Common use of Early Termination by Tenant Clause in Contracts

Early Termination by Tenant. Provided that Tenant is nut in default after any applicable notice and cure period at the time of exercise, effective on the third (3rd) anniversary of the Commencement Date, Tenant shall have and is hereby granted a one-time right to terminate this Lease (“Early Termination Option”). If Tenant desires to exercise the Early Termination Option, Tenant shall (i) send a written notice of such exercise to Landlord no later than one hundred eighty (180) days prior to the third anniversary of the Commencement Date, (ii) vacate the Premises on or prior to the Early Termination Date, (iii) pay Landlord the sum of $40,000,00 (“Early Termination Fee”).