Report Upon Termination Clause Samples

Report Upon Termination. Upon the expiration or upon any early termination of this Lease, Tenant shall furnish to Landlord a report and certification in form and content approved by Landlord in its reasonable discretion from a qualified environmental engineer approved by Landlord in its reasonable discretion, verifying that the Premises are free from any Hazardous Material or contamination in excess of legally permissible levels. The cost of such report shall be borne solely by Tenant. If such report indicates that there are any impermissible levels of Hazardous Material on the Premises or that damage to the Premises has occurred as a result of improper use, storage, handling or disposal of Hazardous Material, then Tenant shall pay for all costs necessary to clean up and remedy such impermissible levels of Hazardous Material; and Tenant shall also continue to pay Rent for the Premises (including monthly installments of Basic Rent at a rate equal to 200% of the monthly installment of Basic Rent in effect immediately prior to such expiration or termination of this Lease) until such time as the impermissible levels of Hazardous Material are cleaned up and remedied. Tenant further acknowledges and agrees that in the event of any such holdover without Landlord’s consent, Landlord may suffer significant monetary damages as a result of Landlord’s inability to timely relet the Premises. Such damages may include the loss of rent from the new lessee, damage claims by the new lessee for failure to timely deliver the Premises to the new lessee, overtime and other charges associated with preparing the Premises for occupancy by the new lessee, lost rent as a result of the cancellation of the new lease, legal fees and other costs and expenses. In addition to Rent as set forth herein, Tenant also agrees to fully compensate Landlord for any such consequential damages.