Lessor's Option to Terminate. (a) In the event Lessor enters into a bona fide contract to sell the Leased Property to a non-Affiliate other than Lessee or an Affiliate of Lessee, Lessor may terminate the Lease by giving not less than 60-days prior Notice to Lessee of Lessor's election to terminate the Lease upon the closing under such contract. Effective upon such date, 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 and all Rent including Percentage Rent and Additional Charges shall be adjusted as of the termination date.
(b) As compensation for the early termination of its leasehold estate under this Article 36 because of a sale of the Leased Property, Lessor shall within six months after of the closing of such sale, either (i) pay to Lessee the "Termination Fee" (as defined below) or (ii) offer to lease to Lessee one or more substitute suite hotel facilities pursuant to one or more leases that would create for the Lessee leasehold estates that have an aggregate fair market value of no less than the fair market value of the original leasehold estate (a "Comparable Lease"), such value to be determined as of the closing of the sale of the Leased Property. Lessee's acceptance of the Comparable Lease shall not be unreasonably withheld. If Lessee rejects the Comparable Lease, Lessor shall pay the Termination Fee to Lessee. In the event Lessor and Lessee 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 Article 31.
(i) For the purposes of this Section, fair market value of the leasehold estate 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 Lessee's leasehold estate under this Lease or an offered replacement leasehold estate. In computing fair market value of a leasehold estate, the appraiser shall discount all future income and fees to the then present value at a rate equal to the Prime Rate plus 2% per annum.
(ii) The Termination Fee shall equal the "Net Present Value" (as defined below) of the "Lessee Leakage" (as defined below) for (a) the remaining Lease Years of the Term or, (b) if the termination occurs less than five Lease Years from the end of the Term, the remaining Lease Years in the Term plus one year (the "Determination Period"). "Lesse...
Lessor's Option to Terminate. Lease with Respect to Hotel upon Sale of a Facility. In the event Lessor enters into a bona fide contract to sell any Facility, Lessor may terminate this Lease with respect to each such Facility by giving not less than thirty (30) days prior Notice to Lessee of Lessor's election to terminate this Lease with respect to each such Facility effective upon the closing under such contract. In the event a closing under such contract does not occur, this Lease shall continue to be in full force and effect as to each such Facility. Effective upon such closing, this Lease shall terminate and be of no further force and effect as to any obligations of the parties existing as of such date relating to each such Facility. As compensation for the early termination of its leasehold estate under this Article XXXVI, Lessor shall, within ninety (90) days of such closing, pay to Lessee the Fair Market Value of the Leasehold Estate.
Lessor's Option to Terminate. 20.1 Lessee agrees that neither this Lease Agreement nor any Leasing Schedule, nor any interest therein or in any Equipment, shall be assignable or transferable by operation of law and it is agreed and covenanted by and between the parties hereto that if any Event of Default shall occur or happen, then this Lease Agreement and any and all Leasing Schedules shall, at the option of the Lessor to be exercised by notice hereunder, immediately end and terminate and ® Registered trademark of Royal Bank of Canada Page 3 of 5 neither this Lease Agreement nor any Leasing Schedule or any interest therein shall be an asset of Lessee after the exercise of that option; provided that no such termination shall terminate or affect any right or remedy which shall have arisen under the Lease prior to such termination.
Lessor's Option to Terminate. A. In the event Lessor requires the Premises in connection with future expansion and/or operation of the Airport prior to the expiration or termination of this Lease, Lessor may, upon ninety (90) days written notice, cancel this Lease.
B. In the event this Lease is canceled pursuant to this section, Lessor shall pay to Lessee the fair market value of Lessee's remaining leasehold interest and the fair market value of Lessee-owned buildings, structures, alterations and/or improvements placed by Lessee upon the Premises during the term of this Lease. The fair market value shall be determined by following the appraisal procedure set forth for determination of the fair market rental of the Premises in
Lessor's Option to Terminate. A. Lessee hereby grants to Lessor should it require the Premises in connection with the future expansion and/or operation of the Airport prior to the expiration or termination of the Lease, Lessor may, upon ninety (90) days written notice, cancel this Lease.
B. In the event that this Lease is canceled under the provisions of this Section, Lessor shall pay to Lessee the fair market value of Lessee’s remaining leasehold interest and the fair market value of Lessee owned buildings, structures, alterations and/or improvements placed by Lessee upon the Premises during the term of this Lease.
C. The fair market value shall be determined by following the appraisal procedure set forth determination of the fair market rental of the Premises in Section 1.4 of this Lease.
D. After payment therefore as provided herein, all buildings, structures, alterations and/or improvements shall be subject to the provisions of section 7.6 of this Lease.
Lessor's Option to Terminate. Notwithstanding any other provision in this Lease regarding default or termination, should Lessee attempt to make or suffer to be made any such encumbrance, assignment, sublease, or transfer in violation of this Section, or should any right or interest of Lessee hereunder or in or to the Premises be transferred or sold by or under court order or legal process, or otherwise, then any of the foregoing events will be deemed a breach of this Lease and thereupon Lessor may, at its option, terminate this Lease immediately by written notice to Lessee, or exercise other rights provided by law or in this Lease to be exercisable by Lessor in the event of any default or breach under this Lease. Should both Lessor and Master Lessor consent to any such encumbrance, assignment, sublease, or transfer, such consent will not constitute a waiver of any of the restrictions of this Section, and the same will apply to each and every encumbrance, assignment, sublease, or transfer hereunder and shall be severally binding upon each and every encumbrancer, assignee, sublessee, transferee, and other successor in interest of Lessee.
Lessor's Option to Terminate. In the event of a default of Lessee, Lessor shall have the right, at its election, then or thereafter while any such event of default shall continue and notwithstanding the fact that Lessor may have some other remedy hereunder or at law or in equity, to give Lessee written notice of Lessor's intention to terminate the term of this Lease on a date specified in such notice, which shall be not less than thirty (30) days after the giving of such notice, and upon the date so specified, the term of this Lease and the estate hereby granted shall expire and terminate and all rights of Lessee hereunder shall expire and terminate. In lieu of terminating this Lease, Lessor may elect to continue this Lease, in which event Lessor shall have the immediate right of re-entry and possession of the Demised Premises and the right to remove all persons and property therefrom. Should Lessor elect to re-enter as herein provided or should Lessor take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may from time to time re-let the Demised Premises or any part thereof for such term or terms and at such rental or rentals and Big 5, Fontana, CA 2-12-96 (8) upon such terms and conditions as Lessor may deem advisable, with the right to make repairs and alterations to the Demised Premises.
Lessor's Option to Terminate. Lessee hereby grants Lessor the option to terminate this Agreement for any reason on twenty-four (24) hours notice, either by mail, personal notice, telephone or telegram. Upon the exercise of such option, the Lessee shall forthwith return to Lessor’s premises at Lessee’s risk and expense, the rental equipment covered herein in the same condition as it was when first delivered to Lessee.
Lessor's Option to Terminate. A. In the event Lessor requires the Premises in connection with future expansion and/or operation of the Airport prior to the expiration or termination of this Lease, Lessor may, upon ninety (90) days written notice, cancel this Lease.
B. In the event this Lease is canceled pursuant to this section, Lessor shall pay to Lessee the fair market value of Lessee's remaining leasehold interest and the fair market value of Lessee-owned buildings, structures, alterations and/or improvements placed by Lessee upon the Premises during the term of this Lease. The fair market value shall be determined by following the appraisal procedure set forth for determination of the fair market rental of the Premises in Section 1.6 of this Lease. Upon payment as provided herein, all buildings, structures, alterations and/or improvements shall become the sole property of the Lessor. Lessor, in its discretion, may utilize or remove any or all buildings, structures, alterations and/or improvements from the Premises.
Lessor's Option to Terminate. At any time during the Listing Period and at NO cost, the Lessor may request that Listing Broker’s right to list the Property be terminated. To be valid, such requests must be submitted to Listing Broker via fax or email. Once validly requested, such termination shall be effective within 48 hours of receipt.
