Option to Terminate Lease. In the event Lessor enters into a contract to sell the Leased Property to a non-Affiliate, Lessor may terminate the Lease by giving not less than forty-five (45) days’ prior written notice of the election to terminate the Lease effective upon the consummation of such transaction. Effective upon such termination date, the Lease shall terminate and be of no further force and effect as to any obligations of the parties existing as of such date that survive termination of this Lease. Lessor shall pay to Lessee, or reimburse Lessee for any assignment or termination fees or other liabilities arising under the Management Agreement or any Franchise Agreement solely as a result of the termination or assignment of such agreements in connection with a termination of the Lease under this Section 1.2(a).
Option to Terminate Lease. Xxxxxx agrees that Delano shall have the right to terminate this Lease Agreement in the event that Delano obtains information which may indicate, as determined in Delano’s sole discretion, that any representation made by Xxxxxx concerning the nature of the activity to be conducted on or in the Public Facilities was inaccurate or has become inaccurate or that Lessee is other not likely to be able to comply with the terms and conditions of this Lease Agreement.
Option to Terminate Lease. If either (i) more than sixty percent (60%) of the rentable area of the Premises shall be substantially damaged by fire or other casualty or (ii) the Premises or any substantial part thereof shall be damaged or destroyed by fire or other casualty to the extent that the repairs and restoration thereof can be reasonably anticipated to take longer than one hundred eighty (180) days, then, in either such instance, Landlord or Tenant may, at its option, elect to terminate this Lease by giving notice to the other within thirty (30) days after Landlord receives actual notice of such fire or other casualty; provided however that Tenant shall have no option to terminate this Lease if such damage or destruction is caused by the intentional misconduct of Tenant or Tenant’s contractors, agents, representatives, employees, customers or invitees. In the event that either party gives the other timely notice of termination, the Lease Term shall expire by lapse of time upon the tenth (10th) day after such termination notice is given. Should neither party give the other timely notice of termination, then the provisions of this Lease pertaining to repair and restoration of the Building and the Premises shall apply.
Option to Terminate Lease. If the Premises or any part of the Building shall be damaged or destroyed by fire or other casualty, Landlord may, at its option and subject to Section 14.2 hereinbelow, elect to terminate this Lease by giving notice to the Tenant within ninety (90) days after Landlord receives actual notice of the fire or other casualty, and thereupon the Lease Term of this Lease shall expire by lapse of time upon the tenth (10th) day after such notice is given. If this Lease is terminated pursuant to the preceding sentence, then Tenant shall assign to Landlord all insurance proceeds relating to any leasehold improvements required to be insured hereunder by Tenant. Instead of exercising said option, Landlord may elect to repair or restore the Premises and/or Building to substantially the same condition as existed before such damage or destruction except for modifications required by zoning and building codes and other laws or any other modification as deemed desirable by Landlord; provided, however, Landlord will have no obligation to repair or restore (i) non-Building standard leasehold improvements, or (ii) any items that Tenant or any other tenant or occupant of the Building is required to insure under Section 13.2 above or such other tenant’s or occupant’s lease or occupancy agreement with Landlord. Upon electing to repair or restore, Landlord may proceed with reasonable dispatch to perform the necessary work, and the Base Rent to be paid by Tenant pursuant to this Lease shall be abated on the basis of the relation to which the rentable square footage of the portion of the Premises which is untenantable and not utilized by Tenant as a result of such fire or casualty bears to the rentable square footage of the entire Premises. The foregoing abatement of Base Rent shall commence on the date of the occurrence of such fire or casualty and continue until the earlier of the date upon which (a) such repair or restoration work required to be performed by Landlord pursuant to this Section 14.1 is completed, or (b) Tenant re-opens the untenantable part of the Premises. Upon completion of Landlord’s repair or restoration work required to be performed pursuant to this Section 14.1, Tenant shall repair or restore any leasehold improvements required to be insured by Tenant. Landlord shall not be liable to Tenant for any delay which arises by reason of labor strikes, adjustments of insurance or any other cause beyond Landlord’s control, and in no event shall Landlord be liable for a...
Option to Terminate Lease. Landlord and Tenant shall each have the right to terminate the Lease with respect to Annex "B" upon sixty (60) days' prior written notice to the other.
Option to Terminate Lease. (a) Tenant shall have the right to terminate this Lease on the terms and conditions set forth in this Paragraph 53 (the “Termination Option”). The Termination Option may be exercised by Kyphon Inc. or by any party to whom Kyphon Inc. has assigned this Lease, but not by any sublessee. The Termination Option shall be effective only if Tenant is not in Default under this Lease either at the time of the exercise of the Termination Option or on the Termination Date (as hereinafter defined).
(b) In the event Tenant elects to exercise the Termination Option, then Tenant shall provide written notice (the “Termination Notice”) to Landlord specifying the desired termination date (the “Termination Date”), which shall be not less than nine (9) months after Landlord’s receipt of the Termination Notice. Subject to the terms of this Paragraph 53, the Termination Date may occur at any time between the sixty-sixth (66th) and the ninety-sixth (96th) month of the Term (the “Exercise Period”). Any Termination Notice given by Tenant to Landlord shall be irrevocable.
(c) If Tenant delivers a Termination Notice to Landlord, then subject to Paragraph 53(a) above, the Lease shall terminate on the Termination Date specified in the Termination Notice; provided, however, that as a condition precedent to the termination of the Lease, Tenant shall pay to Landlord, on or before the Termination Date, an amount equal to the sum of (i) fifty percent (50%) of the Base Rent that would have otherwise come due under this Lease between the Termination Date and the original scheduled Expiration Date (the “Original Expiration Date”), (ii) the unamortized portion of the Base Rent that was waived by Landlord pursuant to Paragraph 4(a)(ii) above, the unamortized portion of the Tenant Improvements Allowance provided to Tenant pursuant to Paragraph 5(a) of Exhibit B and the unamortized portion of the aggregate leasing commissions paid to Landlord’s Broker and Tenant’s Broker in connection with this Lease, all together with interest thereon at the rate of ten percent (10%) per annum, and (iii) the outstanding balance of the Tenant Improvements Loan and all accrued and unpaid interest thereon (calculated as of the date the Tenant Improvements Loan is repaid to Landlord in full). For purposes of the calculation referenced in the aforesaid clause (iii), the Tenant Improvements Allowance and the leasing commissions shall be amortized on a straight-line basis over the initial one hundred twenty-six (126) mo...
Option to Terminate Lease. (1.7 NA)
Option to Terminate Lease. The LESSEE shall have the option of terminating this Lease during the Initial Term upon giving at least three (3) months’ prior notice in writing to the CITY, provided that all amounts due and owing to the CITY pursuant to this Lease are paid in full and the LESSEE is in compliance with all other terms and conditions of this Lease. For greater certainty, the LESSEE shall be entitled to terminate this Lease pursuant to the provisions of this Section 2.3 only during the Initial Term and the LESSEE acknowledges and agrees that it shall not be entitled to terminate this Lease on prior written notice during any Extended Term.
Option to Terminate Lease. (1.7 SA)
Option to Terminate Lease. (2.4 N) Unless earlier terminated pursuant to Sections 18, 23, and 24as set forth herein, this Lease may be terminated at any time by either Party by giving written notice to the other Party at least one hundred and eighty (180) days prior to said termination date. Upon termination of this Lease, COUNTY shall remove all COUNTY-owned property and equipment from the Premises in a timely manner.
