Option to Remarket Sites Sample Clauses

Option to Remarket Sites. Subject to the fulfillment of each of the conditions set forth in this Article XXII (other than Section 22.2), Lessee shall have the option (the "Site Remarketing Option") to market a Site subject to a Lease Supplement during the Site Remarketing Period related to such Site and sell such Site on the related Site Expiration Date. Lessee's effective exercise and consummation of the Site Remarketing Option with respect to such Site shall be subject to the due and timely fulfillment of each of the following provisions: (a) Satisfaction of the conditions set forth at Section 22.3, including the payment to Agent of the AMAT Recourse Amount pursuant to Section 22.3(h) and the Gross Proceeds pursuant to Section 22.3(i). (b) Not later than ninety (90) days prior to such Site Expiration Date, Lessee shall deliver to Lessor an Environmental Audit for such Site. Such Environmental Audit shall be dated as of a date not earlier than the first day of such Site Remarketing Period and shall be prepared by an environmental consultant selected by Lessor in Lessor's reasonable discretion and shall contain conclusions reasonably satisfactory to Lessor as to the environmental status of such Site. If any such Environmental Audit indicates any exceptions, Lessee shall have also delivered a Phase Two environmental assessment by such environmental consultant at least sixty (60) days prior to such Site Expiration Date showing the completion of the remediation of such exceptions in compliance with Applicable Laws and Regulations, except that any such exception that existed on, and was disclosed in the Environmental Audit delivered prior to, the related Site Acquisition Date and for which a long-term remediation program complying with Applicable Laws and Regulations (and providing for remediation beyond the Site Expiration Date) was in place on the Site Acquisition Date, will not require completion of remediation prior to such Site Expiration Date so long as the Person or Persons responsible for such remediation are in compliance with such long-term remediation program on the Site Expiration Date. (c) If such Site is a Construction Site, not later than one day prior to Lessor's receipt of the Site Remarketing Notice, the Construction Completion Date shall have occurred as to such Construction Site. -41- 48 (d) If such Site is a 25% Property, then: (i) If the Land Proceeds exceed the sum of the Land Balance with respect to such Site as of such Site Expiration Date and the Prior Shortfa...
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Related to Option to Remarket Sites

  • Option to Expand On or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

  • Option to Build If the dates designated by Developer are not acceptable to Connecting Transmission Owner, the Connecting Transmission Owner shall so notify the Developer and NYISO within thirty (30) Calendar Days, and unless the Developer and Connecting Transmission Owner agree otherwise, Developer shall have the option to assume responsibility for the design, procurement and construction of Connecting Transmission Owner’s Attachment Facilities and Stand Alone System Upgrade Facilities on the dates specified in Article 5.1.2; provided that if an Attachment Facility or Stand Alone System Upgrade Facility is needed for more than one Developer’s project, Developer’s option to build such Facility shall be contingent on the agreement of all other affected Developers. NYISO, Connecting Transmission Owner and Developer must agree as to what constitutes Stand Alone System Upgrade Facilities and identify such Stand Alone System Upgrade Facilities in Appendix A hereto. Except for Stand Alone System Upgrade Facilities, Developer shall have no right to construct System Upgrade Facilities under this option.

  • OPTION TO RENEW Provided Tenant is not, and has not been (more than two (2) times), in default under any of the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided herein (“Option”). The Option shall only be exercised by Tenant delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date which is nine (9) months prior to the expiration of the Rental Term (the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded). “Fair Market Rate” means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.

  • Landlord’s Option to Repair Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, in which event this Lease shall terminate, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice will include a termination date giving Tenant sixty (60) days to vacate the Premises, but this Lease may be so terminated Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance policies or that portion of the proceeds from Landlord’s insurance policies allocable to the Building or the Project, as the case may be; (iv) Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; (v) the damage occurs during the last twelve (12) months of the Lease Term; or (vi) any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if such fire or other casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to Tenant’s occupancy and as a result of such damage the Premises are unfit for occupancy, and provided that Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and either (a) the repairs cannot, in the reasonable opinion of Landlord’s contractor, be completed within two hundred seventy (270) days after being commenced, or (b) the damage occurs during the last twelve months of the Lease Term and will reasonably require in excess of ninety (90) days to repair, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant.

  • Election to Redeem; Notice to Trustee The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing compliance with such restriction.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one (1) option ("Option") to extend the Lease Term with respect to the Premises on the following terms and conditions: (a) The Option shall give Tenant the right to extend the Lease Term for an additional ten (10) years (the "Extended Term"); (b) Tenant shall give Landlord written notice of its exercise of the Option no later than one hundred eighty (180)days, nor earlier than three hundred sixty (360), prior to the Termination Date; (c) Tenant may not extend the Lease Term pursuant to this Section 3.4 if Tenant is in default in the performance of any of the terms and conditions of this Lease and/or the Other Lease, which default continues after the expiration of any grace period and the giving of any notice, as provided in Article 16 below or in the Other Lease. Any notice of exercise of the Option given by Tenant while Tenant is in default shall be of no force and effect. The period of exercise of the Option shall not be extended for any period in which Tenant is unable to exercise an Option by reason of Tenant's default. If Tenant is in default on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease pursuant to Section 16.2.1, notwithstanding any notice given by Tenant of the exercise of the Option. (d) All terms and conditions of this Lease shall apply during the Extended Term, except that Base Rent for the Extended Term shall be determined in accordance with Section 5.1.2 below; (e) Once Tenant delivers notice of its exercise of the Option, Tenant may not withdraw such exercise and, subject to the provisions of this Section 3.4, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Section 3.4, the term "Lease Term" as used in this Lease shall thereafter include the Extended Term and the Termination Date shall be the expiration date of the Extended Term.

  • Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change Subject to the other terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

  • Right to Refuse Unsafe Work Employees have the right to refuse to perform unsafe work pursuant to the Occupational Health and Safety Regulations of the Workers Compensation Act.

  • Right to Redeem The Board of Directors of the Company may, at its option, at any time prior to a Trigger Event, redeem all but not less than all of the then outstanding Rights at a redemption price of $.01 per Right, appropriately adjusted to reflect any stock split, stock dividend, recapitalization or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the "Redemption Price"), and the Company may, at its option, pay the Redemption Price in Common Shares (based on the "current per share market price," determined pursuant to Section 11.4, of the Common Shares at the time of redemption), cash or any other form of consideration deemed appropriate by the Board of Directors. The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to such conditions as the Board of Directors in its sole discretion may establish.

  • Refusal to Test 17.1. If a Worker refuses to participate in workplace Drug and Alcohol testing the following will apply: (a) The Employer, will inform the Worker and the workers chosen representative, that the refusal will have the same consequences as a non-negative result, i.e. that the employee will be deemed to be unfit for work due to the presence of alcohol or drugs; (b) If the worker still refuses, the Employer and the PIA, shall consult with the worker and the workers chosen representative, regarding the requirements, process and consequences of refusing to test and encourage them to partake in the test. This would be the second request to be tested; (c) If the worker still refuses, the refusal will be treated as a confirmed positive result, and will be subjected to the relevant consequences of such. All reasonable assistance is to be offered to ensure the employee can make their way from the workplace to a safe location without harm (i.e. taxi, lift from a friend or fellow worker). An agreed leave of absence arrangement is to apply for the duration of their absence.

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