Common use of Termination of Agreement for Airport Purposes Clause in Contracts

Termination of Agreement for Airport Purposes. Lessee agrees and understands that, by reason of the broad public interest in the efficient maintenance, operation and development of the Airport, SRA hereby expressly reserves the right to terminate this Agreement upon a determination by SRA that the Leased Premises are needed for permanent Airport construction, or development, or improvements. Such construction, development or improvements shall be for airport and or aviation purposes only. In the event that permanent Airport construction, development or improvement necessitates termination of this Agreement and the acquisition of Lessee’s Leasehold Improvements and interest in the Leased Premises, Lessee shall surrender the Leased Premises to SRA within ninety (90) days from receipt of SRA’s written notice of its intent to terminate the Agreement and acquire Lessee’s Leasehold Improvements and interest in the Leased Premises. SRA shall use its best efforts to provide Lessee with replacement premises at the Airport at the rates not to exceed those provided in this Agreement and under the same terms and conditions as this Agreement or the then current lease agreement in use by SRA subject to the same periods of duration and renewal options of this Agreement. Relocation benefits shall be paid by SRA to Lessee in the manner required by applicable law. In consideration of Lessee’s surrender of the Leased Premises under this Section, Lessee shall receive, as complete compensation for Lessee’s interest in the Leased Premises and Lessee’s investment to construct improvements thereto, a sum equal to the cost of such improvements constructed by Lessee, less ten percent (10%) of said cost for each year that Lessee occupies the Leased Premises after such improvements are constructed by Lessee. Provided, that should Lessee occupy said premises for a period of eight (8) years from the effective date of this Agreement, Lessee shall be entitled to recover twenty percent (20%) of the cost of such improvements should Lessee surrender the Leased Premises after said date. Lessee hereby acknowledges that it shall not be entitled to damages due to loss of any type of income caused by the termination of this Agreement.

Termination of Agreement for Airport Purposes. Lessee Xxxxxx agrees and understands that, by reason of the broad public interest in the efficient maintenance, operation and development of the Airport, SRA hereby expressly reserves the right to terminate this Agreement upon a determination by SRA that the Leased Premises are needed for permanent Airport construction, or development, or improvements. Such construction, development or improvements shall be for airport and or aviation purposes only. In the event that permanent Airport construction, development or improvement necessitates termination of this Agreement and the acquisition of Lessee’s Leasehold Improvements and interest in the Leased Premises, Lessee shall surrender the Leased Premises to SRA within ninety (90) days from receipt of SRA’s written notice of its intent to terminate the Agreement and acquire Lessee’s Leasehold Improvements and interest in the Leased Premises. SRA shall use its best efforts to provide Lessee with replacement premises at the Airport at the rates not to exceed those provided in this Agreement and under the same terms and conditions as this Agreement or the then current lease agreement in use by SRA subject to the same periods of duration and renewal options of this Agreement. Relocation benefits shall be paid by SRA to Lessee in the manner required by applicable law. In consideration of LesseeXxxxxx’s surrender of the Leased Premises under this Section, Lessee shall receive, as complete compensation for LesseeXxxxxx’s interest in the Leased Premises and LesseeXxxxxx’s investment to construct improvements thereto, a sum equal to the cost of such improvements constructed by Lessee, less ten percent (10%) of said cost for each year that Lessee occupies the Leased Premises after such improvements are constructed by LesseeXxxxxx. Provided, that should Lessee Xxxxxx occupy said premises for a period of eight (8) years from the effective date of this Agreement, Lessee shall be entitled to recover twenty percent (20%) of the cost of such improvements should Lessee surrender the Leased Premises after said date. Lessee hereby acknowledges that it shall not be entitled to damages due to loss of any type of income caused by the termination of this Agreement.

Termination of Agreement for Airport Purposes. Lessee Xxxxxx agrees and understands that, by reason of the broad public interest in the efficient maintenance, operation and development of the Airport, SRA XXXX hereby expressly reserves the right to terminate Terminate this Agreement upon a determination by SRA XXXX or the Authority that the Leased Premises are needed for permanent Airport construction, construction or development, or improvements. Such construction, development or improvements shall be for airport and or aviation purposes only. In the event that permanent Airport construction, construction or development or improvement necessitates termination of this Agreement and the acquisition of Lessee’s Leasehold Improvements and Xxxxxx's interest in the Leased Premises, Lessee Xxxxxx shall surrender the Leased Premises to SRA XXXX within ninety (90) days from receipt of SRA’s XXXX'x written notice of its intent to terminate the Agreement and acquire Lessee’s Leasehold Improvements and Xxxxxx's interest in the Leased Premises. SRA XXXX shall use its best efforts to provide Lessee with replacement premises at the Airport at the rates not to exceed those provided in this Agreement and under the same terms and conditions as this Agreement or the then current lease agreement in use by SRA subject to the same periods of duration and renewal options of this Agreement. Relocation Furthermore, relocation benefits shall be paid by SRA XXXX to Lessee in the manner required by applicable lawGovernmental Requirements. In consideration of Lessee’s Xxxxxx's surrender of the Leased Premises under this SectionPremises, Lessee shall receive, as complete compensation for Lessee’s Xxxxxx's interest in the Leased Premises and Lessee’s investment to construct Xxxxxx's improvements theretoon the Leased Premises, a sum equal of money equivalent to the cost fair value of such any improvements constructed of Lessee acquired by Lessee, less ten percent (10%) XXXX. Determination of said cost for each year the fair value of the improvements shall be made by the appraisal method known as the "market comparison approach". No other valuation method shall be used in the valuation of the improvements. The parties further agree that Lessee occupies the fair value rental of the Leased Premises after such improvements are constructed by Lessee. Provided, that should Lessee occupy said premises for a period of eight (8) years from shall be deemed to be equivalent to the effective date of contract rent specified in this Agreement, Lessee shall be entitled to recover twenty percent (20%) of throughout the cost of such improvements should Lessee surrender the Leased Premises after said date. Lessee hereby acknowledges that it shall not be entitled to damages due to loss of Term or any type of income caused by the termination of this Agreementextended term.