Early Termination Option Sample Clauses
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Early Termination Option. (a) Provided no Event of Default shall exist at the time notice is given by Tenant hereunder, Tenant shall have the right on one (1) occasion only to give Landlord written notice of Tenant's desire to cause an early termination of this Lease as follows:
(1) On no less than twelve (12) months and no more than fifteen (15) months prior written notice to Landlord designating as a proposed termination date the first day of the eleventh year of the Primary Term or the first day of any subsequent year of the Primary Term; or
(2) On no less than fifteen (15) months and no more than eighteen (18) months prior notice designating as a proposed termination date the first business day of any calendar month in or after the eleventh year of the Primary Term (the date designated pursuant to clause (1) or (2) being the "Proposed Early Termination Date" and any written notice of early termination given pursuant to clause (1) or (2) being an "Early Termination Notice"). The Early Termination Notice shall be deemed to be a continuing offer by Tenant (until the end of the Marketing Period (as defined below)) to terminate this Lease on the terms set forth in this Paragraph 41. During the Marketing Period, Landlord shall reasonably cooperate with Tenant to allow Tenant to market the sale of Landlord's interest in the Premises, though in no event shall Tenant have any right to act as Landlord's agent or broker or to bind Landlord in any way. Landlord may also market the sale of Landlord's interest in the Premises, and Tenant shall reasonably cooperate with Landlord's marketing activities. It is understood that any such marketing and any sale of Landlord's interest in the Premises under this Paragraph 41 shall be based on a sale free and clear of this Lease. Tenant shall pay all expenses in connection with such marketing efforts (including without limitation the preparation of brochures, advertising and other customary marketing expenses ("Marketing Expenses")) incurred by Tenant and all Marketing Expenses incurred by Landlord and approved in advance by Tenant, which approval shall not be unreasonably withheld. Landlord's reasonable Marketing Expenses shall be reimbursed by Tenant within twenty (20) days after each request therefor. Landlord and Tenant each shall promptly provide to the other a copy of each written offer, term sheet or letter of intent received during the Marketing Period by such party for the purchase of Landlord's interest in the Premises. During the period fol...
Early Termination Option. Resident is expected to remain a Resident for the entire term specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord:
(a) A written notice stating that Resident has elected to exercise this option;
(b) A lease cancellation fee equal to two months’ rent;
(c) Rent and other amounts due through the accelerated termination date;
(d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if:
(a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option;
(b) Resident provides the notice unaccompanied by the fee above; or
(c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local law.
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 one-time option to terminate this Lease effective as of the last day of the eighty-seventh (87th ) Lease Month (the “Early Termination Date”) provided that (i) Tenant gives Landlord not less than nine (9) months prior written notice to terminate (the “Termination Notice”), (ii) Tenant provides the Termination Payment (defined below) with the Termination Notice, (iii) Tenant is not in Default hereunder either at the time of the Termination Notice or on the Early Termination Date and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the Early Termination Date. Together with the Termination Notice, Tenant shall pay Landlord a “Termination Payment” of $400,000.00. As of the Early Termination Date, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Early Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of the term of this Lease, and Tenant shall surrender the Premises in the condition required under this Lease. This option to terminate shall be self-operative as provided herein and no additional agreement between Landlord and Tenant shall be necessary to effectuate such termination. This Early Termination Option shall be available to Tenant irrespective of assignment of the Lease (provided such assignment is permitted under the Lease) or one or more subleases of all or a portion of the Premises; provided, however that if any portion of the Premises is sublet, or if this Lease shall be assigned, then this Early Termination Option may be exercised by Tenant only if all then-existing subleases specifically provide that they shall automatically terminate simultaneously with the Lease upon Tenant’s (or Tenant’s permitted assignee’s) exercise of the Early Termination Option.
Early Termination Option. Provided that no default has occurred and is continuing under the Lease, Lessee will have the following buy-out options (the “Termination Value”) upon a minimum of thirty (30) days’ prior written notice: (i) during the fifteenth (15th) month, twenty-fifth (25th) month, and the thirty-seventh (37th) month of the Lease, Lessee shall have an early buy-out option with respect to all but not less than all of the Equipment upon the payment of (a) the amount listed on Exhibit B attached hereto for the applicable time period when the buy-out option is to be exercised, plus (b) all other fees, costs and sums due at such time in accordance with this Lease. In addition to the Termination Value, the Lessee shall pay to Lessor an administrative charge to be determined by Lessor to cover its time and expenses incurred in connection with the exercise of the option to purchase, including, but not limited to, reasonable attorney fees and costs. Furthermore, upon the exercise by the Lessee of the option to purchase any of the Equipment, Lessee shall pay all applicable sales and transfer taxes and all applicable 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 sales and transfer taxes. If Lessee desires to exercise this option it shall provide Lessor with at least thirty (30) days prior written notice of such intention. Partial prepayments or payoffs may be permitted at Lessor's sole and absolute discretion subject to a Termination Value determined by Lessor, provided that such prepayment or payoff amounts shall be applied to amounts due under the Lease in inverse chronological order of the Lease termination date, commencing first with the End of Term Buyout Price and then the Termination Value. The Termination Value is presumed to be a reasonable estimate of the amount of damages sustained by Lessor as a result of the early termination of this Lease and Lessee agrees that the amount is reasonable under the circumstances currently existing. DATE OF EXECUTION: the 27th day of February, 2020 Lessor By: /s/ R▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: R▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: Assistant Vice President Lessee By: /s/ M▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: M▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: CEO Lessee By: /s/ M▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Name: M▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: CEO Month of Lease Term Payment Date Buyout After Lease Payment ($) 15 8/27/2021 $ 10,818,753.11 25 6/27/2022 $ 8,175,726.45 37 6/27/2023 $ 4,837,403.36 To and part...
Early Termination Option. Tenant(s) in good standing (those who are in compliance with the lease) have the option to terminate this lease prior to the normal end of term or during any future renewal by providing the Landlord all of the following a) a minimum 45 day written notice, b) providing the last date of occupancy and c) submitting certified funds (Cashier’s Check, money orders or wire transfer) as an “Early Termination Fee” in the amount of 150% of one month’s rent at the time notice is provided. Rent will be prorated on a daily basis through the revised end of term. Tenant is required to conform to all other terms of the lease or the Early Termination Option will be forfeit and the tenant will be responsible for the full amount of rent as allowed by the lease.
Early Termination Option. (a) Subject to the first sentence of Section 15.2 and the limitations contained in Section 14.1(b), on any day (the “Early Termination Payment Date”) after the Delivery Date and so long as Lessee has not delivered written notice that it intends to exercise the Sale Option, Lessee may, at its option, upon at least 30 days advance written notice to Agent and Lessor, purchase one or more Items of Equipment for a purchase price equal to the Early Termination Purchase Amount plus any Break Funding Amounts, if any (the “Early Termination Option”). Upon the payment of the Early Termination Purchase Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Option from the terms and scope of this Lease and the other Operative Documents (without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Lessor), in such form as may be reasonably requested by Lessee, all at Lessee’s sole cost and expense. If Lessee has elected the Early Termination Option with respect to one or more Items of Equipment, Lessee shall continue to make all payments of Rent due under this Lease until and including the Early Termination Payment Date. Upon payment of the Early Termination Purchase Amount in respect of such Items of Equipment together with all Basic Rent and Supplemental Rent then due and owing, the remaining scheduled Basic Rent payments under this Lease shall be reduced by an amount equal to the product of the scheduled amount of each such remaining Basic Rent payment (determined in each case prior to the receipt of such Early Termination Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. In the event Lessee shall elect the Early Termination Option with respect to all of the Items of Equipment, the obligation of Lessee to pay Rent hereunder shall cease and the term of this Lease shall end on the date of such payment.
Early Termination Option. (a) So long as no Lease Default or Lease Event of Default has occurred and is continuing hereunder, at any time during the Basic Lease Term, Lessee may give Lessor, the Lenders and Administrative Agent an irrevocable written notice (the “Early Termination Notice”) of Lessee’s intention to terminate this Lease and purchase the Leased Property pursuant to this Section 17.22. Such notice shall (i) refer specifically to this Section 17.22, (ii) state that Lessee shall purchase the Leased Property in accordance with the provisions of Section 14.5 hereof by paying to Lessor the Purchase Amount due on the date set forth in clause (iii), and (iii) specify the date for such purchase, which shall be the first Payment Date no less than 30 nor more than 90 days after the date of delivery the Purchase Notice, but in any event shall not be later than the Termination Date. Upon such election, Lessee shall purchase the Leased Property in accordance with the provisions of Section 14.5 hereof on such purchase date at such purchase price.
(b) If Lessee has elected to purchase the Leased Property in accordance with paragraph (a), on the date of purchase, Lessee shall pay in cash or immediately available federal funds, as the purchase price therefor, an amount equal to the Purchase Amount.
(c) Upon payment of the Purchase Amount, this Lease shall terminate and the Leased Property shall be conveyed to Lessee pursuant to Section 14.5 hereof and in accordance with the terms and conditions thereof. If Lessee fails to purchase the Leased Property on the designated purchase date in accordance with the terms hereof, such failure shall immediately constitute a Lease Event of Default hereunder. Time is of the essence with regard to Lessee’s obligations under this Section 17.22.
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.