the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this the Lease with respect to after the original Premises (including the Suite 120 Premises) Early Termination Date except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Lease. If Tenant does not deliver to Landlord the Termination Notice and the Early Termination Payment within the time period provided in this paragraph, Tenant shall be deemed to have waived its Termination Right and the provisions of this Section 11 shall have no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Fate Therapeutics Inc)

Early Termination Right. Notwithstanding any other provision of this Lease to the contrary, Tenant shall have the right to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration effective as of the 84th last day of any calendar month after the Rent Commencement Date fortieth (40th) full month of the “Early Termination Date”); providedLease Term, however, provided that Tenant delivers to Landlord (a) a Tenant provides Landlord with written notice (“Termination Notice”), of its election to exercise its Termination Right terminate not less later than 12 the date which is nine (9) months prior to the designated termination date (the "Early Termination Date"), which notice shall set forth the Early Termination Date and shall be binding and irrevocable (the "Early Termination Notice"), (b) Tenant pays to Landlord a buyout amount equal to the aggregate of (i) the unamortized balance of Landlord's Transaction Costs, and (bii) concurrent with Tenant’s delivery an amount equal to Landlord two (2) months Base Rent and Additional Rent in effect as of the Early Termination Notice, an early termination payment in the amount of $2,515,356 Date (the aggregate of the foregoing items (i) and (ii) is referred to herein as the "Early Termination Payment"). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the , which Early Termination Payment, Tenant Payment shall vacate the Premises and deliver possession thereof to Landlord be paid in the condition required by the terms of this Lease full on or before the Early Termination Date (provided that the Additional Rent component of such payment shall be based upon Landlord's estimate and subject to adjustment when such amount is finally determined), and (c) no Event of Default exists both as of the date of the Early Termination Notice and as of the Early Termination Date. In the event of any such early termination, Tenant shall have no further remain liable for any obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those or expenses arising or accruing hereunder prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this LeaseDate.

Appears in 1 contract

Samples: Gross Lease (Clicksoftware Technologies LTD)

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