OPTION TO CANCEL. Lessee shall have the right to cancel this Lease causing same to become null and void and of no further force or effect under the following terms and conditions:
1. Lessee shall notify Lessor in writing, a minimum of one hundred and eighty days, prior to the effective date of the selected cancellation date of the Lease.
2. The selected cancellation date shall be between November 1, 2008 and October 31, 2009.
3. On or before the selected cancellation date the Lessee shall pay to the Lessor a cancellation fee equal to one half of the remaining sums due the Lessor as rent for the balance of the Lease contract.
4. The Lessee shall not be in default under any of the terms and conditions of this Lease.
5. The Lessee must also cancel all other Leases in the complex located on the Southwest corner of Paularino Avenue and Redhill Avenue in Costa Mesa, California that are owned by the Lessor on the same selected cancellation date per the terms of the cancellation clause contained in each Lease. Said Leases pertain to the following addresses: 000 Xxxxxxxxx Xxxxxx – Xxxxx Xxxx, XX 02/04/05 06/01/05 10/31/10 000 Xxxxxxxxx Xxxxxx – Xxxxx Xxxx, XX 01/05/05 01/15/05 10/31/10 000 Xxxxxxxxx Xxxxxx – Xxxxx Xxxx, XX 08/05/86 09/01/86 10/31/10 000 Xxxxxxxxx Xxxxxx – Xxxxx Xxxx, XX 03/23/86 05/01/84 10/31/10 0000-X Xxxxxxxxx Xxxxxx – Xxxxx Xxxx, XX 03/11/97 04/01/97 10/31/10 0000-X Xxxxxxx Xxxxxx – Xxxxx Xxxx, XX 02/04/05 06/01/05 10/31/10 0000 Xxxxxxx Xxxxxx – Xxxxx Xxxx, XX 01/24/04 04/01/04 10/31/10 0000 Xxxxxxx Xxxxxx – Xxxxx Xxxx, XX 08/06/01 08/15/01 10/31/10 0000-X Xxxxxxx Xxxxxx – Costa Mesa, CA 10/28/85 11/01/85 10/31/10 0000-X Xxxxxxx Xxxxxx – Xxxxx Xxxx, XX 08/28/85 11/01/85 10/31/10 Note: All of the above Leases are between Trico Rents, a California General Partnership as Lessor and Ceradyne Inc., a Delaware Corporation as Lessee.
OPTION TO CANCEL. Section 35.1 Provided that (i) an Event of Default under this Lease shall not then be continuing, (ii) this Lease shall be in full force and effect at all times mentioned below, and (iii) Tenant shall not have assigned its interest in this Lease in a transaction requiring Landlord’s consent, Tenant shall have the one-time right to cancel this Lease effective as of the seventh (7th) anniversary of the Rent Commencement Date (the “Cancellation Option Termination Date”), provided that (A) Tenant shall have given Landlord, at least twelve (12) months prior to the Cancellation Option Termination Date, a notice (the “Cancellation Notice”) of Tenant’s cancellation of this Lease effective as of the Cancellation Option Termination Date, and (B) Tenant shall have paid Landlord, simultaneously with the giving of the Cancellation Notice, an amount equal to (x) the unamortized costs incurred and paid by Landlord in connection with this Lease for (a) brokerage commissions, (b) free rent, and (c) the cost of Landlord’s Work and the Tenant Improvement Allowance, all amortized on a straight-line basis over the originally scheduled Term, at an annual interest rate of 8% (the “Cancellation Payment”). Upon Tenant’s request, Landlord shall promptly deliver to Tenant an itemized list of such costs incurred by Landlord and, where applicable, evidence of such costs. Time is of the essence with respect to the giving of the Cancellation Notice by Tenant and the making of the Cancellation Payment by Tenant by the date set forth above. Upon the timely giving of the Cancellation Notice and the timely payment of the Cancellation Payment, the Term of this Lease shall expire on the Cancellation Option Termination Date as if such date were the Fixed Expiration Date and neither party shall have any further rights or obligations under this Lease, except for such rights and obligations which expressly survive the termination or expiration of the Term of this Lease.
OPTION TO CANCEL. Through August 1 Within five (5) business days After August 1 Within (2) business days
OPTION TO CANCEL. The parties hereby agree and acknowledge that Tenant’s Cancellation Option pursuant to Section 1.11 of the First Amendment, as amended by Section 9 of the Second Amendment, shall not apply to the Expansion Space.
OPTION TO CANCEL. If for any reason Private Company wishes to terminate the agreement prior to completion, the Private Company will be responsible for payment of expenses thus far incurred. The Private Company may cancel this Agreement for any reason at any time upon 1 day’s prior written notice and full payment of note obligation.
OPTION TO CANCEL. The Lessee shall have the right on January 14, 2004 to cancel this Lease. In order to exercise its right to cancel, the Lessee shall notify the Lessor in writing on or before July 1, 2003 and shall, at the time of giving such notice, pay to the Lessor a Termination Fee which shall be an amount equal to eighteen (18) months' Base Rent and Lessee's prorata share of real estate taxes and insurance for the same 18 month period multiplied by the number of square feet Lessee occupies under this Lease at the time such notice is given.
OPTION TO CANCEL. Tenant shall have the option to cancel this Lease effective on the April 30, 2004 ("Termination Effective Date") by delivery of written notice of such election to Landlord prior to April 1, 2003, time being of the essence, and payment of a cancellation fee ("Cancellation Fee") with such notice equal to the sum of (a) $265,714.66 and (b) five times the then monthly installments of Fixed Rent and Additional Rent. If Tenant leases Option Space, the Cancellation Fee shall be increased by the unamortized cost as of the Termination Effective Date of any leasing commissions, construction allowances,
OPTION TO CANCEL. In the event that twenty percent (20%) or more of the floor area of the Building shall be so taken, either Tenant or Landlord may cancel and terminate this Lease by serving upon the other a written notice of its intention so to do within thirty (30) days after receiving notice that the condemnation judgment shall be entered, in which event Landlord shall not be required to restore or rebuild the Property. Moreover, in the event that fifty percent (50%) or more of the floor area of the Building shall be so taken, or in the event that twenty-five percent (25%) or more of the total floor area of the Building shall be so taken during the last two (2) years of the then-current term of this Lease, Landlord shall have the right to cancel and terminate this Lease by serving upon Tenant a written notice of its intention to do so within thirty (30) days after the condemnation judgment shall be entered. It is agreed, however, that if a portion of the Property or the Building is taken and the Lease is not canceled or terminated by either party hereto as permitted above, the Property shall be restored as stated in Section 14.A.
OPTION TO CANCEL. Should Institution's site preparation work not be commenced within three months of the date of this Agreement and thereafter pursued diligently to completion, Institution understands that Accuray may, at its sole option, cancel this Agreement.
OPTION TO CANCEL. The reference to $265,714.66 in clause (a) of Section 2.5 of the Lease is hereby changed to $451,418.33 and the last sentence of said section is null and void.
