OPTION TO CONTRACT Sample Clauses

OPTION TO CONTRACT. Provided Tenant fully and completely satisfies each of the conditions set forth in this Article 33, Tenant shall have the option (“Contraction Option”) to terminate this Lease as to the “Contraction Space” as defined below effective as of a date(s) selected by Tenant which is after expiration of the second (2nd) Lease Year (as to space which is a part of the initial Premises) or effective as of a date(s) selected by Tenant which is after the date which is two (2) years after the commencement of Tenant’s lease of such space (as to any First Offer Space added to the initial Premises under Article 32 above). The term “
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OPTION TO CONTRACT. Provided that (x) Tenant is not in default under the Lease beyond the expiration of any applicable notice and cure period, and (y) except for a Corporate Transfer, Tenant has not assigned the Lease, Tenant shall have the right, at Tenant’s sole option, to give back to Landlord, as of July 31, 2020 or July 31, 2022 (each a “Early Contraction Date”), up to the equivalent of one full floor in Tower 1 and one full floor in Tower 2, in increments of no less than all the space leased by Tenant on a floor in Tower 1 or Tower 2, and the connector space located in Tower 3, if applicable (such given back space shall hereinafter be referred to as the “Contraction Premises”), and shall be the space that represents the uppermost and/or the lowermost portion of the Demised Premises so that Tenant’s remaining Demised Premises remains contiguous space. Such contraction shall be effective only so long as (a) Tenant provides Landlord with written notice of termination on this Lease (the “Contraction Notice”) not later than twelve (12) full months prior to July 31, 2020, or July 31, 2022 (each a “Contraction Notice Date”), and (b) on or before the Contraction Notice Date, Tenant pays to Landlord, in immediately available Federal funds, the “Contraction Fee” (as hereinafter defined). Despite the foregoing, in the event that Tenant exercises its first right under this Section 50 to contract, then Tenant shall have no further right to contract under this Section 50. As used herein, “Contraction Fee” shall mean the then unamortized costs that were incurred by Landlord in connection with the Contraction Premises under this Lease (collectively, the “Transaction Costs”), including, without limitation, the brokerage fees and commissions, free rent, and fifty percent (50%) of the Construction Allowance. The Transaction Costs shall be amortized [using an interest rate of eight percent (8%)] in equal monthly installments over the initial term of this Lease. In the event Tenant shall exercise its option to contract as aforesaid, Tenant shall surrender the Contraction Premises to Landlord pursuant to the applicable provisions of this Lease on the Early Contraction Date, and the parties shall thereupon be relieved of any further liability under this Lease with respect to the Contraction Premises. Notwithstanding the foregoing, at Landlord’s option, Tenant’s exercise of the option to contract shall become null and void in the event Tenant shall be in default under the Lease between the exe...
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OPTION TO CONTRACT. Based on the decision tree analyzed before(Figure 3.4), landing new gas fields to Nyhamna and use extra capacity are the key points to determine whether Nyhamna will be a hub. Shell is the operator of the new gas field called Onyx and StatiolHydro operates a new gas field called Luva. It is possible for management to exercise the option to contract at Nyhamna because of the uncertainty in gas market and high landing cost to Nyhamna. In addition, Kårstø and Kollsnes are two existing competitors for Nyhamna. Landing Onyx and Luva to Nyhamna is not the only solution. Another option is to land Onyx or Luva to other existing hubs. The existing hubs such as Kårstø and Kollsnes may have good experience to land new gas fields and thus may have cost advantages. Furthermore, if the market condition is worse than expected, it is a good strategy to contract the production scale in order to prevent losing profits. The option to contract is opposite from the option to expand. The gas companies may contract scale of investment to save cost when the market condition is worse than expected. We assume the company could contract c% scale of investment and saving cost would be IC. Therefore, the value of this option will be max (IC-33.4×c%, 0). It does not mean that gas companies could not invest in xxxxx, templates and so on. Management could save cost through exercise this option.
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OPTION TO CONTRACT. Article 39 "Reduction to Size of Premises" is hereby null and void and is replaced by the following verbiage: Provided the Tenant is not in default of Lease terms and conditions, at any time during the last three (3) years of the renewal term, Tenant shall have the right to "give back" to the Landlord up to 4,106 rentable square feet of space by providing Landlord with one hundred eighty (180) days prior written notice accompanied by liquidated damages in an amount equal to one hundred twenty five percent (125%) of the unamortized brokerage commissions and Tenant Improvements on a pro-rata basis as applied to the actual square footage contracted amortized at ten percent (10%) interest per annum. The total cost of commissions is $73,612.00 and the total cost of Tenant Improvements is $173,700.00. Such right to contract shall continue during Tenant's renewal periods. In the event Tenant elects to contract, Tenant shall forgo its right of Building signage.
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OPTION TO CONTRACT. Tenant shall have a one (1) time option to reduce the size of the Premises by approximately 693 square feet as shown on the attached Exhibit A effective November 1, 1994, by providing both a written notice of its intention to contract and a payment in the sum of EIGHTEEN THOUSAND AND NO 100 DOLLARS ($18,000.00) to Landlord on or before May 1, 1994. In addition, Tenant shall be responsible for the cost of the improvements associated with partitioning off the contraction space from the remaining Premises.
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OPTION TO CONTRACT. This Subsection is hereby amended as follows: Tenant shall have a one (1) time Option to Contract the size of the Premises by approximately 000 XXXXXXXX XXXXXX FEET as shown on the attached EXHIBIT A-3 effective JUNE 1, 1998, by providing Landlord with six (6) months' prior written notice of Tenant's intention to exercise such Option to Contract. The following Subsection 20.21 is hereby added:
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OPTION TO CONTRACT. The square footage is hereby amended from 693 square feet to 769 rentable square feet.
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Related to OPTION TO CONTRACT

  • Condition to Contract As a condition to this Agreement, Contractor shall execute the “Chapter 12B Declaration: Nondiscrimination in Contracts and Benefits” form (form HRC-12B-101) with supporting documentation and secure the approval of the form by the San Francisco Human Rights Commission.

  • Freedom to Contract The Executive represents that he is free to enter into this Agreement and carry out his obligations hereunder without any conflict with any prior agreements, and that he has not made and will not make any agreement in conflict with this Agreement.

  • Compensation to Contractor The terms related to the price of the goods and/or services to be provided under this Agreement and the terms of payment to the Contractor are described in more detail in Attachment “B” to this Agreement: Price and Payment Information.

  • Notice to Contractor The Contractor is required to submit Certificates of Insurance acceptable to the State as evidence of insurance coverage requirements prior to commencing work under this Contract. Contractor shall not commence work under the contract until they have obtained all the insurance described below and the State has approved such insurance. Contractor shall maintain such insurance in force and effect throughout the term of this Contract, unless otherwise specified in this Contract The failure of the Contractor to provide a Certificate of Insurance, for the policies required under this Contract or renewals thereof, or failure of the insurance company to notify the State of the cancellation of policies required under this Contract shall not constitute a waiver by the State to the Contractor to provide such insurance. The State reserves the right to immediately terminate this Contract if the Contractor is not in compliance with the insurance requirements and retains all rights to pursue any legal remedies against the Contractor. All insurance policies must be open to inspection by the State, and copies of policies must be submitted to the State’s Authorized Representative upon written request.

  • Amendment to Contract Either party may request modification of the provisions of this Agreement by filing a Change Request with the Division. The Change Request must be submitted using the DOS Grants System at xxxxxxxxx.xxx. Changes that are agreed upon shall be valid only when amended in writing, signed by each of the parties and attached to the original of this Agreement. If changes are implemented without the Division’s written approval, the organization is subject to noncompliance, the grant award is subject to partial or complete refund to the State of Florida and this agreement is subject to termination.

  • Authority to Contract Each Party represents and warrants that it has full right, power and authority to enter into and perform its obligations under this Agreement, and that the person signing this Agreement is duly authorized to enter into this Agreement on its behalf.

  • Parties to Contract Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

  • Payment to Contractor The TOWN agrees to pay at the rates specified for SERVICES satisfactorily performed in accordance with this contract. Unless otherwise specified, the CONTRACTOR shall submit an itemized invoice to the TOWN by the end of the month during which SERVICES are performed. Payment will be processed promptly upon receipt and approval by the TOWN of the invoice.

  • Payment to Consultant Upon receipt of a properly prepared invoice and confirmation that the Required Services detailed in the invoice have been satisfactorily performed, City shall pay Consultant for the invoice amount within thirty (30) days. Payment shall be made in accordance with the terms and conditions set forth in Exhibit A and section 2.4, below. At City’s discretion, invoices not timely submitted may be subject to a penalty of up to five percent (5%) of the amount invoiced.

  • OPTION TO TERMINATE AGREEMENT In the event that any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to reduction in accordance with the provisions of Section 7.1, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a reduction under Section 7.1 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 7.2 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the reduction giving rise to the option occurred.

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