Tenant’s Election Sample Clauses
The "Tenant’s Election" clause grants the tenant the right to make a specific choice or decision under the lease agreement, typically in response to certain events or conditions. For example, the tenant may be able to elect to renew the lease, terminate the agreement early, or exercise an option such as a right of first refusal. This clause empowers the tenant to control certain outcomes, providing flexibility and protection in situations that may affect their occupancy or obligations under the lease.
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Tenant’s Election. Within thirty (30) days after receipt of Tenant’s notice of exercise, Landlord shall notify Tenant in writing of Landlord’s estimate of the Base Monthly Rent for the applicable extension period, based on the provisions of Paragraph 15.2 above. Within thirty (30) days after receipt of such notice from Landlord, Tenant shall have the right to (i) accept Landlord’s statement of Base Monthly Rent as the Base Monthly Rent for the applicable extension period; or (ii) elect to arbitrate Landlord’s estimate of Fair Market Rent, such arbitration to be conducted pursuant to the provisions hereof or (iii) withdraw its exercise of the extension option. Failure on the part of Tenant to require arbitration of Fair Market Rent or withdraw its exercise of the extension option within such thirty (30) day period shall constitute acceptance of the Base Monthly Rent for the applicable extension period as calculated by Landlord. If Tenant elects arbitration, the arbitration shall be concluded within ninety (90) days after the date of Tenant’s election, subject to extension for an additional thirty (30) day period if a third arbitrator is required and does not act in a timely manner. To the extent that arbitration has not been completed prior to the expiration of any preceding period for which Base Monthly Rent has been determined, Tenant shall pay Base Monthly Rent at the rate calculated by Landlord, with the potential for an adjustment to be made once Fair Market Rent is ultimately determined by arbitration.
Tenant’s Election. Notwithstanding anything to the contrary contained in this Article 12, Tenant may elect to terminate this Lease in the event the Premises are damaged or destroyed and, in the reasonable opinion of Landlord's architect or construction consultants, the restoration of the Premises cannot be substantially completed within ninety (90) days after the event of damage or destruction. Tenant's election shall be made by written notice to Landlord within ten (10) days after Tenant receives from Landlord the estimate of the time needed to complete repair or restoration of the Premises. If Tenant does not deliver said notice within said ten (10) day period, Tenant may not later terminate this Lease even if substantial completion of the rebuilding or restoration occurs subsequent to said ninety (90) day period, provided that Landlord is proceeding with diligence to rebuild or restore the Premises. If Tenant delivers said notice within said ten (10) day period, this Lease shall terminate as of the date of the event of damage or destruction.
Tenant’s Election. Notwithstanding anything to the contrary contained in this Paragraph 15, Tenant may elect to terminate this Lease in the event the Premises are damaged or destroyed and, in the reasonable opinion of Landlord's architect or construction consultants, the restoration of the Premises cannot be substantially completed within one hundred eighty (180) days after the event of damage or destruction. Tenant's election shall be made by written notice to Landlord within twenty (20) days after Tenant receives from Landlord the estimate of the time needed to complete repair or restoration of the Premises. If Tenant does not deliver said notice within said twenty (20) day period, Tenant may not later terminate this Lease even if substantial completion of the rebuilding or restoration occurs subsequent to said one hundred eighty day period, provided that Landlord is proceeding with diligence to rebuild or restore the Premises. The preceding sentence to the contrary notwithstanding, if such rebuilding or restoration is not completed within two hundred forty (240) days following the event of damage or destruction, then Tenant shall be allowed to terminate this Lease (even if Landlord is proceeding with diligence to rebuild or restore the Premises) by delivering written notice to Landlord within twenty (20) days following such two hundred forty (240) day period. If Tenant delivers said notice within said twenty (20) day period, this Lease shall terminate as of the date of the event of damage or destruction.
Tenant’s Election. If the Premises are damaged by any casualty, or if any portion of the Outside Area is damaged by a casualty to such an extent that the Premises is no longer useable by Tenant, in Tenant’s reasonable opinion, and if, in Landlord’s reasonable opinion, such casualty cannot be repaired or restored within one hundred eighty (180) days after commencement of such work, then Tenant may, by written notice delivered to Landlord at any time within thirty (30) days after such damage, terminate this Lease as of the future date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date of Tenant’s delivery of such notice. If notice of termination is so given, this Lease shall expire and all interests of Tenant and the Premises shall terminate on the date specified in the notice and the Monthly Rent shall be reduced in proportion to the extent, if any, to which the damage interferes with the use of the Premises by Tenant and any prepaid Monthly Rent and Operating Expenses shall be refunded to Tenant to the same extent. All insurance proceeds for the Premises shall be payable to Landlord, and Tenant shall have no interest in the proceeds.
Tenant’s Election. Further, if the whole or any material part of the Premises is taken by public authority under the power of eminent domain, or taken in any manner for any public or quasi-public use, so as to render the remaining portion of the Premises unsuitable in Tenant's reasonable opinion, for the purposes intended hereunder, upon delivery of possession to the condemning authority pursuant to the proceedings, Tenant may, at its option, terminate this Lease as to the remainder of the Premises by written notice to Landlord, such notice to be given to Landlord within sixty (60) days after Tenant receives notice of the taking. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (i) the business of Tenant conducted in the portion of the Premises taken cannot, in Tenant's reasonable judgment, be carried on with substantially the same utility and efficiency in the remainder of the Premises [or any substitute space securable by Tenant pursuant to clause (ii) hereof]; and (ii) Tenant cannot secure substantially similar (in Tenant's reasonable judgment) alternate space upon the same terms and conditions as set forth in this Lease (including rental) from Landlord in the Facility. Any notice of termination shall specify a date no more than one hundred sixty (160) days after the giving of such notice as the date for such termination.
Tenant’s Election. 38 15.5 Damage or Destruction Near End of Lease Term............. 39 15.6
Tenant’s Election. Within ten (10) Business Days after Landlord’s delivery of an Offering Notice to Tenant, Tenant shall either (i) give Landlord written notice that Tenant elects to lease such First Offer Space (the “Acceptance Notice”), or (ii) give Landlord written notice that Tenant elects not to lease the First Offer Space (the “Refusal Notice”). If Tenant timely gives an Acceptance Notice, Landlord and Tenant shall use good faith efforts to negotiate and enter into a written amendment to this Lease incorporating such First Offer space into the Premises demised hereunder. Landlord and Tenant shall enter into such written amendment within thirty days following Landlord’s delivery to Tenant of such written amendment. Such amendment shall provide:
a. such First Offer Space shall be demised to Tenant upon delivery of the same by Landlord to Tenant (“First Offer Space Commencement Date”) through the Lease Expiration Date (the “First Offer Space Term”), and shall be considered part of the Premises, provided that all of the terms stated in the Offering Notice shall govern Tenant’s leasing of the First Offer Space, including that the Basic Rent for such First Offer Space shall be the First Offer Space Basic Rent, and appropriate adjustments shall be made to Tenant’s Share of Parking Spaces, Tenant’s Share of Operating Costs and Tenant’s Share of Taxes during the First Offer Space Term to reflect the addition of the First Offer Space to the Premises; and
b. such First Offer Space shall be leased by Tenant in its “As-Is” condition subject to Landlord’s obligation to deliver (i) the services set forth in Section 7.4 of this Lease, and (ii) the First Offer Space in accordance with the provisions of Exhibit J.
Tenant’s Election. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by or rendered inaccessible by a Casualty and the Casualty Notice provides that such damage cannot reasonably be repaired (as reasonably determined by Landlord) within two hundred forty (240) days after Landlord’s Casualty Notice; (b) the Casualty was not caused by the negligence or willful misconduct of Tenant or any of the Tenant Parties; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the Casualty Notice. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate this Lease and Landlord does not substantially complete the repair and restoration of the Premises within sixty (60) days after the expiration of the estimated period of time set forth in Landlord’s Casualty Notice, which period shall be extended to the extent of any delays caused by Tenant or delays due to insurance, then Tenant may terminate this Lease by written notice to Landlord within thirty (30) days after the expiration of such period, as the same may be so extended; provided, however, if Landlord completes the subject repair and restoration prior to the expiration of such thirty (30) day period, Tenant’s termination of this Lease shall be deemed null and void and of no further force and effect.
Tenant’s Election. If Landlord estimates that the necessary repairs cannot be completed within one hundred eighty (180) days after the date of Landlord’s Casualty Notice, then Tenant may elect within fifteen (15) days after receipt of Landlord’s Casualty Notice to terminate this Lease as of the date of Tenant’s notice.
Tenant’s Election. If Landlord has not terminated this Lease as provided above, or does not have the right to do so, and the Restoration Estimate Notice states that the necessary repairs can be completed within two (2) years after the date of delivery to Tenant of the Restoration Estimate Notice, then Tenant shall not have the right to terminate this Lease; provided, however that if Landlord has not terminated this Lease as provided above, and the Restoration Estimate Notice states that the necessary repairs cannot be completed within two (2) years after the date of delivery to Tenant of the Restoration Estimate Notice, or if the insurance required to be maintained by Landlord under this Lease is insufficient to restore the Building (including by virtue of any deductible that is not included in the Casualty Credit), Tenant, by written notice to Landlord delivered within thirty (30) days after the date of delivery to Tenant of the Restoration Estimate Notice, may elect to terminate this Lease, in which event this Lease shall terminate on the date set forth in Tenant’s termination notice as if such date were the Expiration Date set forth herein.