Option to Terminate. Tenant shall have the option to terminate this Lease, on a one-time basis, as of the end of the fifth (5th) Lease Year of the Term, but only upon the satisfaction of all of the following conditions: 33.1. Tenant must give Landlord written notice of its intention to terminate at least six (6) full calendar months prior to the date intended for termination. 33.2. Tenant shall pay Landlord a Lease Termination Fee equal to four (4) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of the Lease. 33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term. 33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Lease. 33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted. 33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant. 33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Samples: Industrial Gross Lease Agreement (Asset Acceptance Capital Corp)
Option to Terminate. Tenant shall have the option right to terminate this Lease, on a one-Lease at any time basis, as of the end of after the fifth (5th) Lease Year anniversary of the Term, but only upon the satisfaction of all of the following conditions:
33.1Commencement Date. Tenant must give Landlord written notice of its intention to terminate at least Such termination shall be effective no earlier than six (6) full calendar months prior after Tenant's delivery of written notice to Landlord. Said termination right shall only be exercised if Tenant provides documentation reasonably satisfactory to Landlord evidencing the sale of fifty percent (50%) of the stock of EMPI, Inc. to a single purchaser, Tenant's participation in a merger, or the sale of all or substantially all of Tenant's assets. Tenant will have the right to continue to occupy the Premises pursuant to the date intended for termination.
33.2. Tenant shall pay Landlord a terms of this Lease Termination Fee equal to four after the written notice of termination until the earlier of (4i) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of Tenant elects to vacate the Lease.
33.3. Tenant must be in actual Premises or (ii) the date Landlord requests possession of the Premises and paying Rent, and all Rent and Obligations due through the from Tenant based on Landlord's written notification. Said notification from Landlord will provide Tenant with a minimum of three (3) months from date of said notification until complete vacation of the Premises by Tenant. If Tenant elects to exercise its Option to Terminate, Tenant will be required to pay a $500,000 termination shall continue penalty to Landlord as follows: $250,000 of this termination penalty will be due upon receipt of the termination notice by Landlord and the balance will be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date upon termination of Tenant's notice occupancy. Said termination penalty will be reduced by the difference between $500,000 and Landlord's actual out-of-pocket costs for re-leasing the Premises, which costs shall include all "lost rental income", as defined below, all lost operating expense reimbursements (including taxes and insurance), all reasonable brokerage commissions and all reasonable tenant improvements required of election Landlord to terminate or thereafterre-let the Premises ("Termination Fee Credit"), for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed which difference is referred to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition herein as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. "Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by TenantRefund.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises." "
Appears in 1 contract
Option to Terminate. Tenant shall have the option to terminate this Lease, on a one-time basis, option (the "Termination Option") to terminate the Lease effective as of the end of the fifth thirty-sixth (5th36th) Lease Year month of the Terminitial Term (the "Termination Date"), but only upon the satisfaction of all of the following terms and conditions:
33.1. 2.8.1 On or before the end of the twenty-seventh (27th) month of the initial Term, Tenant must shall give to Landlord written notice ("Tenant's Termination Notice") of its intention Tenant's election to terminate exercise the Termination Option;
2.8.2 Tenant shall not be in default under this Lease beyond any applicable cure period either on the date Tenant exercises the Termination Option, or at least six (6) full calendar months any time prior to the date intended for termination.Termination Date; and
33.2. 2.8.3 Tenant shall pay Landlord to Landlord, concurrently with its exercise of the Termination Option and delivery of Tenant's Termination Notice, a Lease Termination Fee cancellation premium in an amount equal to four the sum of: (4i) months' the unamortized tenant improvements, brokerage commissions and legal fees with respect to the Premises, using a ten percent (10%) interest factor; and (ii) five month's Basic Rent, calculated at using the rate applicable for Basic Rent figure in place after the sixth thirtieth (6th30th) Lease Year month of the Term, such payment to . Within ten (10) business days of Tenant's written request (which must be made in full not later submitted no earlier than 120 45 days prior to before the date scheduled for early termination Tenant gives Tenant's Termination Notice), Landlord shall advise Tenant of the amount of the cancellation premium. In the event Tenant timely and properly exercises the Termination Option, the Term shall terminate effective as of the Termination Date. Rent (however denominated) shall be paid through and apportioned as of the Termination Date, and neither Landlord nor Tenant shall have any rights, estates, liabilities or obligations accruing under the Lease after the Termination Date, except such rights and liabilities which, by the terms of the Lease are obligations of Tenant or Landlord which are intended to survive the expiration of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective shall automatically terminate and shall become null and void any notice of termination previously made by Tenant.
33.7. The upon: (a) the failure of Tenant to take action in any manner timely or time periods set forth above properly exercise the Termination Option; or (b) the commission by Tenant termination of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal Tenant's right to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment possession of the Premises. Provisions affecting the length of the term, including extension terms and early termination rights of either Landlord or Tenant's interest in the Lease or a sublet of all or , should be added here as part of PremisesArticle 2.
Appears in 1 contract
Option to Terminate. Tenant shall have the one-time option to terminate this Lease, on a one-time basis, effective as of the end date (the “Termination Date”) that is the last day of the fifth eighty-fourth (5th84th) Lease Year of full calendar month during the Term, if, but only upon the satisfaction of all if, each of the following conditionsconditions is satisfied in a timely manner:
33.1. (a) Tenant must give shall have given Landlord written notice (the “Termination Notice”) of Tenant’s exercise of its intention option to terminate at least six this Lease on or before the date that is twelve (612) full calendar months prior to the date intended for termination.Termination Date, which Termination Notice shall be irrevocable;
33.2. (b) at the time the Termination Notice is given and as of the Termination Date, this Lease shall be in full force and effect and no Tenant Default shall then exist;
(c) on or before the Termination Date, Tenant shall pay have surrendered to Landlord a Lease Termination Fee equal to four (4) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rentin accordance with the provisions of this Lease, as if the Termination Date was the Expiration Date, and shall have satisfied all Rent obligations of payment and Obligations due through the date of termination shall continue to be paid and performed performance by Tenant to Landlordunder this Lease for the period ending on the Termination Date; provided, however, that (i) the obligations of the Parties under Paragraph 5 for the period ending on the Termination Date shall survive the termination of this Lease under this Paragraph 3.4, but only for the purpose of final reconciliation of Tenant’s Share of Operating Expenses, and no Event (ii) the obligations of Default shall exist the Parties under the Leaseprovisions of this Lease that survive Lease end shall survive the Termination Date; and
(d) within ten (10) business days after receipt by Tenant of an invoice therefor, either accompanied by reasonable supporting documentation, Tenant shall have paid to Landlord a sum comprised of Rent otherwise payable under this Lease for the three (3)-month period following the Termination Date but for such termination, together with the unamortized cost or amount as of the date of Tenant's notice of election to terminate or thereafter, for the remainder Termination Date of the Term.following:
33.4. Tenant shall also reimburse Landlord for (i) the unamortized cost of TI Allowance;
(ii) all Leasehold Improvements, reasonable and customary leasing commissions, if any, and legal fees commissions paid for or incurred by Landlord in connection with this Lease; and
(iii) all Basic Monthly Rent abated during the transaction Term in any “free rent” period (that is, $20.00 per rentable square foot of the Premises on an annual basis for the first seven (7) months of the Term), with all such amortization based on a nine (9)-year and five (5)-month amortization schedule commencing on the first day of the first full calendar month during the Term in which full Basic Monthly Rent is payable under this Lease and not previously reimbursed to Landlord by Tenant(that is, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term $27.00 per rentable square foot of the Lease in consecutive and equal monthly installments inclusive of Premises on an annual basis) on or after the Commencement Date, with interest thereon at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this LeaseInterest Rate.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Samples: Lease (Purple Innovation, Inc.)
Option to Terminate. Tenant shall have the option a one time right to terminate this Lease, Lease on a one-time basis, as the first day of the end of the fifth (5th) Lease Year 37th month of the Term, but only upon the satisfaction of provided all of the following conditions:
33.1. Tenant must give Landlord written notice of its intention to terminate at least six conditions are met (6) full calendar months prior to the date intended for termination.
33.2. Tenant shall pay Landlord a Lease Termination Fee equal to four (4) months' Basic Rent, calculated at the rate applicable which are for the sixth sole benefit of Landlord):
(6tha) Lease Year of the Term, such payment to be made Tenant is not in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction default of this Lease and not previously reimbursed shall be current in all obligations of this Lease as of the effective date of the termination.
(b) Tenant gives Landlord no less than one hundred eighty (180) days prior written notice.
(c) Tenant delivers to Landlord by TenantTwo Hundred Fifty Thousand Dollars ($250,000.00) with its written notice to terminate.
(d) All financial obligations of Tenant under this Lease, including but not limited to Base Rent, Operating Expenses, Additional Rent, alteration costs, fees, late charges and for other charges payable under this Lease are paid through the purpose effective date of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to termination or the date scheduled for early termination of this LeaseTenant vacates the Premises as required hereunder, whichever is later.
33.5. (e) The Premises shall be surrendered vacated by Tenant in clean and sanitary condition and as otherwise required under Paragraph 18 of this Lease on or before the effective date of termination.
(f) Tenant shall still be obligated for reconciliation of Operating Expenses through the effective date of the termination or the date in Tenant vacates the same condition Premises as when receivedrequired hereunder, normal wear and tear and other obligations of whichever is later.
(g) Landlord shall return to Tenant the sums currently held by Landlord pursuant to as a Security Deposit or prepaid rent under this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant upon payment to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part amounts owing to Landlord and satisfaction of Premisesother conditions to termination under this Paragraph 22.
Appears in 1 contract
Samples: Office Lease (Electronic Arts Inc)
Option to Terminate. Tenant Lessee shall have the option to terminate this Lease, on a one-time basisoption (“Termination Option”) to terminate this Lease at any time during the Term of this Lease (the “Termination Date”), as of the end of the fifth (5th) Lease Year of the Term, but only upon the satisfaction of all of subject to and in accordance with the following terms and conditions:
33.1. Tenant must (a) Lessee shall give Landlord Lessor written notice (“Termination Notice”) of its intention Xxxxxx’s election to terminate exercise the Termination Option at least six any time during the Term of this Lease, and Xxxxxx shall not thereafter be entitled to revoke such election. A Termination Notice, once given by Xxxxxx, is irrevocable by Xxxxxx.
(6b) full There shall not have occurred and be continuing any default by Lessee under this Lease beyond the expiration of any applicable grace or cure period, either on the date that Lessee exercises the Termination Option or the Termination Date. If Lessee exercises the Termination Option, the following shall also apply:
(a) Within ten (10) days after the Termination Date, Lessee shall pay to Lessor a termination fee (the “Termination Fee”) equal to the lesser of (i) the Rent for the twelve (12) calendar months prior to after the date intended for termination.
33.2. Tenant shall pay Landlord a Lease month in which the Termination Fee equal to four Option is exercised, or (4ii) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant (b) No exercise of the Termination Option shall also reimburse Landlord for release or relieve Lessee of its obligation to pay Lessor all rent and other charges under this Lease, as and when due under the unamortized cost terms of all Leasehold Improvementsthis Lease, leasing commissions, through the Termination Date.
(c) This Lease shall be terminated effective as of the Termination Date as if any, and legal fees paid for by Landlord in connection with the transaction term of this Lease and not previously reimbursed to Landlord expired by Tenantthe passage of time on such date, and neither Lessor or Lessee shall have any further rights or obligations under this Lease, except for those that expressly survive the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early expiration or termination of this Lease.
33.5. The (d) On the Termination Date, Xxxxxx shall surrender possession of the Leased Premises to Lessor in the condition required at the expiration of the Term of this Lease, failing which Lessee shall be surrendered on deemed to be holding over and the termination date in the same condition as when received, normal wear and tear and other obligations provisions of the Landlord pursuant to this Lease exceptedwith regard to holdover shall apply.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Option to Terminate. 34.1 Tenant shall have the option to terminate this Lease, on a one-time basis, right to cancel this Lease effective as of the end last day of the fifth (5th) Lease Year 42nd month of the TermLease Term (the “Termination Date”), but this termination right shall only be effective upon the satisfaction of all of strict compliance with the following terms and conditions:
33.1. 34.1.1 Tenant must shall give Landlord written at least nine months’ prior irrevocable notice of its intention the election to terminate at least six (6) full calendar months prior terminate. Time is of the essence as to the date intended for terminationthis notice requirement and all other provisions of this termination article.
33.2. 34.1.2 Simultaneously with the delivery of the notice of termination, Tenant shall pay Landlord a Lease Termination Fee equal to four (4) months' Basic RentLandlord, calculated at the rate applicable as consideration for the sixth privilege of termination, the sum of $100,000.00.
34.1.3 This termination right is conditioned upon (6tha) Lease Year the Tenant not being in default under any of the Termterms, such payment to be made in full not later than 120 days prior to the date scheduled for early termination covenants, and conditions of the Lease.
33.3. Tenant must be in actual possession this Lease beyond any applicable grace period; (b) no part of the Premises being sublet for a term extending beyond the Termination Date; and paying Rent, and (c) this Lease having not been assigned by Tenant; all Rent and Obligations due through three of the preceding conditions being met both at the date of termination shall continue to be paid and performed delivery by Tenant of its written election to Landlordcancel and on the Termination Date.
34.2 Upon termination and payment as provided in this article, this Lease shall cease and no Event of Default shall exist under expire on the Lease, either Termination Date with the same force and effect as of if the Termination Date were the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord originally provided in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for as the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term expiration date of the Lease in consecutive Term. However, Tenant’s obligations to pay Rent and equal monthly installments inclusive of interest at to perform all other obligations under this Lease for the rate of 12% per annum; such sum period up to and including the Termination Date shall be paid in full not later than 120 days prior to survive the date scheduled for early termination of this Lease.
33.5. The 34.3 On or before the Termination Date, Tenant shall vacate the Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations surrender possession of the Premises to Landlord pursuant to in accordance with the provisions of this Lease excepted.
33.6. Tenant's breach ofLease, or other lapse of failure of, any as if the Termination Date were the original expiration date of the foregoing conditions of this Section Lease Term, and Tenant shall render this Lease Termination Option ineffective and shall void execute any notice of termination previously made documents reasonably required by TenantLandlord regarding the termination.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Samples: Office Lease (Direct Insite Corp)
Option to Terminate. Provided Tenant is not in default hereunder, Tenant shall have the option to terminate this LeaseLease effective October 1, on a one-time basis2000 ("First Termination Option') and October 1, as of the end of the fifth 2001 (5th"Second Termination Option"). Such option shall be exercised by (i) Lease Year of the Term, but only upon the satisfaction of all of the following conditions:
33.1. Tenant must give Landlord Tenant's giving written notice to Landlord of its intention to terminate at least six (6) full calendar months prior on or before April 1, 2000 with respect to the date intended for termination.
33.2. Tenant shall pay First Termination Option or on or before April 1, 2001 with respect to the Second Termination Option, and (ii) Tenant's payment to Landlord a Lease Termination Fee of an amount equal to four the unamortized tenant finish improvement costs, other allowances and leasing commissions (4amortized at eleven percent (11%) interest per annum) plus two (2) months' Basic Minimum Annual Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be paid on or before September 1, 2000 with respect to the First Termination Option or to be paid on or before September 1, 2001 with respect to the Second Termination Option. Such payment is made in full consideration for Landlord's grant of this option to terminate, to compensate Landlord for rental and other concessions given to Tenant, and for other good and valuable consideration. Such payment shall not later than 120 days in any manner affect Tenant's obligations to pay Minimum Annual Rent and Annual Rental Adjustment or to perform its obligations under the Lease up to and including the date of termination. Failure to timely and properly exercise this option shall forever waive and extinguish it. If such option is validly exercised, then upon such termination, Tenant shall surrender the Leased Premises to Landlord in accordance with the terms of this Lease and each party shall be released from further liability hereunder; provided, however, that such termination shall not affect any right or obligation arising prior to the date scheduled for early termination or which survives termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Option to Terminate. Tenant shall have During the option to period commencing on the first day of --------------------- the third Lease Year and continuing until the fifteenth day of the third Lease Year, Lessee may terminate this LeaseLease upon written notice (the "Termination ----------- Notice") to Lessor. In accordance with the request of Lessee, this Lease shall -- be terminated effective on a one-time basis, as the date set by written notice given by Lessor at least thirty (30) days prior to the effective date (the "Transfer Date"). ------------- Commencing on the date of the end Termination Notice and continuing until the earlier of (1) the fifth Transfer Date, or (5th2) Lease Year the later of (i) the Term, but only upon the satisfaction of all of the following conditions:
33.1. Tenant must give Landlord written notice of its intention to terminate at least date six (6) full calendar months prior to the date intended for termination.
33.2. Tenant shall pay Landlord a Lease Termination Fee equal to four (4) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through after the date of termination shall continue to be paid the Termination Notice and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of (ii) the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissionsPayment Defaults, if any, are cured, Lessee shall pay Base Rent at the rate in effect during the second Lease Year. During the period commencing on the later of (i) the date six (6) months after the date of the Termination Notice and legal fees paid for by Landlord in connection with (ii) the transaction date all Payment Defaults, if any, are cured, and ending on the earlier of the Transfer Date or the termination of this Lease and (the "Management Period"), (i) ----------------- Lessee shall not previously reimbursed be obligated to Landlord by Tenantpay Rent, (ii) Lessor agrees to pay Lessee a management fee equal to five (5) percent of Gross Revenues, and for the purpose of calculating such sum it (iii) Lessor shall be assumed that provide all such costs had been amortized over the term working capital needs of the Lease in consecutive and equal monthly installments inclusive Facility (it being the intent of interest at the rate parties that Lessee shall not bear the economic risk nor receive the economic benefit of 12% per annum; such sum operating the Facility during the Management Period). During the Management Period, the management fee shall be paid monthly in full not later than 120 arrears on the fifteenth day of each month. During the Management Period, upon ninety (90) days prior written notice to Lessor, Lessee may terminate this Lease and cease managing the Facility effective at any time after the date scheduled for early one year after the Termination Notice. This Lease shall otherwise remain in effect until the Transfer Date. Any termination pursuant to this Section 1.4 shall not relieve Lessee of its obligations under Section 34.2 of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
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Samples: Lease (Emeritus Corp\wa\)
Option to Terminate. Tenant shall have the option to Tenant, in its sole discretion, may terminate this Lease, on a one-time basis, Lease as of the end expiration of the fifth seventy-second (5th72nd) Lease Year full month of the TermTerm (the “Early Termination Date”), but only upon by giving Notice to Landlord (the satisfaction of all of the following conditions:
33.1. Tenant must give Landlord written notice of its intention to terminate at least six “Termination Notice”) not less than twelve (612) full calendar months prior to last day of the seventy-second (72nd) full month of the Term so long as Cambium Networks, Inc. or an Affiliate is the Tenant hereunder. If Tenant effectively exercises its termination option in accordance with the provisions of this Section 28.32, this Lease shall terminate effective as of the Early Termination Date with the same force and effect as if the Early Termination Date was the originally stated expiration date intended of this Lease. As consideration for such early termination.
33.2. , Tenant shall pay Landlord a Lease Termination Fee termination fee in an amount equal to four $1,327,633.00 (4the “Early Termination Payment”). The Early Termination Payment must be delivered to Landlord together with the Early Termination Notice. The Early Termination Payment shall be in addition to (and not in lieu of) months' Basic Rentany sums due and owing to Landlord under this Lease with regard to the period up to and including the Early Termination Date. If Tenant fails to deliver the Early Termination Payment to Landlord together with the Early Termination Notice, calculated at Landlord shall have the rate applicable for right to declare the sixth (6th) Termination Notice null and void, in which event this Lease Year of the Term, such payment to be made shall continue in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be force and effect in actual possession of the Premises and paying Rentaccordance with its terms, and all Rent and Obligations due through the date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under the Lease, either as of the date of Tenant's notice of election ’s option to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term of the Lease in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section 28.32 shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option be null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premisesvoid.
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Samples: Office Lease (Cambium Networks Corp)
Option to Terminate. Tenant shall have the right, to be exercised by Tenant by written notice to Landlord given no later than three hundred sixty- five (365) days prior to the expiration of the third (3rd) and fourth (4th) years of the Term, to terminate its Lease of the entire Premises, including any Option Space. If Tenant elects to so terminate this Lease, Tenant shall pay to Landlord, at or prior to the effective date of such termination, a sum equal to the total of all unamortized construction costs, including design costs, moving costs, demolition costs and commissions expended by Landlord, and all allowances previously given by Landlord to Tenant, for the construction, leasing and improvement of Tenant's Premises. Such costs shall be amortized by Landlord under a level amortization period of twenty percent (20%) per year. A copy of such amortization schedule is attached hereto and made a part hereof as Exhibit "E". In the event that Tenant exercises its option to terminate this Lease, Lease with such termination to be effective on a one-time basis, as of the end of the fifth (5th) Lease Year third anniversary date of the Term, but only upon then Tenant may extend the satisfaction effective date of all termination, at its option, for a period of the following conditions:
33.1. Tenant must give Landlord six (6) months by giving written notice to Landlord of its intention to terminate at least six (6) full calendar months prior to extend the date intended for termination.
33.2. Tenant shall pay Landlord a Lease Termination Fee equal to four (4) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of the Lease.
33.3. Tenant must be in actual possession of the Premises and paying Rent, and all Rent and Obligations due through the effective date of termination such termination. Such notice of extension of time shall continue to be paid and performed given by Tenant to Landlord, and no Event of Default shall exist under on or before such time as the Lease, either as of the date of Tenant's notice of election early termination is required to terminate or thereafter, for be given under the remainder terms of Section 30 of the Term.
33.4Lease. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, The terms and legal fees paid for by Landlord in connection with the transaction conditions of this Lease and not previously reimbursed shall continue to Landlord by apply to Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term 's occupancy of the Lease in consecutive and equal monthly installments inclusive of interest at Premises during the rate of 12% per annum; such sum shall be paid in full not later than 120 days prior to the date scheduled for early termination of this Leasesix month extension period.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations of the Landlord pursuant to this Lease excepted.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Option to Terminate. 35.1 Tenant shall have the option a one time right to terminate cancel this Lease, on a one-time basis, Lease effective as of the end day preceding the fifth anniversary date of the fifth Commencement Date (5th) Lease Year of the Term“Termination Date”), but this termination right shall only be effective upon the satisfaction of all of strict compliance with the following terms and conditions:
33.1. 35.1.1 Tenant must shall give Landlord written at least nine (9) full months’ prior irrevocable notice of its intention the election to terminate at least six (6) full calendar months prior terminate. Time is of the essence as to the date intended for terminationthis notice requirement and all other provisions of this termination article.
33.2. 35.1.2 Simultaneously with the delivery of the notice of termination, Tenant shall pay Landlord a Lease Termination Fee to Landlord, as consideration for the privilege of termination, an amount equal to four the sum of the following: (4a) nine (9) months' Basic ’ installments of Base Rent, calculated at ; plus (b) nine (9) months’ installments of additional rent for Tenant’s Allocated Share of Operating Costs.
35.1.3 This termination right is conditioned upon (a) the rate applicable for the sixth (6th) Lease Year Tenant not being in default under any of the Termterms, such payment to be made in full not later than 120 days prior to the date scheduled for early termination covenants, and conditions of the Lease.
33.3. Tenant must be in actual possession this Lease beyond any applicable grace period; (b) no part of the Premises being sublet for a term extending beyond the Termination Date; and paying Rent, and (c) this Lease having not been assigned by Tenant; all Rent and Obligations due through three of the preceding conditions being met both at the date of termination shall continue to be paid and performed delivery by Tenant of its written election to Landlordcancel and on the Termination Date.
35.1.4 Upon termination and payment as provided in this article, this Lease shall cease and no Event of Default shall exist under expire on the Lease, either Termination Date with the same force and effect as of if the Termination Date were the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord originally provided in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for as the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term expiration date of the Lease in consecutive Term. However, Tenant’s obligations to pay rent and equal monthly installments inclusive of interest at to perform all other obligations under this Lease for the rate of 12% per annum; such sum period up to and including the Termination Date shall be paid in full not later than 120 days prior to survive the date scheduled for early termination of this Lease.
33.5. The 35.1.5 On or prior to the Termination Date, Tenant shall vacate the Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations surrender possession of the Premises to Landlord pursuant to in accordance with the provisions of this Lease excepted.
33.6. Tenant's breach ofLease, or other lapse of failure of, any as if the Termination Date were the original expiration date of the foregoing conditions of this Section Lease Term, and Tenant shall render this Lease Termination Option ineffective and shall void execute any notice of termination previously made documents reasonably required by TenantLandlord regarding the termination.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
Appears in 1 contract
Samples: Lease (Health Benefits Direct Corp)
Option to Terminate. Tenant shall have the option right to terminate this Lease, on a one-Lease at any time basis, as of the end of after the fifth (5th) Lease Year anniversary of the Term, but only upon the satisfaction of all of the following conditions:
33.1Commencement Date. Tenant must give Landlord written notice of its intention to terminate at least Such termination shall be effective no earlier than six (6) full calendar months prior after Tenant’s delivery of written notice to Landlord. Said termination right shall only be exercised if Tenant provides documentation reasonably satisfactory to Landlord evidencing the sale of fifty percent (50%) of the stock of EMPI, Inc. to a single purchaser, Tenant’s participation in a merger, or the sale of all or substantially all of Tenant’s assets. Tenant will have the right to continue to occupy the Premises pursuant to the date intended for termination.
33.2. Tenant shall pay Landlord a terms of this Lease Termination Fee equal to four after the written notice of termination until the earlier of (4i) months' Basic Rent, calculated at the rate applicable for the sixth (6th) Lease Year of the Term, such payment to be made in full not later than 120 days prior to the date scheduled for early termination of Tenant elects to vacate the Lease.
33.3. Tenant must be in actual Premises or (ii) the date Landlord requests possession of the Premises from Tenant based on Landlord’s written notification. Said notification from Landlord will provide Tenant with a minimum of three (3) months from date of said notification until complete vacation of the Premises by Tenant. If Tenant elects to exercise its Option to Terminate, Tenant will be required to pay a $500,000 termination penalty to Landlord as follows: $250,000 of this termination penalty will be due upon receipt of the termination notice by Landlord and paying Rentthe balance will be paid upon termination of Tenant’s occupancy. Said termination penalty will be reduced by the difference between $500,000 and Landlord’s actual out-of-pocket costs for re-leasing the Premises, which costs shall include all “lost rental income”, as defined below, all lost operating expense reimbursements (including taxes and insurance), all reasonable brokerage commissions and all reasonable tenant improvements required of Landlord to re-let the Premises (“Termination Fee Credit”), which difference is referred to herein as “Tenant’s Refund.” “Lost rental income” shall equal the Base Rent and Obligations due through payable under this Lease from the effective date of termination shall continue to be paid and performed by Tenant to Landlord, and no Event of Default shall exist under over the Lease, either as balance of the date of Tenant's notice of election to terminate or thereafter, for the remainder of the Term.
33.4. Tenant shall also reimburse Landlord for the unamortized cost of all Leasehold Improvements, leasing commissions, if any, and legal fees paid for by Landlord in connection with the transaction of this Lease and not previously reimbursed to Landlord by Tenant, and for the purpose of calculating such sum it shall be assumed that all such costs had been amortized over the term Term of the Lease (not including unexercised renewal terms), less all rent payable under the lease with the replacement tenant. As soon as said Termination Fee Credit has been calculated, but in consecutive and equal monthly installments inclusive of interest at the rate of 12% per annum; such sum shall be paid in full not no event later than 120 days prior two (2) months after the commencement date of a lease by a replacement tenant, Landlord will send to Tenant a statement outlining the date scheduled for early termination of this Lease.
33.5. The Premises shall be surrendered on the termination date in the same condition as when received, normal wear and tear and other obligations calculation of the Landlord pursuant to this Lease exceptedTermination Fee Credit in reasonable detail along with Tenant’s Refund, if due.
33.6. Tenant's breach of, or other lapse of failure of, any of the foregoing conditions of this Section shall render this Lease Termination Option ineffective and shall void any notice of termination previously made by Tenant.
33.7. The failure of Tenant to take action in any manner or time periods set forth above or the commission by Tenant of an Event of Default under the Lease shall render this Lease Termination Option null and void and of no further force or effect. This Lease Termination Option is personal to the Tenant and, unless Landlord shall otherwise specifically agree in writing, shall automatically lapse and terminate upon the occurrence of an assignment of the Tenant's interest in the Lease or a sublet of all or part of Premises.
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