Buyout Allowance Sample Clauses
A Buyout Allowance clause defines the terms under which one party can pay a predetermined amount to terminate a contract or lease before its scheduled end. Typically, this clause specifies the amount or formula for calculating the buyout payment, the conditions under which the buyout can be exercised, and any notice requirements. Its core practical function is to provide flexibility for parties who may need to exit an agreement early, while ensuring the other party is compensated for the early termination.
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Buyout Allowance. Landlord will be responsible for the cost (including, but not limited to, payments for reimbursement of costs (such as architect fees), rent payments, costs associated with finding a replacement tenant, fit-up allowance or makeup of rent shortfalls with a replacement tenant, lease buy-out payments, etc.), if any, of Tenant compensating the owner of The Freeman Center for the cancellation of Tenant's lease obligation at ▇▇▇ ▇▇eeman Center, up to a maximum of $50,000. Landlord and Tenant agr▇▇ ▇▇▇▇ Landlord shall have the right to negotiate directly with the owner of the Freeman Center regarding Tenant's lease obligation and/or any cance▇▇▇▇▇▇▇ costs related to Tenant's lease at the Freeman Center subject to Tenant's approval of any such negotiated ▇▇▇▇. ▇rior to Landlord making such contribution, Tenant shall provide sufficient evidence of such cancellation requirement.
Buyout Allowance. As a material inducement to Tenant’s execution of this Lease, Landlord shall remit the sum of Nine Hundred Sixty Three Thousand Seven Hundred Ninety Six and 00/100 Dollars ($963,796.00) on or before the date set forth in Section 1.10 in reimbursement to Tenant of costs incurred in connection with Tenant’s termination and extinguishment of its existing Lease in accordance with the Amended and Restated Second Amendment to Lease attached as Exhibit E. Tenant represents and warrants to Landlord that the utilization of such funds shall be sufficient for Tenant to fully satisfy Tenant’s early termination payment obligations under such Lease.