Common use of Early Termination Right Clause in Contracts

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 this Lease without the payment of 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”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 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 earlier termination of this Lease.

Appears in 3 contracts

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

Early Termination Right. In Tenant shall have the event that Landlord and Tenant fully execute and deliver a new lease agreement one time right to terminate the Term of this Lease with respect to the original Premises only (the New LeaseTermination Right”) for other space in as of the Project during date that is 36 months after the Lease Term Rent Commencement Date (or other space in a project owned by an affiliate of Landlord) which satisfies the following conditions: “Termination Date”); provided, however, that Tenant delivers to Landlord (i) a term for such New Lease which extends beyond written notice (“Termination Notice”) exercising its Termination Right no later than the Lease Expiration Date of this Lease as set forth in Section 3.4 of date that is 6 months prior to the SummaryTermination Date, and (ii) the premises under such New Lease containing no less than the number of rentable square feet concurrent with Tenant’s delivery to Landlord of the Termination Notice delivers funds in the amount of $250,000 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right, Tenant shall vacate the Premises as set forth and deliver possession thereof to Landlord 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 condition required by the terms of this Lease beyond any applicable notice on or before the Termination Date and cure period, then Tenant shall have the right to terminate no further obligations under this Lease without with respect to the payment of any penalty or termination fee by delivering written notice (the “Tenant Termination Notice”) to Landlord not less than thirty (30) days Premises except for those accruing prior to the commencement date under such New Lease, Termination Date 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”). To the extent Tenant exercises its right to terminate this Leasethose which, pursuant to the terms of this Section 2.3Lease, 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 earlier 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

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

Early Termination Right. In Tenant shall have the event that Landlord and Tenant fully execute and deliver a new lease agreement right, subject to the provisions of this Section 41, to terminate this Lease (the New LeaseTermination Right”) for other space in with respect to the Project during entire Premises only as of expiration of the Lease Term 60th month after the Rent Commencement Date (or other space in a project owned by an affiliate of Landlord) which satisfies the following conditions: “Early Termination Date”), so long as Tenant delivers to Landlord (i) a term for such New Lease which extends beyond the Lease Expiration Date written notice (“Termination Notice”), of this Lease as set forth its election to exercise its Termination Right no less than 9 months in Section 3.4 advance of the SummaryEarly Termination Date, and (ii) the premises under such New Lease containing no less than the number of rentable square feet concurrent with Tenant’s delivery to Landlord of the Premises as set forth Termination Notice delivers, an early termination payment in the amount of $750,000 (which amount shall be increased by an additional $750,000 if Tenant leases the Expansion Space pursuant to its Direct Expansion Right under Section 2.2 of the Summary (i.e., contains more than 38,109 rentable square feet39(b), the “Early Termination Payment”). If Tenant timely and provided that properly exercises the Termination Right, Tenant is not then shall vacate the Premises and deliver possession thereof to Landlord in default the condition required by the terms of this Lease beyond any applicable notice on or before the Early Termination Date and cure period, then Tenant shall have the right to terminate no further obligations under this Lease without the payment of any penalty or termination fee by delivering written notice (the “Tenant Termination Notice”) to Landlord not less than thirty (30) days except for those accruing 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”). To the extent Tenant exercises its right to terminate this LeaseDate and those which, pursuant to the terms of this Section 2.3Lease, then survive the expiration or early termination of this Lease shall terminate effective as of Lease. In the event that Tenant does not deliver to Landlord the Termination Notice and the Early Termination Date with Payment within the same force time period provided in this paragraph, Tenant shall be deemed to have waived its Termination Right 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 Section 41 shall have no further force or effect. Notwithstanding anything to the expiration or earlier termination contrary contained herein, if Tenant elects to exercise its Right of First Refusal pursuant to Section 39(a) by delivering a Space Acceptance Notice, then Tenant shall be deemed to have waived its Termination Right and the provisions of this LeaseSection 41 shall have no further force or effect except that Tenant may exercise its Termination Right with respect to the original Premises as provided for in this Section 41 if the following conditions have been satisfied: (x) Tenant makes no materially detrimental changes, as reasonably determined by Landlord, to the Tenant Improvements contemplated pursuant to the plan attached hereto as Exhibit J, and (y) Tenant unconditionally agrees to extend the Base Term of the lease with respect to the Expansion Space, if necessary, so that it is not less than a full 60 months from the date that Tenant commenced paying Base Rent for the Expansion Space.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Ligand Pharmaceuticals Inc)

Early Termination Right. In the event that Landlord and Tenant fully execute and deliver a new lease agreement (the “New Lease”a) 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 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 (as applicable, the “Early Termination Date”) by providing Landlord with written notice (a “Termination Notice”) of its intent to terminate given at least nine (9) months prior to the applicable Early Termination Date. (b) If Tenant elects to exercise the right to terminate this Lease without the in accordance with this Section 3.03, Tenant shall pay Landlord a cancellation payment of any penalty or termination fee by delivering written notice (the “Termination 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 not less than thirty four (304) days months prior to the commencement date under such New LeaseEarly Termination Date, and in the event remaining fifty percent (50%) of such Tenant Termination Notice is timely delivered Fee shall be paid by Tenant to LandlordLandlord on the Early Termination Date. (c) Provided that Tenant pays the Termination Fee, then this the 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”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 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 according to its terms as of such Tenant Early Termination Datedate, subject to the and all terms and provisions of this Lease which expressly survive (including, without limitation, the condition of the Premises upon expiration or earlier termination 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 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 LeaseLease at the time of delivery of a Termination Notice or upon the applicable Early Termination Date.

Appears in 2 contracts

Sources: Triple Net Space Lease, Triple Net Space Lease (Imprivata 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 during the or (b) an affiliate of Landlord and Tenant fully execute and deliver a New Lease Term (or for other space in a project owned by an 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 Lease New Expiration Date of this Lease as set forth in Section 3.4 of the SummaryDate, and (ii) the premises under such New Lease containing contains no less than the number of 60,000 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)space, and provided that Tenant is not then in default of this the Lease beyond any the applicable notice and cure periodperiods, then Tenant shall have the right to terminate this the Lease without the payment of any penalty or termination fee by delivering upon not less than thirty (30) days’ prior written notice to Landlord (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 ). Such Tenant Termination Notice is timely delivered by Tenant to Landlord, then this Lease shall terminate effective as set forth the termination date of the date which is five (5) business days following the commencement date under such New Lease (the “Tenant Early Termination Date”). To the extent Tenant exercises its right to terminate this the Lease, pursuant to the terms of this Section 2.38, then this 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 this the Lease which expressly survive the expiration or earlier termination of this the Lease.

Appears in 2 contracts

Sources: Lease (Septerna, Inc.), Lease (Septerna, 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 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 this Lease without the payment of 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”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 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 Dateright, subject to the provisions of this Section 11, to terminate the Lease which expressly (“Termination Right”) with respect to the entire Premises only as of last day of the 60th month after the Expansion Premises Commencement Date (“Early Termination Date”), so long as Tenant delivers to Landlord (i) 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, and (ii) concurrent with Tenant’s delivery to Landlord of the Termination Notice delivers, (a) a payment of $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, 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 except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of the Lease, survive the expiration or earlier 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

Sources: 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 during the Lease Term (or other space in a project owned by an affiliate of Landlord) 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 as set forth in Section 3.4 of the SummaryLease, and (ii) the premises under such New Lease containing contains no less than the number of 80,000 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)space, and provided that Tenant is not then in default of this Lease beyond any the applicable notice and cure periodperiods, then Tenant shall have the right to terminate this Lease without the payment of any penalty or termination fee by delivering upon not less than thirty (30) days’ prior written notice to Landlord (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 ). Such Tenant Termination Notice is timely delivered by Tenant to Landlord, then shall set forth the termination date of 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”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 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 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

Sources: Lease Agreement (Principia Biopharma Inc.)

Early Termination Right. In (a) Notwithstanding anything to the event that Landlord and Tenant fully execute and deliver a new lease agreement (the “New contrary contained in this 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 one-time right (the "Early Termination Right") to terminate this Lease without effective as of December 31, 2013 (the payment of any penalty or termination fee by delivering "Early Termination Date"). In order to exercise the Early Termination Right, Tenant shall give written notice (the “Tenant "Early Termination Notice") to Landlord not less than thirty fifteen (3015) days months prior to the commencement date under such New LeaseEarly Termination Date. Together with the Early Termination Notice, and Tenant shall pay to Landlord an early termination payment (the "Early Termination Payment") in the event such Tenant amount of Nine Hundred Thousand Dollars ($900,000.00) as an early termination payment and 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 Notice. (b) If the Early Termination Notice is timely delivered duly given by Tenant to LandlordLandlord and the Early Termination Payment is duly made, then this Lease shall terminate effective as of on the date which is five (5) business days following the commencement date under such New Lease (the “Tenant Early Termination Date”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 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 Date were the provisions of this Lease which expressly survive the expiration or earlier termination 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, then the Lease Term shall continue to and until the Expiration Date as if this Section 2.5 were not included herein.

Appears in 1 contract

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

Early Termination Right. In On the event conditions, which conditions Sublandlord may waive, at its election, by written notice to Subtenant at any time, that Landlord (a) Subtenant has not previously exercised the Right of First Refusal with respect to the entire First Refusal Premises or the Extension Option and Tenant fully execute (b) Subtenant is not in default beyond notice and deliver a new lease agreement cure periods of its covenants and obligations under the Sublease at the time that Subtenant gives Subtenant’s Termination Notice, as hereinafter defined, then Subtenant shall have the one-time right (the “New LeaseTermination Right”) for other space in to terminate the Project during Term of the Lease Sublease at any time from and after the last day of the twenty-sixth (26th) month of the Term (or other space in a project owned the “Effective Termination Date”) 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 this Lease without the payment of any penalty or termination fee by delivering giving Sublandlord written notice (the Tenant Subtenant’s Termination Notice”) no later than nine months prior to Landlord not less than the Effective Termination Date, and by paying to Sublandlord, within thirty (30) days prior to following Subtenant’s delivery of Subtenant’s Termination Notice, fifty percent (50%) of the commencement date under such New LeaseTermination Fee, and in as hereinafter defined, with the event such Tenant balance of the Termination Fee paid no later than the Effective Termination Date. If Subtenant does not timely pay the Termination Fee when due, Subtenant’s 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”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 2.3, then this Lease shall terminate effective as of the Tenant Early Termination Date with the same force be void 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 earlier termination of this Leaseineffective at Sublandlord’s sole option.

Appears in 1 contract

Sources: Sublease Agreement (HilleVax, 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 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 one time right to terminate this Lease without the payment of any penalty or termination fee by delivering written notice (the Tenant Termination NoticeRight”) 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 expiration of the 60th month of the Term (5) business days following the commencement date under such New Lease (the Tenant Early Termination Date”); provided, however, that Tenant delivers to Landlord a written notice (“Termination Notice”), of its intent to exercise its Termination Right no later than the last calendar day of the 52nd month of the Base Term. To If Tenant timely and properly exercises the extent Termination Right, Tenant exercises its right shall vacate the Premises and deliver possession thereof to terminate Landlord in the condition required by the terms of this LeaseLease on or before the Termination Date and Tenant shall have no further obligations under this Lease except for those accruing prior to the Termination Date and those which, pursuant to the terms of this Section 2.3the Lease, 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 earlier 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

Sources: Lease Agreement (Prothena Corp PLC)

Early Termination Right. In During the event that Landlord Additional Extension Term 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: provided (i) a term for such New Lease which extends beyond the Lease Expiration Date of this Lease as set forth is in Section 3.4 of the Summary, full force and effect; and (ii) no default by Tenant is existing either on (a) the premises under such New Lease containing no less than the number of rentable square feet day of the Premises as set forth in Section 2.2 of the Summary Early Termination Notice (i.e., contains more than 38,109 rentable square feetdefined herein), or (b) the Early Termination Date (defined herein); and provided (iii) Tenant provides Landlord with reasonable evidence that Tenant is not then in default of this Lease beyond any applicable notice and cure periodit will be moving into a Broward County owned or leased building or facility, then Tenant shall have the right to terminate this the Lease without prior to the payment expiration of any penalty the Additional Extension Term (“Early Termination Right”), subject to the terms and conditions hereof. Tenant (through its County Administrator or termination fee by delivering designee), in order to exercise its Early Termination Right, shall provide Landlord with written notice of its desire to terminate the Lease (the Tenant Early Termination Notice”) to Landlord not less than thirty (30) days prior ), and subject to the commencement date under such New Leaseterms of this provision, and in the event such Tenant Termination Notice is timely delivered by Tenant to Landlord, then this Lease shall terminate effective as on the year anniversary of the date which is five Early Termination Notice (5) business days following the commencement date under such New Lease (the Tenant Early Termination Date”). To For avoidance of doubt and illustration purposes only, if Tenant provides Landlord with the extent Early Termination Notice on October 1, 2025, the Early Termination Date shall be October 1, 2026. If Tenant timely exercises its right to terminate this Early Termination Right and complies with the terms and conditions of the Lease, pursuant to as modified by this Sixth Amendment, the terms of this Section 2.3Parties, 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 shall have no further obligation or liability in connection with this Lease, except for those provisions of this Lease which expressly that survive the expiration or earlier termination of this Leasethereof.

Appears in 1 contract

Sources: Office Space Lease Agreement

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 right, subject to the provisions of this Section 11, to terminate this the Lease without the payment of any penalty or termination fee by delivering written notice (the Tenant Termination NoticeRight”) to Landlord not less than thirty (30) days prior with respect to the commencement date under such New Lease, and in entire Premises only on the event such Tenant Termination Notice is timely delivered by Tenant to Landlord, then this Lease shall terminate effective as last day of the date which is five 82nd month after the Third Expansion Premises Commencement Date (5) business days following the commencement date under such New Lease (the Tenant Early Termination Date”), so long as Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right no less than 12 months in advance of the Early Termination Date, and (b) the payment to Landlord concurrent with Tenant’s delivery of the Termination Notice to Landlord, of an early termination payment in the amount of $2,500,000 (collectively, the “Early Termination Payment”). To If Tenant timely and properly exercises the extent Termination Right and delivers the Early Termination Payment, Tenant exercises its right shall vacate the Premises and deliver possession thereof to terminate Landlord in the condition required by the terms of this LeaseLease on or before the Early Termination Date and Tenant shall have no further obligations under the Lease after the Early Termination Date except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Section 2.3Lease, then survive the expiration or early termination of this Lease shall terminate effective as of Lease. If Tenant does not deliver to Landlord the Tenant Termination Notice and the Early Termination Date with Payment within the same force time period provided in this paragraph, Tenant shall be deemed to have waived its Termination Right 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 Section 11 shall have no further force or earlier termination of this Leaseeffect.

Appears in 1 contract

Sources: Lease Agreement (Fate Therapeutics 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 during the Lease Term (or other space in a project owned by an affiliate of Landlord) which satisfies the following conditions: Provided (i) a term for such New this Lease which extends beyond has not been terminated previously pursuant to the Lease Expiration Date provisions of this Lease as set forth in Section 3.4 of the Summary, or pursuant to law; 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 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 any the applicable notice and cure periodperiods set forth in this Lease or (y) of the covenant to pay Fixed Rent, then Tenant shall have the right to terminate this Lease without and the payment Term as of the last day of any penalty or termination fee by delivering written notice calendar month (which day is referred to as the “Tenant Earlier Termination NoticeDate”) by notice to Landlord not less than thirty exercising such right at least six (306) days months prior to the commencement 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 giving of such notice and any notice given after the date under as defined above purporting to exercise such New Lease, option shall be void and of no force or effect. Such notice of termination shall be given in accordance with the provisions of Article 18. In the event Tenant shall give any such Tenant Termination Notice is timely delivered by Tenant notice of termination pursuant to Landlord, then the provisions of this Lease Section and shall terminate effective as otherwise comply with the conditions of the date which is five (5) business days following the commencement date under such New Lease (the “Tenant Early Termination Date”). To the extent Tenant exercises its exercise of Tenant’s right to terminate this Lease, pursuant to the terms of this Section 2.3, then this Lease and the Term shall terminate effective as of come to an end and expire on the Tenant Early Tenant’s Earlier Termination Date with the same force and effect as if though said date were the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Expiration Date, subject unless sooner terminated pursuant to the provisions any other term, covenant or condition of this Lease which expressly survive the expiration or earlier termination of this Leasepursuant to law.

Appears in 1 contract

Sources: Lease (GTJ REIT, Inc.)