Early Termination Option. Tenant shall have the one-time option (“Early Termination Option”) to terminate this Lease in its entirety at the end of the seventh (7th) anniversary of the Commencement Date (“Early Termination Date”). Tenant may exercise its Early Termination Option only if it provides Landlord an early termination notice no less than twelve (12) months prior to the Early Termination Date. If Tenant properly exercises its Early Termination Option and pays the Early Termination Fee, and is not in default, then following the Early Termination Date, Tenant shall be fully and forever released and discharged from any and all obligations, covenants or liabilities of whatsoever kind or nature in law or equity or otherwise arising out of or in connection with this Lease except any obligation or liability accrued before the Early Termination Date including any indemnification obligation of Tenant. If Tenant exercises its Early Termination Option under this Section 2.18, Tenant shall pay to Landlord, no later than ninety (90) days prior to the Early Termination Date, an amount equal to the portion of the unamortized Tenant Improvement Allowance (as defined in Section 12.7 and Exhibit D) and leasing commissions (including Floor 12), plus an amount equal to nine (9) months Base Rent for year eight (8) of the Term (“Early Termination Fee”). For purposes of this Section 2.18, the Tenant Improvement Allowance and leasing commission shall amortize on a straight line basis over the ten (10) year Initial Term at six percent (6%) interest per annum, with the unamortized portion of the Tenant Improvement Allowance and the lease commission being the last 27 months of the Lease Term to take into account the payment of Base Rent through the first nine months of year eight of the Lease.
Early Termination Option. If Lessee determines in good faith that the Aircraft has become economically obsolete or surplus to Lessee in its business, then Lessee may, at its option, elect to terminate the Lease with respect to all but not less than all such Aircraft by delivering to Lessor written notice of its election not less than ninety (90) days prior to the anticipated termination date. Such notice shall (A) specify the date of such termination (the “Termination Date”), which shall be any Rent Payment Date on or after the Rent Payment Date that is thirty-six (36) months after the Rent Commencement Date, and (B) include written certification from an authorized officer of Lessee that the Aircraft has become economically obsolete or surplus to Lessee in its business. During the period from the date of delivery to Lessor of such notice to the Termination Date, Lessee, as exclusive agent for Lessor and at Lessee’s sole risk, cost and expense, shall use reasonable efforts to obtain bids from persons other than Lessee or any affiliated Person controlling, controlled by or under common control with Lessee (“Lessee Affiliate”) for the cash purchase of the Aircraft. Unless an Event of Default shall have occurred and be continuing or Lessor shall have elected to retain the Aircraft as provided below, on the Termination Date (A) Lessee shall sell the Aircraft to the highest bidder, which shall not be a Lessee Affiliate, and (B) regardless of whether Lessee has complied with its obligation to sell the Aircraft as required in the foregoing subsection, Lessee shall pay Lessor the sum of (I) all amounts accrued but unpaid under the Lease, plus (II) the greater of (a) the net sales price actually received by Lessee from the sale of the Aircraft, or (b) the amount of the highest bid if Lessee has not sold the Aircraft or (c) the amount specified as the “Termination Value” for the corresponding Rent Payment Date on Schedule 4 to Lease Supplement 1 attached hereto, plus (III) applicable sales taxes that are or would be attributable to the sale of the Aircraft. Any sale by Lessee shall be on an as-is, where-is basis, without any representation or warranty (other than as to the absence of Lessor Liens) by or recourse to Lessor. Lessee shall be liable for all costs and expenses incurred by Lessor in connection with Lessee’s election to terminate this Lease, including, without limitation, any breakage charges incurred by Lessor. Notwithstanding the foregoing, Lessor may irrevocably elect by written ...
Early Termination Option. So long as there does not then exist an uncured, continuing, material, Event of Default as defined in Section 9.1 of this Lease, Tenant may, at its sole option, terminate this Lease (the “Termination Option”) effective on the first (1st) day of month eighty (80) of the Term (the “Early Termination Date”), by delivering notice of Tenant’s election to terminate (the “Termination Notice”) at least twelve (12) months prior to the Early Termination Date, provided that Tenant pays to Landlord on or before the Early Termination Date a payment equal to the “Termination Fee” as set forth below. If Tenant fails to timely deliver its Termination Notice or pay the Termination Fee as provided below, then Tenant will be deemed to have waived such Termination Option. The Termination Fee shall be equal to the unamortized balance of all Landlord’s Transaction Costs as of the Early Termination Date. The term “Landlord’s Transaction Costs” as used above shall only be calculated to include the unamortized eight (8) months of Fixed Rent, unamortized Tenant improvements (which only consists of the TI Allowance and the Lab Upgrade Allowance), unamoritzed brokerage leasing fees, and two (2) months rent. The amortization rate shall be 6.5%. The Exhibit C items shall not be included within the Landlord’s Transaction Costs. Promptly upon the determination of the actual rentable square footage of the Premises and the TI allowance and Lab Upgrade Allowance are finalized, Landlord shall prepare an amortization table showing the calculation of the Termination Fee (“Amortization Table”). The Amortization Table shall be submitted to Tenant for review and comment. Upon agreement by the parties that the Amortization Table accurately reflects the costs and calculations that are part of the Termination Fee, the parties shall enter into an amendment to this Lease to incorporate the Amortization Table. If Tenant properly exercises its Termination Option in accordance with the foregoing, then the Lease shall automatically terminate as of the Early Termination Date without the necessity of any additional documentation, except for a termination of the Notice of Lease, if applicable. EXHIBIT N
Early Termination Option. OBLIGATION TO PURCHASE; MID-TERM REMARKETING OPTION
Early Termination Option. Without limitation of the Lessee’s purchase obligation pursuant to Section 20.2, the Lessee may, at its option, on any Business Day following the Base Term Commencement Date but prior to the Lessee’s election to exercise the Return Option, purchase all, but not less than all, of the Leased Property (the “Early Termination Option”) at a price equal to the Break Even Price. In order to exercise its option to purchase the Leased Property pursuant to this Section 20.1, the Lessee shall give the Lessor not less than thirty (30) days’ prior written notice of such election which election, in each case, shall be irrevocable when made. Notwithstanding anything herein to the contrary, the Lessee shall not be permitted to exercise the Early Termination Option following the occurrence and during the continuance of an Event of Default unless it shall (i) elect the Early Termination Option on or before ten (10) Business Days following such Event of Default, and (ii) consummate the purchase of the Leased Property by Lessee (or its designee) before twenty (20) Business Days following such Event of Default. Upon receipt of the Break Even Price, the Leased Property shall be transferred to the Lessee (or its designee) pursuant to Section 23.11.
Early Termination Option. Tenant shall have the right to terminate this Lease at the end of twenty-four (24) months after the Commencement Date by providing written notice to the Landlord by the end of the twenty-first (21st) month after the Commencement Date along with payment of a fixed termination fee of twenty thousand dollars ($20,000).
Early Termination Option. Without limitation of Lessee's purchase obligation pursuant to Section 20.2, on (1) any scheduled Quarterly Payment Date following the expiration of the Construction Period for all of the Sites, or (2) on an Business Day following the occurrence of a Lease Event of Default of the types described in clause (ii) of the next sentence, Lessee may, at its options, purchase all, but not less than all, of the Premises (the "Early Termination Option") at a price equal to the Purchase Amount. Lessee's right to purchase all of the Premises pursuant to this Section 20.1 shall terminate automatically and without notice (i) upon the occurrence of a Lease Event of Default arising as a result of an Insolvency Event and (ii) upon the occurrence of any other Lease Event of Default, unless in the case of a Lease Event of Default described in this clause (ii) Lessee delivers a written notice of its election to exercise this option to purchase not less than three (3) days prior to the date of the purchase and consummates the purchase within ten (10) Business Days following the occurrence of such Lease Event of Default. In order to exercise its option to purchase the Premises pursuant to this Section 20.1 and except as provided for in clause (ii) of the foregoing sentence, Lessee shall give to Lessor not less than ten (10) days' prior written notice of such election to exercise, which election shall become irrevocable if not revoked or extended by written notice to Lessor not later than five (5) days prior to the end of such ten (10) day period. Upon receipt of the Purchase Amount, Lessor shall transfer the Premises to Lessee, or its assigns, pursuant to Section 23.16 below, on the date set forth in the written notice delivered by Lessee pursuant to this Section 20.1. If a Lease Event of Default of the type described in clause (ii) above (other than a Lease Event of Default of the type described in clause (a) or (b) of Article XVII hereof) relates only to a specific Leased Property but not all Leased Properties, the -33- exercise of the Early Termination Option and the purchase of such Leased Properties for the applicable Purchase Amount in accordance with the requirements hereof shall be deemed to cure such Lease Event of Default; provided that Lessee may, if all of the Participants consent, cure such Lease Event of Default for a specific Leased Property by exercising the Early Termination Option and paying the Purchase Amount for such Leased Property; provided, further, if a...
Early Termination Option. Provided that no default has occurred under the Lease and the Lease has not been amended to extend the term or Basic Rent under the Lease, at the time the monthly payments are due for months [*****]under this Lease, Lessee shall have an early termination option with respect to all but not less than all of the Equipment upon the payment of the Termination Value (defined below) and subject to the conditions set forth in this Section 14 (the “Early Termination Option”). As used herein, “Termination Value” shall mean with respect to the applicable month of the Lease, the sum of (a) the amount listed on Exhibit B attached hereto for the applicable month when the early termination option is to be exercised; (b) all other fees and reimbursable costs and expenses due in accordance with this Lease and (c) the End of Term Buyout Price. The Termination Value is due and payable on the same day that the applicable monthly payment would have been due. In addition to the Termination Value, the Lessee shall pay to Lessor an administrative charge to be reasonably determined by Lessor to cover its time and expenses incurred in connection with the exercise of the Early Termination Option, including, but not limited to, reasonable attorney fees and costs (the “Administrative Charge”). Upon the exercise by the Lessee of the Early Termination Option, Lessee shall pay all sales and transfer taxes and all fees payable to any governmental authority as a result of the transaction contemplated by this Schedule. In such event, the Termination Value shall be increased by any such sales and transfer taxes. If Lessee desires to exercise this Early Termination Option, it shall provide Lessor with [*****] days prior written notice of such intention.
Early Termination Option. 71 Section 14.2. Required Purchase..................................................................... 72
Early Termination Option. The Termination Fee payable by Tenant upon exercise of its Termination Option as set forth in Paragraph 12 in the First Amendment (as amended) is increased to include all Leasing Costs incurred by Landlord in connection with this Amendment (using straight-line depreciation and an amortization rate of ten percent (10%) as therein set forth), plus, the Monthly Installment of Rent and Tenant’s Proportionate Share of the excess Expenses and Taxes for Suite 110 over the applicable Base Year (calendar year 2011 for Suite 110) for each of calendar months May, June and July 2012.
