Common use of Early Termination Option Clause in Contracts

Early Termination Option. Resident is expected to remain a Resident for the entire term specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local law.

Appears in 1 contract

Sources: Lease Agreement

Early Termination Option. Resident is expected If so indicated in Section 2 of the Variable Lease Terms section, Tenant has the option of terminating this Lease prior to remain a Resident for the entire term Termination Date specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end Section 2 of the lease term, minus rents paid by a replacement tenant Variable Lease Terms section (if any“Early Termination Option”). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this optionthe Early Termination Option, Resident Tenant must deliver to Landlord: Landlord (a1) A a written notice stating that Resident Tenant has elected to exercise this option; the Early Termination Option and identifying the date of such early termination (b“Early Termination Date”), and (2) A lease cancellation fee equal to two months’ rent; (c) all Rent and other amounts additional Rent due through the accelerated termination date; (d) Repayment of any rent concessions takenEarly Termination Date. When ▇▇▇▇▇▇▇▇ has received Landlord acknowledges receiving the written notice and payment, and has signed the noticepayment from Tenant, the Termination Date of this Lease Expiration Date will shall be amendeddeemed amended to be the Early Termination Date. The new Expiration (termination) Early Termination Date will be the date specified in the notice which must be at least 30 days after a date within the written election and payment are given to Landlord. Exercise parameters described in Section 2 of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligationsVariable Lease Terms section of this Lease. The notice will Early Termination Option may be exercised only if Tenant is not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident Tenant gives notice of Resident’s the exercise of the option; (b) Resident Early Termination Option. All remaining Lease terms will remain in full force and effect. If Tenant provides the notice unaccompanied by the fee above; or (c) Resident required payments, the Early Termination Date will not be changed, and any such written notice from Tenant shall be deemed null and void. If Tenant does not properly exercise the early termination option Early Termination Option by following the procedure exactly as specified above, or Tenant elects not to exercise the Early Termination Option, but vacates the property Premises before the Expiration Date specified in Termination Date, all Lease terms shall remain binding (including the original Termination Date), and Landlord will retain all legal remedies for a Tenant breach of this Lease. If Resident fails Landlord is aware that Tenant has vacated the Premises before the Termination Date, Landlord has an obligation to vacate by try to re-rent the date set forth in Resident’s notice, the notice Premises to minimize lost Rent for which Tenant shall be deemed voidresponsible. As permitted by state/local lawNotwithstanding anything to the contrary, Landlord shall this Paragraph 15 does not cause Tenant to abrogate any rights or remedies Tenant may have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local under Virginia law.

Appears in 1 contract

Sources: Residential Lease Agreement

Early Termination Option. Resident is expected In the event that Landlord has not obtained and delivered to remain a Resident Tenant copies of the building permit and any other governmental permits and approvals required for the entire term specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end commencement of construction of the lease termBuilding, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance the Building Parking Area and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end Common Areas of the Lease term. To exercise this optionPark (as hereinafter defined), Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent in accordance with and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date as set forth in Resident’s noticethe Landlord's Plans and the other requirements of this Lease, the notice shall be deemed void. As permitted by state/local law, Landlord then Tenant shall have the right, at its option and without further noticeby written notice to Landlord, to evict Resident relying upon terminate this Lease on or at any time within ten (10) days after the noticesecond (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 continue with Landlord having obtained and delivered copies of all such permits and approvals to Tenant. In the tenancy 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 Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance null and void and of no further force or effect, except such obligations as permitted are, by state/local lawthe 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 on account thereof, Landlord does obtain and deliver to Tenant copies of all such permits and approvals as aforesaid, or if Landlord has not received written notice by Tenant exercising its option to terminate hereunder on or before the Early Termination Date as aforesaid, then Tenant shall be deemed to have waived its right to terminate this Lease as hereinabove provided, whereupon the terms and provisions of this Section 2.2.1 shall become void and of no further force or effect.

Appears in 1 contract

Sources: Lease Agreement (Open Market Inc)

Early Termination Option. Resident is expected to remain a Resident for the entire term specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise Tenant shall have an early termination option. Resident may choose to pay a flat fee in advance option to terminate the Lease earlyeffective at any time on or after December 1, rather 2007. Tenant may exercise its option by giving written notice to Landlord specifying the date the Lease shall terminate (the “Termination Date”), provided that the Termination Date shall be no sooner than remaining liable for rent thirty (30) days after the date of Tenant’s notice. On or before the 15th day prior to the Termination Date, Tenant shall pay to Landlord: (i) an early termination fee in the amount of Three Hundred Eighty-Five Thousand Dollars ($385,000.00); and (ii) Fixed Rent and any other charges due and payable under the Lease through the end Termination Date. In the event Tenant validly exercises its early termination option, Tenant waives its right to reimbursement for insurance premiums and real estate taxes to the extent paid in advance by Tenant. Tenant shall vacate the Leased Premises on or before the Termination Date; shall leave the Leased Premises in broom-clean condition; and shall surrender the Leased Premises to Landlord free of Tenant’s personal property in accordance with, and subject to the terms of, Section 22 of the Lease. Tenant shall remain liable for, and shall indemnify Landlord against, any loss, damage, claim or liability arising under the Lease with respect to matters occurring on or before the Termination Date. Except as modified above, the Lease shall remain in full force and effect as originally written. Any ambiguity or inconsistency between the terms and provisions of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and paymentprior amendment thereto, and has signed the noticeterms and provisions of this Second Modification, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy resolved in accordance with favor of this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawSecond Modification.

Appears in 1 contract

Sources: Lease (Dominion Homes Inc)

Early Termination Option. Resident is expected to remain Provided that no material Default shall have occurred and be continuing (it being understood that a Resident for the entire term specified Default in the payment of Rent in excess of an amount equal to one month’s Net Rent and Additional Rent then due and owing hereunder shall in any event be deemed a “material” Default for purposes of the foregoing), this Lease Agreementshall be in full force and effect, and Tenant’s right of possession shall have not been terminated, Tenant shall have a one-time right (“Early Termination Option”) to terminate this Lease in its entirety, effective on February 28, 2025 (“Early Termination Date”), as though such date were the original Expiration Date set forth in this Lease, provided that Tenant delivers to Landlord written notice irrevocably and unconditionally exercising the Early Termination Option (“Lease Termination Notice”) on or before February 28, 2023. If Resident fails Tenant exercises the Early Termination Option, the following terms and conditions shall apply: (i) Effective on the Early Termination Date, the Lease shall be deemed to do sohave been terminated as though it had expired in accordance with its terms; however, Resident will be responsible Tenant shall continue to Landlord for timely pay all damages provided by lawNet Rent and Additional Rent under the Lease and comply with each and every term and provision hereof accruing through the Early Termination Date (and all such obligations accruing through the Early Termination Date shall survive such termination, including including, but not limited to, any Additional Rent not yet determined or billed prior to rent due through the end Early Termination Date). (ii) Tenant shall vacate the entire then existing Premises on or prior to the Early Termination Date and surrender the same to Landlord free and clear of the lease termrights of any subtenants, minus rents paid by a replacement tenant licensees or other parties claiming by, through or under Tenant, in accordance with the terms of Article 12 hereof; (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to iii) Tenant shall pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: , no later than the date that is thirty (30) days prior to the Early Termination Date, as a cancellation fee and not as liquidated damages or a penalty, and as a further condition to the effectiveness of Tenant’s exercise of Tenant’s Early Termination Option an amount equal to: (a) A written notice stating that Resident has elected twelve (12) full months of Net Rent (at the rates scheduled to exercise this option; be in effect under the Lease for the period immediately following the Termination Date), and (b) A lease cancellation fee equal to two months’ rent; twelve (c12) full months of Additional Rent for Operating Expenses and other amounts due through the accelerated termination date; Taxes (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice amounts that Landlord is billing Tenant on an estimated basis for the calendar year in which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Early Termination Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawoccurs).

Appears in 1 contract

Sources: Office Lease (KBS Real Estate Investment Trust II, Inc.)

Early Termination Option. Resident is expected Sublessee shall have the right at any time after June 1, 2008 to remain a Resident for the entire term specified terminate this Sublease, but only in the Lease Agreementevent that Sublessee shall not, despite diligent efforts, obtain adequate funding sources to support its operation at the Demised Premises, whether such funding sources are from the federal, state or local government or elsewhere. If Resident fails Sublessee shall provide Sublessor with evidence of Sublessee’s attempts to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any)obtain such financing following Sublessor’s written request therefor. This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an Such early termination option. Resident may choose to pay a flat fee in advance to terminate shall be under the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlordfollowing terms and conditions: (a) A Sublessee shall give Sublessor at least twelve (12) months’ prior written notice stating that Resident has elected of its election to exercise terminate this optionSublease, which notice shall specify the date of termination (the “Early Termination Date”); (b) A lease cancellation Sublessee shall pay to Sublessor, at the time Sublessee provides notice to Sublessor of Sublessee’s exercise of the early termination option, a termination fee in an amount equal to two six (6) months’ rentMinimum Annual Rent, at the rate in effect at the end of the term being terminated; (c) Sublessee shall otherwise pay all installments of Minimum Annual Rent and other amounts due through additional rent accruing up to the accelerated termination date;Early Termination Date; and (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will Sublessee shall not be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under this Sublease beyond any applicable period of grace. If Sublessee exercises its option to terminate in accordance with the Lease at provisions hereof, this Sublease shall be terminated on the time Early Termination Date without further liability of Sublessee hereunder, except for such liability that Resident gives notice of Resident’s exercise has accrued on or prior to the Early Termination Date and such liability that survives termination of the option; (b) Resident provides the notice unaccompanied Sublease by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Leaseterms hereof. If Resident fails After notice has been given to vacate by the date set forth in ResidentSublessor of Sublessee’s noticeelection to terminate this Sublease, the notice shall Demised Premises may be deemed void. As permitted shown by state/local law, Landlord shall have the rightSublessor from time to time, at its option and without further any time during business hours or any other reasonable time upon reasonable prior notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawprospective tenants.

Appears in 1 contract

Sources: Sublease (Vie Financial Group Inc)

Early Termination Option. Resident is expected Tenant shall have a one-time option to remain a Resident for the entire term specified in the terminate this Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end as of the lease term, minus rents paid by a replacement tenant last day of the sixty-second (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end 62nd) month of the Lease term. To exercise this option, Resident must deliver Term (the “Early Termination Date”),provided Tenant gives notice thereof to Landlord: Landlord not less than one hundred eighty (a180) A written notice stating that Resident has elected days prior to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent the Early Termination Date and other amounts due through provided Tenant is not in default beyond the accelerated termination date; (d) Repayment expiration of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written applicable notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified cure period provided in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time of the giving of such notice nor on the Early Termination Date (provided that Resident gives notice Tenant shall remain obligated to cure each such default notwithstanding any early termination of Residentthe Lease). Additionally, Tenant’s right to terminate hereunder is conditioned upon: (a) the payment in full by Tenant of all Rent through and including the Early Termination Date; and (b) not later than three (3) months prior to the Early Termination 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, together with one (1) month of Tenant’s Proportionate Share of Operating Expenses and Taxes at the rate in effect on the Early Termination Date; 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, the “Termination Payment”). If Tenant has timely exercised its early termination right, then after Landlord’s receipt of the Termination Payment, and so long as Tenant 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 Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. If Tenant fails to timely notify Landlord of Tenant’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the its early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident right or fails to vacate by timely pay the date set forth in ResidentTermination Payment, time being of the essence, then Tenant’s notice, the notice rights under this Exhibit shall be deemed null and void. As permitted by state/local lawNotwithstanding the foregoing, Landlord 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 payments prorated specifically to the adjusted term). Tenant shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall not be liable responsible for any damages for non-compliance as permitted by state/local lawunamortized tenant improvements and commissions of any period during which Tenant has prepaid or continues to pay its Base Rent obligations.

Appears in 1 contract

Sources: Lease Agreement (Hallmark Financial Services Inc)

Early Termination Option. Resident is expected to remain a Resident for the entire term specified in Provided the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but is in full force and effect and Tenant is not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under any of the other terms and conditions of the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified abovenotification or commencement, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord Tenant shall have the rightone-time option to terminate the Lease (“Early Termination Option”) effective on May 31, at its option and without further notice2007 (the “Early Termination Date”) by providing a written termination notice (the “Early Termination Notice”) to Landlord on or before August 31, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement2006. The Early Termination Notice must be accompanied by a payment in an amount (the “Early Termination Payment”) equal to One Hundred Thousand and No/100 Dollars ($100,000), less the Excess Allowance (as defined herein). If, and only if, Tenant timely and properly delivers the Early Termination Notice 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 shall retain all remedies 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 non-compliance with 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 Resident 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 liable for “personal” to Tenant as set forth above and that in no event will any damages for non-compliance as permitted by state/local lawassignee or sublessee have any rights to exercise the aforesaid option to terminate.

Appears in 1 contract

Sources: Lease Agreement (Select Comfort Corp)

Early Termination Option. Resident is expected to remain a Resident Tenant shall have the option for the entire term specified in early termination of the Lease Agreement. effective as of August 31, 2026 (the “Early Termination Date”), as though such Early Termination Date were the original termination date set forth in this Amendment, subject to Tenant’s strict compliance with all of the following conditions: (a) Tenant delivers irrevocable written notice (“Tenant’s Termination Notice”) exercising such option no later than August 31, 2025; (b) No Default exists at the time Tenant delivers Tenant’s Termination Notice; (c) No portion of the Premises is sublet by Tenant as of August 31, 2026; (d) The City of ▇▇▇ Arbor, the original named Tenant in Section 1.3 of the Lease, remains the Tenant hereunder, and one of the following is true: i) Tenant closes on the purchase of the property located at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, Ann Arbor, Michigan by August 31, 2025; or ii) Tenant is relocating to the ▇▇▇ Arbor City Hall building located at 301 E. Huron Street, Ann Arbor, Michigan (“City Hall”) for a term that extends beyond August 31, 2028, the original termination date set forth in this Amendment; (e) Tenant shall continue to pay all Rent and other charges due under this Lease and comply with each and every term and provision hereof accruing through the Early Termination Date. (f) If Resident fails Tenant, in violation of this Lease, does not surrender the Premises to do soLandlord on the Early Termination Date, Resident will all obligations under the Lease as amended shall survive such termination, including, but not limited to, the obligation to pay any year-end adjustments and any other Additional Rent or other charges not yet determined or billed prior to the Early Termination Date and the obligation to comply with those provisions relating to the condition of the Premises at the time of surrender. (g) If Tenant exercises its option for early termination to relocate to City Hall pursuant to section (6)(d)(ii) and does not relocate to and remain in City Hall through August 31, 2028, then Tenant shall be responsible to pay Landlord for a termination fee in the amount equal to the remaining twenty-four (24) months of Base Rent, together with all damages provided by lawother amounts due under the Lease, including but not limited to rent due through the end of the lease termtaxes, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent insurance and other amounts due year-end adjustments and any other Additional Rent attributable to the period through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and paymentAugust 31, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local law2028.

Appears in 1 contract

Sources: Lease Agreement

Early Termination Option. Resident Tenant shall have the one-time option to terminate this Lease effective as of the last day of the eighty-seventh (87th) Lease Month (the “Early Termination Date”) provided that (i) Tenant gives Landlord not less than nine (9) months prior written notice to terminate (the “Termination Notice”), (ii) Tenant provides the Termination Payment (defined below) with the Termination Notice, (iii) Tenant is expected to remain not in Default hereunder either at the time of the Termination Notice or on the Early Termination Date and (iv) all Base Rent, Additional Rent and all other charges due under this Lease have been paid on or before the Early Termination Date. Together with the Termination Notice, Tenant shall pay Landlord a Resident “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 entire period accruing after the Early Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of the term specified of this Lease, and Tenant shall surrender the Premises in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any)condition required under this Lease. This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance option to terminate the Lease early, rather than remaining liable for rent due through the end 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 term. To exercise (provided such assignment is permitted under the Lease) or one or more subleases of all or a portion of the Premises; provided, however that if any portion of the Premises is sublet, or if this optionLease shall be assigned, Resident must deliver to Landlord: (a) A written notice stating then this Early Termination Option may be exercised by Tenant only if all then-existing subleases specifically provide that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, they shall automatically terminate simultaneously with the Lease Expiration Date will be amended. The new Expiration upon Tenant’s (terminationor Tenant’s permitted assignee’s) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawEarly Termination Option.

Appears in 1 contract

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

Early Termination Option. Resident is expected to remain (a) Tenant shall have a Resident for the entire term specified in the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance one-time right to terminate the Lease early(“Early Termination Option”), rather than remaining liable for rent due through the end effective as of the last day of the ninety-eighth (98th) calendar month of the initial Term (“Early Termination Date”), provided Tenant (i) is not then in an Event of Default nor has ever been in an Event of Default of any monetary obligations under the Lease term. To exercise this option, Resident must deliver (ii) gives Landlord not less than fifteen (15) months prior written notice, and (iii) pays to Landlord: , at the time of said notice, the Early Termination Payment (a) A as hereinafter defined). Failure to provide written notice stating and payment within the prescribed time frame will be considered by Landlord, without the necessity of additional notice, as a waiver of this right to terminate. Tenant acknowledges and agrees that Resident has elected the Early Termination Payment is not a penalty and is fair and reasonable compensation to exercise Landlord for the loss of expected rentals from Tenant over the remainder of the scheduled Term. If Tenant timely and properly exercises this option;Early Termination Option in accordance with this provision, the Lease and the Term shall come to an end on the Early Termination Date with the same force and effect as if the Term were fixed to expire on such date, and the terms and provisions of Section 20 shall apply. (b) A lease cancellation fee The “Early Termination Payment” shall be equal to two monthsthe unamortized costs on a straight-line basis over the Term with interest at eight and four tenths percent (8.4%)) of: (A) brokerage commissions and attorneysrent;fees paid by Landlord in connection with the Lease; (B) total cost incurred by Landlord for improvements to the Premises in connection with the Lease; and (C) any Fixed Rent abated with respect to the Premises for any Abatement Period. The amount of the Early Termination Payment shall be confirmed in writing by Landlord following the Commencement Date, within thirty (30) days after written request from Tenant to Landlord. The estimated amount of the Early Termination Payment is $1,084,633.21. If Tenant exercises the Expansion Option pursuant to Section 31 of this Lease and/or Right of First Offer pursuant to Section 32 of the Lease, then the Early Termination Payment shall include the unamortized costs on a straight-line basis over the Term with interest at eight and four tenths percent (8.4%)) of: (A) brokerage commissions and attorneys’ fees paid by Landlord in connection with the Expansion Space and/or First Offer Space; (B) total cost incurred by Landlord for improvements to the Expansion Space and/or First Offer Space; and (C) any Fixed Rent abated with respect to the Expansion Space and/or First Offer Space for any free Fixed Rent period. (c) Rent The Early Termination Option is personal to the original-named Tenant and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise Affiliate of the early termination option will affect original-named Tenant and may only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied be exercised by the fee above; or (c) Resident does not properly exercise original-named Tenant or such Affiliate, as the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawcase may be.

Appears in 1 contract

Sources: Lease (Inovio Pharmaceuticals, Inc.)

Early Termination Option. Resident is expected to remain a Resident for the entire term specified in Provided the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but is in full force and effect and Tenant is not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under any of the other terms and conditions of the Lease at the time that Resident gives of notification or commencement, Tenant shall have the one-time option to terminate the Lease (“Early Termination Option”) effective on May 31, 2014 (the “Early Termination Date”) by providing a written termination notice (the “Early Termination Notice”) 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 “Early Termination Payment”. The Early Termination Payment will be the unamortized balance of Resident’s exercise tenant improvements, including the Allowance, and leasing commissions incurred in connection with this Lease (“Lease Costs”), assuming amortization in full of the option; Lease Costs with interest at ten percent (b10%) Resident provides per annum over the notice unaccompanied by herein provided extension of the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in Term of the Lease. If Resident fails to vacate by If, and only if, Tenant timely and properly delivers the date set forth in Resident’s noticeEarly Termination Notice and the Early Termination Payment, the notice Term shall be deemed void. As permitted by state/local law, Landlord shall have end on the right, at its option and without further notice, to evict Resident relying upon Early Termination Date as though the notice, or to continue with Early Termination Date had been originally fixed as the tenancy in accordance with this Lease Agreementexpiration date of the Term. The Early Termination Payment is the sole property of Landlord shall retain all remedies 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 non-compliance with 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 Resident 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 liable for “personal” to Tenant as set forth above and that in no event will any damages for non-compliance as permitted by state/local lawassignee or sublessee have any rights to exercise the aforesaid option to terminate.

Appears in 1 contract

Sources: Lease Agreement (Select Comfort Corp)

Early Termination Option. Resident is expected LESSEE may exercise an option to remain terminate this lease early if the following conditions are met. (1) 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 Resident for written notice, via certified mail, of Lessee’s intent to vacate the entire term specified in Apartment, signs a break lease agreement and at the Lease Agreement. If Resident fails 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 do soan additional two months' rent and (3) Lessee pays to Lessor any outstanding balances and continues to pay all regular rent due, Resident will be responsible pursuant to Landlord for all damages provided by lawthe terms and conditions of this lease, including but not limited through to rent due through the end of the intended move out date as outlined in the Lessee’s break lease termnotice 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, minus rents 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 by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other all amounts due through for same in full. Notwithstanding anything to the accelerated termination date; (d) Repayment contrary contained herein this lease document, once a Tenant provides notice of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified their intent to vacate / terminate or is in the process of being evicted, Landlord or its agent shall have the right to show the unit to prospective tenants during working hours with no less than 3 hours notice which must to Tenant. Tenant agrees to make arrangments with respect to any animals in the unit so that Landlord or agent can safely show the unit. If tenant fails to 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 least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident anytime tenant is in default under the Lease at the time that Resident gives notice of Resident’s exercise any terms of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawlease agreement.

Appears in 1 contract

Sources: Lease Agreement

Early Termination Option. Resident is expected Subject to remain a Resident for the entire term specified in conditions set forth below, Tenant shall have the Lease Agreement. If Resident fails to do so, Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance right to terminate the Lease early, rather than remaining liable for rent due through (the end “Termination Option”) as of the last day of the sixty-third (63rd) full calendar month after the Relocation Premises Commencement Date (the “Termination Date”), provided Tenant notifies Landlord, in writing, of Tenant’s intention to terminate the Lease termat least twelve (12) months prior to the Termination Date (the “Termination Notice”), time being of the essence with respect thereto. To In connection with its exercise of the Termination Option, Tenant shall pay to Landlord an amount (the “Termination Fee”) equal to all of Landlord’s unamortized transaction costs with respect to this optionAmendment, Resident must deliver 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 Landlord: 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 amount due. If Tenant fails to (a) A written notice stating that Resident has elected to timely exercise the Termination Option in accordance with the provisions of this option; Section 7, or (b) A lease cancellation fee equal deliver to two months’ rent; Landlord the Termination Fee within the aforesaid thirty (c30) Rent day period, the Termination Option and other amounts due through this Section 7 shall be null and void and without further force and effect. Tenant’s right to terminate the accelerated termination date; Lease as set forth herein is conditioned upon (di) Repayment no Event of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has Default then existing on the date the Termination Notice is delivered to Landlord, (ii) 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 written notice and paymentTermination Fee when required as aforesaid, and has signed (iv) Tenant not having exercised its right of first opportunity pursuant to Exhibit E to this Amendment. Notwithstanding the noticeforegoing provisions of this Section 7, if Tenant timely exercises the Lease Expiration Date will be amended. The new Expiration (termination) Date will be Termination Option and thereafter an Event of Default occurs, then Landlord may elect to nullify the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the Termination Option by giving written notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property thereof to Tenant on or before the Expiration Date specified in the LeaseTermination Date. If Resident fails to vacate by the date Should Tenant effectively exercise its Termination Option as set forth in Resident’s noticeherein, (i) the Lease Term shall automatically terminate on the Termination Date, with all the terms and conditions of this Lease, including, without limitation, the notice obligation to pay Rent, remaining in full force and effect until the Termination Date, and (ii) Tenant shall be deemed void. As permitted by state/local lawrelinquish, Landlord shall have yield up and surrender the right, at its option and without further notice, to evict Resident relying upon Premises on the notice, or to continue with the tenancy Termination Date in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and provisions of the Resident shall be liable for any damages for non-compliance as permitted by state/local lawLease.

Appears in 1 contract

Sources: Lease Agreement (Verastem, Inc.)

Early Termination Option. Resident Tenant shall have the right to terminate this Lease (the “Early Termination Option”) at any time after the date that is expected sixty (60) months after the Term Commencement Date (the “Early Termination Date”), subject to remain a Resident for the entire term specified following terms and conditions: 44.1. Tenant shall not be in Default either on the Lease Agreementdate that Tenant exercises the Early Termination Option or on the designated Early Termination Date; and 44.2. If Resident fails Tenant must give Landlord no less than nine (9) months’ advance written notice of Tenant’s election to do soexercise the Early Termination Option (“Tenant’s Termination Notice”), Resident will be responsible to Landlord for all damages provided by law, including but not limited to rent due through the end time being of the lease termessence, minus rents paid by a replacement tenant which notice will state the Early Termination Date and Tenant’s calculation of the Early Termination Fee (if anyas defined below); and 44.3. This amount will vary depending upon how long it takes Landlord to find a replacement tenant. ThereforeUpon exercise of the Early Termination Option, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertaintyTenant shall pay Landlord, Resident may choose to exercise on or before the Early Termination Date, an early termination option. Resident may choose fee (the “Early Termination Fee”) equal to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end unamortized balance of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected all leasing commissions paid to exercise Broker related to this option; Lease and (b) A lease cancellation fee equal the TI Allowance still to two months’ rent; (c) Rent be paid by Tenant to Landlord as of the Early Termination Date. The calculation of the Early Termination Fee shall be based on a straight line amortization of the above amounts commencing as of the Term Commencement Date and other amounts due continuing through the accelerated termination date; (d) Repayment scheduled Term Expiration Date. Rent shall continue to be payable through the Early Termination Date. If Lessee properly exercises the Early Termination Option and performs all of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received its obligations through the written notice Early Termination Date, then all Rent payable under this Lease shall be paid through and paymentapportioned as of the Early Termination Date, the Term of this Lease shall terminate as of the Early Termination Date, and has signed the noticeneither party shall thereafter have any further rights or obligations accruing after said Early Termination Date, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice except those which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; (b) Resident provides the notice unaccompanied by the fee above; or (c) Resident does not properly exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue with the tenancy in accordance with provisions of this Lease Agreement. The Landlord shall retain all remedies for non-compliance with expressly survive the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawexpiration or termination thereof.

Appears in 1 contract

Sources: Lease (Regulus Therapeutics Inc.)

Early Termination Option. Resident is expected Provided that 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-time option to remain a Resident for terminate this Lease (the entire term specified in “Early Termination Option”) effective at the expiration of the one hundred fourth (104th) month after the Affiliate Lease Agreement. If Resident fails Commencement Date (the “Early Termination Date”) provided that Tenant gives Landlord written notice of its election to do so, Resident will be responsible exercise the Termination Option prior to Landlord for all damages provided by law, including but not limited to rent due through the end of the lease term, minus rents paid by a replacement tenant ninety-second (if any92nd) month after the Affiliate Lease Commencement Date of the Term (the “Early Termination Option Exercise Period”). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance to terminate the Lease early, rather than remaining liable for rent due through the end The date of Tenant’s notice of the Lease term. To exercise this option, Resident must deliver to Landlord: (a) A written notice stating that Resident has elected election to exercise this option; option shall be the “Early Termination Option Exercise Date”. Tenant’s exercise of the Early Termination Option shall be irrevocable and expressly conditioned on each of the following items being properly and timely completed: (bi) A lease cancellation fee equal to two months’ rent; (c) as of the Early Termination Option Exercise Date and the Early Termination Date, all Basic Rent and other amounts due through Additional Rent shall be current and shall be apportioned as of the accelerated termination date; Early Termination Date; and (dii) Repayment of any rent concessions taken. When within thirty (30) days after ▇▇▇▇▇▇▇▇ has received the ▇’s receipt of Tenant’s timely and written notice and payment, and has signed the notice, the Lease Expiration Date will be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to Landlord. Exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default under the Lease at the time that Resident gives notice of Resident’s exercise of the option; Early Termination Option, Tenant shall submit to Landlord a termination fee equal to 50% of the Basic Rent owed between the Early Termination Date and the Expiration Date, provided that such amount shall be revised in the event that the Lease is amended so that the Basic Rent is adjusted (bthe “Termination Payment”); and (iii) Resident provides neither party shall have any rights, liabilities or obligations under this Lease for the notice unaccompanied period accruing after the Early Termination Date, except those which, by the fee aboveprovisions of this Lease, expressly survive the termination of the term of this Lease; or and (civ) Resident does not properly exercise Tenant shall surrender the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified 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 Date. If Resident Tenant fails to vacate by the date set forth in Resident’s notice, the notice shall be deemed void. As permitted by state/local law, Landlord shall have the right, at its option and without further notice, to evict Resident relying upon the notice, or to continue strictly comply with the tenancy in accordance with terms and provisions of this sub-section, then this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease remain in full force and the Resident shall be liable for any damages for non-compliance as permitted by state/local laweffect.

Appears in 1 contract

Sources: Lease Agreement (Castle Biosciences Inc)

Early Termination Option. Resident is expected to remain a Resident for Each of Landlord and Tenant shall have the entire term specified option (the “Early Termination Option”), exercisable in the sole and absolute discretion, to terminate this Lease Agreementearly, effective as of 11:59 p.m. local time on the last day of the Sixtieth (60th) full calendar month following the Commencement Date (the “Early Termination Date”), as if such day were the natural expiry date of the Lease Term. If Resident fails Subject to do sothe following conditions, Resident will the Early Termination Option may only be responsible exercised by delivery of written notice from the exercising party to Landlord for all damages provided by lawthe other party hereto (an “Early Termination Notice”) at least six (6) months prior, including but not limited more than twelve (12) months prior, to rent due through the end of the lease term, minus rents paid by a replacement tenant (if any). This amount will vary depending upon how long it takes Landlord to find a replacement tenant. Therefore, this amount cannot be determined in advance and it is difficult to estimate. To avoid this uncertainty, Resident may choose to exercise an early termination option. Resident may choose to pay a flat fee in advance Early Termination Date electing to terminate the Term of this Lease earlyas 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, rather than remaining liable in good faith, intends to redevelop the Premises for rent due through its own use or for investment purposes. The Early Termination Option may only be exercised by Tenant if Tenant delivers with its Early Termination Notice delivered to Landlord the end 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. To exercise this optionTerm, Resident must deliver and upon delivery thereof by Tenant to Landlord: (a) A written notice stating that Resident has elected to exercise this option; (b) A lease cancellation fee equal to two months’ rent; (c) Rent and other amounts due through the accelerated termination date; (d) Repayment of any rent concessions taken. When ▇▇▇▇▇▇▇▇ has received the written notice and payment, and has signed the notice, the Lease Expiration Date will said consideration shall be amended. The new Expiration (termination) Date will be the date specified in the notice which must be at least 30 days after the written election and payment are given to deemed fully earned by Landlord. Exercise As a further condition precedent to Tenant’s exercise of the early termination option will affect only Resident’s rent obligations after the accelerated termination date; Resident must comply with all other lease obligations. The notice will not accelerate the Expiration Date if: (a) Resident is in default Early Termination Option, if any sums due under the Lease at the time that Resident gives notice of Residentexercise are then past due, Tenant’s exercise of the option; (b) Resident provides the notice unaccompanied 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 the fee above; or (c) Resident does not properly Landlord or Tenant to effectively exercise the early termination option by following the procedure specified above, but vacates the property before the Expiration Date specified in the Lease. If Resident fails to vacate by the date Early Termination Option as set forth in Resident’s noticeabove 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 without force or effect, the notice shall be deemed void. As permitted by state/local law, Landlord shall have parties agreeing that time is of the right, at its option and without further notice, to evict Resident relying upon essence in so exercising the notice, or to continue with the tenancy in accordance with this Lease Agreement. The Landlord shall retain all remedies for non-compliance with the Lease and the Resident shall be liable for any damages for non-compliance as permitted by state/local lawEarly Termination Option.

Appears in 1 contract

Sources: Lease Agreement (Intermolecular Inc)