Common use of Early Termination Option Clause in Contracts

Early Termination Option. (a) Tenant shall have the one time right to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date.

Appears in 2 contracts

Samples: Lease Agreement (BTRS Holdings Inc.), Lease Agreement (South Mountain Merger Corp.)

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Early Termination Option. Provided that (a) Tenant has not leased any Offer Space, (b) no Event of Default is outstanding at the time of the Termination Notice, and (c) no portion of the Premises has been subleased for a term extending beyond the Early Termination Date, Tenant shall have the one time right to terminate this Lease in its entirety effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date December 31, 2022 (the “Early Termination Date”) by delivering notice thereof to Landlord ), on the terms and conditions set forth in this Section (the “Early Termination NoticeRight) ). In order to exercise the Early Termination Right, by no later than December 31, 2021, Tenant must (i) deliver to Landlord an irrevocable written notice clearly exercising the eleven Early Termination Right (11the “Termination Notice”), and (ii) year anniversary pay Landlord a fee in the amount calculated pursuant to Exhibit E (the “Termination Fee”), and (iii) if the Additional Advance is advanced under Exhibit C, pay Landlord the entire outstanding balance of the Commencement Date (Additional Advance including all principal and interest accrued through the payment date. Upon request from Tenant any time being after November 1, 2021, Landlord will provide an estimated calculation of the Termination Fee. Tenant shall pay the amount set forth in such estimate when it delivers the Termination Notice and when the actual amount of the Termination Fee is calculated, any overpayment shall be credited or refunded back to Tenant or Tenant shall make an additional payment, as applicable. Time is of the essence with respect to of this provision and neither late notice nor late payment shall be effective. If Tenant does not deliver a Termination Notice and the giving of such notice). Termination Fee by the above deadline, Tenant’s right to Early Termination Right shall immediately terminate and shall be of no further force or effect. Tenant acknowledges that this provision was specifically negotiated by the parties and is a material term of this Lease is contingent upon (a) timely delivery of and Tenant hereby waives all equitable claims and defenses that might extend the period within which Tenant may exercise the Early Termination Notice, (b) Right or pay the Termination Fee. If Tenant does not being in default of any monetary obligation or any material non-monetary obligation pay all sums due under this Lease as of in a timely manner any time after delivering a Termination Notice, then in addition to any other remedies available to Landlord, Landlord shall, in its sole discretion, have the date of right to void the giving of Termination Notice and the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment Right shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereofnot take effect. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33exercises its Early Termination Right, the Lease Extension Options and the Right of First Opportunity shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Dateimmediately terminate and shall be of no further force and effect.

Appears in 2 contracts

Samples: Office Lease (Impinj Inc), Office Lease (Impinj Inc)

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) Tenant 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 have be on an as-is, where-is basis, without any representation or warranty (other than as to the one time right 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 effective as of Lease, including, without limitation, any breakage charges incurred by Lessor. Notwithstanding the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) foregoing, Lessor may irrevocably elect by delivering written notice thereof to Landlord (the “Early Termination Notice”) Lessee, no later than thirty (30) days after receipt of Lessee’s notice of termination, to retain the eleven Aircraft. If Lessor elects to retain the Aircraft, Lessee shall (11i) year anniversary of deliver the Commencement Aircraft to Lessor on the Termination Date in the same manner and condition required under the Lease as if delivery were made to Lessor pursuant to Section 8 and (time being of the essence with respect ii) pay to the giving of such notice)Lessor all amounts accrued but unpaid hereunder. Tenant’s right to terminate this Lease is contingent upon (a) timely Upon delivery of the Early Termination Notice, (b) Tenant not being in default Aircraft to Lessor and Lessor’s receipt of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of all such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33amounts, the Lease shall expire at midnight on terminate except with respect to indemnities and other provisions herein expressly stated to survive termination of the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateLease.

Appears in 2 contracts

Samples: Aircraft Lease Agreement (Ahern Rentals Inc), Aircraft Lease Agreement (Ahern Rentals Inc)

Early Termination Option. (a) Tenant shall have the one time right to terminate Provided that neither this Lease effective as nor the Term for the applicable Aircraft has otherwise terminated, Lessee may, by not less than five Business Days’ prior written notice delivered to Lessor (which notice shall be irrevocable), request that Lessor prepay in full the Notes in respect of (x) any Aircraft or (y) all of the twelve (12) year and six (6) month anniversary of Aircraft, in each case on the Commencement Date Business Day specified in such notice (the “Early Voluntary Termination Date”). In such event, Lessor shall promptly give notice of its election to prepay the relevant Notes on such date as shall be agreed by Lessee and Lessor. On the Voluntary Termination Date, the Lessee shall pay or cause to be paid (A) by delivering notice thereof to Landlord (in the “Early Termination Notice”) no later than the eleven (11) year anniversary case of the Commencement Date preceding clause (time being x), an amount sufficient to permit Lessor to pay the Note Value for the applicable Aircraft as of such date, together with all accrued but unpaid Rent in respect of such Aircraft and all other amounts then due and payable by Lessee under the Operative Documents and (B) in the case of the essence with respect preceding clause (y), an amount sufficient to permit Lessor to pay the giving aggregate of the Note Values for all of the Aircraft as of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Noticedate, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenanttogether with all accrued but unpaid Rent, if any, and (c) Tenant delivering all other amounts then due and payable by Lessee under the Operative Documents. As a condition to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in any purchase of an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect Aircraft pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33foregoing, the Lease shall expire at midnight outstanding principal and interest on the Early Termination Date as if Notes Allocated To such date was Aircraft, together with all other amounts then due and payable hereunder and under the date set forth other Operative Documents, shall have been (or shall concurrently be) paid in full. Upon payment in full of the Lease as amounts payable under this Section 3(e) in respect of an Aircraft, the Expiration DateTerm for such Aircraft shall end, and Lessor shall transfer title to such Aircraft to Lessee or its designee in accordance with Section 5(b).

Appears in 2 contracts

Samples: Aircraft Lease Agreement (Virgin America Inc.), Aircraft Lease Agreement (Virgin America Inc.)

Early Termination Option. (a) Tenant shall have Subject to the one time right to terminate this Lease effective as first sentence of Section 15.2 and the twelve (12) year and six (6) month anniversary of the Commencement Date limitations contained in Section 14.1(b), on any day (the “Early Termination Payment Date”) by delivering after the Delivery Date and so long as Lessee has not delivered written notice thereof that it intends to Landlord 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 NoticeOption) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon the payment of the Early Termination NoticePurchase 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 (b) Tenant not being without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Lessor), in default 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 any monetary obligation or any material non-monetary obligation Equipment, Lessee shall continue to make all payments of Rent due under this Lease as of until and including the date of the giving Early Termination Payment Date. Upon payment of the Early Termination Notice or as of the Early Termination Date for which notice Purchase Amount in respect of such default has been given to TenantItems of Equipment together with all Basic Rent and Supplemental Rent then due and owing, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in remaining scheduled Basic Rent payments under this Lease shall be reduced by an amount equal to $3,600,000.00 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 Payment”Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. The failure of Tenant to timely give Landlord In the event Lessee shall elect the Early Termination Notice and/or Option with respect to all of the Early Termination Payment Items of Equipment, the obligation of Lessee to pay Rent hereunder shall render any Early Termination Notice delivered to Landlord null cease and void and the term of this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight end on the Early Termination Date as if date of such date was the date set forth in the Lease as the Expiration Datepayment.

Appears in 2 contracts

Samples: Lease and Security Agreement (Lsi Logic Corp), Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. Subject to the conditions contained herein, on (a) Tenant shall have any Payment Date during the one time Term provided Lessee has not elected the Sale Option or (b) on any Business Day during the occurrence of an Event of Default of the types described in clause (ii) of the next sentence, Lessee may, at its option, purchase all, but not less than all, of the Leased Property (the "EARLY TERMINATION OPTION") at a price equal to the Purchase Amount. Lessee's right to purchase all of the Leased Property pursuant to this Section 18.1 shall terminate automatically and without notice upon (i) the occurrence of an Event of Default arising as a result of an Insolvency Event, or (ii) upon the occurrence of any other Event of Default, unless in the case of an Event of Default described in this Lease 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 (x) delivery of a notice of an Event of Default by Lessee pursuant to Section 9.1(d)(i) of the Participation Agreement, or (y) Lessee's receipt of a written Purchase Acceleration Notice. "Purchase Acceleration Notice" shall mean a notice from Lessor or Administrative Agent to Lessee that an Event of Default has occurred. Lessee acknowledges that the Purchase Acceleration Notice shall apply solely to this Section 18.1 and will not affect the validity of any Event of Default or the Lessor's remedies at Section 16.2. In order to exercise its option to purchase the Leased Property pursuant to this Section 18.1 and except as provided for in the clause (ii) of the second sentence of this Section 18.1, Lessee shall give to Lessor not less than thirty (30) days' prior written notice of such election to exercise, which election shall be irrevocable when made. If the Lessee exercises its option pursuant to this Section 18.1 then, upon the Lessor's receipt of all amounts due in connection therewith, the Lessor shall transfer to the Lessee all of the Lessor's right, title and interest in and to the Leased Property in accordance with the procedures set forth in Section 21.1, such transfer to be effective as of the twelve (12) year and six (6) month anniversary date specified in the Purchase Notice. The Lessor agrees that it shall cooperate with the Lessee in effecting any transfer to a designee of the Commencement Date (the “Early Termination Date”) by delivering notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect Lessee pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateSection 18.1.

Appears in 1 contract

Samples: Kansas City Power & Light Co

Early Termination Option. (a) Each of Landlord and Tenant shall have the one time right option (the “Early Termination Option”), exercisable in the sole and absolute discretion, to terminate this Lease early, effective as of 11:59 p.m. local time on the twelve last day of the Sixtieth (1260th) year and six (6) full calendar month anniversary of following the Commencement Date (the “Early Termination Date”) ), as if such day were the natural expiry date of the Lease Term. Subject to the following conditions, the Early Termination Option may only be exercised by delivering delivery of written notice thereof from the exercising party to Landlord the other party hereto (the an “Early Termination Notice”) no later at least six (6) months prior, but not more than the eleven twelve (1112) year anniversary of the Commencement Date (time being of the essence with respect months prior, to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default Date electing to terminate the Term of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Date. The Early Termination Option may only be exercised by Landlord if Landlord certifies in its Early Termination Notice delivered to Tenant that Landlord, in good faith, intends to redevelop the Premises for its own use or as of the for investment purposes. The Early Termination Date for which notice of such default has been given to Tenant, and (c) Option may only be exercised by Tenant delivering to Landlord, at the same time if Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any with its Early Termination Notice delivered to Landlord the sum of Four Hundred Forty One Thousand Six Hundred Seventy Eight and No/100 Dollars ($441,678.00), in cash or equivalent, as consideration for the early termination of the Lease Term, and upon delivery thereof by Tenant to Landlord, said consideration shall be deemed fully earned by Landlord. As a further condition precedent to Tenant’s exercise of the Early Termination Option, if any sums due under the Lease at the time of exercise are then past due, Tenant’s exercise of the Early Termination Option shall not be effective unless all such past due sums are paid to Landlord on or before delivery of Tenant’s Early Termination Notice. Any failure by Landlord or Tenant to effectively exercise the Early Termination Option as set forth above at least six (6) months prior to the Early Termination Date shall render any later attempt to exercise the Early Termination Option null and void and this Lease shall continue in full without force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33or effect, the Lease shall expire at midnight on parties agreeing that time is of the essence in so exercising the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateOption.

Appears in 1 contract

Samples: Lease Agreement (Intermolecular Inc)

Early Termination Option. LESSEE may exercise an option to terminate this lease early if the following conditions are met. (a1) Lessee delivers to Lessor at least sixty (60) days prior to the intended vacate date, which shall be on the last day of any month, a written notice, via certified mail, of Lessee’s intent to vacate the Apartment, signs a break lease agreement and at the same time concurrent with delivery of said notice and executed break lease agreement, (2) Lessee increases, via a cashier’s check, lessee’s security deposit by an amount equal to an additional two months' rent and (3) Lessee pays to Lessor any outstanding balances and continues to pay all regular rent due, pursuant to all the terms and conditions of this lease, through to the end of the intended move out date as outlined in the Lessee’s break lease notice to vacate. Once Lessee has fully honored all provisions of this paragraph and break lease agreement and only after any damages to the unit and any lost rent on the unit prior to it being rerented are deducted from the increased security deposit, any remaining funds in the security deposit will be refunded. Lost rent is anytime the landlord is not collecting rent on the unit and before a new tenant has taken occupancy of said unit and paid all amounts due for same in full. Notwithstanding anything to the contrary contained herein this lease document, once a Tenant provides notice of their intent to vacate / terminate or is in the process of being evicted, Landlord or its agent shall have the one time right to terminate this Lease effective as of show the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering unit to prospective tenants during working hours with no less than 3 hours notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence Tenant. Tenant agrees to make arrangments with respect to any animals in the giving of such notice)unit so that Landlord or agent can safely show the unit. Tenant’s right If tenant fails to terminate this Lease return calls to Landlord regarding a request to show the unit after Landlord has attempted same for more than three hours, then Tenant shall be deemed to have given Landlord permission to show the unit and Landlord shall be authorized to show the unit. Landlord may show the premises to perspective tenants at anytime tenant is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation terms of this lease agreement. Eminent Domain or Sale of Property EMINENT DOMAIN OR SALE OF PROPERTY. If all or any material non-monetary obligation under substantial part of the LESSOR's property is taken or condemned by any competent authority for any public use or purpose or the property is sold by owner, the term of this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlordmay, at the same time Tenant delivers option of the LESSOR or the condemning authority, be terminated. All proceeds from such a taking or condemnation of the LESSOR's property shall belong to Landlord the Early Termination Notice, a payment in an amount equal and be paid to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateLESSOR.

Appears in 1 contract

Samples: Lease Agreement

Early Termination Option. (a) Tenant shall have Subject to the one time right to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary of the Commencement limitations contained in Section 11.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") by delivering after the Base Term Commencement Date and so long as Lessee has not delivered written notice thereof that it intends to Landlord exercise the Sale Option or the Renewal Option, Lessee may, at its option, upon at least 30 days advance written notice to Agent, purchase one or more Items of Equipment subject to this Lease for a purchase price equal to the Early Termination Purchase Amount plus any Break Funding Amounts, if any (the "Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such noticeOption"). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon the payment of the Early Termination NoticePurchase 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 (b) Tenant not being without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens), in default 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 leased pursuant to any monetary obligation or any material non-monetary obligation Quarterly Lease Supplement, Lessee shall continue to make all payments of Rent due under this Lease until and including the Early Termination Payment Date. LSI Logic Trust No. 2001-A Lease Intended as of the date of the giving Security Upon payment of the Early Termination Notice or as of the Early Termination Date for which notice Purchase Amount in respect of such default has been given to TenantItem of Equipment together with all Basic Rent and Supplemental Rent then due and owing, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord remaining scheduled Basic Rent payments under the Early Termination Notice, a payment in applicable Quarterly Lease Supplement shall be reduced by an amount equal to $3,600,000.00 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 Payment”Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment leased pursuant to any Quarterly Lease Supplement subject to such Early Termination Option. The failure of Tenant to timely give Landlord In the event Lessee shall elect the Early Termination Notice and/or Option with respect to all of the Early Termination Payment Items of Equipment then subject to this Lease, the obligation of Lessee to pay Rent hereunder shall render any Early Termination Notice delivered to Landlord null cease and void and the term of this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight end on the Early Termination Date as if date of such date was the date set forth in the Lease as the Expiration Datepayment.

Appears in 1 contract

Samples: Participation Agreement (Lsi Logic Corp)

Early Termination Option. (aLessee may terminate the Lease Schedules early providing: i) Tenant shall have all payments on all Lease Schedules are current at the one time right a Lease Schedule is terminated early, or ii) all Lease Schedules are terminated early and at the same time. Upon early termination, Lessee will be required to terminate this pay: i) all amounts due by Lessee to Lessor under the Lease effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering notice thereof up to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving early termination, ii) the unpaid balance of the total rent for the remaining term discounted to present value at a discount rate of six percent (6%) per annum. Upon Early Termination, Lessee will be subject to the Lease Termination Notice or as Options from Paragraph 11 found in the Master Lease Agreement. The FMV shall not exceed 15% of the Early Termination original Lease Amount. Lessee shall be responsible for any and all taxes which are due at the termination of each Lease Schedule. End of Lease Options: Fair Market Value (“FMV”) shall not exceed 15% of the Equipment cost on each individual Lease Schedule. Condition Precedent to Funding: Prior to funding any Lease Schedules or issuing any Purchase Orders, Lessee must issue to Lessor a Warrant to Purchase Shares of Common Stock equivalent to 6,757 Shares of Common Stock at $3.50 per Share with an expiration date of four (4) years from its Date for which notice of such default Issuance in a form acceptable to Lessor. The terms and information set forth above are a part of the Master Lease Agreement Number 5209, entered into by and between VenCore Solutions LLC (“Lessor”) and the Lessee set forth above. The undersigned representative of Lessee affirms that he or she has been given read and understands this Exhibit A - 1 to TenantMaster Lease Agreement Number 5209 and is duly authorized to execute this Exhibit A - 1 on behalf of the Lessee, and (c) Tenant delivering to Landlordthat, at the same time Tenant delivers to Landlord the Early Termination Noticeif Lessee is a corporation, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”)this Exhibit A - 1 is entered into with consent of Lessee’s Board of Directors and stockholders, if so required. The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33LESSOR: LESSEE: VENCORE SOLUTIONS LLC ISORAY MEDICAL, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration INC., A DELAWARE CORPORATION By: /s/ Xxxxx Xxxxxx By: X /s/ Xxxxx Xxxxxx Name: Xxxxx Xxxxxx Name: XXXXX XXXXXX Title: Managing Director Title: CEO & CHAIRMAN Date: _______________________________ Date: X 5-7-05 VENCORE SOLUTIONS LLC VENCORE SOLUTIONS LLC 0000 XX Xxxxx Way, Suite 350 ◊ Lake Oswego, OR 97035 000.000.0000 ◊ FAX: 000.000.0000 EXHIBIT B TO MASTER LEASE AGREEMENT NUMBER 5209 LESSEE NAME AND ADDRESS LESSOR NAME AND ADDRESS ISORAY MEDICAL, INC., A DELAWARE CORPORATION VENCORE SOLUTIONS LLC 000 XXXXX XXXXXX 0000 XX XXXXX WAY SUITE 106 SUITE 350 RICHLAND, WA 99354 XXXX XXXXXX, XX 00000

Appears in 1 contract

Samples: Master Lease Agreement (IsoRay, Inc.)

Early Termination Option. (a) Subject to the conditions set forth below, Tenant shall have the one time right to terminate this the Lease effective (the “Termination Option”) as of the twelve (12) year and six (6) month anniversary last day of the sixty-third (63rd) full calendar month after the Relocation Premises Commencement Date (the “Early Termination Date”), provided Tenant notifies Landlord, in writing, of Tenant’s intention to terminate the Lease at least twelve (12) by delivering notice thereof months prior to Landlord the Termination Date (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (), time being of the essence with respect thereto. In connection with its exercise of the Termination Option, Tenant shall pay to Landlord an amount (the giving “Termination Fee”) equal to all of Landlord’s unamortized transaction costs with respect to this Amendment, including, without limitation, attorneys’ fees, brokerage fees, and the costs of the Landlord’s Relocation Premises Work (collectively, the “Transaction Costs”) based upon an interest factor of 8% per annum for such amortization calculation, which Transaction Costs shall be submitted to Tenant by Landlord after delivery of the Termination Notice and Tenant shall pay the Termination Fee to Landlord within thirty (30) days of Tenant’s receipt of written notice of such notice)amount due. If Tenant fails to (a) timely exercise the Termination Option in accordance with the provisions of this Section 7, or (b) deliver to Landlord the Termination Fee within the aforesaid thirty (30) day period, the Termination Option and this Section 7 shall be null and void and without further force and effect. Tenant’s right to terminate this the Lease as set forth herein is contingent conditioned upon (ai) timely delivery no Event of Default then existing on the Early date the Termination NoticeNotice is delivered to Landlord, (bii) the Lease (as amended hereby) being in force and effect on the date the Termination Notice is delivered to Landlord, (iii) Landlord having received the Termination Fee when required as aforesaid, and (iv) Tenant not being in default having exercised its right of any monetary obligation or any material non-monetary obligation under first opportunity pursuant to Exhibit E to this Lease as Amendment. Notwithstanding the foregoing provisions of this Section 7, if Tenant timely exercises the Termination Option and thereafter an Event of Default occurs, then Landlord may elect to nullify the exercise of the date Termination Option by giving written notice thereof to Tenant on or before the Termination Date. Should Tenant effectively exercise its Termination Option as set forth herein, (i) the Lease Term shall automatically terminate on the Termination Date, with all the terms and conditions of this Lease, including, without limitation, the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given obligation to Tenantpay Rent, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue remaining in full force and effect pursuant to until the terms hereof. If Termination Date, and (ii) Tenant properly terminates shall relinquish, yield up and surrender the Lease pursuant to Premises on the Termination Date in accordance with the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateLease.

Appears in 1 contract

Samples: Of Lease (Verastem, Inc.)

Early Termination Option. (a) Provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, Tenant shall have the one one-time right option to terminate this the Lease (“Early Termination Option”) effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date on May 31, 2014 (the “Early Termination Date”) by delivering providing a written termination notice thereof to Landlord (the “Early Termination Notice”) no later than to Landlord on or before May 31, 2013. The Early Termination Notice must be accompanied by a payment in an amount hereinafter defined as the eleven “Early Termination Payment”. The Early Termination Payment will be the unamortized balance of tenant improvements, including the Allowance, and leasing commissions incurred in connection with this Lease (11) year anniversary “Lease Costs”), assuming amortization in full of the Commencement Date Lease Costs with interest at ten percent (time being 10%) per annum over the herein provided extension of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Term of the Early Termination NoticeLease. If, (b) and only if, Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of timely and properly delivers the Early Termination Notice or and the Early Termination Payment, the Term shall end on the Early Termination Date as though the Early Termination Date had been originally fixed as the expiration date of the Term. The Early Termination Payment is the sole property of Landlord upon payment and is not refundable under any circumstance. Tenant acknowledges and agrees that the Early Termination Payment is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled term after the Early Termination Date. All terms and conditions of the Lease and Tenant’s obligations hereunder as they apply to Tenant’s lease of the Premises, including without limitation Tenant’s obligation to pay rent, shall continue up to and including the Early Termination Date. All obligations of Tenant under the Lease not fully performed as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord shall survive the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”)Date. The failure of This option is not transferable; Tenant to timely give Landlord acknowledges and agrees that it intends that the Early Termination Notice and/or the Early Termination Payment Option shall render any Early Termination Notice delivered be “personal” to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth above and that in no event will any assignee or sublessee have any rights to exercise the Lease as the Expiration Dateaforesaid option to terminate.

Appears in 1 contract

Samples: Lease (Select Comfort Corp)

Early Termination Option. (a) 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 shall have the one time right to may, at its sole option, terminate this Lease (the “Termination Option”) effective as on the first (1st) day of month eighty (80) of the twelve (12) year and six (6) month anniversary of the Commencement Date Term (the “Early Termination Date”) ), by delivering notice thereof of Tenant’s election to Landlord terminate (the “Early Termination Notice”) no later than the eleven at least twelve (1112) year anniversary of the Commencement Date (time being of the essence with respect months prior to the giving 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 such notice). Tenantall Landlord’s right to terminate this Lease is contingent upon (a) timely delivery Transaction Costs as of the Early Termination NoticeDate. 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 (bwhich 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 not being in default for review and comment. Upon agreement by the parties that the Amortization Table accurately reflects the costs and calculations that are part of any monetary obligation or any material non-monetary obligation under the Termination Fee, the parties shall enter into an amendment to this Lease as of to incorporate the date of Amortization Table. If Tenant properly exercises its Termination Option in accordance with the giving of foregoing, then the Early Termination Notice or Lease shall automatically terminate as of the Early Termination Date without the necessity of any additional documentation, except for which notice a termination of such default has been given to Tenantthe Notice of Lease, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”)if applicable. The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date.EXHIBIT N

Appears in 1 contract

Samples: Lease Agreement (Sonus Networks Inc)

Early Termination Option. Subject to the conditions contained herein, on (a) Tenant shall have any Payment Date during the one time Term provided Lessee has not elected the Sale Option or (b) on any Business Day during the occurrence of an Event of Default of the types described in clause (ii) of the next sentence, Lessee may, at its option, purchase all, but not less than all, of the Leased Property (the "EARLY TERMINATION OPTION") at a price equal to the Purchase Amount. Lessee's right to purchase all of the Leased Property pursuant to this Section 18.1 shall terminate automatically and without notice upon (i) the occurrence of an Event of Default arising as a result of an Insolvency Event, or (ii) upon the occurrence of any other Event of Default, unless in the case of an Event of Default described in this Lease 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 (x) delivery of a notice of an Event of Default by Lessee pursuant to Section 9.1(d)(i) of the Participation Agreement, or (y) Lessee's receipt of a written Purchase Acceleration Notice. "Purchase Acceleration Notice" shall mean a notice from Lessor or Administrative Agent to Lessee that an Event of Default has occurred. Lessee acknowledges that the Purchase Acceleration Notice shall apply solely to this Section 18.1 and will not affect the validity of any Event of Default or the Lessor's remedies at Section 16.2. In order to exercise its option to purchase the Leased Property pursuant to this Section 18.1 and except as provided for in the clause (ii) of the second sentence of this Section 18.1, Lessee shall give to Lessor and the Administrators not less than thirty (30) days' prior written notice of such election to exercise, which election shall be irrevocable when made. If the Lessee exercises its option pursuant to this Section 18.1 then, upon the Lessor's receipt of all amounts due in connection therewith, the Lessor shall transfer to the Lessee all of the Lessor's right, title and interest in and to the Leased Property in accordance with the procedures set forth in Section 21.1, such transfer to be effective as of the twelve (12) year and six (6) month anniversary date specified in the Purchase Notice. The Lessor agrees that it shall cooperate with the Lessee in effecting any transfer to a designee of the Commencement Date (the “Early Termination Date”) by delivering notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect Lessee pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateSection 18.1.

Appears in 1 contract

Samples: Lease (Kansas City Power & Light Co)

Early Termination Option. (a) Tenant shall have Subject to the one time right to terminate this Lease effective as first sentence of Section 15.2 and the twelve (12) year and six (6) month anniversary of the Commencement limitations contained in Section 14.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") by delivering after the Delivery Date and so long as Lessee has not delivered written notice thereof that it intends to Landlord 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 Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such noticeOption"). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon the payment of the Early Termination NoticePurchase 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 (b) Tenant not being without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Lessor), in default 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 any monetary obligation or any material non-monetary obligation Equipment, Lessee shall continue to make all payments of Rent due under this Lease as of until and including the date of the giving Early Termination Payment Date. Upon payment of the Early Termination Notice or as of the Early Termination Date for which notice Purchase Amount in respect of such default has been given to TenantItems of Equipment together with all Basic Rent and LSI Logic Corporation Lease A Supplemental Rent then due and owing, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in remaining scheduled Basic Rent payments under this Lease shall be reduced by an amount equal to $3,600,000.00 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 Payment”Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. The failure of Tenant to timely give Landlord In the event Lessee shall elect the Early Termination Notice and/or Option with respect to all of the Early Termination Payment Items of Equipment, the obligation of Lessee to pay Rent hereunder shall render any Early Termination Notice delivered to Landlord null cease and void and the term of this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight end on the Early Termination Date as if date of such date was the date set forth in the Lease as the Expiration Datepayment.

Appears in 1 contract

Samples: Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. (a) Tenant shall have Subject to the one time right to terminate this Lease effective as first sentence of Section 15.2 and the twelve (12) year and six (6) month anniversary of the Commencement limitations contained in Section 14.1(b), on any scheduled Payment Date (the "Early Termination Payment Date") by delivering after the Delivery Date and so long as Lessee has not delivered written notice thereof that it intends to Landlord 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 Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such noticeOption"). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon the payment of the Early Termination NoticePurchase 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 (b) Tenant not being without representations or warranties, except that the Items of Equipment are free and clear of Lessor Liens attributable to Lessor), in default 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 any monetary obligation or any material non-monetary obligation Equipment, Lessee shall continue to make all payments of Rent due under this Lease as of until and including the date of the giving Early Termination Payment Date. Upon payment of the Early Termination Notice or as of the Early Termination Date for which notice Purchase Amount in respect of such default has been given to TenantItems of Equipment together with all Basic Rent and LSI Logic Corporation Lease B Supplemental Rent then due and owing, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in remaining scheduled Basic Rent payments under this Lease shall be reduced by an amount equal to $3,600,000.00 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 Payment”Purchase Amount), multiplied by the Item Value Fraction of the Item or Items of Equipment subject to such early termination. The failure of Tenant to timely give Landlord In the event Lessee shall elect the Early Termination Notice and/or Option with respect to all of the Early Termination Payment Items of Equipment, the obligation of Lessee to pay Rent hereunder shall render any Early Termination Notice delivered to Landlord null cease and void and the term of this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight end on the Early Termination Date as if date of such date was the date set forth in the Lease as the Expiration Datepayment.

Appears in 1 contract

Samples: Lease and Security Agreement (Lsi Logic Corp)

Early Termination Option. So long as no default has occurred and is continuing hereunder, Lessee shall have the right to terminate any Schedule to the Lease with respect to all but not less than all of the Equipment on or after the First Termination Date (specified in the applicable Schedule), as of a rent payment date ("Early Termination Date") upon at least 90 days prior written notice to Lessor.. On the Early Termination Date, Lessee shall pay to Lessor (a) Tenant the Prepayment Penalty stipulated on the applicable Schedule, plus (b) the "Early Purchase Option Price" which shall have be equal to the one time right Stipulated Loss Value corresponding to terminate this Lease effective the Early Termination Date times the Lessor's Capitalized Cost, plus (c) all Rent for such Equipment due and unpaid as of of, together with Rent accrued through, the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date, plus (d) all taxes, including, but not limited to, sales and transfer taxes due in connection with such sale, plus (e) all other sums then due and payable under the Lease by delivering notice thereof to Landlord Lessee. (the total amounts in each event shall be referred to as the "Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such noticePrice"). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon Lessor's receipt of the Early Termination NoticePrice, the lease of such Equipment shall terminate and Lessor, via a xxxx of sale and/or other reasonably necessary documentation, shall transfer to Lessee all of Lessor's right, title and interest in and to such Equipment. The transfer of Lessor's right, title and interest in and to such Equipment to Lessee shall be on an "AS-IS, WHERE-IS" basis, and as except as expressly provided herein, with no representations or warranties (bexpress or implied) Tenant as to any matter whatsoever. Anything in this Section XI notwithstanding, if the Lessor does not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of receive the Early Termination Notice or as of Price on the Early Termination Date for which notice according to the terms of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Section XI then this Lease shall continue in full force and effect pursuant according to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Dateits terms.

Appears in 1 contract

Samples: Master Lease Agreement (Dixie Group Inc)

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Early Termination Option. (a) Tenant shall have the one a one-time right option to terminate this Lease effective as of the twelve last day of the sixty-second (12) year and six (662nd) month anniversary of the Commencement Date Lease Term (the “Early Termination Date”) by delivering Date”),provided Tenant gives notice thereof to Landlord not less than one hundred eighty (180) days prior to the Early Termination Notice”) no later than Date and provided Tenant is not in default beyond the eleven (11) year anniversary expiration of any applicable notice and cure period provided in the Commencement Date (Lease at the time being of the essence with respect to the giving of such noticenotice nor on the Early Termination Date (provided that Tenant shall remain obligated to cure each such default notwithstanding any early termination of the Lease). Additionally, Tenant’s right to terminate this Lease hereunder is contingent upon conditioned upon: (a) timely delivery the payment in full by Tenant of all Rent through and including the Early Termination Notice, Date; and (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of later than three (3) months prior to the Early Termination Notice or as Date, Tenant shall pay Landlord the cash sum of: (i) one (1) month of Base Rent due at the rate in effect on the Early Termination Date for which notice Date, together with one (1) month of such default has been given to Tenant, ’s Proportionate Share of Operating Expenses and (c) Tenant delivering to Landlord, Taxes at the same time Tenant delivers to Landlord rate in effect on the Early Termination NoticeDate; plus (ii) the unamortized cost of all tenant improvement allowances and leasing commissions paid by Landlord in connection with the Lease (using an interest rate of eight percent (8%) per annum) (collectively, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure If Tenant has timely exercised its early termination right, then after Landlord’s receipt of the Termination Payment, and so long as Tenant to timely give Landlord has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to Date, except those which, by the provisions of this Article 33Lease, expressly survive the Lease termination of this Lease. If Tenant fails to timely notify Landlord of Tenant’s exercise of its early termination right or fails to timely pay the Termination Payment, time being of the essence, then Tenant’s rights under this Exhibit shall expire at midnight on be null and void. Notwithstanding the Early Termination Date as if foregoing, Tenant’s right to terminate the Must-Take Space or any Expansion Space will be subject to an adjusted termination payment (for the Must-Take Space and/or the Expansion Space) which quantifies a minimum sixty-two (62) month occupancy along with prorated payments for tenant improvements and commissions (such date was payments prorated specifically to the date set forth in the Lease as the Expiration Dateadjusted term). Tenant shall not be responsible for any unamortized tenant improvements and commissions of any period during which Tenant has prepaid or continues to pay its Base Rent obligations.

Appears in 1 contract

Samples: Lease Agreement (Hallmark Financial Services Inc)

Early Termination Option. (a) Tenant 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 the one time right an early termination option with respect to terminate this Lease effective as all but not less than all of the twelve (12) year and six (6) month anniversary Equipment upon the payment of the Commencement Date Termination Value (defined below) and subject to the conditions set forth in this Section 14 (the “Early Termination DateOption) by delivering notice thereof to Landlord (the ). As used herein, Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence Value” shall mean with respect to the giving applicable month of such notice). Tenant’s right to terminate this Lease is contingent upon the Lease, the sum of (a) timely delivery 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 NoticeOption, including, but not limited to, reasonable attorney fees and costs (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of “Administrative Charge”). Upon the giving exercise by the Lessee of the Early Termination Notice or 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 Date for which Option, it shall provide Lessor with [*****] days prior written notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Dateintention.

Appears in 1 contract

Samples: Master Lease Agreement (Oxus Acquisition Corp.)

Early Termination Option. Notwithstanding anything in the Lease to the contrary, upon Lessee’s payment on the sixth (a6th) Tenant shall have the one time right to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary of the Commencement First Rental Payment Due Date (the “Early Termination Date”), and provided Lessee has paid and Lessor has received all rental and any other payments due under the Lease prior to the exercise of the early termination option described in this Section 10, Lessee shall have the right to, upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior written notice to Lessor, purchase all, but not less than all, of the Property by delivering notice thereof paying a lump sum cash payment to Landlord Lessor on the Early Termination Date in an amount equal to 32.94% of the Property Cost indicated above (the “Early Termination NoticePurchase Price) no later than ), plus all applicable sales, use, transfer, property and other similar taxes related to the eleven (11) year anniversary sale of the Commencement Date (time being of the essence with respect to the giving of such notice)Property. Tenant’s right to terminate this Lease is contingent upon (a) timely delivery Upon receipt by Lessor of the Early Termination NoticePurchase Price on the Early Termination Date, together with any other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faults, except Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on its behalf. Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation of the Property to the extent provided in the MLA. Lessor shall provide promptly to Lessee following Lessee’s request (a) wire transfer information, (b) Tenant not being a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in default of any monetary obligation or any material non-monetary obligation under this Lease as of connection with the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenantforegoing, and (c) Tenant delivering such other information and calculations as Lessee may reasonably request in order to Landlord, at the same time Tenant delivers permit Lessee to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (exercise and perform the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and Option” described in this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration DateSection 10.

Appears in 1 contract

Samples: Master Lease Agreement (Calumet Specialty Products Partners, L.P.)

Early Termination Option. (a) Tenant shall have the one one-time right option to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary last day of the Commencement Date eighty-seventh (87th) Lease Month (the “Early Termination Date”) by delivering provided that (i) Tenant gives Landlord not less than nine (9) months prior written notice thereof to Landlord terminate (the “Early Termination Notice”), (ii) no later than Tenant provides the eleven Termination Payment (11defined below) year anniversary of with the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (biii) Tenant is not being in default of any monetary obligation or any material non-monetary obligation under this Lease as Default hereunder either at the time of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the date set forth 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 as (provided such assignment is permitted under the Expiration DateLease) 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.

Appears in 1 contract

Samples: Office Lease Agreement (Marlborough Software Development Holdings Inc.)

Early Termination Option. (a) Tenant shall have the one one-time right option to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary last day of the Commencement Date eighty-seventh (87th ) Lease Month (the “Early Termination Date”) by delivering provided that (i) Tenant gives Landlord not less than nine (9) months prior written notice thereof to Landlord terminate (the “Early Termination Notice”), (ii) no later than Tenant provides the eleven Termination Payment (11defined below) year anniversary of with the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (biii) Tenant is not being in default of any monetary obligation or any material non-monetary obligation under this Lease as Default hereunder either at the time of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the date set forth 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 as (provided such assignment is permitted under the Expiration DateLease) 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.

Appears in 1 contract

Samples: Office Lease Agreement (Bitstream Inc)

Early Termination Option. In the event that Landlord has not obtained and delivered to Tenant copies of the building permit and any other governmental permits and approvals required for the commencement of construction of the Building, the Building Parking Area and the Common Areas of the Park (a) as hereinafter defined), in accordance with and as set forth in the Landlord's Plans and the other requirements of this Lease, then Tenant shall have the one right, by written notice to Landlord, to terminate this Lease on or at any time within ten (10) days after the second (2/nd/) day of June, 1997 (the "Early Termination Date"). Such termination right may be exercised on or within ten (10) days after June 2, 1997, prior to Landlord having obtained and delivered copies of all such permits and approvals to Tenant. In the event that Tenant so exercises its termination right in accordance with the terms hereof, (i) Landlord shall reimburse Tenant for all third party out-of-pocket costs and expenses, including architectural fees, engineering fees and other associated costs and expenses in connection with its obligations as Tenant under this Lease, but excluding attorneys' fees and disbursements and excluding costs and expenses for which no invoices or other reasonable documentation is available and (ii) all future obligations of the parties hereto shall cease and this Lease shall be null and void and of no further force or effect, except such obligations as are, by the terms hereof, expressly intended to survive the earlier termination of this Lease. If Landlord does not obtain and deliver all such permits and approvals before June 2, 1997, but, prior to Tenant exercising its right to terminate this Lease effective on account thereof, Landlord does obtain and deliver to Tenant copies of all such permits and approvals as of aforesaid, or if Landlord has not received written notice by Tenant exercising its option to terminate hereunder on or before the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering notice thereof Date as aforesaid, then Tenant shall be deemed to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s have waived its right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Noticeas hereinabove provided, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to whereupon the terms hereof. If Tenant properly terminates the Lease pursuant to the and provisions of this Article 33, the Lease Section 2.2.1 shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Datebecome void and of no further force or effect.

Appears in 1 contract

Samples: Open Market Inc

Early Termination Option. LESSEE may exercise an option to terminate this lease early if the following conditions are met. (a1) Lessee delivers to Lessor at least sixty (60) days prior to the intended vacate date, which shall be on the last day of any month, a written notice, via certified mail, of Lessee’s intent to vacate the Apartment, signs a break lease agreement and at the same time concurrent with delivery of said notice and executed break lease agreement, (2) Lessee increases, via a cashier’s check, lessee’s security deposit by an amount equal to an additional two months' rent and (3) Lessee pays to Lessor any outstanding balances and continues to pay all regular rent due, pursuant to all the terms and conditions of this lease, through to the end of the intended move out date as outlined in the Lessee’s break lease notice to vacate. Once Lessee has fully honored all provisions of this paragraph and break lease agreement and only after any damages to the unit and any lost rent on the unit prior to it being rerented are deducted from the increased security deposit, any remaining funds in the security deposit will be refunded. Lost rent is anytime the landlord is not collecting rent on the unit and before a new tenant has taken occupancy of said unit and paid all amounts due for same in full. Notwithstanding anything to the contrary contained herein this lease document, once a Tenant provides notice of their intent to vacate / terminate or is in the process of being evicted, Landlord or its agent shall have the one time right to terminate this Lease effective as of show the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering unit to prospective tenants during working hours with no less than 3 hours notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence Tenant. Tenant agrees to make arrangments with respect to any animals in the giving of such notice)unit so that Landlord or agent can safely show the unit. Tenant’s right If tenant fails to terminate this Lease return calls to Landlord regarding a request to show the unit after Landlord has attempted same for more than three hours, then Tenant shall be deemed to have given Landlord permission to show the unit and Landlord shall be authorized to show the unit. Landlord may show the premises to perspective tenants at anytime tenant is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date.lease agreement. Eminent Domain or Sale of Property

Appears in 1 contract

Samples: Lease Agreement

Early Termination Option. Provided that Tenant has not exercised its right of First Refusal (aas set forth in Section 13.29 below) and Landlord has not provided Tenant with notice of an ongoing default of its obligations hereunder and such default remains uncured, Tenant shall have the one one-time right option to terminate this Lease (the “Early Termination Option”) effective as at the expiration of the twelve ninetieth (12) year and six (690th) month anniversary of after the Rent Commencement Date (the “Early Termination Date”) by delivering provided that Tenant gives Landlord written notice thereof of its election to Landlord exercise the Termination Option prior to the end of the seventy-eighth (78th) month after the Rent Commencement Date of the Term (the “Early Termination NoticeOption Exercise Period) no later than the eleven (11) year anniversary ). The date of Xxxxxx Xxxxxxxxxxx - Xxxx 0 - Xxxx Xxxxx Tenant’s notice of the Commencement Date (time being of election to exercise this option shall be the essence with respect to the giving of such notice)“Early Termination Option Exercise Date”. Tenant’s right to terminate this Lease is contingent upon (a) timely delivery exercise of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as Option shall be irrevocable and expressly conditioned on each of the date of the giving of the Early Termination Notice or following items being properly and timely completed: (i) as of the Early Termination Option Exercise Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination NoticeDate, all Basic Rent and Additional Rent shall be current and shall be apportioned as of the Early Termination Date; and (ii) within thirty (30) days after Landlord’s receipt of Tenant’s timely and written exercise of the Early Termination Option, Tenant shall submit to Landlord a payment in an amount termination fee equal to Two Million Two Hundred Sixty-Seven Thousand Two Hundred Seventy-Four and 90/100 Dollars ($3,600,000.00 2,267,274.90) (or 50% of the Basic Rent owed between the Early Termination Date and the Expiration Date, and this amount shall be revised in the event that the Lease is amended so that the Basic Rent is adjusted) (the “Early Termination Payment”). The failure of Tenant to timely give Landlord ; and (iii) neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Early Termination Notice and/or Date, except those which, by the provisions of this Lease, expressly survive the termination of the term of this Lease; and (iv) Tenant shall surrender the Premises in the condition required under this Lease. Provided that Tenant properly exercises its Early Termination Option and timely submits the Termination Payment, pursuant to the terms of this section, Landlord and Tenant shall promptly execute an amendment to this Lease to document the Early Termination Payment shall render any Early Termination Notice delivered Date. If Tenant fails to Landlord null strictly comply with the terms and void and provisions of this sub-section, then this Lease shall continue remain in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Dateeffect.

Appears in 1 contract

Samples: Lease Agreement (Castle Biosciences Inc)

Early Termination Option. (a) Provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, Tenant shall have the one one-time right option to terminate this the Lease (“Early Termination Option”) effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date on May 31, 2007 (the “Early Termination Date”) by delivering providing a written termination notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice)Landlord on or before August 31, 2006. Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the The Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, must be accompanied by a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”) equal to One Hundred Thousand and No/100 Dollars ($100,000), less the Excess Allowance (as defined herein). The failure of If, and only if, Tenant to timely give Landlord and properly delivers the Early Termination Notice and/or and the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33Payment, the Lease Term shall expire at midnight end on the Early Termination Date as if such though the Early Termination Date had been originally fixed as the expiration date was of the date Term. The Early Termination Payment is the sole property of Landlord upon payment and is not refundable under any circumstance. Tenant acknowledges and agrees that the Early Termination Payment is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled term after the Early Termination Date. All terms and conditions of the Lease and Tenant’s obligations hereunder as they apply to Tenant’s lease of the Premises, including without limitation Tenant’s obligation to pay rent, shall continue up to and including the Early Termination Date. All obligations of Tenant under the Lease not fully performed as of the Early Termination Date shall survive the Early Termination Date. This option is not transferable; Tenant acknowledges and agrees that it intends that the Early Termination Option shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the Lease as the Expiration Dateaforesaid option to terminate.

Appears in 1 contract

Samples: Lease (Select Comfort Corp)

Early Termination Option. (a) Notwithstanding anything to the contrary contained in the Lease, as hereby amended, Tenant shall have the one one-time right option to terminate this Lease the Lease, as hereby amended, with respect to the Second Amendment Expansion Space, only (but not with respect to any portion of the Existing Premises), effective as of the twelve last day of the thirty-sixth (1236th) year month of the Second Amendment Expansion Space Lease Term (the "Second Amendment Expansion Space Termination Date"). To exercise such termination option, Tenant must deliver to Landlord on or before the last day of the twenty-seventh (27th) month of the Second Amendment Expansion Space Lease Term: (i) written notice of Tenant's exercise of such option (the "Second Amendment Expansion Space Termination Notice"); and (ii) cash in the amount equal to the Second Amendment Expansion Space Termination Consideration. As used herein, the "Second Amendment Expansion Space Termination Consideration" shall mean an amount equal to the unamortized portion of the cost of the design, permitting and construction of Landlord's Second Amendment Expansion Space Work (the "Landlord's Second Amendment Expansion Space Work Costs"). The Landlord's Second Amendment Expansion Space Work Costs shall be amortized on a straight-line basis over the scheduled six (66)-year Second Amendment Expansion Space Lease Term, together with interest at the rate of eleven percent (11%) month anniversary per annum, and the unamortized portions thereof shall be determined based upon the unexpired portion of the Commencement Date (the “Early Termination Date”) by delivering notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary Second Amendment Expansion Space Lease Term as of the Commencement Second Amendment Expansion Space Termination Date (time being of had the essence Lease, as hereby amended, not been so terminated pursuant to this Section 9. If Tenant properly and timely exercises the termination option in this Section 9, the Lease, as hereby amended, with respect to the giving Second Amendment Expansion Space, only (but not with respect to any portion of such noticethe Existing Premises), shall expire at midnight on the Second Amendment Expansion Space Termination Date, and Tenant shall be required to surrender the Second Amendment Expansion Space to Landlord on or prior to the Second Amendment Expansion Space Lease Term Termination Date accordance the applicable provisions Lease, as hereby amended. Tenant’s Notwithstanding 827994.04/LAH4321-047/7-10-09/dbs/dbs -4- UNION BANK PLAZA[Union Bank of California] the foregoing provisions of this Section 9 to the contrary, at Landlord's option and in addition to any and all remedies available to Landlord, Tenant shall not have the right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Noticeexercise such termination option, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as provided above, if as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice attempted exercise of such option, Tenant is in default has been given to Tenantunder the Lease, as hereby amended, beyond all applicable notice and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Datecure periods.

Appears in 1 contract

Samples: Office/Retail Lease (KBS Real Estate Investment Trust II, Inc.)

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) Tenant 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 have pay to Lessor an administrative charge to be determined by Lessor to cover its time and expenses incurred in connection with the one time right exercise of the option to terminate 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 effective and Lessee agrees that the amount is reasonable under the circumstances currently existing. signatures on following page DATE OF EXECUTION: the 27th day of February, 2020 UTICA LEASECO, LLC Lessor By: /s/ Rxxxx Xxxxxxxx Name: Rxxxx Xxxxxxxx Title: Assistant Vice President 5J TRUCKING Lessee By: /s/ Mxxxxxx Xxxxxxxx Name: Mxxxxxx Xxxxxxxx Title: CEO 5J OILFIELD SERVICES, LLC Lessee By: /s/ Mxxxxxx Xxxxxxxx Name: Mxxxxxx Xxxxxxxx Title: CEO Exhibit A Loss Payment Date Percentage Factor 3/27/2020 110.0000% 4/27/2020 110.0000% 5/27/2020 110.0000% 6/27/2020 100.0000% 7/27/2020 98.4587% 8/27/2020 96.8986% 9/27/2020 95.3192% 10/27/2020 93.7204% 11/27/2020 92.1020% 12/27/2020 90.4636% 1/27/2021 88.8051% 2/27/2021 87.1263% 3/27/2021 85.4268% 4/27/2021 83.7064% 5/27/2021 81.9649% 6/27/2021 80.2020% 7/27/2021 78.4174% 8/27/2021 76.6108% 9/27/2021 74.7821% 10/27/2021 72.9309% 11/27/2021 71.0569% 12/27/2021 69.1599% 1/27/2022 67.2395% 2/27/2022 65.2956% 3/27/2022 63.3278% 4/272022 61.3358% 5/27/2022 59.3193% 6/27/2022 57.2780% 7/27/2022 55.2116% 8/272022 53.1198% 9/27/2022 51.0023% 10/27/2022 48.8588% 11/27/2022 46.6890% 12/27/2022 44.4924% 1/27/2023 42.2689% 2/27/2023 40.0180% 3/272023 37.7395% 4/27/2023 35.4330% 5/27/2023 33.0981% 6/27/2023 30.7345% 7/27/2023 28.3418% 8/27/2023 25.9198% 9/27/2023 23.4680% 10/27/2023 20.9860% 11/27/2023 18.4736% 12/27/2023 15.9302% 1/27/2024 13.3556% 2/27/2024 10.7493% 3/27/2024 8.1110% 4/27/2024 5.4403% 5/27/2024 2.7368% Exhibit B 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 RIDER NO. 1 TO EQUIPMENT SCHEDULE 5J-0001 To and part of Equipment Schedule 5J-0001 dated as of the twelve (12) year and six (6) month anniversary 27th day of the Commencement Date February, 2020 (the “Early Termination DateSchedule”) by delivering notice thereof executed pursuant to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this that certain Master Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease Agreement dated as of the date 27th day of February, 2020 (the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant"Lease"), each between UTICA LEASECO, LLC, its successors and assigns ("Lessor"), 5J TRUCKING, a Texas limited liability company, d/b/a 5J and 5J Trucking, LLC (“5J Trucking”), its successors and permitted assigns, and (c) Tenant delivering to Landlord5J OILFIELD SERVICES, at the same time Tenant delivers to Landlord the Early Termination NoticeLLC, a payment in an amount equal to $3,600,000.00 Texas limited liability company (the Early Termination Payment5J Oil”). The failure of Tenant , its successors and permitted assigns, (hereafter referred to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null both individually, and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33collectively (if more than one), the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date"Lessee").

Appears in 1 contract

Samples: Master Lease Agreement (SMG Industries Inc.)

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