Landlord’s Termination Right definition

Landlord’s Termination Right. As defined in Section 7.2(d).
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Landlord’s Termination Right. Landlord’s Termination Right, together with Tenant’s Termination Right, may collectively be referred to in this Second Amendment as the “Termination Rights”) to terminate the Lease for the Expansion Space only, effective as of 11:59:59 p.m., Pacific Time, on the Termination Date, if for any reason (A) the first Option Term for the Existing Premises is not exercised or the initial Lease Term for the Existing Premises is not actually renewed pursuant to the Extension Option Rider, as modified herein), and (B) the initial Lease Term for the Existing Premises is otherwise not extended or renewed beyond the Expansion Space Lease Expiration Date by mutual written agreement of the parties; provided that, as a condition precedent to such early termination, Tenant shall have received written notice (the “Landlord Termination Notice”) from Landlord stating that Landlord intends to terminate the Lease for only the Expansion Space pursuant to the terms of this Section, and setting forth the Termination Fee. The timing for any such delivery by Landlord of the Landlord Termination Notice shall be as follows: (1) if such Landlord Termination Notice is pursuant to Tenant not exercising its first Option Term for the Existing Premises, then it shall be so delivered by no later than March 31, 2030, or (2) if such Landlord Termination Notice is pursuant to Tenant attempting to exercise its first Option Term for the Existing Premises but such exercise not being successful, then it shall be so delivered by the later to occur of March 31, 2030 or the date that is thirty (30) days after Landlord reasonably confirms that such exercise has not been successful (and Tenant shall reasonably cooperate with Landlord in making such confirmation, including, without limitation and if factually correct, by acknowledging in writing that any such exercise has not been successful). In any event, absent demonstrable error in the Landlord Termination Notice of Landlord’s calculation of the Termination Fee (in which case the parties shall work together in good faith to resolve such error as soon as reasonably possible), Tenant shall pay fifty percent (50%) of the Termination Fee (which shall be deemed payment in full, even though such payment is for less than the full Termination Fee) to Landlord within thirty (30) days after Tenant’s receipt of the Landlord Termination Notice or resolution of any such error, as applicable. Provided that Landlord performs all of the foregoing in accordance with t...
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Examples of Landlord’s Termination Right in a sentence

  • If Landlord does not exercise Landlord’s Termination Right with respect to any Applicable Sublease, the Sublessee thereunder may continue to occupy the Sublease for the balance of the term, but Tenant shall not extend the term, nor shall Sublessee be permitted to exercise any renewal right (and any Sublease shall specify that membership on the Medical Staff is a condition of renewal).

  • The written notice of Landlord’s Termination Right is referred to herein as the “Termination Notice,” and the date upon which Landlord’s Termination Right shall be effective following Termination Notice is referred to herein as the “Termination Date.” The terms of this section 10 shall control only in the event of Landlord’s exercise of Landlord’s Termination Right; a termination for cause shall be controlled by the terms of section 13 of the Lease.

  • In no way shall the terms of this subparagraph (C) be applicable in the event that Landlord exercises Landlord’s Termination Right under Section 2.4 (it being agreed any holding over beyond the Early Termination Date shall be governed solely by the terms of subparagraphs (A) and (B) above).

  • Notwithstanding anything to the contrary contained herein, if Tenant attempts to validly exercise Tenant’s Termination Right and Landlord attempts to validly exercise Landlord’s Termination Right, then Tenant’s exercise of Tenant’s Termination Right shall control and Landlord’s exercise of Landlord’s Termination Right shall not take effect.

  • CASUALTY DAMAGE 41 25.1 Landlord’s Restoration Obligation 41 25.2 Landlord’s Repair Notice 41 25.3 Landlord’s Termination Right 41 25.4 Tenant’s Termination Rights 42 25.5 Tenant’s Restoration Obligations 42 25.6 Insurance Proceeds 43 25.7 Landlord not Liable for Business Interrupt 43 25.8 Rent Abatement 43 25.9 Casualty Prior to Completion of Initial Improvements 43 25.10 Waiver 43 25.11 Tenant Improvements, Alterations and Personal Property 43 26.

  • In addition, if Tenant’s Termination Right or Landlord’s Termination Right is exercised such that the Lease would, upon such termination, remain in effect for the Existing Premises, then the parties shall promptly enter into an amendment to the Lease reflecting such downsizing of the Premises (and the adjustment of Lease terms that are dependent upon the size of the Premises).

  • Notwithstanding anything herein to the contrary, in no event shall Landlord’s exercise of the Landlord’s Termination Right and/or Tenant’s exercise of its Re-Occupancy Right (and/or the payment of the Re-Occupancy Fee required in connection therewith) excuse or modify Tenant’s obligation to timely pay all amounts due Landlord pursuant to this Section 4.

  • The parties agree that Landlord has properly exercised the Landlord’s Termination Right pursuant to the terms of the First Amendment and, accordingly, the Lease shall terminate as of 11:59 P.M. on ____________, 20__ (the “Lease Termination Date”) in accordance with the provisions of Paragraph 2 of the First Amendment.

  • In the event Landlord elects to exercise Landlord’s Termination Right as provided herein, then, effective on the date of Landlord’s Notice, and, in consideration of the agreements set forth herein, Tenant, on its behalf and on behalf of any party claiming by, through or under Tenant, hereby agrees to forever and irrevocably relinquish any claims that Tenant may have with respect to the Tenant Allowance and hereby agrees to release Landlord and its successor and/or assigns from any such claims.

  • In the event Landlord exercises the Landlord’s Termination Right, then on or before the Lease Termination Date, Tenant shall vacate and surrender possession of the Premises to Landlord and shall relinquish all of the rights granted to it under the Lease with respect to the Premises on its behalf and on behalf of any parties claiming through it.