Termination of Existing Lease. 10.2.1. Sublessee is the tenant under a lease with BH Turfway LLC (as successor in interest to PHL-OPCO, LP) (the "Present Landlord"), dated February 22, 2002, as amended, covering certain premises in a building located at 0000 Xxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 00000 (the "Existing Lease"), which Existing Lease is attached hereto as EXHIBIT B. The Existing Lease does not expire, by its terms, until October 31, 2007. On and after the Sublease Commencement Date, Sublessor agrees to make the payments set forth in EXHIBIT C to the Present Landlord so that they are received by Present Landlord on or before the dates set forth in EXHIBIT C (each such payment referred to herein as a "Monthly Payment," and referred to herein in the aggregate as the "Monthly Payments"); provided, however, that in no event shall Sublessor be obligated to pay Monthly Payments in excess of $900,000. Monthly Payments should be made payable to "BH Turfway LLC Clearing Account, as Mortgagor, for the benefit of UBS Real Estate Investments Inc., as Mortgagee Account No. 772-592" and delivered by regular mail or overnight courier as set forth in EXHIBIT C. If at any time Sublessee enters into an agreement with the Present Landlord (a "Termination Agreement"), pursuant to which the Present Landlord agrees to terminate the Existing Lease for a sum set forth in such Termination Agreement (the "Termination Payment"), subject to satisfaction of the following conditions, Sublessor agrees to pay directly to the Present Landlord the amount equal to the lesser of (A) the full amount of the Termination Payment, or (B) $900,000 less the sum of Monthly Payments made by Sublessor (the "Termination Allowance"), in full or partial payment, as applicable, of the Termination Payment. In addition, Sublessor agrees to pay directly to Sublessee the excess, if any (the "Excess Allowance"), of $900,000 less the sum of (i) the Termination Payment and (ii) the sum of Monthly Payments made by Sublessor. Sublessor shall have no obligation under any circumstances to make payments pursuant to this subsection 10.2.1 in excess of $900,000. Payment of the Termination Payment, the Termination Allowance and the Excess Allowance under this subsection 10.2.1 are subject to the following::
10.2.1.1. there shall be no material Default under this Sublease as of the date of payment of the Termination Allowance;
10.2.1.2. Sublessee shall deliver to Sublessor a fully executed copy of the Termination Agreement, which Termination Agr...
Termination of Existing Lease. Effective as the date of this Lease, the Existing Lease is terminated in its entirety and of no further force or effect.
Termination of Existing Lease. The document terminating the Existing Lease and related documents in the form set forth in Exhibit F attached hereto and made a part hereof.
Termination of Existing Lease. Tenant leases the eleventh floor and a portion of the third floor pursuant to an existing lease entered into by Landlord's predecessor in interest as previously amended. Effective upon the Commencement Date, the existing lease shall automatically terminate, except for Tenant's obligations thereunder that expressly survive such termination or Tenant's obligations thereunder that have not been, but should have been, performed prior to the Commencement Date.
Termination of Existing Lease. Effective as of 11:59 p.m. on the day immediately preceding the Commencement Date, that certain Lease Agreement (the "Existing Lease") by and between Landlord and Tenant, dated November 30, 1992 relating to a portion of the Leased Property, shall terminate and be of no further force or effect. Provided, however, in the event this Lease becomes null and void for any reason prior to the Commencement Date, the Existing Lease shall not be terminated and shall remain enforceable in accordance with its terms to the same extent and effect as if this Lease had never been executed and delivered in the first instance.
Termination of Existing Lease. Landlord and Tenant's predecessor-in-interest, Endgate Technology Corporation, a California corporation, are currently parties to an industrial space lease dated July 22, 1994 for the Building located at 000 Xxxxxx Xxx, Xxxxxxxxx, Xxxxxxxxxx, which lease was amended by First Amendment to Lease dated June 17, 1996 (as amended, the "Existing Lease"). The parties agree that the Existing Lease shall terminate effective as of the day preceding the Commencement Date of this Lease, provided that such termination shall not relieve Tenant of (a) any accrued obligation or liability under the Existing Lease as of said termination date, or (b) any obligation under the Existing Lease which was reasonably intended to survive the exploration or termination thereof. Any advance rental paid by Tenant under the Existing Lease shall be rebated by Landlord or applied to the rent due hereunder. LANDLORD: TENANT THE IRVlNE COMPANY, ENDGATE CORPORATION, a Michigan corporation a Delaware corporation By: /s/ Xxxxxxxx X. Xxxxxx, By /s/ Xxxxxx X. Xxxxxx ----------------------------------- -------------------------- Xxxxxxxx X. Xxxxxx Name Xxxxxx X. Xxxxxx ------------------------ President, Irvine Industrial Company Title President & CEO ---------------------- a division of the Irving Company By: /s/ Xxxx X. Xxx By /s/ Xxxxxxxx X. Xxxxxxx ------------------------------------- -------------------------- Xxxx X. Xxx Name Xxxxxxxx X. Xxxxxxx Assistant Secretary ------------------------ Title VP Administration Of Controller ------------------------------- EXHIBIT A DESCRIPTION OF PREMISES DESCRIPTION OF PREMISES [FLOOR PLAN] DESCRIPTION OF THE SITE [SITE PLAN] EXHIBIT B IRVINE INDUSTRIAL COMPANY HAZARDOUS MATERIALS SURVEY FORM The purpose of this form is to obtain information regarding the use of hazardous substances on Irvine Industrial Company property. Prospective tenants and contractors should answer the questions in light of their proposed operations on the premises. Existing tenants and contractors should answer the questions as they relate to ongoing operations on the premises and should update any information previously submitted. If additional space is needed to answer the questions, you may attach separate sheets of paper to this form. When completed, the form should be sent to the following address: ---------------------------- ---------------------------- ---------------------------- (insert address of Property Management Company) Your cooperation in this matter is appreciat...
Termination of Existing Lease. The Existing Lease is hereby rescinded and terminated effective as of midnight, August 31, 1986.
Termination of Existing Lease. Concurrently with the execution of this Lease, the parties will execute and deliver (witnessed and notarized, as applicable) for recordation by and at the shared cost and expense of the parties (one-half to be paid by each), a Termination of Lease and Release of Memorandum of Lease in the form attached as Exhibit E (the “Termination of Lease”), providing for the termination of the Existing Lease effective as of the Effective Date of this Lease. The full amount of the Security Deposit held by Landlord under the Existing Lease will be refunded to Tenant concurrently with the termination of the Existing Lease. Rent under the Existing Lease will be prorated as of the effective date of the Termination of Lease.
Termination of Existing Lease. Landlord and Tenant are party to that certain Standard Office Lease dated November 23, 2015 (“Suite 206 Lease”), for certain premises located in the Building commonly known as Suite 206 (“Suite 206”). Tenant shall vacate and surrender possession of Suite 206 in the condition required by the Suite 206 Lease no later than 11:59 pm, Pacific Time, three (3) days following receipt of written notice from Landlord to do so (the “Surrender Date”), provided that Tenant shall not be required to vacate and surrender Suite 206 prior to 11:59 p.m. Pacific Standard Time on July 7, 2017. The Suite 206 Lease shall terminate as of the earlier of (a) Tenant’s vacation and surrender of possession of Suite 206; and (b) the Surrender Date. Tenant’s failure to timely surrender possession and vacate Suite 206 pursuant to this Section shall be (i) deemed a holdover in possession of Suite 206 pursuant to Section 25 of the Suite 206 Lease; provided, however, such shall be a tenancy at sufferance and not a month-to- month tenancy; and (ii) a Tenant Delay.
Termination of Existing Lease. If Tenant is occupying the Premises under an existing lease agreement with Landlord, the term of the existing lease will terminate as of 11:59 p.m. on the date immediately preceding the Commencement Date, without the necessity of any other notice from or to either party. Any continuing default under the existing lease will be deemed a default under this Lease.
