Common use of Exercise of Termination Right Clause in Contracts

Exercise of Termination Right. If a party elects to terminate this Lease and has the right to so terminate, such party will give the other party written notice of its election to terminate (“Termination Notice”) within 30 days after the occurrence of the applicable Termination Condition, and this Lease will terminate 15 days after receipt of such Termination Notice, except in the case of a termination by Landlord under Section 19.2.1(a), in which case this Lease will terminate 15 days after expiration of the Tenant Early Option Period if Tenant timely fails to exercise timely Tenant’s option to extend the Lease Term. If this Lease is terminated pursuant to Section 19.2, Landlord shall, subject to the rights of its lender(s), be entitled to receive and retain all the insurance proceeds resulting from such damage, including rental loss insurance, except for those proceeds payable under policies obtained by Tenant which specifically insure Tenant’s personal property, trade fixtures and machinery. For purposes of clarity, Tenant shall continue to maintain and pay the rental loss insurance premiums after this Lease terminates to the extent necessary for Landlord to receive insurance proceeds sufficient to cover 24 months of Rent under this Lease.

Exercise of Termination Right. If a party elects to terminate this Lease and has the right to so terminate, such party will give the other party written notice of its election to terminate (“Termination Notice”) within 30 days after the occurrence of the applicable Termination Condition, and this Lease will terminate 15 days after receipt of such Termination Notice, except in the case of a termination by Landlord under Section 19.2.1(a), in which case this Lease will terminate 15 days after expiration of the Tenant Early Option Period if Tenant timely fails to exercise timely Tenant’s option to extend the Lease Term. If this Lease is terminated pursuant to Section 19.2, Landlord shall, subject to the rights of its lender(s), be entitled to receive and retain all the insurance proceeds resulting from such damage, including rental loss insurance, except for those proceeds payable under policies obtained by Tenant which specifically insure Tenant’s personal property, trade fixtures and machinery. For purposes of clarity, Tenant shall continue to maintain and pay the rental loss insurance premiums after this Lease terminates to the extent necessary for Landlord to receive insurance proceeds sufficient to cover 24 36 months of Rent under this Lease.