Tenant’s Termination Option. Tenant shall have the conditional right to terminate this Lease as of the end of the seventh (7th) Lease Year of the initial Lease Term (“Termination Date”), subject to the following terms and conditions: Tenant shall exercise its right to terminate by giving Landlord at least two hundred seventy (270) days prior written notice thereof (“Tenant’s Termination Notice”). Upon Landlord’s receipt of Tenant’s Termination Notice, Landlord shall notify Tenant of the amount of the unamortized costs of the Tenant Improvement Allowance (as defined in Exhibit B hereto), and Tenant shall pay such amount (the “Termination Fee”) within thirty (30) days of receipt of Landlord’s invoice for same. The Termination Fee is in consideration for Landlord granting Tenant an option to terminate pursuant to this Article IIIB and is not a penalty and shall be in addition to, and not in lieu of, the rental payments and any other sums due and payable hereunder through the Termination Date. In the event Tenant’s Termination Notice is not given timely or Tenant does not timely pay the Termination Fee, then in either such event Tenant’s right to terminate under this Article IIIB shall lapse and be of no further force or effect. In the event Tenant has given Tenant’s Renewal Notice pursuant to Article IIIA or Tenant has exercised its right to lease any Expansion Area as provided in Article XLVII then Tenant’s right to terminate under this Article IIIB shall lapse and be of no further force or effect. In the event there exists an event of default under this Lease on the date Tenant’s Termination Notice is sent or any time thereafter up to and including the Termination Date, then, at Landlord’s option, the Lease shall not terminate on the Termination Date and Tenant’s right to terminate under this Article IIIB shall lapse and be of no further force or effect.
Tenant’s Termination Option. Tenant shall have the option to cancel and terminate this lease effective as of the five (5) year ten (10) month anniversary of the Commencement Date (such effective date being hereinafter referred to as the “Early Termination Date”) by written notice (the “Early Termination Notice”) delivered to Landlord no later than twelve (12) months prior to the Early Termination Date, time being of the essence. In connection with Tenant’s exercise of the termination option set forth herein, Tenant shall pay to Landlord an amount (the “Termination Payment”) equal to (a) two (2) months of the fixed annual rent for the entire demised premises at the escalated rate effective as of the Early Termination Date plus (b) the amount of the then unamortized cost (based upon amortizing such cost over the originally scheduled term of this lease) of (i) the actual, out of pocket costs incurred by Landlord in connection with the performance of Landlord’s Work, (ii) the brokerage commission paid in connection with this Agreement and (iii) the value of the free rent provided to Tenant pursuant to this Agreement (i.e., $941,911.33) (the costs set forth in (i) through (iii), collectively, the “Costs”), plus eight (8%) percent per annum on the unamortized Costs for the period from the Commencement Date through and including the Early Termination Date. The entire Termination Payment shall be paid by Tenant to Landlord within ten (10) business days, time being of the essence, after Landlord notifies Tenant, in writing, of the amount of the Termination Payment, which Landlord agrees to provide as soon as reasonably practicable following its receipt of the Early Termination Notice. Within ninety (90) days of Landlord’s receipt of the Early Termination Notice, Landlord shall deliver to Tenant a statement of the Costs. Upon timely delivery of the Early Termination Notice and the Termination Payment, this lease, as modified hereby, will expire on the Early Termination Date as if such date were the Expiration Date and Tenant shall vacate the demised premises on or before the Early Termination Date, leaving the same in the condition otherwise required upon the expiration or sooner termination of this lease. The effectiveness of Tenant’s exercise of the foregoing option is expressly conditioned upon (1) there not being any uncured monetary or material non-monetary default by Tenant under this lease (a) beyond all applicable notice, grace and/or cure periods at the time of the exercise of said opt...
Tenant’s Termination Option. On the conditions set forth below (which conditions Landlord may waive by written notice to Tenant at any time), Tenant shall have the right (“Termination Right”), provided that the Lack of Expansion Space (as hereinafter defined) is in effect, to terminate the term of the Lease effective as of the fifth (5th) anniversary of the Rent Commencement Date (“Effective Termination Date”) by giving Landlord notice (“Tenant’s Termination Notice”) on or before the fourth (4th) anniversary of the Rent Commencement Date (“Notice Date”) and by paying to Landlord, at the time that Xxxxxx gives Xxxxxx’s Termination Notice, the Termination Fee, as hereinafter defined. Notwithstanding the foregoing, Tenant shall have no such Termination Right if any of the following conditions (collectively, the “Prohibited Conditions”) exist:
(1) at the time Tenant delivers Tenant’s Termination Notice or at the Effective Termination Date, Tenant is in default under the Lease beyond any applicable notice and cure periods; or
(2) at the time Tenant delivers Tenant’s Termination Notice or at the Effective Termination Date, the Premises, or any portion thereof, is sublet to anyone other than a Permitted Assignee; or
(3) at the time Tenant delivers Tenant’s Termination Notice or at the Effective Termination Date, the Lease has been assigned to anyone other than a Permitted Assignee; or
(4) the Other Lease Condition, as hereinafter defined, is not met. As used herein, the “Other Lease Condition” means both of the following:
Tenant’s Termination Option. (a) Notwithstanding the stated Expiration Date, Tenant shall have the one time right to terminate this Lease with respect to the entire demised premises, effective as of the seventh (7th) anniversary of the Rent Commencement Date. Such termination shall be on no less than twelve (12) months’ prior written notice to Landlord (the “Termination Notice”), TIME BEING OF THE ESSENCE WITH RESPECT TO THE GIVING OF THE NOTICE. A failure to timely provide the Termination Notice shall constitute a waiver of Tenant’s right to subsequently send such notice. The termination option shall be personal to Tenant named herein and its Permitted Transferees and shall not otherwise be transferrable by Tenant to any third party.
(b) The Termination Payment (as defined herein) shall be paid by Tenant as follows: fifty percent (50%) of the Termination Payment shall be paid simultaneous with the giving of the Termination Notice, and the remaining fifty percent (50%) of the Termination Payment shall be paid on or before the date set forth in the Termination Notice as the termination date. The “Termination Payment” shall be a fee, equal to $444,156.00, representing the following unamortized costs of Landlord in connection with the Lease (as same may have been amended): the Rent concession, the cost of Landlord’s Work and brokerage commissions. A failure to remit any installment of the Termination Payment shall result in the Termination Notice being deemed ineffective.
Tenant’s Termination Option. If (i) Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided in Section 11.2 above, (ii) the damage is not the result of Tenant’s negligence or willful misconduct, (iii) the damage materially interferes with Tenant’s access to or usage of the Premises and Tenant does not thereafter use the Premises, and (iv) Landlord’s restoration work cannot, in the reasonable opinion of Landlord’s licensed contractor, be substantially completed within one hundred eighty (180) days after the date of damage, then Tenant may elect to terminate this Lease by delivering written notice thereof to Landlord within thirty (30) days after Tenant’s receipt of Landlord’s notice of the damage, which termination shall be effective as of the date which is thirty (30) days after the date such termination notice is delivered to Landlord. Furthermore, in the event Landlord’s restoration work has not been substantially completed within one hundred eighty (180) days after the date of damage and the then condition of the Premises or the Building materially interferes with Tenant’s access to or usage of the Premises, then Tenant may elect to terminate this Lease by delivering written notice thereof to Landlord at any time prior to the substantial completion of such restoration work, which termination shall be effective as of the date which is thirty (30) days after the date such termination notice is delivered to Landlord unless, within such thirty (30) day period, the restoration work has been substantially completed.
Tenant’s Termination Option. If (i) Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided in Section 11.2 above, (ii) the damage is not the result of Tenant's negligence or willful misconduct, (iii) the damage substantially interferes with Tenant's access to or usage of the Premises and Tenant does not thereafter use the Premises, and (iv) Landlord's restoration work cannot, in the reasonable opinion of Landlord's licensed contractor, be substantially completed within two hundred seventy (270) days after the date of damage, then Tenant may elect to terminate this Lease by delivering written notice thereof to Landlord within thirty (30) days after Tenant's receipt of Landlord's Damage Notice, which termination shall be effective as of the date which is ninety (90) days after the date such termination notice is delivered to Landlord. In addition, if the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term such that restoration work cannot, in the reasonable opinion of Landlord’s licensed contractor, be substantially completed with ninety (90) days after the date of damage and such damage is not the result of the negligence or willful misconduct of Tenant or Tenant’s agents, employees or contractors, then Tenant shall have the option to terminate this Lease by giving written notice to Landlord of the exercise of such option within thirty (30) days after receipt of notice from Landlord as to the anticipated time necessary to substantially complete repairs thereto, in which event this Lease shall cease and terminate as of the date of such notice.
Tenant’s Termination Option. Tenant shall have the right, to terminate this Lease effective June 30, 2000 (Tenant's Termination Option), provided that (i) Tenant shall give notice to Landlord of the exercise of Tenant's option ("Tenant's Termination Notice") not later than January 1, 2000, the time of exercise being of the essence; (ii) Tenant shall pay to Landlord, as an early termination penalty, the sum of one month's Base Rent, simultaneously with the delivery of Tenant's Termination Notice; (iii) this Lease shall be in full force and effect as of the date of Tenant's Termination Notice and on June 30, 2000; and (iv) Tenant shall not be in default hereunder, beyond any applicable notice or grace period on the date Tenant sends the Tenant Termination Notice and on June 30, 2000. If Tenant shall have complied with the foregoing provisions of this Article 3.05, this Lease and the Lease Term shall expire on June 30, 2000, with the same force and effect as though said date were the expiration date.
Tenant’s Termination Option. A. During the Extension Period only, Tenant shall have a one (1)-time right to terminate the Lease, subject to the terms and conditions set forth in this Paragraph 9. Tenant may exercise such option to terminate the Lease by delivering to Landlord, no later than sixty (60) days prior to the Termination Date (hereinafter defined), an irrevocable written notice of termination (the “Termination Notice”), time being of the essence. In the event that Tenant timely delivers the Termination Notice to Landlord, and provided Tenant is not in default of the Lease, either at the time it delivers the Termination Notice to Landlord or at any time between such date and the Termination Date, this Lease shall terminate as of the Termination Date. As used herein, the term “Termination Date” shall mean the date set forth in the Termination Notice as the date on which the Lease shall terminate, provided, however, that in no event shall the Termination Date occur prior to the date which is sixty (60) days after the date on which Landlord receives the Termination Notice.
Tenant’s Termination Option. Provided an Event of Default does not exist on the date set for exercise or the date set for termination and subject to the conditions set forth herein, Tenant shall have the one-time right, prior to expiration of the eighty-fourth full calendar month of the initial Term, to provide Landlord written notice of its intent to terminate the Lease (the “Termination Notice”). In the event Tenant timely delivers such Termination Notice to Landlord, this Lease shall terminate effective at the end of the ninetieth full calendar month of the initial Term. In the event Tenant fails to timely deliver the Termination Notice, Tenant’s termination right under this Section 47 shall be of no further force and effect. Tenant’s right to terminate this Lease pursuant to this Section 47 is expressly conditioned upon Tenant timely paying the Termination Payment (as hereinafter defined) in immediately available funds and strictly in accordance with the terms of this Section, time being of the essence. For purposes of this Lease, the “Termination Payment” shall be an amount equal to the then unamortized amount of the Tenant Allowance paid by Landlord.
Tenant’s Termination Option. Section 41.01. Tenant shall have the option to cancel and terminate this Lease, effective as of the fifth (5th) anniversary of the Commencement Date (such date is herein referred to as the "Early Termination Date") by written notice ("Tenant's Termination Notice") delivered to Landlord no later than nine (9) months prior to such Early Termination Date. Tenant's Termination Notice shall be accompanied by Tenant's check in the amount of $209,111.22, which sum represents the unamortized costs of (i) the cost of Landlord's Work, (ii) the brokerage commission paid in connection with this Lease, (iii) the abatement of rent contained in Article 39 hereof, and (iv) the difference between the average Fixed Rent which would have been paid over the entire Term and the Fixed Rent actually paid by Tenant up to and including the Early Termination Date, together with interest thereon at the Interest Rate, time being of the essence with respect to the delivery of Tenant's Termination Notice and check. Upon timely delivery of Tenant's Termination Notice and the aforementioned check (subject to collection), this Lease will expire on the Early Termination Date as if such date were the Expiration Date set forth herein and Tenant shall vacate the Demised Premises on or before the Early Termination Date leaving the same in the condition otherwise required upon the expiration or sooner termination of this Lease.
