Reduction Option or Option means a reduction option purchased by You to reduce potential liability as described in clause 28.
Reduction Option. Notwithstanding anything to the contrary set forth in this Agreement, Sunrise may, by written notice to Marriott (the “Reduction Option Notice”) on or before the Reduction Option Outside Date, elect not to extend the terms of any or all of the Continuing Leases (the Leases that the Tenants have so elected not to extend, the “Option Facilities”), in which case Sunrise shall deliver to the Landlord, with a copy to Marriott, on or before the Reduction Option Outside Date, Terminating Lease Notices in respect of the Option Facilities and Continuing Lease Notices in respect of any other Continuing Leases that are not Option Facilities, if any, for which Sunrise had not previously sent to Landlord a Continuing Lease Notice. To the extent Sunrise so elects and complies with the notice requirements set forth in the immediately preceding sentence, then the following provisions shall be effective:
(i) The definition of “Terminating Leases” shall automatically be deemed to include the Option Facilities;
(ii) The definition of “Continuing Leases” shall automatically be deemed to exclude the Option Facilities;
(iii) Schedules 1 and 2 attached hereto shall automatically be deemed to be amended accordingly;
(iv) The available amount of the Letter of Credit shall be reduced consistent with Schedule 4 in respect of the Option Facilities and Marriott shall authorize such reduction in accordance with Section 4(d) hereof within ten (10) business days of the date of the Reduction Option Notice;
(v) Marriott shall be authorized to send to the Landlord the Terminating Lease Notices and the Continuing Lease Notices, if any, that were delivered by Sunrise in connection with the Reduction Option Notice, as set forth above; and
(vi) If the Option Facilities constitute all of the Continuing Leases, then Sunrise shall pay to Marriott an amount equal to five hundred thousand dollars ($500,000) as a reduction fee.
Reduction Option. You will not have to pay a bond and will not be responsible for the cost of any Damage subject always to clause 5.1. You can purchase this option by paying Cruisin $29 including GST per day for the GoCheap Hi Top, $45 including GST per day for all other vehicles. The total liability option charge is limited to a maximum of 50 days or $1,450 including GST for the GoCheap Hi Top, $2,250 including GST for all other vehicles and a minimum payable per segment based on the minimum rental period applicable for Your rental.
Reduction Option. A NIL Liability Reduction applies to all Campervans and Motorhomes. You can purchase this option by paying Dealer $22 including GST per day. The total liability option charge is limited to a maximum of 50 days or $1,100 including GST and a minimum payable per segment based on the minimum rental period applicable for Your rental. A bond of $100 including GST will be collected from You, at the time of You signing this Agreement. This Bond is payable to Dealer by an open signed credit card imprint with an authorisation obtained (sufficient funds must be available for $100 including GST).
Reduction Option. Subtenant shall have the option to exclude from the Premises and return to Sublandlord the 8,551 square feet of space that is depicted on Exhibit D attached hereto) (the "REDUCTION SPACE") effective as of a date (the "REDUCTION DATE") that is at least 60 days after Subtenant's written exercise notice to Sublandlord, but in no event shall the Reduction Date be prior to July 31, 2004. As a condition to the effectiveness of such reduction of the Premises, Subtenant, at its sole cost and expense, shall (i)remove any improvements and alterations to the Reduction Space made by or on behalf of Subtenant, and (ii) comply with all of the terms and conditions of the Sublease applicable upon the expiration of the Sublease Term or the termination of the Sublease, including, without limitation, those relating to the surrender of the Reduction Space, the removal of Subtenant's property from the Reduction Space and the completion of any repairs to, and restoration of, the Reduction Space. Upon Subtenant's satisfying the foregoing conditions to Sublandlord's reasonable satisfaction, the square footage of the Premises shall be reduced by the number of square feet in the Reduction Space, Sublandlord shall recompute the Base Rent and Subtenant's Proportionate Share based on the remaining number of square feet in the Premises, and the Parties shall execute an amendment to the Sublease that sets forth the new square footage of the Premises and re-computed Base Rent and Subtenant's Proportionate Share.
Reduction Option. Original Tenant shall have the one-time option (the "Reduction Option") of reducing the size of the Premises to be leased by Tenant under this Lease to no less than 10,000 rentable square feet, subject to prior written notice given by Tenant (the "Reduction Notice") on or before June 15, 2019 (the "Reduction Option Period"). In the event Tenant fails to deliver a Reduction Notice prior to the expiration of the Reduction Option Period, Tenant shall be deemed to have declined to exercise its Reduction Option. Notwithstanding anything in this Lease to the contrary, in no event shall Landlord be required to construct and/or fund any improvements to the Premises or perform any of its obligations under this Lease until the expiration of the Reduction Option Period and/or Tenant's waiver of its Reduction Option. In the event of a reduction pursuant to the Reduction Option, Landlord and Tenant shall enter into an amendment hereto (a) memorializing the reduction of the rentable square footage of the Premises and reducing all other amounts and figures based upon the reduced rentable and usable square footages of the Premises, (b) memorializing the new space plan applicable to the reduced Premises (which space plan is subject to Landlord's review and approval), and (c) assigning this Lease from Original Tenant to WPT Enterprises, Inc.
Reduction Option. During the period of October 1, 2000 to and including January 31, 2001 and by serving written notice to the Landlord, Tenant shall have the right to terminate the lease on any of the following suites (see chart below) and the rent and lease obligations shall be adjusted accordingly. If such notice is received within the period stipulated herein, the Base Rent and Tenant's Pro Rata Share shall be adjusted downward based on the rate per square foot of such space at that time and shall become effective 30 days after Tenant's notice to Landlord and Tenant's vacating such suite(s). Additionally, an amendment shall be submitted to Tenant, which addresses the economic terms of the Lease affected in the vacating of the suite(s) and the termination of same. Failure of Tenant to submit notice within the period shall be deemed an acceptance by Tenant of such space for the remainder of the Lease Term. BUILDING SUITE RSF ANNUAL BASIC RENT/SF MONTHLY BASIC RENT -------- ----- --- -------------------- ------------------ 4099 405 2,123 $18.25 $3228.73 4099 620 5,983 $17.25 $8600.56 4099 660 1,775 $20.00 $2958.33 4101 100 3,843 $20.00 $6405.11 4101 270 3,663 $19.00 $5799.00
Reduction Option. See Section 32 Exhibit A-1 - PLAN OF THE PREMISES -FIRST FLOOR Exhibit A-2 - PLAN OF THE PREMISES -SECOND FLOOR Exhibit A-3 - PLAN OF THE REMAINDER PREMISES -FIRST FLOOR Exhibit B - RULES AND REGULATIONS Exhibit C - INTENTIONALLY OMITTED Exhibit D -COMMENCEMENT DATE CONFIRMATION (see Section 1.1) Exhibit E - ENVIRONMENTAL QUESTIONNAIRE Exhibit F - GROUND LEASES AND MORTGAGES
Reduction Option. Pursuant to Article 28 of the 0000 X. Xxxxxxxxxx Lease, Tenant has the right of first offer to elect to lease certain additional space in the 0000 X. Xxxxxxxxxx Building that becomes available for lease therein and that is other than the initial premises leased by Tenant under the 0000 X. Xxxxxxxxxx Lease (the “2855 E. Cottonwood ROFO Space”). If Tenant timely and properly exercises its right of first offer to lease any 0000 X. Xxxxxxxxxx ROFO Space pursuant to and in accordance with the terms and conditions of Article 28 of the 0000 X. Xxxxxxxxxx Lease, then Tenant shall have the concurrent option to terminate this Lease (the “Reduction Option”) as to a portion of the Premises leased from Landlord under this Lease (each, a “Reduction Premises”), which Reduction Premises must satisfy the Reduction Premises Criteria (as defined hereinbelow). To exercise such Reduction Option with respect to any applicable Reduction Premises meeting the Reduction Premises Criteria, Tenant must deliver to Landlord, concurrently with Tenant’s delivery to the 0000 X.
