Tenant’s Cancellation Right Sample Clauses

Tenant’s Cancellation Right. Provided no event of default exists when Tenant delivers the Cancellation Notice or on the Cancellation Date (as such terms are hereinafter defined), Tenant may cancel the Lease effective as of July 31, 2014 (the “Cancellation Date”), by delivering to Landlord at least 12 full calendar months before the Cancellation Date (a) written notice thereof (the “Cancellation Notice”) and (b) the Cancellation Fee (defined below). The “Cancellation Fee” shall equal the sum of (1) $351,975 (equal to six months of Base Rent) and (2) the amount that would be outstanding on a hypothetical loan on the Cancellation Date assuming (A) an original principal balance equal to the Leasing Costs (defined below), (B) an interest rate of 8.5% per annum, (C) the loan is payable in 120 equal monthly installments of principal and interest, beginning on the Renewal Commencement Date, and (D) all payments were made before the Cancellation Date. The term “Leasing Costs” means all costs incurred by Landlord in leasing the space to Tenant under this Amendment (including leasing commissions, Allowances other tenant inducements and attorneys’ fees). As a condition to the effectiveness of Tenant’s cancellation right, Tenant shall pay to Landlord prior to the Cancellation Date any past-due amounts then outstanding under the Lease. If Tenant fails timely to deliver the Cancellation Fee or the Cancellation Notice or is otherwise unable to exercise this cancellation option, then Tenant’s right to cancel the Lease under this Section 4 shall expire; time is of the essence with respect thereto.
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Tenant’s Cancellation Right. Tenant shall have the right ("Tenant's Cancellation Right") to cancel the Lease, as amended by this Third Amendment, with respect to Suite 500 only, effective upon a date (the "Cancellation Date") which occurs between February 1, 2002 and July 30, 2002 (i.e., the commencement of the thirty-seventh (37th) month of the Extended Term through the last day of the forty-second (42nd) month of the Extended Term), provided that (i) Landlord receives written notice from Tenant (the "Cancellation Notice") at least fourteen (14) months prior to the Cancellation Date that Tenant intends to cancel and terminate the Lease, as amended by this Third Amendment, effective upon the Cancellation Date, pursuant to the terms and conditions of this Section 8.1, (ii) as of the date of delivery of the Cancellation Notice and as of the Cancellation Date, Tenant is not in monetary or material non-monetary default under the Lease, as amended by this Third Amendment, beyond the expiration of any applicable cure period, and (iii) on or before the date which is six (6) months prior to the applicable Cancellation Date, Landlord receives from Tenant a check in the amount of the applicable "Termination Fee," as that term is defined below, as consideration for such early termination right. In the event that Tenant elects to cancel the Lease, as amended by this Third Amendment, as set forth above in this Section 8.1, the Lease, as amended by this Third Amendment, with respect to Suite 500, shall automatically terminate and be of no further force or effect and Landlord and Tenant shall be relieved of their respective obligations under the Lease, as amended by this Third Amendment, as of the Cancellation Date, except those obligations set forth in the Lease, as amended by this Third Amendment, which specifically survive the expiration or earlier termination of the Lease, as amended by this Third Amendment, including, without limitation, the payment by Tenant of all amounts owed by Tenant under the Lease, as amended by this Third Amendment, up to and including the Cancellation Date. The rights contained in this Section 8.1 shall be personal to the Tenant named on page 1 of this Third Amendment (the "Original Tenant") and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of Tenant's interest in the Lease, as amended by this Third Amendment). For purposes of this Section 8, the "Termination Fee" shall be (a) [***]* if the Cancellation Date occurs du...
Sample 1
Tenant’s Cancellation Right. Tenant may cancel this Lease effective as of the last day of the 156th Lease Month by delivering to Landlord at least 18 full calendar months before the cancellation date written notice thereof. No penalty or termination cost, fee or expense, nor any reimbursement of any unamortized tenant improvement allowance shall be payable by Tenant in connection with such cancellation. As a condition to the effectiveness of Tenant’s cancellation right, Tenant shall pay to Landlord on or prior to the cancellation date any past-due amounts then outstanding under the Lease. Tenant’s rights under this Section 26.6 shall terminate, at Landlord’s option, if (a) an Event of Default exists when Tenant delivers the cancellation notice or on the cancellation date, (b)Tenant assigns its interest in this Lease other than to a Permitted Transferee, or (c) Tenant fails timely to deliver the cancellation notice or is otherwise unable to exercise this cancellation right, time being of the essence with respect thereto. If Tenant delivers the cancellation notice to Landlord, Tenant shall have no further rights to extend or renew the Term under this Lease, and shall have no option to lease additional space in the Project or related complex or any rights of first offer, rights of first opportunity or rights of first refusal with respect to space in the Project or related complex; accordingly any provision of this Lease granting Tenant an extension or renewal option or any option to lease additional space in the Project or related complex or any rights of first offer, rights of first opportunity or rights of first refusal with respect to space in the Project or related complex shall be automatically deleted in their entirety as of the date of Tenant’s delivery of the cancellation notice to Landlord, without the need for any additional documentation.
Sample 1
Tenant’s Cancellation Right. Upon any damage to or destruction of the premises or the Building (if such Building damage materially and adversely affects Tenant's use of the premises), Landlord shall, within thirty (30) days following such casualty, advise Tenant in writing of the estimated period required to complete Landlord's repair and restoration obligations under this Paragraph 15. Such estimate shall be reasonably made by Landlord in good faith following consultation with Landlord's architect or contractor. If the estimated period required to complete Landlord's repair or restoration obligations set forth in such notice exceeds one hundred eighty (180) days from the date of such casualty, Tenant shall have the right, by delivery of written notice to Landlord within fifteen (15) business days following Tenant's receipt of such notice, to cancel this Lease. Such cancellation shall be effective upon delivery of such notice to Landlord. Notwithstanding anything to the contrary contained in this Paragraph 15.10, if the damage to or destruction of the premises or the Building was caused by the negligence or willful misconduct of, or a breach of this Lease by, Tenant, its agents, contractors, or invitees, Tenant shall not have the right to cancel this Lease and all repair or restoration obligations, less any amounts received under applicable insurance policies, shall be paid by Tenant at its sole cost and expense. It shall be a condition to any cancellation of this Lease by Tenant under this Paragraph 15.10 that Tenant fully pay any outstanding amounts due under the Tenant Improvement Loan.
Sample 1
Tenant’s Cancellation Right. Notwithstanding anything to the contrary contained herein. Tenant may cancel this lease by written notice to Landlord in the event Landlord fails to obtain fee simple We to the property described on Exhibit B on or before April 1 1997. in which event thereafter neither parry shall have any further rights or obligations hereunder. LANDLORD: THE SIGMA JOINT VENTURE TENANT: PERFORMANCE PACKAGING /S/ABRAXXX XXXXXXX/X/ /S/JOHN X. XXXXX /X/ --------------------------------- -------------------------------------- By [Signature]: By [Signature]: Name: ABRAXXX XXXXXXX Name: John X. Xxxxx ---------------------------- --------------------------------- Title: Partner Title: President --------------------------- -------------------------------- Date of Execution: 4/16/97 Date of Execution: 4/10/97 --------------- -------------------- PRINCIPAL BROKER PRINCIPAL BROKER /S/THOMXX X. XXXX /X/ /S/MATTXXX X. XXXXXXXXXX /X/ --------------------------------- -------------------------------------- Name: Thomxx X. Xxxx Name: Mattxxx X. Xxxxxxxxxx --------------------------------- ----------------------------- Title: President Title: Associate --------------------------- ----------------------------- Date of Execution: 4/17/97 Date of Execution: 4/17/97 --------------- --------------------- Copyright Notice: This form is provided for the use of members of the North Texas Commercial Association of Realtors, Inc permission is hereby granted to make limited copies of this form for use in a particular Texas real estate transaction. Contact the NTCAR office to confirm that you are using the current version of this form 10 11 ADDENDUM A TO LEASE EXPENSE REIMBURSEMENT Demised Premises and Address: 999 Xxxxx Xxx [Xheck all boxes which apply. Boxes not checked do not apply to this Lease.]
Sample 1
Tenant’s Cancellation Right. Except for the termination rights afforded to Tenant with respect to the Second Expansion Premises, Tenant shall have no further cancellation rights under the Lease. Accordingly, Section 12 of Amendment No. 1 is hereby deleted. However, should Tenant terminate the Lease with respect to the Second Expansion Premises pursuant to this Amendment, Section 12 of Amendment No. 1 shall thereafter be reinstated, and Tenant’s cancellation right with respect to the Existing Premises shall thereafter be governed by such Section 12 of Amendment No. 1.
Sample 1
Tenant’s Cancellation Right. Tenant shall have the right ("Tenant's Cancellation Right") to cancel the Lease, as amended by this Third Amendment, with respect to Suite 500 only, effective upon a date (the "Cancellation Date") which occurs between February 1, 2002 and July 30, 2002 (I.E., the commencement of the thirty-seventh (37th) month of the Extended Term through the last day of the forty-second (42nd) month of the Extended Term), provided that (i) Landlord receives written notice from Tenant (the "Cancellation
Sample 1
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Tenant’s Cancellation Right. Tenant shall have only the cancellation right set forth below and no further cancellation rights. Accordingly, Section 26.2 of the Original Lease is hereby deleted.
Sample 1
Tenant’s Cancellation Right. Except as expressly provided in Sections 14 (Condemnation) or 15 (Fire or Other Casualty) of the Original Lease, Tenant shall have no further cancellation rights under the Lease.
Sample 1

Related to Tenant’s Cancellation Right

  • Landlord’s Termination Right Whether or not the Premises are affected, Landlord may, by notice to Tenant, within 60 days following the date upon which Landlord receives notice of the Taking of all or a portion of the Real Property, the Building or the Premises, terminate this Lease, provided that Landlord elects to terminate leases (including this Lease) affecting at least 50% of the rentable area of the Building.

  • Tenant’s Termination Right If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.

  • Termination Right The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in its opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on any Trading Market shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction, or (iii) if the United States shall have become involved in a new war or an increase in major hostilities, or (iv) if a banking moratorium has been declared by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets, or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative’s opinion, make it inadvisable to proceed with the delivery of the Securities, or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (viii) if the Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative’s judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Securities or to enforce contracts made by the Underwriters for the sale of the Securities.

  • Landlord Delay As used herein, (x) “Force Majeure Construction Delay” shall mean acts of God, casualties, natural disasters, strikes, war, terrorist attacks, lockouts, labor disputes or civil commotion, and (y) “Landlord Delay” shall mean a delay in the construction of the Tenant Improvements or Compliance Work resulting directly from the acts or omissions of Landlord, Landlord’s employees, agents, or contractors including, but not limited to (i) failure of Landlord to timely approve or disapprove any plans; (ii) interference by Landlord, its employees, agents or contractors with the completion of the Tenant Improvements or Compliance Work (including the impairment of Tenant’s contractors’ or vendors’ or employees’ access to the Premises for any reason (including due to the presence of Landlord’s contractors, vendors or personnel), failure to provide reasonable access to the Building’s loading docks or other facilities necessary for the construction of the Tenant Improvements or Compliance Work and/or the movement of materials and personnel to the Premises for such purpose) and (iii) delays due to the acts or failures to act of Landlord, its agents or contractors with respect to payment of the Tenant Improvement Allowance. If Tenant contends that a Force Majeure Construction Delay or a Landlord Delay has occurred, Tenant acknowledges and agrees that it has inspected the Building and the Site and in no event shall the physical character or condition of the Building and/or Site existing as of the Effective Date constitute a basis for a Landlord Delay (this agreement does not apply to the failure of any Building component to properly operate). Further, in no event shall any delay of Landlord constitute a Landlord Delay unless such delay results in a full day of delay in the construction of the Tenant Improvements or Compliance Work. Tenant shall notify Landlord in writing (the “Delay Notice”) of the event which constitutes such Force Majeure Construction Delay or Landlord Delay; such notice may be via electronic mail to Landlord’s construction representative described above. Tenant will additionally use reasonable efforts to mitigate the effects of any Force Majeure Construction Delay or Landlord Delay through the re-sequencing or re-scheduling of work, if feasible, but this sentence will not be deemed to require Tenant to incur overtime or after-hours costs unless Landlord agrees in writing to bear such costs. If the actions or inactions or circumstances described in the Delay Notice constitute a Landlord Delay, and are not cured by Landlord within one (1) business day after Landlord’s receipt of the Delay Notice, then a Landlord Delay shall be deemed to have occurred commencing as of the expiration of such one (l)-business day period. The Lease Commencement Date and the Lease Expiration Date will each be delayed on a day for day basis for each day of Force Majeure Construction Delay or Landlord Delay.

  • Landlord’s Option At any time within ten (10) days after Landlord's receipt of the notice specified in Section 14.2, Landlord may by notice to Tenant elect to (a) terminate this Lease as to the portion (including all) of the Premises that is specified in Tenant's notice, with a proportionate abatement in the Base Rent, (b) consent to the Sublease or Assignment, or (c) disapprove the Sublease or Assignment; Landlord shall not unreasonably withhold its consent to the Assignment or Sublease. Tenant shall pay as additional rent, Landlord's reasonable attorneys' fees incurred in connection with the review of any proposed Assignment or Sublease. Tenant agrees to pay Landlord fifty percent (50%) of the amount by which all sums payable to Tenant in connection with such Assignment or Sublease exceed the total of (a) Base Rent payable by Tenant to Landlord hereunder, (b) reasonable leasing commission incurred by Tenant in connection therewith, and (c) the cost of any Alterations reasonably incurred in connection therewith, and (d) advertisement costs. If Landlord consents to the Sublease or Assignment within such ten (10) day period, Tenant may thereafter within sixty (60) days after Landlord's consent enter into such Assignment or Sublease with such approved assignee or subtenant upon the terms and conditions set forth in the notice furnished by Tenant to Landlord pursuant to Section 14.2. No Assignment or Sublease shall be binding on Landlord until Tenant delivers an executed copy of such Assignment or Sublease to Landlord. Notwithstanding Section 14.3 or any other provision to the contrary, in the event Landlord exercises its recapture right under this Section 14.3, Tenant shall have the right to rescind its notice for request to sublease, assign or transfer within three (3) business days following receipt of Landlord's notice of recapture.

  • Lessor Termination Option If a Hazardous Substance Condition occurs during the term of this Lease, unless Lessee is legally responsible therefor (in which case Lessee shall make the investigation and remediation thereof required by the Applicable Requirements and this Lease shall continue in full force and effect, but subject to Lessor's rights under Paragraph 6.2(d) and Paragraph 13), Lessor may, at Lessor's option, either (i) investigate and remediate such Hazardous Substance Condition, if required, as soon as reasonably possible at Lessor's expense, in which event this Lease shall continue in full force and effect, or (ii) if the estimated cost to remediate such condition exceeds twelve (12) times the then monthly Base Rent or $100,000, whichever is greater, give written notice to Lessee, within thirty (30) days after receipt by Lessor of knowledge of the occurrence of such Hazardous Substance Condition, of Lessor's desire to terminate this Lease as of the date sixty (60) days following the date of such notice. In the event Lessor elects to give a termination notice, Lessee may, within ten (10) days thereafter, give written notice to Lessor of Lessee's commitment to pay the amount by which the cost of the remediation of such Hazardous Substance Condition exceeds an amount equal to twelve (12) times the then monthly Base Rent or $100,000, whichever is greater. Lessee shall provide Lessor with said funds or satisfactory assurance thereof within thirty (30) days following such commitment. In such event, this Lease shall continue in full force and effect, and Lessor shall proceed to make such remediation as soon as reasonably possible after the required funds are available. If Lessee does not give such notice and provide the required funds or assurance thereof within the time provided, this Lease shall terminate as of the date specified in Lessor's notice of termination.

  • Landlord’s Election If Tenant shall desire to assign its interest under this Lease or to sublet the Leased Premises, Tenant must first notify Landlord, in writing, of its intent to so assign or sublet, at least 20 days in advance of the date it intends to so assign its interest in this Lease or sublet the Leased Premises but not sooner than one hundred eighty days in advance of such date, specifying in detail the terms of such proposed assignment or subletting, including the name of the proposed assignee or subleasee, the proposed assignee's or subleasee's intended use of the Leased Premises, a current financial statement of such proposed assignee or subleasee and the form of documents to be used in effectuating such assignment or subletting. Landlord shall have a period of 10 days following receipt of such notice within which to do one of the following: (i) consent to such requested assignment or subletting subject to Tenant's compliance with the conditions set forth in Article 7.4 below or (ii) refuse to so consent to such requested assignment or subletting, provided that such consent shall not be unreasonably refused. It shall not be unreasonable for Landlord to withhold its consent to any proposed assignment or subletting if (i) the proposed assignee's or subtenant's anticipated use of the Premises in- volves the storage, use or disposal of a Hazardous Material other than Hazardous Materials used by Tenant; (ii) if the proposed assignee or subtenant has been required by any prior landlord, lender or governmental authority to clean up Hazardous Materials unlawfully discharged by the proposed assignee or subtenant; or (iii) if the proposed assignee or subtenant is subject to investigation or enforcement order or proceeding by any governmental authority in connection with the unlawful use, disposal or storage of a Hazardous Material. During said 10 day period, Tenant covenants and agrees to supply to Landlord, upon request, all necessary or relevant information which Landlord may reasonably request respecting such proposed assignment or subletting and/or the proposed assignee or subleasee.

  • Notice to Landlord’s Mortgagee Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord without first giving written notice by certified mail, return receipt requested, specifying the default in reasonable detail, to any Landlord’s Mortgagee whose address has been given to Tenant, and affording such Landlord’s Mortgagee a reasonable opportunity to perform Landlord’s obligations hereunder.

  • Tenant’s Plans Tenant shall be solely responsible for the preparation of the final architectural, electrical and mechanical construction drawings, plans and specifications (called “Tenant’s Plans”) necessary to construct the Relocation Premises for Tenant’s occupancy, which plans shall be submitted to Landlord for approval by Landlord’s architect and engineers on or before June 1, 2012, and Tenant’s Plans shall comply with their requirements to avoid aesthetic or other conflicts with the design and function of the balance of the Building. Landlord’s architect and engineers shall respond to any plan submission by Tenant within five (5) Business Days after Landlord’s receipt thereof. In the event Landlord’s architect’s or engineers’ approval of Tenant’s Plans is withheld or conditioned (and such approval shall not be unreasonably withheld or conditioned), Landlord shall send written notification thereof to Tenant and include a reasonably detailed statement identifying the reasons for such refusal or condition, and Tenant shall have the plans revised by its architect to incorporate all reasonable objections and conditions presented by Landlord and shall resubmit such plans to Landlord within ten (10) days after receipt of Landlord’s notice of disapproval. Such process shall be followed until the plans shall have been approved by the Landlord’s architect and engineer without unreasonable objection or condition, except that after the initial five-(5)-Business-day period, any further submissions/resubmissions shall be made within three (3) Business Days. If Landlord fails to respond to submitted plans within the applicable period set forth above, then the September 10, 2012, date set forth in the table incorporated in Section III.A below shall be extended on a day-for-day basis for each day that any such failure continues. Without limiting the foregoing, Tenant shall be responsible for all elements of the design of Tenant’s plans (including, without limitation, compliance with law, functionality of design, the structural integrity of the design, the configuration of the Relocation Premises and the placement of Tenant’s furniture, appliances and equipment), and Landlord’s approval of Tenant’s Plans shall in no event relieve Tenant of the responsibility for such design. Tenant shall be solely responsible for the timely preparation and submission of all such Tenant Plans and for all elements of the design of such Tenant’s Plans and for all costs related thereto. (The word “architect” as used in this Section II (C) shall include an interior designer or space planner.)

  • Landlord’s Options Landlord shall have the option, exercisable by written notice delivered to Tenant within twenty (20) days after Landlord’s receipt of a Transfer Notice accompanied by the other information described in Section 12.1, to: (a) permit Tenant to Transfer the Premises; or (b) disapprove (provided, Landlord’s disapproval must be in accordance with Section 12.1 hereof) the Tenant’s Transfer of the Premises and to continue the Lease in full force and effect as to the entire Premises; or (c) in the event of (i) a proposed assignment of the Lease or (ii) a sublease of more than 50% of the Premises (taking into account all sublets in the aggregate) for all or substantially all of the balance of the Term, terminate the Lease as of the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice (a “Recapture”); provided, however, that if Landlord shall notify Tenant of Landlord’s intention to Recapture the Premises, Tenant may elect to withdraw its Transfer Notice by written notice of such election delivered to Landlord within ten (10) business days of Tenant’s receipt of Landlord’s Recapture notice. If Landlord approves of the proposed Transfer pursuant to Section 12.1 above, Tenant may enter into the proposed Transfer with such proposed Transferee subject to the following conditions: (i) the Transfer shall be on the same terms set forth in the Transfer Notice; and (ii) no Transfer shall be valid and no Transferee shall take possession of the Premises until an executed counterpart of the assignment, sublease or other instrument effecting the Transfer (in the form approved by Landlord) has been delivered to Landlord pursuant to which the Transferee shall expressly assume all of Tenant’s obligations under this Lease applicable to that portion of the Premises then being transferred (provided that, for a subtenant, the rental obligations shall be governed by the terms of the applicable sublease). If Landlord exercises its option to terminate this Lease (or in the case of a partial sublet to release Tenant with respect to a portion of the Premises) as provided above, Tenant shall surrender possession of the Premises on the proposed effective date of the Transfer set forth in Tenant’s Transfer Notice, and thereafter neither Landlord nor Tenant shall have any further liability with respect thereto, except with respect to those matters that expressly survive the termination of the Lease.

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