Common use of SURRENDER OF LEASE Clause in Contracts

SURRENDER OF LEASE. In the event of the Lessor electing to rebuild or substantially upgrade or alter the Property or any part of the Property for transport related requirements, the Lessor will give notice to the Lessee to require the surrender of the lease, as follows: 7.7.1 if in the reasonable opinion of the Lessor any proposed expansion, rebuilding or alteration of the Property requires the demolition or alteration of the Premises or any part of the Premises, or if such proposed expansion, rebuilding or alteration of the Property means that the Premises will not in the reasonable opinion of the Lessor be suitable or in a suitable location in the Property for the business permitted to be carried on in the Property, the Lessor may give notice in writing (the “Surrender Notice”) to the Lessee, no earlier than the 5th anniversary of the Commencement Date, that it requires the Lease to be surrendered on a date (the “Date of Surrender”) to be specified in such notice and in no event being less than six (6) months from the service of the Surrender Notice; 7.7.2 on the Date of Surrender the Lessee will yield up vacant possession of the Premises as if the Lease had expired by lapse of time, and deliver to the Lessor its copy of the Lease and so all such acts and things and sign all such documents as are reasonably required of it by the Lessor; 7.7.3 each party will pay its own costs of and incidental to the preparation and execution of any such surrender; 7.7.4 no compensation whatsoever will be payable by the Lessor to the Lessee, whether for interruption of its business, loss of profits arising from such interruption, relocation costs or otherwise however arising.

SURRENDER OF LEASE. In the event of the Lessor electing to rebuild or substantially upgrade or alter the Property or any part of the Property for transport related requirements, the Lessor will give notice to the Lessee to require the surrender of the lease, as follows: 7.7.1 7.6.1 if in the reasonable opinion of the Lessor any proposed expansion, rebuilding or alteration of the Property requires the demolition or alteration of the Premises or any part of the Premises, or if such proposed expansion, rebuilding or alteration of the Property means that the Premises will not in the reasonable opinion of the Lessor be suitable or in a suitable location in the Property for the business permitted to be carried on in the Property, the Lessor may give notice in writing (the “Surrender Notice”) to the Lessee, no earlier than the 5th anniversary of the Commencement Initial Expiry Date, that it requires the Lease to be surrendered on a date (the “Date of Surrender”) to be specified in such notice and in no event being less than six (6) months from the service of the Surrender Notice; 7.7.2 7.6.2 on the Date of Surrender the Lessee will yield up vacant possession of the Premises as if the Lease had expired by lapse of time, and deliver to the Lessor its copy of the Lease and so all such acts and things and sign all such documents as are reasonably required of it by the Lessor; 7.7.3 7.6.3 each party will pay its own costs of and incidental to the preparation and execution of any such surrender; 7.7.4 7.6.4 no compensation whatsoever will be payable by the Lessor to the Lessee, whether for interruption of its business, loss of profits arising from such interruption, relocation costs or otherwise however arising.