Landlord Termination Rights. If the Premises or the portion of the Building or the Project necessary for Tenant’s occupancy is damaged by fire, earthquake, terrorism, act of war, act of God, the elements or other casualty, then Landlord may terminate this Lease upon notice given to Tenant within sixty (60) days after the date of such casualty, effective as of the date of the casualty if (a) in Landlord’s opinion, repairs necessary for Tenant’s occupancy cannot be completed within ninety (90) days; (b) any other portion of the Building or the Project is damaged to the extent that, in Landlord’s opinion, repair thereof cannot be completed within ninety (90) days; (c) the Premises or the portion of the Building or the Project necessary for Tenant’s occupancy is damaged during the final twelve (12) months of the Term, unless Tenant shall exercise its next available renewal option (if any) within ten (10) days following receipt of Landlord’s termination notice, or unless both parties agree on an extension of this Lease within such ten (10) day period; (d) the insurance proceeds available to Landlord are not sufficient to complete repair or restoration; (e) Landlord’s lender does not elect to make insurance proceeds available to Landlord for repair and restoration; or (f) Tenant has vacated the Premises or is in Default under this Lease.
Landlord Termination Rights. (a) Landlord shall have the right, by Notice to Tenant, to terminate this Lease in the event Tenant fails to achieve any of the following requirements, which Notice shall be given by Xxxxxxxx, if at all, not later than ninety (90) business days following the date on which the applicable requirement was to have been satisfied:
(i) Obtain Landlord’s approval to the Renovation Documents required for the initial Low-Income Housing Tax Credits application within twelve (12) months after the Commencement Date;
(ii) Procure the initial construction permit to commence renovation of the Project and close on the Construction Mortgage within twenty-four (24) months after Renovation Documents approval, and thereafter to diligently pursue the renovation of the Project to Substantial Completion, using all available and reasonable commercial means; or
(iii) Substantially Complete the renovation of the rental component of the Project as required by the Renovation, Finance and Management Plan within thirty-six (36) months after the later of (A) receipt from the Landlord of final approval of the Renovation Documents as set forth in Section 8.01 hereof, or (B) the date on which the Construction Mortgage is recorded. The force majeure provisions of Section 14.04 apply to the time periods for performance set forth in this Section 2.04(a).
(b) Landlord shall have the right to terminate this Lease for any or no reason at Landlord’s sole and absolute discretion by providing a Notice to Tenant exercising the termination right at any time on or before the earlier to occur of (i) February 1, 2010, or (ii) the day prior to the date upon which Tenant closes on its Construction Mortgage; provided, however, a closing on Tenant’s Construction Mortgage prior to February 1, 2010 shall only serve to reduce the deadline for Landlord to exercise its right to terminate this Lease if Tenant shall have provided Landlord with written notice of such closing date at least forty-five (45) days prior to such closing date and further provided that such written notice shall include the following caption in bold, all-capitalized letters: “THE OCCURRENCE OF THE CONSTRUCTION MOTGAGE CLOSING DESCRIBED BY THIS NOTICE SHALL ELIMINATE THE COUNTY’S RIGHT TO TERMINATE THE DEED OF GROUND LEASE PURSUANT TO SECTION 2.04(b) OF THE DEED OF GROUND LEASE.” In the event that Landlord exercises the termination right provided for in this Section 2.04(b), Landlord shall, so long as Tenant complies with all of its obligati...
Landlord Termination Rights. If the Premises are damaged by fire, earthquake, terrorism, act of war, act of God, the elements or other casualty, then Landlord may terminate this Lease upon notice given to Tenant within thirty (30) days after the date of such casualty, effective as of the date of the casualty if a) in Landlord’s opinion, repairs necessary for Tenant’s occupancy cannot be completed within one hundred twenty (120) days after the date of the casualty; b) the Premises are damaged during the final twelve (12) months of the Term, unless both parties agree on an extension of this Lease within ten (10) days following Tenant’s receipt of Landlord’s termination notice; c) the insurance proceeds available to Landlord are not sufficient to complete repair or restoration; d) Landlord’s lender does not elect to make insurance proceeds available to Landlord for repair and restoration; or e) Tenant has vacated the Premises or is in Default under this Lease.
Landlord Termination Rights. Landlord shall have the right, by Notice to Tenant, to terminate this Lease in the event Tenant fails to achieve any of the following requirements, which Notice shall be given by Landlord, if at all, not later than sixty (60) business days following the date on which the applicable requirement was to have been satisfied:
(a) Close on its Construction Mortgage for the Project within twelve (12) months after Residential Garage Completion.
(b) Procure the initial construction permit and commence construction of the Project within twelve (12) months after Residential Garage Completion, and thereafter to diligently pursue the construction of the Project and all other Improvements required by the Use Permit Amendment to completion, using all available and reasonable commercial means; or
(c) Substantially complete the construction of the Project and all other Improvements required by the Use Permit Amendment within thirty-six (36) months after Residential Garage Completion. Notwithstanding the foregoing, Tenant’s deadlines to commence and to substantially complete the construction of the Project and all other Improvements required by the Use Permit Amendment as aforesaid shall be extended by any and all Landlord Delays and/or Force Majeure Delays (as such terms are defined in the MOA for construction).
Landlord Termination Rights. If Landlord terminates this Lease due to Resident’s default under the Lease, Resident’s abandonment of the Premises, or Landlord’s re-entry and recovery of the Premises, Resident’s Rent liability will survive, as allowed by law. In any of these events, Xxxxxxxx may declare all Rent and other charges remaining to be paid during the term of the Lease, due and payable in full or Landlord may seek to collect the Rent and other charges as they fall due, despite the re-entry or recovery of the Premises by Landlord. Xxxxxxxx’s claims for any losses or damages will survive the termination of the Lease or the recovery of the Premises by Landlord, and Resident will remain liable for all such losses and damages. If Landlord accelerates the remaining Rent and other charges to be paid during the term of the Lease, Resident may not be liable for the total accelerated amount since Landlord will attempt to minimize damages and either party may have a court determine the actual amount of damages owed, if any. If Landlord chooses to collect the Rent and other charges as they fall due, Landlord will seek new Residents for the Premises and will credit to Resident’s account any income resulting from re-leasing the Premises, however, Resident will not be entitled to any excess income received by Landlord over amounts owing from Resident to Landlord. In any of these events, Xxxxxxxx will also be entitled to an Early Termination Fee to be deemed additional Rent for premature termination of the Lease by Resident, to recapture any rent concessions, abatement or discounts received by Resident, and to recover all costs, expenses and reasonable attorney’s fees allowable by law which may be incurred in any action or proceeding against Resident, which sums will be considered additional Rent hereunder.
Landlord Termination Rights. In the event Tenant has defaulted on its Lease obligations, but subject to any notice and curative rights in favor of Tenant and any Recognized Mortgagee as provided hereunder, Landlord shall be entitled to terminate this Lease pursuant to its termination rights hereunder.
Landlord Termination Rights. Notwithstanding anything to the contrary, Landlord may terminate this Lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Project is taken or (ii) if following any material taking, the Holder elects to require Landlord to apply all or a material portion of such award to the outstanding indebtedness.
Landlord Termination Rights to the best of the Vendors’ knowledge, there are no circumstances which would now entitle the relevant landlord to terminate that Lease.
Landlord Termination Rights. If the Premises, the Building or the Project is physically damaged or destroyed by an event of casualty, this Lease will continue in full force and effect and Landlord will repair the damage unless (a) in Landlord’s contractor’s opinion, such damage cannot be repaired within ninety (90) days of the date of the casualty; (b) such damage occurs during the final twelve (12) months of the Term; (c) the insurance proceeds available to Landlord are not sufficient to complete repair or restoration; or (d) Landlord’s lender does not elect to make insurance proceeds available to Landlord for repair and restoration, in which case Landlord will have the right to terminate this Lease by delivering written notice thereof to Tenant within sixty (60) days after the casualty.
Landlord Termination Rights. (a) If by reason of a Casualty (i) the Building shall be totally damaged or destroyed or (ii) the Building shall be so damaged or destroyed (whether or not the Premises are damaged or destroyed) that Landlord shall elect to demolish the Building, then Landlord may terminate this Lease by giving Tenant notice thereof on or prior to the 60th day after such fire or other casualty; provided, that if the Premises are not substantially damaged or rendered substantially Untenantable by such fire or other casualty, then Landlord may not so terminate this Lease unless Landlord elects to terminate leases (including this Lease) affecting substantially all of the rentable area of the Building.
(b) If Landlord elects to terminate this Lease as aforesaid, then the Term shall expire on a date set by Landlord that is (1) not sooner than the 30th day after the date that Landlord gives such notice (if all or substantially all of the Premises is rendered Untenantable by such fire or other casualty), or (2) the 180th day after the date that Landlord gives such notice (if less than all or substantially all of the Premises is rendered Untenantable by such fire or other casualty). Upon the termination of this Lease under this Section 7.06, the Rent shall be apportioned and any prepaid portion of the Rent for any period after the date that the abatement of Rent as described in this Section 7.06 becomes effective shall be refunded promptly by Landlord to Tenant (and Landlord’s obligation to make such refund shall survive the Expiration Date).
