Common use of Xxxxxxxx’s Right to Terminate Clause in Contracts

Xxxxxxxx’s Right to Terminate. Subject to the rights of a Mortgagee under Section 10.04 and Section 10.06, if Final Completion has not occurred on or before the Final Completion Date, Landlord will have the right to terminate this Lease by providing notice to Tenant at any time after the Final Completion Date notifying Tenant (with a copy to each Mortgagee) of Landlord’s intent to terminate (a “2.06 Termination Notice”) if the Final Completion of the Project does not occur by a date certain on or after the Outside Final Completion Date; provided, however, that expiration of the statutory lien period provided in Section 43-4 of the Code of Virginia will not be an element to determine whether Final Completion has occurred prior to the Outside Completion Date (or such later date for Final Completion, as provided in the 2.06 Termination Notice) if a 2.06 Termination Notice is sent. Such 2.06 Termination Notice must be provided not less than 90 days prior to the Outside Final Completion Date in order to allow Tenant to complete the Initial Construction Work by the Outside Final Completion Date, or in the event such 2.06 Termination Notice is sent on any date thereafter (i.e., less than 90 days prior to the Outside Final Completion Date), Tenant will have 90 days from the date of such 2.06 Termination Notice to achieve Final Completion. Any further delay in Final Completion resulting from Unavoidable Delays that occur after the 2.06 Termination Notice is sent will not be counted against the 90 days to achieve Final Completion. Upon expiration of the notice period, if Final Completion has not yet occurred, Tenant will provide to Landlord copies of the Plans and Specifications and such other similar materials related to the Project required to be delivered under the Comprehensive Agreement and this Lease will terminate in accordance with Article 31 of this Lease.