Right to Close the Property or Portions Thereof Sample Clauses

Right to Close the Property or Portions Thereof. 18 AR T IC X X X XX - UTILITIES 18
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Right to Close the Property or Portions Thereof. Landlord reserves the right at any time to close a portion of or an entire Property, for any reason, including for the purposes of demolishing the building in which the Premises are located and to reconstruct on any of the Property owned by Landlord, a new building or buildings or other transit facilities. In the event the Landlord elects to exercise said right to close all or part of the Property, this Contract shall be canceled without liability to either Landlord or Tenant. The Landlord agrees to give the Tenant two (2) months prior written notice of the effective date of the Closing of all or part of the Property. For purposes of this Section, the Landlord and Tenant agree that Tenant's improvements will be amortized over the first five years of the Contract Term. If the Landlord closes the Property at any time during the initial five years of the Contract Term, Landlord agrees to compensate Tenant for any unused portion of the amortized improvements made by Tenant at Tenant's expense with such amortization to be computed on a straight-line basis. Tenant shall be compensated for the unamortized portion of improvements made by Tenant only if one of the following events occurs, 1) the entire Property is closed; 2) the Tenant's concession space is closed; 3) There is a mutual agreement by the parties. Tenant shall not be entitled to any financial compensation for the improvements made by Tenant if Landlord closes all or a portion of the Property after the fifth year of the Contract, and requires Tenant to vacate the concession space AR T IC X X X XX - UTILITIES

Related to Right to Close the Property or Portions Thereof

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  • OWNER’S RIGHT TO CARRY OUT THE WORK If the Contractor defaults or neglects to carry out the Work in accordance with the Contract Documents and fails within a ten (10)-calendar day period after receipt of written notice from the Owner to commence and continue correction of such default or neglect with diligence and promptness, the Owner may, without prejudice to other remedies the Owner may have, correct such deficiencies. In such case an appropriate Change Order shall be issued deducting from payments then or thereafter due the Contractor the reasonable cost of correcting such deficiencies, including Owner’s expenses and compensation for the Architect’s additional services made necessary by such default, neglect or failure. Such action by the Owner and amounts charged to the Contractor are both subject to prior approval of the Architect. If payments then or thereafter due the Contractor are not sufficient to cover such amounts, the Contractor shall pay the difference to the Owner.

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  • OWNER’S RIGHT TO STOP THE WORK If the Contractor fails to correct Work that is not in accordance with the requirements of the Contract Documents as required by Section 12.2 or repeatedly fails to carry out Work in accordance with the Contract Documents, the Owner may issue a written order to the Contractor to stop the Work, or any portion thereof, until the cause for such order has been eliminated; however, the right of the Owner to stop the Work shall not give rise to a duty on the part of the Owner to exercise this right for the benefit of the Contractor or any other person or entity.

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