Common use of Tenant’s Early Cancellation Right Clause in Contracts

Tenant’s Early Cancellation Right. So long as Tenant has not exercised its right of first refusal pursuant to Section 1.4 above, Tenant shall have the one (1) time right (the “Termination Right”) to terminate and cancel this Lease effective as of the date (the “Termination Date”) which is the last day of the seventy-second (72nd) month anniversary of the Lease Commencement Date. Tenant’s exercise of the Termination Right is contingent upon (i) Tenant’s delivery to Landlord on or before the date which is twelve (12) months prior to the Termination Date, written notice of Tenant’s exercise of such right (the “Termination Notice”), and (ii) Tenant’s payment to Landlord of the Termination Consideration (as defined below). As used herein, the “Termination Consideration” shall mean an amount equal to One Million Five Hundred Thousand Dollars ($1,500,000.00). If Tenant properly exercises the Termination Right set forth in this Section 2.2 in strict accordance with the terms hereof, this Lease shall expire at midnight on the Termination Date, and Tenant shall be required to surrender the Premises to Landlord on or prior to the Termination Date in accordance with the applicable provisions of this Lease. The Termination Right set forth in this Section 2.2 is personal to the Original Tenant and any Affiliate Assignee and may only be executed by the Original Tenant or such Affiliate Assignee (as the case may be) if the Original Tenant (or such Affiliate Assignee) is not in default under this Lease beyond the expiration of all applicable notice and cure periods as of the date Tenant delivers the Termination Notice or as of the Termination Date. In the event Tenant exercises its right of first refusal (set forth in Section 1.4 above) then this Section 2.2 shall be null and void and of no further force or effect.

Tenant’s Early Cancellation Right. So long as Tenant has not exercised its right of first refusal pursuant to Section 1.4 above, Tenant shall have the one (1) time right (the “Termination Right”) to terminate and cancel this Lease effective as of the date (the “"Termination Date”") which is the last day of the seventythirty-second sixth (72nd36th) month anniversary of the initial Lease Commencement Date. Tenant’s exercise of the Termination Right Term, which right is contingent upon (i) Tenant’s delivery Tenant paying to Landlord the Termination Consideration (as defined below) in timely manner in accordance with the following provisions of this Section 2.2. To exercise such termination right, Tenant must deliver to Landlord, on or before the date which is twelve nine (129) months prior to the Termination Date, written notice of Tenant’s 's exercise of such right (the “"Termination Notice”"), and (ii) Tenant’s payment to Landlord of along with the Termination Consideration (as defined below)Consideration. As used herein, the “"Termination Consideration” " for the initial Premises leased by Tenant hereunder (and described in Section 6.1 of the Summary attached to the Lease) shall mean an amount equal to One Million Five Hundred Thousand Dollars ($1,500,000.00)[***]. As used herein the "Termination Consideration" for any [***] leased by Tenant pursuant to Section 1.4 of this Lease [***] shall mean an amount equal to the sum of: [***]. If Tenant properly and timely exercises the Termination Right set forth its termination option in this Section 2.2 in strict accordance with the terms hereof, this Lease shall expire at midnight on the Termination Date, and Tenant shall be required to surrender the Premises to Landlord on or prior to the Termination Date in accordance with the applicable provisions of this Lease. The Termination Right termination right set forth in this Section 2.2 is personal to the Original Tenant and any assignee that is an Affiliate Assignee of Original Tenant's entire interest in this Lease pursuant to Section 14.7 of this Lease and may only be executed by the Original Tenant (or such Affiliate Assignee assignee, as the case may be) (and not any other assignee, sublessee or other Transferee of Original Tenant's interest or Affiliate assignee's interest (as the case may be) if the Original Tenant (or such Affiliate Assignee) is not in default under this Lease beyond the expiration of all applicable notice and cure periods as of the date Tenant delivers the Termination Notice or as of the Termination Date. In the event Tenant exercises its right of first refusal (set forth in Section 1.4 above) then this Section 2.2 shall be null and void and of no further force or effectLease).

Tenant’s Early Cancellation Right. So long as Tenant has not exercised its right of first refusal pursuant to Section 1.4 above, Tenant Team shall have the one (1) time right (the “Termination Right”) to terminate and cancel this Lease effective as of the date (the “"Termination Date”") which is the last day of the seventythirty-second sixth (72nd36th) month anniversary of the initial Lease Commencement Date. Tenant’s exercise of the Termination Right Term, which right is contingent upon (i) Tenant’s delivery Tenant paying to Landlord the Termination Consideration (as defined below) in a timely manner in accordance with the following provisions of this Section 2.3. To exercise such termination right, Tenant must deliver to Landlord, on or before the date which is twelve six (126) months prior to the Termination Date, written notice of Tenant’s 's exercise of such right (the “"Termination Notice”"), and (ii) Tenant’s payment to Landlord of along with the Termination Consideration (as defined below)Consideration. As used herein, the “"Termination Consideration” " shall mean an amount equal to One Million Five Hundred Thousand Dollars the sum of: [***] The brokerage commissions, legal fees and costs of the initial Tenant Improvements with respect to the Premises leased by Tenant shall all be amortized on a straight-line basis over the scheduled initial sixty ($1,500,000.00)60) month initial Lease Term, together with interest at the rate of [***] percent ([***]%) per annum, and the unamortized portion thereof shall be determined based upon the unexpired portion of such initial sixty (60) month Lease Term as of the Termination Date. The brokerage commissions, tenant improvement costs and tenant improvement allowance (if any) with respect to any First Offer Space leased by Tenant pursuant to Section 1.4 shall be amortized on a straight-line basis over the scheduled initial term of the lease for such First Offer Space, together with interest at the rate of [***] percent ([***]%) per annum, and the unamortized portion thereof shall be determined based upon the unexpired portion of such Initial lease term for such First Offer Space as of the Termination Date. If Tenant properly and timely exercises the Termination Right set forth its termination option in this Section 2.2 2.3 in strict accordance with the terms hereof, this Lease shall expire at midnight on the Termination Date, and Tenant shall be required to surrender the Premises to Landlord on or prior to the Termination Date Dace in accordance with the applicable provisions of this Lease. The Termination Right set forth in termination right [***] Confidential portions of this Section 2.2 is personal to document have been redacted and filed separately with the Original Tenant and any Affiliate Assignee and may only be executed by the Original Tenant or such Affiliate Assignee (as the case may be) if the Original Tenant (or such Affiliate Assignee) is not in default under this Lease beyond the expiration of all applicable notice and cure periods as of the date Tenant delivers the Termination Notice or as of the Termination Date. In the event Tenant exercises its right of first refusal (set forth in Section 1.4 above) then this Section 2.2 shall be null and void and of no further force or effectCommission.