TENANT'S OPTION TO DETERMINE. 6.13.1 Subject to the Pre Conditions (as hereinafter defined) being satisfied if the Tenant shall desire to determine the Term on the Break Date (time being of the essence for such date) and shall give to the Landlord notice to that effect ("the Break Notice") not later than twelve months and not earlier than eighteen months before the Break Date (time to be of the essence for such notice) then on the Break Date the Term shall thereupon cease and deter- mine but without prejudice to the remedies of either party against the other in respect of any antecedent claim or breach of covenant 6.13.2 For the purpose of sub-clause 6.13.1 above the Pre Conditions are that on the Break Date: 6.13.2.1 this Underlease remains vested in the Tenant named herein or a Group Company ("Group Company" meaning a company that is a member of the same group as the Tenant within the meaning of Section 42 of the Landlord and Xxxxxx Xxx 0000 in the form of that Section as it exists at the date of this Underlease and so remains a member during the period in which the Underlease is vested in that company) 6.13.2.2 the Tenant provides vacant possession of the whole of the Demised Premises 6.13.2.3 the Tenant has paid the rent first reserved and the "on account" service charge payable under this Underlease 6.13.2.4 the Tenant pays the Due Sum (if any) referred to in Clause 6.13.3 not later than four weeks before the Break Date PROVIDED THAT if the Assessor (as hereinafter defined) shall fail to make an assessment ("the Assessment") of the Due Sum (as hereinafter defined) and notify the Tenant of the Due Sum six weeks before the Break Date the Tenant shall pay to the Landlord the Due Sum within 14 days of being notified of the Assessment ("the Due Date") PROVIDED FURTHER that if the Due Date is later than the Break Date this condition shall not be treated as a precondition but shall be a condition subsequent 6.13.3.1 The provisions of this Clause 6.13.3 shall only apply in the event of the Tenant serving a Break Notice 6.13.3.2 In the event of any dispute as to any sums payable under this Underlease (whether in relation to dilapidations service charges or otherwise) the Due Sum (as hereinafter defined) shall be the subject of a deposit of cash with (or the provision of an unconditional guarantee from a London Clearing Bank in favour of) the Landlord's solicitors 6.13.3.3 The Due Sum shall be the amount needed to remedy any breaches of covenant and/or make good any deficiency in payments to the Landlord due under the Underlease and the Due Sum shall be agreed between the Landlord and Tenant and if not so agreed within six months from the service of the Break Notice it shall be assessed by an independent appropriately qualified surveyor ("the Assessor") (acting as expert) appointed by the Landlord who is a representative of a reputable firm or company experienced in disputes of this nature who in fixing the figure shall acknowledge a duty of care to the Landlord and to the Tenant to endeavour to meet a fair result between their respective positions and who shall use his best endeavours to provide his assessment within 3 months of his appointment 6.13.3.4 The amount of the Due Sum shall not bind the Landlord or the Tenant in relation to any claim for any breach made on or after the termination of the Underlease but shall merely constitute security for the Landlord in relation to all or part of any eventual claim. The amount shall not be treated as evidence of the justifiable figure for any such claim 6.13.3.5 Upon the conclusion of any claim made at or after the expiry of the Underlease (and it is acknowledged that the Landlord has the right to make claims in respect of any breach of the Underlease and the Tenant has the right to make a claim for the repayment of the whole or part of the Due Sum or the release of any guarantee) the amount due to the Landlord shall be released to the Landlord (together with interest accrued on such sum) and the balance (together with interest accrued thereon) shall be released to the Tenant 6.13.3.6 If either party considers it is being prejudiced by any delay in the final settlement of any claim under Clause 6.13.3.5 above it shall be entitled to call upon the Assessor to make an interim assessment of such sum or sums (payable to the Landlord and/or to be released to the Tenant) as should in any event be payable (notwithstanding the dispute as to the balance) and payments or releases based on such interim assessment shall be made forthwith where such VAT Supply would have been exempt save for a VAT Election
Appears in 1 contract
Samples: Under Lease (Financial Services Acquisition Corp /De/)
TENANT'S OPTION TO DETERMINE. 6.13.1 21.1 In this clause “Termination Date” means 19 May 2026.
21.2 Subject to the Pre Conditions (as hereinafter defined) pre-conditions in clause 21.3 being satisfied if on the Termination Date, and subject to clause 21.4, the Tenant shall desire to may determine the Term on the Break Termination Date (time being of the essence for such date) and shall give to by giving the Landlord notice to that effect ("the Break Notice") not later less than twelve months and not earlier than eighteen months before the Break Date (time to be of the essence for such 12 months’ written notice) . The Term will then determine on the Break Date the Term shall thereupon cease and deter- mine Termination Date, but without prejudice to the remedies any rights of either any party against the any other in respect of for any antecedent claim or breach of covenantits obligations under this Lease.
6.13.2 For the purpose of sub21.3 The pre-clause 6.13.1 above the Pre Conditions conditions are that on the Break Datethat:
6.13.2.1 this Underlease remains vested in 21.3.1 the Tenant named herein or a Group Company ("Group Company" meaning a company that is a member not in occupation of the same group as the Tenant within the meaning of Section 42 of the Landlord Premises and Xxxxxx Xxx 0000 in the form of that Section as it exists at the date of this Underlease and so remains a member during the period in which the Underlease is vested in that company)
6.13.2.2 the Tenant provides vacant possession of the whole of the Demised Premises
6.13.2.3 the Tenant has paid the rent first reserved and the "on account" service charge payable under this Underlease
6.13.2.4 the Tenant pays the Due Sum (if any) referred to in Clause 6.13.3 not later than four weeks before the Break Date PROVIDED THAT if the Assessor (as hereinafter defined) shall fail to make an assessment ("the Assessment") of the Due Sum (as hereinafter defined) and notify the Tenant of the Due Sum six weeks before the Break Date the Tenant shall pay to the Landlord the Due Sum within 14 days of being notified of the Assessment ("the Due Date") PROVIDED FURTHER that if the Due Date is later than the Break Date this condition shall not be treated as a precondition but shall be a condition subsequent
6.13.3.1 The provisions of this Clause 6.13.3 shall only apply in the event of the Tenant serving a Break Notice
6.13.3.2 In the event of any dispute as to any sums payable under this Underlease (no third party occupation whether in relation to dilapidations service charges or otherwise) the Due Sum (as hereinafter defined) shall be the subject of a deposit of cash with (or the provision of an unconditional guarantee from a London Clearing Bank in favour of) the Landlord's solicitors
6.13.3.3 The Due Sum shall be the amount needed to remedy any breaches of covenant and/or make good any deficiency in payments to the Landlord due under the Underlease and the Due Sum shall be agreed between the Landlord and Tenant and if not so agreed within six months from the service of the Break Notice it shall be assessed by an independent appropriately qualified surveyor ("the Assessor") (acting as expert) appointed by the Landlord who is a representative of a reputable firm or company experienced in disputes of this nature who in fixing the figure shall acknowledge a duty of care to the Landlord and to the Tenant to endeavour to meet a fair result between their respective positions and who shall use his best endeavours to provide his assessment within 3 months of his appointment
6.13.3.4 The amount of the Due Sum shall not bind the Landlord or the Tenant in relation to any claim for any breach made on or after the termination of the Underlease but shall merely constitute security for the Landlord in relation to all or part of any eventual claim. The amount shall not be treated as evidence of the justifiable figure for any such claim
6.13.3.5 Upon the conclusion of any claim made at or after the expiry of the Underlease (and it is acknowledged that the Landlord has the right to make claims in respect of any breach of the Underlease and the Tenant has the right to make a claim for the repayment of the whole or part of the Due Sum or Premises, continues; and
21.3.2 all Rent and VAT payable on it and all Service Charge Estimate due under this Lease and, in the release case of Service Charge Estimate, demanded no less than four weeks prior to the Termination Date have been paid in full.
21.4 The Landlord may waive any guarantee) of the amount due pre-conditions set out in clause 21.3 at any time before the Termination Date by written notice to the Tenant.
21.5 If the Tenant exercises its right to determine this Lease under this clause 21 and this Lease determines on the Termination Date then the Landlord shall be released repay to the Landlord (together with interest accrued on such sum) Tenant within 28 days of the Termination Date any Rent and Insurance Rent paid by the balance (together with interest accrued thereon) shall be released Tenant in advance that relates to the Tenantperiod from but excluding the Termination Date.
6.13.3.6 21.6 If either party considers it this Lease is being prejudiced by any delay in not determined under this clause 21 then the final settlement of any claim under Clause 6.13.3.5 above it Tenant shall be entitled to call upon an additional rent free period as set out in clause 7.4.
21.7 The Tenant will cancel any registration it has made in connection with this Lease within five Business Days of the Assessor to make an interim assessment Termination Date.
21.8 Time will be of such sum or sums (payable to the Landlord and/or to be released to essence for the Tenant) as should in any event be payable (notwithstanding the dispute as to the balance) and payments or releases based on such interim assessment shall be made forthwith where such VAT Supply would have been exempt save for a VAT Electionpurposes of this clause.
Appears in 1 contract
TENANT'S OPTION TO DETERMINE. 6.13.1 8.1 In this clause “Termination Date” means November 2001 or November 2006
8.2 Subject to the Pre Conditions (as hereinafter defined) pre-conditions in clause 8.3 being satisfied if on the relevant Termination Date, and subject to clause 4.8 the Tenant shall desire to may determine the Term on a Termination Date by giving the Break Date (time being Landlord not less than six months’ written notice, which notice must be expressed to be given under section 24(2) of the essence for such date) Landlord and shall give to the Landlord notice to that effect ("the Break Notice") not later than twelve months and not earlier than eighteen months before the Break Date (time to be of the essence for such notice) Tenant Axx 0000. The Term will then determine on the Break Date the Term shall thereupon cease and deter- mine relevant Termination Date, but without prejudice to the remedies of either party against the other in respect of any antecedent claim or breach of covenantany
6.13.2 For the purpose of sub8.3 The pre-clause 6.13.1 above the Pre Conditions conditions are that on the Break Datethat:
6.13.2.1 this Underlease remains vested in the Tenant named herein or a Group Company ("Group Company" meaning a company that is a member of the same group as the Tenant within the meaning of Section 42 of the Landlord and Xxxxxx Xxx 0000 in the form of that Section as it exists at the date of this Underlease and so remains a member during the period in which the Underlease is vested in that company)
6.13.2.2 the Tenant provides 8.3.1 vacant possession of the whole of the Demised PremisesPremises is given to the Landlord; and
6.13.2.3 the Tenant has paid the 8.3.2 all rent first reserved and the "on account" service charge payable other sums due under this UnderleaseLease up to the relevant Termination Date have been paid in full and all the Tenant’s obligations in this Lease up to the relevant Termination Date have been substantially complied with
6.13.2.4 8.4 The Landlord may waive any of the Tenant pays the Due Sum (if any) referred to pre-conditions set out in Clause 6.13.3 not later than four weeks clause 8.3 at any time before the Break relevant Termination Date PROVIDED THAT if the Assessor (as hereinafter defined) shall fail to make an assessment ("the Assessment") of the Due Sum (as hereinafter defined) and notify the Tenant of the Due Sum six weeks before the Break Date the Tenant shall pay to the Landlord the Due Sum within 14 days of being notified of the Assessment ("the Due Date") PROVIDED FURTHER that if the Due Date is later than the Break Date this condition shall not be treated as a precondition but shall be a condition subsequent
6.13.3.1 The provisions of this Clause 6.13.3 shall only apply in the event of the Tenant serving a Break Notice
6.13.3.2 In the event of any dispute as to any sums payable under this Underlease (whether in relation to dilapidations service charges or otherwise) the Due Sum (as hereinafter defined) shall be the subject of a deposit of cash with (or the provision of an unconditional guarantee from a London Clearing Bank in favour of) the Landlord's solicitors
6.13.3.3 The Due Sum shall be the amount needed to remedy any breaches of covenant and/or make good any deficiency in payments to the Landlord due under the Underlease and the Due Sum shall be agreed between the Landlord and Tenant and if not so agreed within six months from the service of the Break Notice it shall be assessed by an independent appropriately qualified surveyor ("the Assessor") (acting as expert) appointed by the Landlord who is a representative of a reputable firm or company experienced in disputes of this nature who in fixing the figure shall acknowledge a duty of care to the Landlord and to the Tenant to endeavour to meet a fair result between their respective positions and who shall use his best endeavours to provide his assessment within 3 months of his appointment
6.13.3.4 The amount of the Due Sum shall not bind the Landlord or the Tenant in relation to any claim for any breach made on or after the termination of the Underlease but shall merely constitute security for the Landlord in relation to all or part of any eventual claim. The amount shall not be treated as evidence of the justifiable figure for any such claim
6.13.3.5 Upon the conclusion of any claim made at or after the expiry of the Underlease (and it is acknowledged that the Landlord has the right to make claims in respect of any breach of the Underlease and the Tenant has the right to make a claim for the repayment of the whole or part of the Due Sum or the release of any guarantee) the amount due to the Landlord shall be released to the Landlord (together with interest accrued on such sum) and the balance (together with interest accrued thereon) shall be released written notice to the Tenant
6.13.3.6 If either party considers 8.5 The Tenant will cancel any registration it has made in connection with this clause within 15 working days of the relevant Termination Date
8.6 Time will be of the essence for the purposes of this clause IN WITNESS of which this Lease has been executed and is being prejudiced delivered as a deed on the date appearing as the date of this Lease The schedule annexed to this Lease headed “The First Schedule”
1. The right in common with the Landlord and all other persons now or at any time after the date of this Lease similarly entitled to pass at all times and for all purposes connected with the proper use of the Premises in accordance with this Lease:
1.1 with or without vehicles over and along the Estate Roads and the Accessways and (except for that part hatched purple on the Lease Plan) the Additional Access until in each case adoption by the highway authority and
1.2 on foot only over and along that part of the Additional Access shown hatched purple on the Lease Plan
2. The right in common with the Landlord and all other persons now or at any delay subsequent time entitled to a similar right to the free passage and running of water soil gas electricity and other services from and to the Premises through the Conducting Media in the final settlement Estate other than those adopted by the relevant statutory undertaker
3. The right of any claim under Clause 6.13.3.5 above it shall be entitled to call upon support and protection for the Assessor to make an interim assessment Premises from the remainder of such sum or sums (payable to the Landlord and/or to be released to the Tenant) Winnersh 500
4. So far as should necessary and in any event be payable (notwithstanding subject to any licence required by clause 4.20 the dispute right to enter upon so much of the area shown hatched green on the Lease Plan as lies to the balance) rear of the Land to install and payments or releases based on such interim assessment shall be made forthwith where such VAT Supply would have been exempt save for a VAT Electionthereafter at all times to maintain repair renew and rebuild an air conditioning plant
Appears in 1 contract
TENANT'S OPTION TO DETERMINE. 6.13.1 55.1 In this clause “Termination Date” means 19 May 2026.
55.2 Subject to the Pre Conditions (as hereinafter defined) pre-conditions in clause 55.2 being satisfied if on the Termination Date, and subject to clause 55.3.2, the Tenant shall desire to may determine the Term on the Break Termination Date (time being of the essence for such date) and shall give to by giving the Landlord notice to that effect ("the Break Notice") not later less than twelve months and not earlier than eighteen months before the Break Date (time to be of the essence for such 12 months’ written notice) . The Term will then determine on the Break Date the Term shall thereupon cease and deter- mine Termination Date, but without prejudice to the remedies any rights of either any party against the any other in respect of for any antecedent claim or breach of covenantits obligations under this Lease.
6.13.2 For the purpose of sub55.3 The pre-clause 6.13.1 above the Pre Conditions conditions are that on the Break Datethat:
6.13.2.1 this Underlease remains vested in 55.3.1 the Tenant named herein or a Group Company ("Group Company" meaning a company that is a member not in occupation of the same group as the Tenant within the meaning of Section 42 of the Landlord Premises and Xxxxxx Xxx 0000 in the form of that Section as it exists at the date of this Underlease and so remains a member during the period in which the Underlease is vested in that company)
6.13.2.2 the Tenant provides vacant possession of the whole of the Demised Premises
6.13.2.3 the Tenant has paid the rent first reserved and the "on account" service charge payable under this Underlease
6.13.2.4 the Tenant pays the Due Sum (if any) referred to in Clause 6.13.3 not later than four weeks before the Break Date PROVIDED THAT if the Assessor (as hereinafter defined) shall fail to make an assessment ("the Assessment") of the Due Sum (as hereinafter defined) and notify the Tenant of the Due Sum six weeks before the Break Date the Tenant shall pay to the Landlord the Due Sum within 14 days of being notified of the Assessment ("the Due Date") PROVIDED FURTHER that if the Due Date is later than the Break Date this condition shall not be treated as a precondition but shall be a condition subsequent
6.13.3.1 The provisions of this Clause 6.13.3 shall only apply in the event of the Tenant serving a Break Notice
6.13.3.2 In the event of any dispute as to any sums payable under this Underlease (no third party occupation whether in relation to dilapidations service charges or otherwise) the Due Sum (as hereinafter defined) shall be the subject of a deposit of cash with (or the provision of an unconditional guarantee from a London Clearing Bank in favour of) the Landlord's solicitors
6.13.3.3 The Due Sum shall be the amount needed to remedy any breaches of covenant and/or make good any deficiency in payments to the Landlord due under the Underlease and the Due Sum shall be agreed between the Landlord and Tenant and if not so agreed within six months from the service of the Break Notice it shall be assessed by an independent appropriately qualified surveyor ("the Assessor") (acting as expert) appointed by the Landlord who is a representative of a reputable firm or company experienced in disputes of this nature who in fixing the figure shall acknowledge a duty of care to the Landlord and to the Tenant to endeavour to meet a fair result between their respective positions and who shall use his best endeavours to provide his assessment within 3 months of his appointment
6.13.3.4 The amount of the Due Sum shall not bind the Landlord or the Tenant in relation to any claim for any breach made on or after the termination of the Underlease but shall merely constitute security for the Landlord in relation to all or part of any eventual claim. The amount shall not be treated as evidence of the justifiable figure for any such claim
6.13.3.5 Upon the conclusion of any claim made at or after the expiry of the Underlease (and it is acknowledged that the Landlord has the right to make claims in respect of any breach of the Underlease and the Tenant has the right to make a claim for the repayment of the whole or part of the Due Sum or Premises, continues; and
55.3.2 all Rent and VAT payable on it and all Service Charge Estimate due under this Lease and, in the release case of Service Charge Estimate, demanded no less than four weeks prior to the Termination Date have been paid in full.
55.4 The Landlord may waive any guarantee) of the amount due pre-conditions set out in clause 55.2 at any time before the Termination Date by written notice to the Tenant.
55.5 If the Tenant exercises its right to determine this Lease under this clause 21 and this Lease determines on the Termination Date then the Landlord shall be released repay to the Landlord (together with interest accrued on such sum) Tenant within 28 days of the Termination Date any Rent and Insurance Rent paid by the balance (together with interest accrued thereon) shall be released Tenant in advance that relates to the Tenantperiod from but excluding the Termination Date.
6.13.3.6 55.6 If either party considers it this Lease is being prejudiced by any delay in not determined under this clause 21 then the final settlement of any claim under Clause 6.13.3.5 above it Tenant shall be entitled to call upon an additional rent free period as set out in clause 7.4.
55.7 The Tenant will cancel any registration it has made in connection with this Lease within five Business Days of the Assessor to make an interim assessment Termination Date.
55.8 Time will be of such sum or sums (payable to the Landlord and/or to be released to essence for the Tenant) as should in any event be payable (notwithstanding the dispute as to the balance) and payments or releases based on such interim assessment shall be made forthwith where such VAT Supply would have been exempt save for a VAT Electionpurposes of this clause.
Appears in 1 contract
TENANT'S OPTION TO DETERMINE. 6.13.1 Subject 9.1 The Tenant may determine this Lease on 24 December 2012 (the “Determination Date") subject to complying with the Pre conditions set out in clause 9.2 below (the “Break Conditions").
9.2 The Break Conditions (as hereinafter defined) being satisfied if are that the Tenant shall desire to determine the Term on the Break Date shall:
(time being of the essence for such datea) and shall give to the Landlord not less than six (6) months’ notice (such notice to that effect be on or before 24 June 2012) in writing of its intention to determine this Lease on the Determination Date;
("b) as of the Determination Date have paid the Principal Rent reserved by this Lease;
(c) on the Determination Date pay to the Landlord a sum equivalent to three (3) months’ Principal Rent and;
(d) yield up to the Premises with vacant possession on the Determination Date.
9.3 If the Tenant complies with the Break Notice") not later than twelve months Conditions then the Lease shall immediately cease and not earlier than eighteen months before the Break Date (time to be of the essence for such notice) then determine on the Break Determination Date the Term shall thereupon cease and deter- mine but without prejudice to the remedies rights of either party against the other in respect of any antecedent claim or breach of covenant.
6.13.2 For 9.4 On the purpose of sub-clause 6.13.1 above the Pre Conditions are that on the Break Date:
6.13.2.1 this Underlease remains vested in the Tenant named herein or a Group Company ("Group Company" meaning a company that is a member of the same group as the Tenant within the meaning of Section 42 of the Landlord and Xxxxxx Xxx 0000 in the form of that Section as it exists at the date of this Underlease and so remains a member during the period in which the Underlease is vested in that company)
6.13.2.2 the Tenant provides vacant possession of the whole of the Demised Premises
6.13.2.3 the Tenant has paid the rent first reserved and the "on account" service charge payable under this Underlease
6.13.2.4 the Tenant pays the Due Sum (if any) referred to in Clause 6.13.3 not later than four weeks before the Break Date PROVIDED THAT if the Assessor (as hereinafter defined) shall fail to make an assessment ("the Assessment") of the Due Sum (as hereinafter defined) and notify the Tenant of the Due Sum six weeks before the Break Determination Date the Tenant shall pay return the original Lease to the Landlord the Due Sum within 14 days of being notified of the Assessment ("the Due Date") PROVIDED FURTHER that if the Due Date is later than the Break Date this condition shall not be treated as a precondition but shall be a condition subsequent
6.13.3.1 The provisions of this Clause 6.13.3 shall only apply in the event of the Tenant serving a Break Notice
6.13.3.2 In the event of landlord together with any dispute as to any sums payable under this Underlease (whether in relation to dilapidations service charges or otherwise) the Due Sum (as hereinafter defined) shall be the subject of a deposit of cash with (or the provision of an unconditional guarantee from a London Clearing Bank in favour of) the Landlord's solicitors
6.13.3.3 The Due Sum shall be the amount needed to remedy any breaches of covenant and/or make good any deficiency in payments other title deeds and documents relating to the Premises and shall give such assistance as the Landlord due under shall reasonably require in order to cancel any entry or title relating to the Underlease Lease at the Land Registry and the Due Sum shall be agreed between Landlord will at the Landlord and Tenant and if not so agreed within six months from the service of the Break Notice it shall be assessed by an independent appropriately qualified surveyor ("the Assessor") (acting as expert) appointed by the Landlord who is a representative of a reputable firm or company experienced in disputes of this nature who in fixing the figure shall acknowledge a duty of care to the Landlord and Determination Date return to the Tenant the Counterpart Lease and any other title deeds and documents relating to endeavour to meet a fair result between their respective positions and who the Premises in its possession or control. Nothing in this clause shall use his best endeavours to provide his assessment within 3 months of his appointment
6.13.3.4 The amount make time of the Due Sum shall not bind essence for the Landlord or the Tenant in relation to any claim for any breach made on or after the termination purposes of the Underlease but shall merely constitute security for the Landlord in relation to all or part of any eventual claim. The amount shall not be treated as evidence of the justifiable figure for any such claim
6.13.3.5 Upon the conclusion of any claim made at or after the expiry of the Underlease (and it is acknowledged that the Landlord has the right to make claims in respect of any breach of the Underlease and the Tenant has the right to make a claim for the repayment of the whole or part of the Due Sum or the release of any guarantee) the amount due to the Landlord shall be released to the Landlord (together with interest accrued on such sum) and the balance (together with interest accrued thereon) shall be released to the Tenant
6.13.3.6 If either party considers it is being prejudiced by any delay rent review provisions contained in the final settlement of any claim under Clause 6.13.3.5 above it shall be entitled to call upon the Assessor to make an interim assessment of such sum or sums (payable to the Landlord and/or to be released to the Tenant) as should in any event be payable (notwithstanding the dispute as to the balance) and payments or releases based on such interim assessment shall be made forthwith where such VAT Supply would have been exempt save for a VAT ElectionLease
Appears in 1 contract
