Common use of Tenant’s Termination Option Clause in Contracts

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 October 1, 2008 would be amortized and repaid, as of the date of each such monthly installment, together with accrued but unpaid interest thereon at the rate of nine percent (9%) per annum, in ninety-two (92) equal monthly installments of principal and interest, assuming timely installment payments of principal and interest but without prepayment, commencing on October 1, 2008 and continuing on the first day of each of the succeeding ninety-one (91) calendar months (such unamortized portion of Landlord’s Investment being hereinafter referred to as the “Cancellation Fee”), which Cancellation Fee shall be increased to reflect any expansion of the Premises by an amount equal to the unamortized portion of any costs and expenses incurred by Landlord in consummating any such expansion, including, without limitation any improvement allowances, brokerage commissions and legal fees attributable to any such expansion. If Tenant validly and timely exercises this Cancellation Option, Tenant shall nonetheless continue to be liable for its obligations accruing under this Lease with respect to the Premises up to and including the Cancellation Effective Date, including, without limitation, additional rental, and all such obligations having accrued prior to the Cancellation Effective Date shall survive the termination of the Lease, as amended hereby, for the Expansion Premises.

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 cancel and 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 this lease 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 five (“Landlord’s Investment”5) incurred by Landlord in consummating this Third Amendment including brokerage commissions year ten (calculated as 2% 10) month anniversary 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 October 1, 2008 would be amortized and repaid, as of the date of each such monthly installment, together with accrued but unpaid interest thereon at the rate of nine percent (9%) per annum, in ninety-two (92) equal monthly installments of principal and interest, assuming timely installment payments of principal and interest but without prepayment, commencing on October 1, 2008 and continuing on the first day of each of the succeeding ninety-one (91) calendar months Commencement Date (such unamortized portion of Landlord’s Investment effective date being hereinafter referred to as the “Cancellation FeeEarly Termination Date”)) by written notice (the “Early Termination Notice”) delivered to Landlord no later than twelve (12) months prior to the Early Termination Date, which Cancellation Fee shall be increased to reflect any expansion time being of the Premises by 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 portion cost (based upon amortizing such cost over the originally scheduled term of any this lease) of (i) the actual, out of pocket costs and expenses incurred by Landlord in consummating any such expansionconnection with the performance of Landlord’s Work, including(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., without limitation any improvement allowances$941,911.33) (the costs set forth in (i) through (iii), brokerage commissions and legal fees attributable to any such expansion. If Tenant validly and timely exercises this Cancellation Optioncollectively, Tenant shall nonetheless continue to be liable the “Costs”), plus eight (8%) percent per annum on the unamortized Costs for its obligations accruing under this Lease with respect to the Premises up to period from the Commencement Date through and including the Cancellation Effective 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, including, without limitation, additional rental, and all such obligations having accrued prior to leaving the Cancellation Effective Date shall survive same in the condition otherwise required upon the expiration or sooner termination of this lease. The effectiveness of Tenant’s exercise of the Leaseforegoing 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 option and (b) as of the Early Termination Date and (2) Landlord’s receipt of the entire Termination Payment at the time set forth above. The Termination Payment shall be paid by Tenant and received by Landlord as consideration for the privilege of termination when, as amended hereby, for and if Tenant exercises the Expansion Premisessaid option to terminate this lease.

Tenant’s Termination Option. As of the Effective Date hereof Article IIIB of the Lease Landlord and Tenant hereby expressly acknowledge and agree that (“Tenant’s Termination Option” for the Original Premisesi) shall be modified so as to add the following thereto for the Expansion Premises: Tenant’s Expansion Premises Termination Option: Tenant shall additionally have retain the option right to terminate the Lease with respect to the Expansion entire 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 including the Expansion Premises by Tenant Space) pursuant to the provisions terms of Section 33 of the Original Lease (captioned, “Tenant’s Termination Option”), as amended by this Paragraph 6Xxxxxxxxx 00, Tenant must pay (xx) accordingly, to Landlord a cancellation fee account for the Expansion Space, the Termination Payment shall be increased to include an amount equal to the sum of (a) the then-unamortized portion, determined costs (as of the Cancellation Effective Date in the manner hereinafter provided, of Landlord’s upfront costs (“Landlord’s Investment”Termination Date) incurred by Landlord in consummating connection with this Third Amendment including brokerage Second Amendment, which costs shall include all leasing commissions (calculated as 2% paid by Landlord, the amount of the aggregate Improvement Allowance set forth in the Work Agreement attached to this Second Amendment, the amount of ES Annual Base Rent for abated pursuant to the Expansion Premisesterms of Paragraph 5(B), above, and Landlord's reasonable legal fees related to negotiating this Third Amendment to Lease(collectively, and the TI Allowance "ES Leasing Costs"), plus (defined below). For purposes b) two (2) installments of this Xxxxxxxxx 0, Xxxxxxxx’s Investment shall be reduced monthly, with each timely payment ES Monthly Base Rent payable 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 October 1, 2008 would be amortized and repaid, as of the date Termination Date, (iii) the amortization of each the ES Leasing Costs shall be effected as though the total of such monthly installmentcosts was the principal amount of a promissory note, together with accrued but unpaid bearing interest thereon at the rate of nine six percent (96%) per annum, where the principal (and all interest thereon) shall be repaid in ninety-two (92) equal monthly installments of principal and interest, assuming timely installment payments of principal and interest but without prepayment, commencing on October 1the Expansion Space Commencement Date, 2008 and continuing on in such amount as to cause the first day of each principal balance to be reduced to zero as of the succeeding ninety-one Lease Expiration Date, (91iv) calendar months (such unamortized portion of Landlord’s Investment being hereinafter referred to as the “Cancellation Fee”), which Cancellation Fee ES Leasing Cost shall be increased to reflect any expansion of the Premises by an amount equal to the unamortized portion of any costs and expenses incurred by Landlord in consummating any such expansion, including, without limitation any improvement allowances, brokerage commissions and legal fees attributable to any such expansion. If Tenant validly and timely exercises this Cancellation Option, Tenant shall nonetheless continue deemed to be liable for its obligations accruing “Leasing Costs” under this Lease with respect to the Premises up to and including the Cancellation Effective Date, including, without limitation, additional rental, and all such obligations having accrued prior to the Cancellation Effective Date shall survive the termination of the Original Lease, as amended herebyand (v) accordingly, for the Expansion PremisesExhibit G attached to this Second Amendment shall hereby be deemed to have been attached to the First Amendment and to the Original Lease as Exhibit G thereto, which exhibit sets forth a summary of all of the Leasing Costs (inclusive of the ES Leasing Costs) and the calculation of the Termination Payment.