Landlord’s Termination Option Clause Samples

Landlord’s Termination Option. If a Casualty damages the Premises or a material portion of the Building, and (1) Landlord estimates that the damage to the Premises cannot be repaired within the Repair Period, (2) the damage to the Premises exceeds fifty percent (50%) of the replacement cost thereof (excluding foundations and footings), as estimated by Landlord, and such damage occurs during the last two years of the Term, (3) regardless of the extent of damage to the Premises, Landlord makes a good faith determination that restoring the Building would be uneconomical, or (4) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord's Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to terminate within thirty (30) days after the Damage Notice has been delivered to Tenant.

Landlord’s Termination Option. Landlord shall have the right at any time to cancel and terminate this Lease in the event Landlord shall decide to demolish or rehabilitate the Building (the “Termination Option”), provided that Landlord shall give notice to Tenant of Landlord’s exercise of the Termination Option not later than six (6) months prior to the proposed termination date set forth in such notice. In the event Landlord shall give such notice of termination pursuant to the provisions of this Article 41, this Lease shall come to an end and expire on the termination date set forth in the notice of termination, with the same force and effect as though said date were the Expiration Date, unless sooner terminated pursuant to any other term, covenant or condition of this Lease, or pursuant to law.

Landlord’s Termination Option. Notwithstanding anything to the contrary contained in the Lease, as amended, and provided that Specialty Laboratories has not become the tenant of Suite 500 pursuant to the terms of Section 8.2, above, effective as of the commencement of the forty-first (41st) month of the Extended Term and continuing throughout the remainder of the Extended Term, Landlord shall have the option in its sole and absolute discretion to deliver written notice (the "Termination Notice") to Tenant electing to terminate and cancel the Lease, as amended, with respect to Suite 500, effective as of the date (the "Termination Date") set forth in the Termination Notice (which date shall not be earlier than the last day of the fifty-third (53rd) month of the Extended Term), provided that Landlord delivers the Termination Notice to Tenant on or before the date which is at least twelve (12) months prior to the Termination Date. In the event that Landlord elects to terminate the Lease, as amended, pursuant to the terms of this Section 13, the Lease, as amended, with respect to Suite 500, shall expire at midnight on the Termination Date, and upon such date, Tenant shall vacate and surrender possession of Suite 500 to Landlord, and Landlord and Tenant shall thereafter be relieved of their respective obligations under the Lease, as amended, with respect to Suite 500, except those obligations which specifically survive the termination of the Lease, as amended, including, without limitation, the payment by Tenant of all amounts owed by Tenant under the Lease, as amended, with respect to Suite 500, up to and including the Termination Date.

Landlord’s Termination Option. Notwithstanding anything in this Lease to the contrary, Landlord shall have the right, exercisable at Landlord's sole option, to terminate this Lease at any time after the last day of the eighteenth (18th) month of the Term, said right of Landlord to be exercisable by giving written notice thereof to Tenant, which written notice shall set forth a date of termination which is at least sixty (60) days after the date of such notice (which written notice may be given prior to the last day of the eighteenth (18th) month of the Term, but shall not expire prior to a date which is both after the last day of the eighteenth (18th) month of the Term and at least sixty (60) days after the date of such notice), in which event this Lease shall terminate on the date set forth in such notice from Landlord to Tenant as if such date were the date originally fixed herein for the expiration of the Term hereof, and neither party shall have any obligations hereunder accruing after the date of such termination.

Landlord’s Termination Option. As an alternative to Landlord's other rights under this Section 15.2, within ninety (90) days of Landlord's receipt of Tenant's notice that Tenant desires to assign this Lease or to sublease all or substantially all of the Demised Premises, except with respect to an sublease within the scope of Section 15.10 (Permitted Sublease) herein, Landlord may elect to terminate this Lease as to the entire Demised Premises or as to the relevant portion thereof (at Landlord's option) by delivering written notice of such election to Tenant. If Landlord shall have elected to terminate this Lease pursuant to this Section 15.2, such termination shall be effective as of the Effective Date and thereupon the Term of this Lease shall cease and come to an end on that day with the same force and effect as though that were the original date set forth as the Expiration Date, and Tenant shall deliver broom clean possession of the Demised Premises to Landlord, in accordance with the terms of this Lease. Thereafter, neither party shall have any obligation to the other hereunder, except for any Rent due and owing to the Landlord up to and including the termination of this Lease, any obligations that expressly survive hereunder, and as the parties hereto may have agreed otherwise in this Lease or by a separate writing.

Landlord’s Termination Option. Notwithstanding the other provisions herein, Landlord shall have the option, to be exercised by written notice to Tenant within fifteen (15) days after the receipt of such request, Information and Transfer Agreement, to terminate this Lease as it relates to the portion of the Premises which is the subject of the proposed Transfer ("Transferred Premises") effective as of the date on which the proposed Transfer was to have occurred. If Landlord elects to terminate this Lease Tenant shall have the right, to be exercised by written notice to Landlord within 10 days after receipt of Landlord's notice to withdraw the request for consent, in which case Tenant shall not proceed with such Transfer, the Landlord's notice shall be null and void and this Lease shall continue in full force and effect. If Landlord terminates this Lease as it relates only to a portion of the Premises, Tenant shall be responsible for demising such portion, to the extent that it would have been responsible pursuant to the Transfer Agreement. Tenant hereby grants to Landlord and any others entitled to use the same, to use for their intended purposes all portions of the Premises in the nature of common areas (such as corridors, washrooms, lobbies etc.).

Landlord’s Termination Option. Notwithstanding anything to the contrary contained herein, if the Officer Complex is damaged or destroyed, whether or not the Premises are damaged or destroyed, from any cause to such an extent that the costs of repairing and restoring the Office Complex would exceed fifty percent (50%) of the replacement value of the Office Complex, Landlord shall have the right to terminate this Lease by written notice to Tenant, provided the leases with all other tenants in the Office Complex are similarly terminated. This right of termination shall be in addition to any other right of termination provided in this Lease.

Landlord’s Termination Option. Landlord shall have a one-time option (“Landlord’s Termination Option”) to terminate the Amended Lease with respect to the entire Premises effective as of the third (3rd) anniversary of the Extension Term Commencement Date (i.e., May 22, 2017) (except for those provisions that expressly survive the expiration or earlier termination of the Amended Lease); provided, that Landlord provides Tenant with no less than nine (9) months prior written notice. If Landlord timely exercises Landlord’s Termination Option, then Tenant shall surrender the Premises to Landlord on the termination date in the condition required by the Amended Lease for surrendering Premises upon the expiration or earlier termination thereof. Time is of the essence with respect to the exercise of Landlord’s Termination Option.

Landlord’s Termination Option. Notwithstanding anything in the Lease to the contrary, Landlord may terminate the Lease with respect to all or a portion of the Premises at any time for any or no reason upon 30 days’ prior written notice to Tenant. Any sublease or lease of all or any portion of the Premises shall terminate all of Tenant’s future payment obligations with respect to that portion of the Premises for the full future Term of the Lease; provided in the case of a sublease or lease of a portion of the Premises the payment obligations with respect to the subject Premises shall be determined equitably and in good faith by Landlord following consultation with Tenant. Upon the effectiveness of the termination of the Lease by Landlord, Tenant shall accrue no further obligations with respect to the portion of the Premises to which the termination applies, except with respect to those provisions of the Lease that, by their express terms, survive the expiration or earlier termination thereof.