Common use of Landlord’s Termination Option Clause in Contracts

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 Anything in subsection A of this Article 10 to the contrary contained in notwithstanding, if the Lease, as amendedPremises are totally damaged or are rendered wholly untenantable, and provided that Specialty Laboratories has if Landlord shall decide not become to restore the tenant Premises, or if the Building shall be so damaged by fire or other casualty that, in Landlord's opinion, either substantial alteration, demolition or reconstruction of Suite 500 pursuant the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or the Building, after its proposed repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord's option, may, not later than ninety (90) days following the damage, give Tenant a notice in writing terminating this Lease. In addition, (i) if any damage shall occur to the terms of Section 8.2, above, effective as Premises or the Building during the last two (2) years 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 terminate this Lease by thirty (30) days prior 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"ii) set forth in the Termination Notice (which date Landlord shall not be earlier than obligated to repair or restore the last day Premises or the Building if a holder of the fifty-third (53rd) month a mortgage or underlying leasehold applies proceeds 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 insurance to the Termination Dateloan or lease payment balance, and the remaining proceeds, if any, available to Landlord are insufficient to pay for such repair or restoration. In the event that If Landlord elects to terminate the this Lease, as amended, pursuant to the terms of this Section 13, the Lease, as amended, with respect to Suite 500, Term shall expire at midnight on upon the Termination Datetenth (10th) day after such notice is given, and upon such date, Tenant shall vacate the Premises and surrender possession of Suite 500 the same to Landlord, and Landlord and . If Tenant shall thereafter not be relieved of their respective obligations in default under the this Lease, as amended, with respect to Suite 500, except those obligations which specifically survive then upon the termination of the Lease, as amended, including, without limitation, the payment by Tenant of all amounts owed by Tenant this Lease under the Leaseconditions provided for in the next preceding sentence, Tenant's liability for Rent thereafter accruing shall cease as amended, with respect to Suite 500, up to and including of the Termination Dateday following such damage.