Common use of Right of Recapture Clause in Contracts

Right of Recapture. Despite any other provision of this Lease, Tenant shall notify Landlord in writing (Availability Notice) if Tenant wishes to transfer the Premises or any portion thereof (Subject Space). If Tenant does not give Landlord the Availability Notice before delivering a Transfer Notice, the Transfer Notice shall also be the Availability Notice. Landlord has the option, by written notice to Tenant (Recapture Notice) within thirty (30) days after receiving any Availability Notice, to recapture the Subject Space as described in the next section. A timely Recapture Notice terminates this Lease as to the Subject Space and Tenant’s obligations regarding the remaining term of this Lease (or, at Landlord’s election, for a shorter period specified in the Availability Notice as the term of the Transfer) and as of the date specified in the Availability Notice. The Recapture Notice shall be void, however, if Tenant notifies Landlord, within thirty (30) days after receipt of the Recapture Notice, that Tenant withdraws the Availability Notice or Transfer Notice. If Landlord declines or fails timely to elect to recapture the Subject Space, Landlord shall have no further right under this section to the Subject Space unless it becomes available again after Transfer by Tenant.

Right of Recapture. Despite any other provision of this Lease, Tenant shall notify Landlord in writing (the "Availability Notice") if Tenant wishes to transfer the Premises assign this Lease or sublease all or any portion thereof (Subject Space)of the Premises which Availability Notice shall contain, among other things, the date Tenant anticipates that the assignment or sublease will take effect. If Tenant does not give Landlord the Availability Notice before delivering a transfer notice (a ""Transfer Notice"), the Transfer Notice shall also be the Availability Notice. Landlord has shall have the option, by written notice to Tenant (the "Recapture Notice") given within thirty ten (3010) business days after receiving any Availability Notice, to recapture the Subject Space as described in applicable portion of the next sectionPremises. A timely Recapture Notice terminates this Lease as to the Subject Space and Tenant’s 's obligations regarding the recaptured portion of the Premises for the remaining term of this Lease (or, at Landlord’s election, for a shorter period as of the date specified in the Availability Notice as the term of the Transfer) and as of except for Tenant's obligations incurred prior to the date specified in the Availability Notice. The Recapture Notice shall be void, however, if Tenant notifies Landlord, within thirty ten (3010) business days after receipt of the Recapture Notice, that Tenant withdraws the Availability Notice or Transfer Notice. If Landlord declines or fails timely to elect to recapture the Subject Spaceas provided above, Landlord shall have no further right to recapture the Premises unless Landlord receives a new Availability Notice, which new Availability Notice shall be required if Tenant has failed to consummate an assignment or sublease within a period of ninety (90) days from the date specified in the prior Availability Notice. Either party may require written confirmation of the amendments to this Lease necessitated by Landlord's recapture. If Landlord terminates this Lease as to only a portion of the Premises pursuant to this Section 13.4, then the Minimum Annual Rent and additional rent shall be adjusted by Landlord in proportion to the area of the Premises affected by such partial termination. If Landlord exercises any its rights under this section Section 13.4, Landlord may thereafter lease the Premises or any portion thereof to Tenant's proposed assignee or subtenant, as the Subject Space unless it becomes available again after Transfer case may be, without any liability to Tenant. Landlord's rights under this Section 13.4 shall apply to any further subletting or assignment notwithstanding Landlord's consent to any proposed assignment or sublease. If Tenant subleases or assigns any interest in the Premises without the consent of Landlord as required herein, Landlord shall be entitled, without waiving any of Landlord's other rights or remedies hereunder, to all economic consideration received by TenantTenant as a result thereof.