Common use of Tenant’s Cancellation Right Clause in Contracts

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.

Tenant’s Cancellation Right. Provided that Tenant has not expanded the Premises, and provided no event Event of default Default exists when Tenant delivers the Cancellation Notice cancellation notice or on the Cancellation Date (as such terms are hereinafter defined)cancellation date, Tenant may cancel the Lease effective as of July 11:59 p.m. on May 31, 2014 (the “Cancellation Date”), 2027 by delivering to Landlord at least 12 full calendar months before the Cancellation Date not later than August 31, 2026: (a) written notice thereof (the “Cancellation Notice”) thereof, and (b) 50% of the Cancellation Fee (defined below). The “Cancellation Fee” shall equal the sum of (1) $351,975 (equal to six five months of Base Rent) Basic Rent and monthly escrow amounts for Tenant’s Proportionate Share of Operating Costs, Taxes and Insurance Costs (with such monthly Basic Rent and monthly escrow amounts calculated at 102% of the monthly amounts payable for such items as of July 1, 2026), and (2) the amount that would be outstanding on a hypothetical loan on the Cancellation Date cancellation date assuming (A) an original principal balance equal to the Leasing Costs (defined below)$691,093.02, (B) an interest rate of 8.58% per annum, (C) the loan is payable in 120 equal monthly installments of principal and interest, beginning on the Renewal Commencement DateJune 1, 2020 and ending on August 1, 2030, and (D) all payments were timely made before the Cancellation Datecancellation date. The term “Leasing Costs” means all costs incurred balance of the Cancellation Fee shall be paid by Tenant to Landlord in leasing the space not later than May 1, 2027. Xxxxxxxx agrees to deliver to Tenant under this Amendment Xxxxxxxx’s calculation of the Cancellation Fee (including leasing commissions, Allowances other tenant inducements and attorneys’ fees)showing such calculation in reasonable detail) within ten days following Xxxxxx’s request therefor. As a condition to the effectiveness of Tenant’s cancellation right, Tenant shall pay to Landlord prior to the Cancellation Date cancellation date any past-due amounts then outstanding under the Lease, and Xxxxxxxx agrees to promptly notify Tenant of any such amounts upon request from time to time. If Tenant fails timely to deliver either portion of the Cancellation Fee payment or the Cancellation Notice 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.

Tenant’s Cancellation Right. Provided that no event Event of default Default exists --------------------------- when Tenant delivers the Cancellation Notice or on the Cancellation Date (as such terms are hereinafter defined)cancellation date, Tenant may cancel the this Lease effective as of July 31, 2014 (the “Cancellation Date”), last day of any calendar month after the 60th full calendar month of the Term by delivering to Landlord at least 12 full calendar nine months before the Cancellation Date 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) 1,866,000 plus the amount that would be outstanding on a hypothetical loan on the Cancellation Date cancellation date assuming (A1) an original principal balance equal to the Leasing Costs (defined below), (B2) an interest rate of 8.511% per annum, (C3) the loan is payable in 120 equal monthly installments of principal and interest, beginning on the Renewal Commencement Datefirst day of the first full calendar month of the Term and ending on the first day of the last scheduled month of the Term (assuming the Lease had not been terminated), and (D4) all payments were made before the Cancellation Datecancellation date. The term “"Leasing Costs” means " shall mean all costs incurred by ------------- Landlord in leasing the space to Tenant under this Amendment (including for leasing commissions, Allowances other tenant inducements commissions and attorneys’ fees)' fees and expenses. As a condition to the effectiveness of Tenant’s 's cancellation right, Tenant shall pay to Landlord prior to the Cancellation Date cancellation date any past-due amounts then outstanding under the Lease. If Tenant fails timely to deliver the Cancellation Fee or the Cancellation Notice cancellation notice or is otherwise unable to exercise this cancellation option, then Tenant’s 's right to cancel the this Lease under this Section 4 27 shall expire; time is of the essence with respect thereto.

Tenant’s Cancellation Right. Provided no event Event of default Default then exists when Tenant delivers the Cancellation Notice cancellation notice or on the Cancellation Date (as such terms are hereinafter defined)cancellation date, Tenant may cancel this Lease as to the initial Premises demised to Tenant as of the Lease Date effective as of July 3111:59 p.m., 2014 (Austin, Texas, time on the “Cancellation Date”), last day of the 41st Lease Month by delivering to Landlord at least 12 nine full calendar months before the Cancellation Date cancellation date (a1) written notice thereof (the “Cancellation Notice”) and (b2) the Cancellation Fee (defined below). The “Cancellation Fee” shall equal the sum of (1A) $351,975 (equal to six two full calendar months of Base Rentgross Rent at the rate payable immediately following the cancellation effective date (assuming, for the purposes of such calculation, that the Lease had not been cancelled by Tenant) and (2B) the amount that would be outstanding on a hypothetical loan on the Cancellation Date cancellation date assuming (Ai) an original principal balance equal to the Leasing Costs (defined below), (Bii) an interest rate of 8.58% per annum, (Ciii) the loan is payable in 120 equal monthly installments of principal and interest, beginning on the Renewal Commencement Datefirst day of the first full calendar month of the Term and ending on the first day of the last scheduled month of the Term (assuming the Lease had not been terminated), and (Div) all payments were made before the Cancellation Datecancellation date. The term “Leasing Costs” means all costs leasing commissions and allowances incurred by Landlord in leasing the space to Tenant under this Amendment (including leasing commissions, Allowances other tenant inducements and attorneys’ fees)Tenant. As a condition to the effectiveness of Tenant’s cancellation right, Tenant shall pay to Landlord prior to the Cancellation Date cancellation date any past-due amounts then outstanding under the Lease. If Tenant fails timely to deliver the Cancellation Fee or the Cancellation Notice cancellation notice or is otherwise unable to exercise this cancellation option, then Tenant’s right to cancel the this Lease under this Section 4 26.2 shall expire; time is of the essence with respect thereto. LANDLORD AND TENANT EXPRESSLY DISCLAIM ANY IMPLIED WARRANTY THAT THE PREMISES ARE SUITABLE FOR TENANT’S INTENDED COMMERCIAL PURPOSE, AND TENANT’S OBLIGATION TO PAY RENT HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE PREMISES OR THE PERFORMANCE BY LANDLORD OF ITS OBLIGATIONS HEREUNDER, AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TENANT SHALL CONTINUE TO PAY THE RENT, WITHOUT ABATEMENT, DEMAND, SETOFF OR DEDUCTION, NOTWITHSTANDING ANY BREACH BY LANDLORD OF ITS DUTIES OR OBLIGATIONS HEREUNDER, WHETHER EXPRESS OR IMPLIED. 26 000 XXXXXXXX XXXXXX XXXXXX, XX 00000 This Lease is executed as of the Lease Date (as defined in the Basic Lease Information).

Tenant’s Cancellation Right. Provided that no event Event of default Default exists --------------------------- when Tenant delivers the Cancellation Notice or on the Cancellation Date (as such terms are hereinafter defined)cancellation date, Tenant may cancel the this Lease effective as of July 31, 2014 (the “Cancellation Date”), last day of any calendar month after the 60th full calendar month of the Term by delivering to Landlord at least 12 full calendar nine months before the Cancellation Date cancellation date (a) written notice thereof (the “Cancellation Notice”) and (b) the Cancellation Fee (defined below). The “Cancellation Fee” "CANCELLATION FEE" shall equal ---------------- the sum of (1) $351,975 (equal to six months of Base Rent) and (2) 1,866,000 plus the amount that would be outstanding on a hypothetical loan on the Cancellation Date cancellation date assuming (A1) an original principal balance equal to the Leasing Costs (defined below), (B2) an interest rate of 8.511 % per annum, (C3) the loan is payable in 120 equal monthly installments of principal and interest, beginning on the Renewal Commencement Datefirst day of the first full calendar month of the Term and ending on the first day of the last scheduled month of the Term (assuming the Lease had not been terminated), and (D4) all payments were made before the Cancellation Datecancellation date. The term “Leasing Costs” means "LEASING COSTS" shall mean all costs ------------- incurred by Landlord in leasing the space to Tenant under this Amendment (including for leasing commissions, Allowances other tenant inducements commissions and attorneys’ fees)' fees and expenses. As a condition to the effectiveness of Tenant’s 's cancellation right, Tenant shall pay to Landlord prior to the Cancellation Date cancellation date any past-due amounts then outstanding under the Lease. If Tenant fails timely to deliver the Cancellation Fee or the Cancellation Notice cancellation notice or is otherwise unable to exercise this cancellation option, then Tenant’s 's right to cancel the this Lease under this Section 4 27 shall expire; time is of the essence with respect thereto.