Tenant Termination Right. Provided that Tenant is not in default under this Lease as of the date of Tenant’s delivery of the “Termination Notice,” as that term is defined below, the Original Tenant only (and not any assignee, sublessee or other transferee) shall have the one-time right to terminate this Lease, effective as of the last day of the thirty-ninth (39th) full calendar month of the initial Lease Term (the “Termination Date”), provided that (i) Landlord receives written notice (the “Termination Notice”) from Tenant on or before the date that is nine (9) months prior to the Termination Date stating Tenant’s election to terminate this Lease pursuant to the terms and conditions of this Section 2.2, and (ii) concurrent with Landlord’s receipt of the Termination Notice, Landlord receives from Tenant an amount equal to the “Termination Fee,” as that term is defined, below, as consideration for and as a condition precedent to such early termination. In the event that Tenant shall deliver the Termination Notice in accordance with the terms hereof, the terms of Sections 1.2 and 2.3 of this Lease shall immediately and automatically terminate and be of no further force or effect. Provided that Tenant terminates this Lease pursuant to the terms of this Section 2.2, this Lease shall immediately and automatically terminate and be of no further force or effect and Landlord and Tenant shall be relieved of their respective obligations under this Lease as of the Termination Date, except those obligations set forth in this Lease which relate to the term of Tenant’s lease of the Premises and/or that specifically survive the expiration or earlier termination of this Lease, including, without limitation, the payment by Tenant of all amounts owed by Tenant under this Lease up to and including the Termination Date. For purposes of this Section 2.2, the “Termination Fee” shall mean the sum of (a) $409,222.00, and (b) the unamortized amount, calculated with interest at a rate equal to 9% per annum, as of the Termination Date, of the “First Offer Concessions, “ as that term is defined, below, and (c) the monthly Base Rent and Direct Expenses that would have been payable by Tenant for any First Offer Space leased by Tenant during the four (4) month period immediately following the Termination Date. The “First Offer Concessions” shall mean all tenant improvement or other allowances, brokerage commissions and free rent paid or provided by Landlord in connection with Tenant’s lease of First Offer Space,...
Tenant Termination Right. Notwithstanding any provision to the contrary contained in this Lease, Tenant shall, with respect to the entire Premises only, have the one-time right to terminate this Lease effective as of June 30, 2018 (the “Termination Date”), upon Tenant’s delivery of written notice to Landlord (the “Termination Notice”), which notice shall be delivered to Landlord on or before January 1, 2018, and concurrently with the delivery of such Termination Notice, Tenant shall deliver to Landlord a “Termination Fee,” as that term is defined hereinbelow, as consideration for and as a condition precedent to such early termination. The “Termination Fee” shall be an amount equal to Two Million Three Hundred One Thousand Two Hundred Fifty-Five and 00/100 Dollars ($2,301,255.00). Subject to Landlord’s timely receipt of the Termination Notice and the Termination Fee, this Lease shall automatically terminate and be of no further force or effect, and Landlord and Tenant shall be relieved of their respective obligations under this Lease as of the Termination Date, except with respect to those obligations set forth in this Lease which specifically survive the expiration or earlier termination of this Lease, including, without limitation, the payment by Tenant of all amounts owed by Tenant under the Lease, as amended, up to and including the Termination Date. The termination right granted to Tenant under this Section 2.2 shall automatically terminate and be of no further force or effect in the event (x) Tenant fails to properly exercise such termination right as set forth in this Section 2.2, (y) Tenant assigns, subleases or otherwise permits the occupancy of the Premises or any portion thereof by other entities or persons (other than with respect to a Permitted Transferee Assignee), or (z) Tenant is in economic or material non-economic default under this Lease (beyond the applicable notice and cure periods), as of the date of Tenant’s delivery of the Termination Notice to Landlord or, at Landlord’s election, as of the Termination Date. The termination rights granted to Tenant under this Section 2.2 are personal to the Original Tenant and its Permitted Transferee Assignees, and may not be exercised by any assignee, sublessee, or transferee of the Original Tenant’s or its Permitted Transferee Assignees’ interest in this Lease. XXXXXX REALTY THE CAMPUS AT SORRENTO GATEWAY 702009.06/WLA -11- Office Lease 110045-00136/12-26-12/EG/eg [Accelrys, Inc.]
Tenant Termination Right. In the event Tenant fails to make a payment of Minimum Semi-Annual Rent as required hereunder and Landlord does not terminate this Lease as provided hereunder, Tenant may terminate this Lease by giving thirty (30) days advance written notice to the Landlord.
Tenant Termination Right. Provided and on condition that (i) Tenant has not constructed a second siding and platform west of the current Union Pacific tracks for the Service, and/or (ii) less than 1,000,000 passengers utilized the Service in the prior 12 month period, Tenant shall have the one time right to terminate the Lease after the 36th month following the Rent Commencement Date (the "Tenant Termination"). Tenant shall provide twelve months prior written notice to Landlord of its election to exercise the Tenant Termination right and shall forfeit the Restoration Deposit to allow Landlord to remove tenant improvements to the land.
Tenant Termination Right. Provided that Tenant is not in default under the Lease, as amended, as of the date of Tenant’s delivery of the “Termination Notice,” as that term is defined hereinbelow, then the Original Tenant or any Permitted Assignee shall have the right to terminate this Lease, effective as of May 31, 2020 (the “Termination Date”), provided that (a) Landlord receives written notice (the “Termination Notice”) from Tenant on or before March 31, 2019, stating that Tenant elects to terminate this Lease pursuant to the terms and conditions of this Section 7, and (b) concurrently with Landlord’s receipt of the Termination Notice, Landlord receives from Tenant the “Termination Fee,” as that term is defined hereinbelow, as consideration for and as a condition precedent to such early termination. The “Termination Fee” shall be equal to the sum of the following:
Tenant Termination Right. If (a) Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, (b) the damage constitutes a Tenant Damage Event (as defined hereinbelow), and (c) the repair of such damage cannot, in the reasonable opinion of Landlord’s licensed contractor, as set forth in Landlord’s Damage Notice, be substantially completed within two hundred seventy (270) days after the date Landlord becomes aware of such damage, then Tenant may elect to terminate this Lease by delivering written notice thereof to Landlord within fifteen (15) days after Tenant’s receipt of Landlord’s Damage Notice. As used herein, a “Tenant Damage Event” shall mean damage to all or any part of the Premises or any Common Areas of the Building providing access to the Premises by fire or other casualty, which damage (i) is not the result of the gross negligence or willful misconduct of Tenant or any Tenant Affiliates, (ii) materially interferes with Tenant’s use of or access to the Premises and (iii) would entitle Tenant to an abatement of Base Rent and Tenant’s Share of Building Allocated Operating Expenses and pursuant to Section 15.1 above.
Tenant Termination Right. Tenant may terminate this Lease effective on the last day of the thirty-ninth month after the Commencement Date by giving Landlord 6 months written notice of Tenant’s election to terminate. In the event Tenant elects to terminate pursuant to this Section XXXI.O, Tenant shall pay to Landlord (i) all Rent due up to the effective date of the termination, plus (ii) an amount equal to the remaining unamortized portion of the Broker Commission Landlord paid in connection with this Lease, (iii) an amount equal to the remaining unamortized portion of the Tenant allowance described in Section I.H above, and (iv) an amount equal to the Rent payments due in the four (4) months following the effective date of the termination.
Tenant Termination Right. Notwithstanding the foregoing, Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination within thirty (30) days after Tenant’s receipt of the Damage Notice (such notice to include a termination date giving Tenant at least sixty (60) days to vacate the Premises), but Tenant may so elect only if (i) the Damage Notice from Landlord states that restoration cannot reasonably be completed within two hundred seventy (270) days after being commenced, or (ii) such damage occurs during the last two years of the Term and it would take more than 120 days to complete the restoration of such damage or more than 50% of the Premises are affected by such damage.
Tenant Termination Right. 5 3.5. Confirmation of Commencement Date..................................6 3.6.
Tenant Termination Right. Tenant is leasing the Premises as temporary offices pending renovations to Tenant’s borough hall on East Gay Street in West Xxxxxxx, which renovations are to be publicly bid prior to the Commencement Date. In the event that Tenant determines to abandon its plans for such renovations based on the costs thereof following the bid opening, or to substantially reduce the scope of the project such that Tenant will not require the Premises, then Tenant shall have the right to terminate this Lease without further liability by giving Landlord written notice thereof on or before the Commencement Date.
