Common use of Cancellation Clauses Clause in Contracts

Cancellation Clauses. Where the tenant, or the Owner, has the right to cancel a lease prior to the expiration date, Manager shall initially be paid a commission based on the aggregate Minimum Base Rent for the uncancellable portion of the term, plus any cancellation penalty or fee payable by tenant pursuant to the lease. If, thereafter, the lease is not cancelled by the tenant or if the right of cancellation is exercised by Owner only, Manager shall be paid the balance of the commission based on the aggregate Minimum Base Rent for the remaining portion of the lease term, less the cancellation fee or penalty computed as if there had been no right of cancellation in the lease. A lease shall not be deemed cancelled within the meaning of this paragraph unless the tenant is not obligated to pay rent.

Cancellation Clauses. Where the tenant, or the Owner, tenant has the right to cancel a lease prior to the expiration date, Manager shall initially be paid a commission based on the aggregate Minimum Base Rent for the uncancellable portion of the term, plus any cancellation penalty or fee payable by tenant pursuant to the lease. If, thereafter, the lease is not cancelled by the tenant or if the right of cancellation is exercised by Owner onlytenant, Manager shall be paid the balance of the commission based on the aggregate Minimum Base Rent for the remaining portion of the lease term, less the cancellation fee or penalty computed as if there had been no right of cancellation in the lease. A lease shall not be deemed cancelled within the meaning of this paragraph unless the tenant is not obligated to pay rent.