Common use of Landlord’s right to cancel Clause in Contracts

Landlord’s right to cancel. Upon receipt of such request and the required information from the Tenant, the Landlord shall have the right, exercisable in writing within thirty (30) days after such receipt, to cancel and terminate this Lease if the request is to assign this Lease or to sublet all of the Leased Premises, or, if the request is to sublet a portion of the Leased Premises only, to cancel and terminate this Lease with respect to such portion, in each case as of the date set forth in the Landlord's notice of exercise of right ("Landlord's notice of termination"), which shall be neither less than sixty (60) days nor more than one hundred and twenty (120) days following the delivery of the Landlord's notice of termination. If the Landlord shall exercise such right, the Tenant shall surrender possession of the entire Leased Premises or the portion which is the subject of the right, as the case may be, on the date set forth in the Landlord's notice of termination in accordance with the provisions of this Lease relating to the surrender of the Leased Premises at the expiration of the Term. If this Lease shall be cancelled as to a portion of the Leased Premises only, the rent payable by the Tenant under this Lease shall be abated proportionately. In the event that the Landlord shall not exercise the right to cancel this Lease, then the Landlord's consent to any such request to assign or sublet shall not be unreasonably withheld.

Appears in 3 contracts

Samples: Indenture (PMC Sierra Inc), Indenture (Newbridge Networks Corp), Indenture (Newbridge Networks Corp)

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Landlord’s right to cancel. Upon receipt of such request and the required information from the Tenant, the Landlord shall have the right, exercisable in writing within thirty twenty (3020) days after such receipt, to cancel and terminate this Lease if the request is to assign this Lease or to sublet all of the Leased Premises, or, if the request is to sublet a portion of the Leased Premises only, to cancel and terminate this Lease with respect to such portion, in each case as of the date set forth in the Landlord's ’s notice of exercise of right ("Landlord's ’s notice of termination"), which shall be neither less than sixty (60) days nor more than one hundred and twenty (120) days following the delivery of the Landlord's ’s notice of termination. If the Landlord shall exercise such right, the Tenant shall surrender possession of the entire Leased Premises or the portion which is the subject of the right, as the case may be, on the date set forth in the Landlord's ’s notice of termination in accordance with the provisions of this Lease relating to the surrender of the Leased Premises at the expiration of the Term. If this Lease shall be cancelled as to a portion of the Leased Premises only, the rent payable by the Tenant under this Lease shall be abated proportionately. In the event that the Landlord shall not exercise the right to cancel this Lease, then the Landlord's ’s consent to any such request to assign or sublet shall not be unreasonably withheld.

Appears in 2 contracts

Samples: Indemnity Agreement (Coley Pharmaceutical Group, Inc.), Indemnity Agreement (Coley Pharmaceutical Group, Inc.)

Landlord’s right to cancel. Upon receipt of such request and the required information from the Tenant, the Landlord shall have the right, exercisable in writing within thirty (30) days after such receipt, to cancel and terminate this Lease if the request is to assign this Lease or to sublet all of the Leased Premises, or, if the request is to sublet a portion of the Leased Premises only, to cancel and terminate this Lease with respect to such portion, in each case as of the date set forth in the Landlord's ’s notice of exercise of right ("Landlord's ’s notice of termination"), which shall be neither less than sixty (60) days nor more than one hundred and twenty (120) days following the delivery of the Landlord's ’s notice of termination. If the Landlord shall exercise such right, the Tenant shall surrender possession of the entire Leased Premises or the portion which is the subject of the right, as the case may be, on the date set forth in the Landlord's ’s notice of termination in accordance with the provisions of this Lease relating to the surrender of the Leased Premises at the expiration of the Term. If this Lease shall be cancelled as to a portion of the Leased Premises only, the rent payable by the Tenant under this Lease shall be abated proportionately. In the event that the Landlord shall not exercise the right to cancel this Lease, then the Landlord's ’s consent to any such request to assign or sublet shall not be unreasonably withheld.

Appears in 1 contract

Samples: Indenture (VeriChip CORP)

Landlord’s right to cancel. Upon receipt of such request and the required information from the Tenant, the Landlord shall have the right, exercisable in writing within thirty five (305) business days after such receipt, to cancel and terminate this Lease if the request is to assign this Lease Lease, or to sublet all of the Leased Premises, or, if the request is to sublet a portion of the Leased Premises only, save and except if the request to sublet is for short term subtenants that do not have an expiry date coterminous with the Term, to cancel and terminate this Lease with respect to such portion, in each case as of the date set forth in the Landlord's ’s notice of exercise of right ("Landlord's ’s notice of termination"), which shall be neither less than sixty (60) days nor more than one hundred and twenty (120) days following the delivery of the Landlord's ’s notice of termination. If the Landlord shall exercise such right, the Tenant shall have the option to: (1) surrender possession of the entire Leased Premises Premises, or the portion which is the subject of the right, as the case may be, on the date set forth in the Landlord's ’s notice of termination in accordance with the provisions of this Lease relating to the surrender of the Leased Premises at the expiration of the Term. If this Lease shall be cancelled as , or (2) retract the request to a portion of the Leased Premises only, the rent payable by the Tenant under this Lease shall be abated proportionatelyassign or sublet. In the event that the Landlord shall not exercise the right to cancel this Lease, then the Landlord's ’s consent to any such request to assign or sublet shall not be unreasonably withheld. For greater certainty, Landlord’s right to cancel does not apply to Permitted Transfers.

Appears in 1 contract

Samples: Lease Entire Agreement (Mitel Networks Corp)

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Landlord’s right to cancel. Upon receipt of such request and the required information from the Tenant, the Landlord shall have the right, exercisable in writing within thirty (30) days after such receipt, to cancel and terminate this Lease if the request is to assign this Lease Lease, or to sublet all of the Leased Premises, or, if the request is to sublet a portion of the Leased Premises only, to cancel and terminate this Lease with respect to such portion, in each case as of the date set forth in the Landlord's notice of exercise of right ("Landlord's notice of termination"), which shall be neither less than sixty (60) days nor more than one hundred and twenty (120) days following the delivery of the Landlord's notice of termination. If the Landlord shall exercise such right, the Tenant shall surrender possession of the entire Leased Premises or the portion which is the subject of the right, as the case may be, on the date set forth in the Landlord's notice of termination in accordance with the provisions of this Lease relating to the surrender of the Leased Premises at the expiration of the Term. If this Lease shall be cancelled as to a portion of the Leased Premises only, the rent payable by the Tenant under this Lease shall be abated proportionately. In the event that the Landlord shall not exercise the right to cancel this Lease, then the Landlord's consent to any such request to assign or sublet shall not be unreasonably withheld.

Appears in 1 contract

Samples: Zarlink Semiconductor Inc

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