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. As of the Effective Date hereof Article IIIB of the Lease (“Tenant’s Termination Option” for the Original Premises) shall be modified so as to add the following thereto for the Expansion Premises: Tenant’s Expansion Premises Termination Option: Tenant shall additionally have the option to terminate the Lease with respect to the Expansion Premises only at any time after September 30, 2011 (the “Cancellation Effective Date”) by providing Landlord with (i) written notice of such option election (the “Cancellation Notice”) and (ii) written evidence and supporting documentation demonstrating that Tenant’s customer known as the Terrorist Screening Center (TSC) (as it is currently named on the Effective Date hereof) or its successor thereto (the “Customer”) has commenced business operations from a leased or government owned building in Virginia and said customer has requested Tenant to take occupancy in the same building or in a building in material closer proximity to the leased or government owned building in Virginia. Such Cancellation Notice shall be effective only if it is delivered to Landlord on the date that is nine (9) months prior to the Cancellation Effective Date (the “Cancellation Notice Deadline”) and with the required documentation and supporting evidence demonstrating that the Customer has commenced business operations from a leased or government owned building in Virginia and said customer has requested Tenant to take occupancy in the same building or in a building in material closer proximity to the leased or government owned building in Virginia. As a condition to any cancellation of the Lease with respect to the Expansion Premises by Tenant pursuant to the provisions of this Paragraph 6, Tenant must pay to Landlord a cancellation fee equal to the unamortized portion, determined as of the Cancellation Effective Date in the manner hereinafter provided, of Landlord’s upfront costs (“Landlord’s Investment”) incurred by Landlord in consummating this Third Amendment including brokerage commissions (calculated as 2% of the aggregate Base Rent for the Expansion Premises), legal fees related to negotiating this Third Amendment to Lease, and the TI Allowance (defined below). For purposes of this Xxxxxxxxx 0, Xxxxxxxx’s Investment shall be reduced monthly, with each timely payment by Tenant of a full monthly installment of Base Rent under this Lease, by the amount which the principal of a loan equal to the Landlord’s Investment funded in full as of Octob...
Tenant’s Termination Option. Simultaneously with the execution of this Lease, Landlord and other entities affiliated with Tenant are executing seventeen (17) other leases for medical office buildings in the states of Tennessee, North Carolina, South Carolina, Georgia, Alabama and Florida, which leases are listed on Exhibit D hereto (collectively with this Lease, the “MedQuest Leases”). Notwithstanding anything to the contrary contained herein, Tenant may terminate this Lease at any time after the Commencement Date, and one (1) other individual lease among the MedQuest Leases listed on Schedule I of Exhibit D (“Tenant’s Termination Option”); provided, however, Tenant may not terminate any of the MedQuest Leases listed on Schedule II of Exhibit D pursuant to this subsection. If Tenant elects to exercise Tenant’s Termination Option and terminate this Lease as one (1) of the two (2) leases Tenant or Tenant’s affiliates may terminate pursuant to this subsection or similar provisions contained in the other MedQuest Leases, Tenant shall provide Landlord with not less than ninety (90) days’ prior written notice of the early termination date, and, simultaneously with the giving of such notice, Tenant shall pay to Landlord an early termination fee equal to one (1) year’s Base Rent for the Premises in effect at the time of the notice (“Tenant’s Termination Fee”). The parties hereby acknowledge and agree that the damages to Landlord caused by Tenant’s exercise of Tenant’s Termination Option are highly speculative and difficult to calculate, and, as such, Tenant’s Termination Fee is a fair and reasonable estimate of Landlord’s damages and related costs stemming from such exercise and shall constitute liquidated damages with respect to such termination.
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.
Tenant’s Termination Option. 6.20.1 Provided that (a) no Event of Default exists at the time Tenant delivers a Termination Notice (hereinafter defined) to Landlord, and (b) no uncured Event of Default exists on the Termination Date (hereinafter defined), Tenant shall have the one time option to terminate this Lease (the “Termination Option”) effective as of the last day of the thirty-sixth (36th) full calendar month following the Rent Commencement Date (the “Termination Date”), subject to the terms and conditions set forth in this paragraph 6.20. Tenant may exercise its Termination Option solely by delivering to Landlord, on or before the date which is at least twelve (12) months prior to the Termination Date, irrevocable written notice of termination {the “Termination Notice”) on or before the date. In order to exercise the Termination Option, Tenant must pay to Landlord, at the time Tenant delivers the Termination Notice to Landlord, a termination payment {the “Termination Payment”) equal to sum of (i) two (2) monthly installments of Base Rent payable by Tenant as of the date on which Tenant delivers the Termination Notice to Landlord, plus (ii) the unamortized balance, as of the Termination Date, of all Lease Costs (hereinafter defined). As used in this Lease, the term “
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 “
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:
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. 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. 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 one hundred eighty (180) days after the date of Landlord’s Damage Notice, 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.
