Landlord's Option to Terminate Lease Sample Clauses

Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if Landlord's Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area, then, in any of such events, Landlord may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.

Landlord's Option to Terminate Lease. Notwithstanding anything to the contrary in this Article XIV, in the event that any of the Improvements are damaged or destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease, which termination shall be deemed to be effective as of the date of such casualty, upon the occurrence of any of the following events: (a) Insurance proceeds payable with respect to such damage or destruction are not sufficient to pay for the repair and/or restoration of the Improvements; (b) Repair and restoration of the Improvements cannot be completed within sixty (60) days after the occurrence of the casualty causing such damage or destruction; (c) More than thirty percent (30%) of the Improvements have been damaged or destroyed by such casualty. Landlord's option to terminate the Lease pursuant to the provisions of this Section 14.2 must be exercised within thirty (30) days of the date of the casualty causing such damage or destruction by written notice from Landlord to Tenant. In the event that Landlord elects to terminate the Lease pursuant to this Section 14.2, Tenant shall immediately surrender possession of the Premises to Landlord and shall assign to landlord (or if the same has already been received by Tenant, pay to Landlord) all of Tenant's right, title, and interest in and to the insurance proceeds payable with respect to the Premises.

Landlord's Option to Terminate Lease. (a) In the event Landlord enters into a bona fide contract to sell the Premises to a non-Affiliated Person, Landlord may terminate the Lease by giving not less than ninety (90) days' prior Notice to Tenant of Landlord's election to terminate the Lease effective upon the closing under such contract. Effective upon such closing, this Lease shall terminate and be of no further force and effect except as to any obligations of the parties existing as of such date that survive termination of this Lease. As compensation for the early termination of its leasehold estate under this Section 23.17(a), Landlord shall within 180 days of such closing, pay to Tenant the fair market value of Tenant's leasehold estate hereunder, plus twenty percent (20%). In addition, in the event if such early termination as provided herein in this Section 23.17 (a) Landlord shall deliver the Retained Funds to Tenant. In the event Landlord and Tenant are unable to agree upon the fair market value of an original or replacement leasehold estate, it shall be determined by appraisal using the appraisal procedure set forth in Section 23.17(b). For the purposes of this Section, fair market value of the leasehold estate (i) means, as applicable, an amount equal to the price that a willing buyer not compelled to buy would pay a willing seller not compelled to sell for Tenant's leasehold estate under this Lease or an offered replacement leasehold estate, and (ii) shall not contemplate the existence of a third party management agreement with respect to which management fees are paid. (b) If it becomes necessary to determine fair market value for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Landlord (or Tenant, as the case may be) shall by Notice to Tenant (or Landlord, as the case may be) appoint a second person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at lease five years experience in the State where the Premises are located appraising property similar to the Premises, shall, within 45 days after the date of the Notice appointing the first appraiser, proceed to appraise said the Premises to determine the fair market value as of the relevant date (giving effect to the imp...

Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if for any reason whatsoever the Premises shall not be delivered to Tenant on or before the outside Delivery Date specified in Section 1.12 hereof, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.

Landlord's Option to Terminate Lease. Notwithstanding any provision herein to the contrary, if, for any reason whatsoever the Premises shall not be Ready for Occupancy on or before March 31, 1999, Landlord may elect to terminate this Lease by giving notice of such election to Tenant. If such notice is given, this Lease and the rights and obligations of the parties hereunder shall thereupon cease and terminate without need for the execution of any further or other instrument but, if Landlord shall request, Tenant shall execute an instrument, in recordable form, whereby Tenant releases and surrenders all right, title and interest which it may have in and to the Premises under this Lease or otherwise.

Landlord's Option to Terminate Lease. If the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance or (c) damaged or destroyed in whole or in part during the last three (3) years of the Term, or if the Building is damaged to the extent of fifty percent (50%) or more of the rentable area within, then, in any of such events, Landlord or Tenant may elect to terminate this Lease by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such occurrence which renders the Premises wholly untenantable, damaged or destroyed.

Landlord's Option to Terminate Lease. If (a) the Premises or Building or Project are rendered wholly untenantable and cannot be repaired within nine (9) months, or (b) the Premises are damaged as a result of any cause which is not covered by Landlord's insurance and the cost to repair the Premises would reasonably exceed $500,000, or (c) the Premises are damaged or destroyed in whole or in part during the last twelve (12) months of the Term (unless Tenant exercises its renewal option, if applicable), or (d) the Building is so substantially damaged that Landlord determines, in Landlord's sole judgment, to demolish the Building, then and in any of such events, Landlord may elect to terminate this Lease by giving Tenant notice of such election within sixty (60) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination. Tenant shall vacate the Premises within thirty (30) days after the date of such termination.

Landlord's Option to Terminate Lease. Notwithstanding anything to the contrary in this Article XIV, in the event that any of the Improvements are damaged or destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease, which termination shall be deemed to be effective as of the date of such casualty, upon the occurrence of any of the following events: (a) Insurance proceeds payable with respect to such damage or destruction are not sufficient to pay for the repair and/or restoration of the Improvements; (b) Repair and restoration of the Improvements cannot be completed within sixty (60) days after the occurrence of the casualty causing such damage or destruction;

Landlord's Option to Terminate Lease. If (i) the Leased Premises are rendered wholly untenantable, or (ii) the lease Premises are damaged as a result of any cause which is not covered by Landlord's insurance (Landlord agrees to maintain, at all times, full comprehensive property insurance sufficient to cover the leased premise customary within the industry) or (iii) the Office Building is damaged to the extent of fifty percent (50%) or more of its gross leasable area, or (iv) for reasons beyond Landlord's control, Landlord and tenant must mutually consent to terminate this Lease by giving the Tenant or Landlord notice of such election within ninety (90) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and the Basic Rent and Additional Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations under this Lease) shall be adjusted as of the date of such termination.

Landlord's Option to Terminate Lease. The following is added to the end of Section 17.02: "In the event during the last two (2) years of the Term hereof, more than twenty-five percent (25%) of the Floor Area of the Premises shall be damaged or destroyed by fire or other casualty and Tenant shall be prevented from conducting its business in the Premises for thirty (30) consecutive days due to the occurrence of such fire or other casualty, then Tenant may elect to terminate this Lease by giving written notice to Landlord of Tenant's election so to terminate such notice to be given within ninety (90) days after the occurrence of such damage or destruction."