Lessee’s Right to Terminate. Lessee shall have the right to terminate this Lease Agreement upon the occurrence of any of the following events:
Lessee’s Right to Terminate. (a) If (i) the architect determines in accordance with Section 12.1 above that the Casualty resulted in damage to all or a substantial part of the Building which will take in excess of (x) eighteen (18) months from the beginning of restoration to restore the Building to the same condition as existed immediately prior to the Casualty and the Casualty occurs at any time during the Lease Term or (y) three (3) months from the beginning of restoration to restore the Building to the same condition as existed immediately prior to the Casualty and the Casualty occurs during the last twelve (12) months of the then current Lease Term, but Lessor does not elect to terminate this Lease, or (ii) as a result of a Casualty to the Building, Lessee must either (A) cease its operations at such Building for a period of fifteen (15) months or more, (B) move a Substantial Portion of its operations from the Building or relocate a Substantial Percentage of its employees from the Building to another location not on the Property for a period of fifteen (15) months or more or (C) lay off a Substantial Percentage of its employees working at the Building for a period of fifteen (15) months or more (any of the foregoing Casualties described in clause (i) or (ii), a “Substantial Casualty”), then Lessee may elect to terminate this Lease upon giving notice of such election in writing to Lessor within sixty (60) days after Lessee is notified in writing of the architect’s determination as to the time required to restore the Building or Lessee determines that a Substantial Casualty under clause (ii) above has occurred, which notice shall specify a termination date not earlier than sixty (60) days after the date of the notice.
Lessee’s Right to Terminate. If Lessee elects to exercise the option given under Subsection 13.2, to terminate this Lease, then any and all Gross Insurance Proceeds paid for damage or destruction of the Premises shall be applied as follows: First toward debris removal; and Second, toward the balance of the proceeds, if any, after payment of any Rent due, shall be paid to the Parties as the respective Rent shall be prorated based on the useful life of the Premises prior to the casualty event as compared to the remaining term of the Lease and any option periods without consideration of the termination of the Lease as provided in this Section.
Lessee’s Right to Terminate. In the event the LESSEE is a member of the United States Armed Forces, the LESSEE may terminate this Agreement on a Thirty(30) day written notice to the Agent, in any of the following events:
Lessee’s Right to Terminate. If the Premises are damaged by any peril and Lessor does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Lessor shall furnish Lessee with the written opinion of Lessor's architect or construction consultant as to when the restoration work required of Lessor may be complete. Lessee shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Lessor of a written notice of election to terminate within seven days after Lessee receives from Lessor the estimate of the time needed to complete such restoration (i) if the time estimated to substantially complete the restoration or the actual restoration exceeds fifteen (15) months from and after the date the architect's or construction consultant's written opinion is delivered or (ii) if the damage occurred within twelve months prior to the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds one hundred eighty (180) days from and after the date such restoration is commenced.
Lessee’s Right to Terminate. Lessor shall notify Lessee within thirty (30) days after any damage to or destruction of the Premises, the length of time Lessor reasonably estimates to be necessary for repair or restoration. Lessee shall have the right to terminate this Lease within fifteen (15) days after the receipt of such notice if restoration or repair of the Premises will take more than ninety (90) days.
Lessee’s Right to Terminate. If during the term of this Lease, the Lessee determines that it no longer is able to continue its operations on the Premises, it shall so notify the State in writing and such notification shall constitute a termination of this Lease, whereupon the parties hereto shall cease to have any further obligation or liability to one another.
Lessee’s Right to Terminate. If Lessee or Lessor elects to exercise the option given under Subsections 14.2(ii) or (iii), respectively, to terminate this Lease, then any and all Net Insurance Proceeds paid for damage or destruction of the Property shall be applied as follows:
Lessee’s Right to Terminate. In the event there shall occur any fire or other casualty as described in subsection 15.1 to the Premises after the Lease Commencement Date, Lessee shall have the right to terminate this Lease in accordance with this subsection 15.2. If Substantial Completion of the restoration of the Premises does not occur, or in Lessor’s reasonable judgment will not occur, within 90 days after the date of the fire or other casualty (which 90 day period shall be extended to the extent of any delay caused by Lessee, its agents or representatives or delay caused by a Permitted Delay, as defined below). Lessor shall so notify Lessee in writing, which notice shall include Lessor’s reasonable estimate of the date of Substantial Completion of the restoration. Lessee, by giving written notice of termination within thirty (30) days after its receipt of Lessor’s notice, shall have the right to terminate this Lease effective as of such date not later than forty-five (45) business days after Lessee’s receipt of Lessor’s notice. In the event of such termination, neither party shall be liable to the other for any liability relating to the period after termination. As used above, “Permitted Delay” shall mean a delay caused by (1) strikes or labor problems beyond the reasonable control of Lessor (lack of financial credit or liquidity not to be deemed beyond a party’s reasonable control), (2) adverse weather conditions in excess of those normally expected for the season, (3) other Acts of God and (4) unavailability of material or equipment, government actions and casualty damage not caused, in any such case, by any negligent or willful act or failure to act of Lessor or by any lack of financial credit or financial liquidity of Lessor. If Lessee does not terminate this Lease as aforesaid, and the Substantial Completion of the restoration does not occur by the estimated date of Substantial Completion in the aforesaid notice, Lessor shall provide within ten (10) business days after a determination is made that Substantial Completion will not occur by the estimated date a second notice estimating the extended date of Substantial Completion, and Lessee shall again have the right, exercisable only by written notice given within fifteen (15) days after receipt of Lessor’s notice, to terminate this Lease within forty-five (45) business days after receipt of Lessor’s most recent notice. In each instance in which Lessee elects not to exercise its right to terminate as provided in this subsection ...
Lessee’s Right to Terminate. (a) So long as the Lessee can satisfy the Termination Covenants and the provisions of this Section 12, and subject to the last sentence of paragraph (a) of Section 13 hereof, the Lessee shall have the right, upon eighteen (18) months' notice (the "Termination Notice") to the Lessor and the Related Assignee, to terminate the lease of the Facility in its entirety or any other Parcel of Property or Unit of Equipment on the Basic Rent Payment Date at the end of the Initial Term or the Extended Term, by arranging, at its own cost and expense, for the sale of the Facility or any other Property or Equipment in an arm's length transaction on the date of termination and, subject to the provisions of paragraph (b) of this Section 12, the receipt by the Lessor of cash in an amount equal to the sale price thereof (the "Cash Proceeds"). In the event the Lessee delivers the eighteen month notice described in the immediately preceding sentence, the Lessee shall be required, on the date it delivers such notice, to pay to the Lessor all amounts owing by the Lessor under the Derivative Option to enable the Lessor to exercise the option described therein. In the event the Lessee is unable to satisfy the Termination Covenants, the Lessee shall not terminate this Lease pursuant to this paragraph (a) as to the Facility in its entirety or any other Property or Equipment unless the Lessee has obtained the prior written consent of the Lessor to such termination of this Lease and the sale of the Facility or such other Property or Equipment and the Related Assignee has been given notice of such termination and consent. In addition, if an Event of Default or Event of Lease Termination has occurred and is continuing, and, prior to the termination of this Lease, in whole or in part, pursuant to this paragraph (a), the Lessor arranges for the sale of the Facility or such other Property or Equipment to a third party purchaser, the Termination Notice shall be invalidated and the Lessee shall no longer have the right to cause the termination of the lease of the Facility or such Property or Equipment and sale of the Facility or such Property or Equipment to its designee in accordance with the terms of this paragraph (a). At the time the Facility or other Property or Equipment is sold pursuant to this paragraph (a), the Lessor shall deliver the documents described in paragraph (g) of Section 30 hereof, and the Lessor's rights and obligations in respect of the Site Lease and the Easements, or...
