Common use of Expiration and Termination of Lease Clause in Contracts

Expiration and Termination of Lease. (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if an Event of Default of Tenant occurs and becomes effective, provided Landlord has elected the remedy of termination in its Event of Default Notice, Landlord may, within ten (10) days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending appeal), give Tenant and any Permitted Leasehold Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such notice, which date shall not be less than ten (10) days after the giving of the notice, and this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice were the Expiration Date, and Tenant shall quit and surrender Tenant’s interest in this Lease and the Premises and possession thereof forthwith. If such termination is stayed by order of any court having jurisdiction over any case in connection with an Event of Bankruptcy of Tenant or by federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s obligations under this Lease within the period prescribed therefor by any Legal Requirement or within thirty (30) days after entry of the order for relief or as may be allowed by the court, Landlord, to the extent permitted by any Legal Requirement or by leave of the court having jurisdiction over such case, shall have the right, at its election, to terminate this Lease on five (5) days’ notice to such trustee, Tenant or Tenant as debtor-in-possession. Upon the expiration of such five (5) day period, this Lease shall expire and terminate and such trustee, Tenant and/or Tenant as debtor-in-possession, as the case may be, immediately shall quit and surrender Tenant’s interest in this Lease and the Project and possession thereof forthwith. (b) Subject to Article XIII, if this Lease is terminated as provided in Section 12.3(a), Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject to applicable Legal Requirements. (c) If this Lease is terminated as provided in Section 12.3(a): (i) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts payable under this Lease by Tenant to Landlord to the date upon which the Term shall have expired and come to an end and Tenant shall surrender to Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by this Lease, and both parties hereto shall be relieved of all further obligations hereunder, except to the extent this Lease expressly provides that an obligation hereunder shall survive the expiration or termination of this Lease or of the Term; and (ii) In no event shall Tenant be entitled to receive any credit or payment with respect to the value of the land and the Premises, title to which shall automatically vest in Landlord upon such termination.

Expiration and Termination of Lease. (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if If an Event of Default of Tenant occurs and becomes effectiveoccurs, provided Landlord Owner has elected the remedy of termination in its Event of Default Noticetermination, Landlord Owner may, within ten (10) days Business Days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending appeal), give Tenant and any Permitted Leasehold Recognized Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such notice, which date shall not be less than ten (10) days after the giving of the notice, and this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice were the Fixed Expiration Date, and Tenant shall quit and surrender Tenant’s interest 's Interest in this Lease and the Premises and possession thereof forthwith. If such termination is stayed by order of any court having jurisdiction over any case described in connection with an Event of Bankruptcy of Tenant Sections 25.1(h) or 25.1(i), or by federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s 's obligations under this Lease within the period prescribed therefor by any Legal Requirement law or within thirty (30) days after entry of the order for relief or as may be allowed by the court, LandlordOwner, to the extent permitted by any Legal Requirement law or by leave of the court having jurisdiction over such case, shall have the right, at its election, to terminate this Lease on five (5) days’ notice to such trustee, Tenant or Tenant as debtor-in-possession. Upon the expiration of such five (5) day period, this Lease shall expire and terminate and such trustee, Tenant and/or Tenant as debtor-in-possession, as the case may be, immediately shall quit and surrender Tenant’s interest in this Lease and the Project and possession thereof forthwith. (b) Subject to Article XIII, if this Lease is terminated as provided in Section 12.3(a), Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject to applicable Legal Requirements. (c) If this Lease is terminated as provided in Section 12.3(a): (i) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts payable under this Lease by Tenant to Landlord to the date upon which the Term shall have expired and come to an end and Tenant shall surrender to Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by this Lease, and both parties hereto shall be relieved of all further obligations hereunder, except to the extent this Lease expressly provides that an obligation hereunder shall survive the expiration or termination of this Lease or of the Term; and (ii) In no event shall Tenant be entitled to receive any credit or payment with respect to the value of the land and the Premises, title to which shall automatically vest in Landlord upon such termination.83 F:\MlNSKERIC.M.

Expiration and Termination of Lease. (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if If an Event of Default of Tenant occurs and becomes effectiveoccurs, provided Landlord has elected Landlord, at any time thereafter, shall have the remedy of termination in right, at its Event of Default Noticeoption, Landlord may, within ten (10) days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending appeal), give Tenant and any Permitted Leasehold Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such noticenotice (the “Conditional Limitation Notice”), which date shall not be less than ten (10) days after the giving of the noticenotice (such ten (10) days, and the “Conditional Limitation Period”). Upon the expiration of the Conditional Limitation Period this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice Conditional Limitation Notice were the Expiration Date, and Tenant shall quit and surrender Tenant’s interest in this Lease and the Premises and possession thereof forthwith. If such termination is stayed by order of any court having jurisdiction over any case described in connection with an Event of Bankruptcy of Tenant Sections 22.01(f) or (g) hereof or by federal or state statute, then, then following the expiration of any such stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s obligations under this Lease within the period prescribed therefor by any Legal Requirement law or within thirty (30) days after entry of the order for relief or as may be allowed by the court, or if the trustee, Tenant or Tenant as debtor-in-possession fails to provide adequate protection of Landlord’s right, title and interest in and to the Premises and adequate assurance of the complete and continuous future performance of Tenant’s obligations under this Lease as provided in Section 22.09 hereof, Landlord, to the extent permitted by any Legal Requirement law or by leave of the court having jurisdiction over such case, shall have the right, at its election, to terminate this Lease on five (5) days’ days notice to such trusteeTenant, Tenant or Tenant as debtor-in-possessionpossession or the trustee. Upon the expiration of such the five (5) day period, period this Lease shall expire cease and terminate and such trusteeTenant, Tenant and/or Tenant as debtor-in-possession, as possession and/or the case may be, trustee immediately shall quit and surrender Tenant’s interest in this Lease and the Project and possession thereof forthwithPremises. (b) Subject to Article XIII, if If this Lease is terminated as provided in Section 12.3(a), 22.03(a) hereof: (i) Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject to applicable Legal Requirements.; (c) If this Lease is terminated as provided in Section 12.3(a): (iii) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts Rental payable under this Lease by Tenant to Landlord to the date upon which Expiration Date (except that in the Term shall have expired and come to an end case of any Imposition, such payment should be made in accordance with Section 5.01 hereof) and Tenant shall surrender remain liable for all Rental thereafter falling due on the respective dates when such Rental would have been payable but for the termination of this Lease; (iii) All undisbursed Insurance Proceeds, if any, from policies required to be carried by Tenant, up to such amounts as are necessary to satisfy all of Tenant’s obligations to Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by pursuant to this Lease, and both parties hereto shall be relieved become the property of all further obligations hereunder, except to the extent this Lease expressly provides that an obligation hereunder shall survive the expiration or Landlord immediately upon termination of this Lease Lease. Tenant hereby covenants to take all actions and execute all instruments and documents necessary to effectuate the intent of this provision. The covenant set forth in this Section 22.03(b)(iii) shall survive any termination or expiration of the Termthis Lease; and (iiiv) In no event shall Landlord may complete all construction work required to be performed by Tenant be entitled to receive hereunder and may repair and alter any credit or payment with respect to the value portion(s) of the land Premises in such manner as Landlord may deem necessary or advisable without relieving Tenant of any liability under this Lease or otherwise affecting any such liability, and/or let or relet the Premises or any portion thereof for the whole or any part of the remainder of the Term or for a longer period, in Landlord’s name, and out of any rent and other sums collected or received as a result of such reletting Landlord shall (A) first, pay to itself in respect of services rendered by third parties the reasonable cost and expense of termination of what would otherwise have constituted the unexpired portion of the Term, reentering, retaking, repossessing, repairing, altering and/or completing construction of any portion(s) of the Premises and the reasonable cost and expense of removing all persons and property therefrom, including in such costs reasonable brokerage commissions, legal expenses and reasonable attorneys’ fees and disbursements, (B) second, pay to itself in respect of services rendered by third parties the reasonable cost and expense of completing any construction work required to be performed by Tenant hereunder, (C) third, pay to itself the reasonable cost and expense sustained in respect of services rendered by third parties in securing any new tenants and other occupants, including in such costs, reasonable brokerage commissions, legal expenses and reasonable attorneys’ fees and disbursements and other expenses of preparing any portion(s) of the Premises, title the cost and expense of operating and maintaining same and (D) fourth, pay to itself any balance remaining, which amount shall automatically vest be credited against Tenant’s obligations to Landlord under this Lease . Landlord shall in Landlord upon no way be responsible or liable for any failure to relet any portion(s) of the Premises or for any failure to collect any rent due on any such terminationreletting, and no such failure to relet or to collect rent shall operate to relieve Tenant of any liability under this Lease or to otherwise affect any such liability.

Expiration and Termination of Lease. ‌ (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if an Event of Default of Tenant occurs and becomes effective, provided Landlord has elected the remedy of If any termination in its Event of Default Notice, Landlord may, within ten (10) days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending appeal), give Tenant and any Permitted Leasehold Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such notice, which date shall not be less than ten (10) days after the giving of the notice, and this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice were the Expiration Date, and Tenant shall quit and surrender Tenant’s interest in this Lease and the Premises and possession thereof forthwith. If such termination Owner is stayed by order of any court having jurisdiction over any case described in connection with an Event of Bankruptcy of Tenant Sections 25.1(g) or 25.1(h), or by federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s obligations under this Lease within the period prescribed therefor by any Legal Requirement or within thirty (30) days after entry of the order for relief or as may be allowed by the court, Landlord, to the extent permitted by any Legal Requirement or by leave of the court having jurisdiction over such case, Owner shall have the right, at its election, to terminate this Lease on five (5) days’ written notice to such trusteeTenant, Tenant or Tenant as debtor-in-possessionpossession or if a trustee has been appointed, to such trustee. Upon the expiration of such the five (5) day period, this Lease shall expire and terminate and such trusteeTenant, Tenant and/or Tenant as debtor-in-possessionpossession and/or if applicable, as the case may be, trustee immediately shall quit and peaceably surrender Tenant’s interest Interest in this Lease and the Project Premises and possession thereof forthwith. (b) Subject As an additional inducement to Article XIII, if this Lease is terminated as provided in Section 12.3(a), Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject material consideration for Owner agreeing to applicable Legal Requirements. (c) If this Lease is terminated as provided in Section 12.3(a): (i) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts payable under this Lease by Tenant to Landlord to the date upon which the Term shall have expired and come to an end and Tenant shall surrender to Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by this Lease, Xxxxxx agrees that in the event any Bankruptcy or Judicial Action (as hereinafter defined) is commenced which subjects Owner to any stay in the exercise of Owner’s rights and both parties hereto shall be relieved remedies under this Lease, including the automatic stay imposed by section 362 of all further obligations hereunderthe United States Bankruptcy Code (individually and collectively, except “Stay”), then, provided the Stay is lifted and released as to the Recognized Mortgagees and Recognized Mezzanine Lender (to the extent the applicable mortgage and mezzanine loan documents include Stay relief provisions), Tenant irrevocably consents and agrees to the Stay being lifted and released against Owner, and Owner shall thereafter be entitled to exercise all of its rights and remedies against Tenant under this Lease expressly provides Lease. Tenant acknowledges that an obligation hereunder shall survive it is knowingly, voluntarily, and intentionally waiving its rights to any Stay and agrees that the expiration or termination benefits provided to Tenant under the terms of this Lease are valuable consideration for such waiver. As used in this Section, the term “Bankruptcy or Judicial Action” shall mean any voluntary or involuntary case filed by or against Tenant under the Bankruptcy Code, or any voluntary or involuntary petition in composition, readjustment, liquidation, or dissolution, or any state and federal bankruptcy law action filed by or against Tenant, any action where Tenant is adjudicated as bankrupt or insolvent, any action for dissolution of Tenant or any action in furtherance of any of the Term; and foregoing, or any other action, case, or proceeding that has the effect of staying (iior in which a Stay is being obtained against) In no event shall Tenant be entitled to receive any credit or payment with respect to the value enforcement by Owner of the land its rights and the Premises, title to which shall automatically vest in Landlord upon such terminationremedies under this Lease.

Expiration and Termination of Lease. (a) Subject to Article XIII, Section 16.1(b)(iii) and Section 18.2(a), if an Event of Default of Tenant occurs and becomes effective, provided Landlord has elected the remedy of termination in its Event of Default Notice, Landlord may, within ten (10) days after the date of entry by a court of a final judgment that an Event of Default of Tenant exists (but without Tenant waiving any rights it may have to stay the termination pending appeal), give Tenant and any Permitted Leasehold Mortgagee notice stating that this Lease and the Term shall terminate on the date specified in such notice, which date shall not be less than ten (10) days after the giving of the notice, and this Lease and the Term and all rights of Tenant under this Lease shall expire and terminate as if the date specified in the notice were the Expiration Date, and Tenant shall quit and surrender Tenant’s 's interest in this Lease and the Premises and possession thereof forthwith. If such termination is stayed by order of any court having jurisdiction over any case in connection with an Event of Bankruptcy of Tenant or by federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such case, Tenant or Tenant as debtor-in-possession fails to assume Tenant’s 's obligations under this Lease within the period prescribed therefor by any Legal Requirement or within thirty (30) days after entry of the order for relief or as may be allowed by the court, Landlord, to the extent permitted by any Legal Requirement or by leave of the court having jurisdiction over such case, shall have the right, at its election, to terminate this Lease on five (5) days’ ' notice to such trustee, Tenant or Tenant as debtor-in-possession. Upon the expiration of such five (5) day period, this Lease shall expire and terminate and such trustee, Tenant and/or Tenant as debtor-in-possession, as the case may be, immediately shall quit and surrender Tenant’s 's interest in this Lease and the Project and possession thereof forthwith. (b) Subject to Article XIII, if this Lease is terminated as provided in Section 12.3(a), Landlord may, without notice, re-enter and repossess Tenant’s interest in this Lease and the Premises (which may include, but not be limited to, re-entering and repossessing the Premises) and may dispossess Tenant by summary proceedings, writ of possession, proceedings in bankruptcy court or otherwise, subject to applicable Legal Requirements. (c) If this Lease is terminated as provided in Section 12.3(a): (i) Tenant shall pay to Landlord all Rent and all other payments, charges and amounts payable under this Lease by Tenant to Landlord to the date upon which the Term shall have expired and come to an end and Tenant shall surrender to Landlord Tenant’s interest in this Lease and the Premises (and possession thereof) in the manner required by this Lease, and both parties hereto shall be relieved of all further obligations hereunder, except to the extent this Lease expressly provides that an obligation hereunder shall survive the expiration or termination of this Lease or of the Term; and (ii) In no event shall Tenant be entitled to receive any credit or payment with respect to the value of the land and the Premises, title to which shall automatically vest in Landlord upon such termination.