LANDLORD’S AND TENANT’S OPTIONAL RIGHT OF CANCELLATION Sample Clauses
The 'Landlord’s and Tenant’s Optional Right of Cancellation' clause grants both the landlord and the tenant the ability to terminate the lease agreement before its scheduled end date under certain conditions. Typically, this clause outlines the specific procedures for giving notice, any required notice periods, and may include stipulations such as payment of a cancellation fee or fulfillment of other obligations prior to termination. Its core practical function is to provide flexibility for both parties, allowing them to exit the lease arrangement without breaching the contract, thereby reducing the risk of disputes and accommodating unforeseen changes in circumstances.
LANDLORD’S AND TENANT’S OPTIONAL RIGHT OF CANCELLATION. If for any reason the Leased Premises are not ready for Tenant’s Work on the date eighteen (18) months following the date of this Lease, then, for a period of thirty (30) days thereafter, Tenant shall have the option, and for a period of forty-five (45) days following such eighteen (18) month period, Landlord shall have the option, of canceling and terminating this Lease by not more than sixty (60) days’ written notice, one to the other, and, in the event that either party shall exercise such option, this Lease shall terminate with neither party being liable to the other in damages or otherwise, and any money deposited pursuant to Section 26.01 hereof shall be returned to Tenant. In the event that neither Tenant nor Landlord gives such written notice of cancellation, then said options shall be null and void and of no further force or effect, and this Lease shall be considered as continuing in full force and effect. In addition, if another tenant is presently in possession of the Leased Premises, and Landlord shall not have delivered possession of the Leased Premises to Tenant by the lease commencement date (as specifically identified in the Data Sheet), then Landlord shall have the right to thereafter terminate this Lease at any time prior to delivery of possession to Tenant by written notice to Tenant, with like result as set forth in the first sentence of this paragraph. If as of the date of this Lease the Leased Premises are (i) in a regional retail development, or in an expansion wing of a regional retail development, which development or wing, as applicable, has not initially opened for business to the public, or (ii) presently occupied by another entity, then the foregoing eighteen (18) month period under this Section 5.03 (and the four (4) year period set forth in Section 5.04) shall be modified to commence as of (i) the currently projected date of such initial opening, or (ii) the currently projected date of Landlord’s repossession of the Leased Premises from such present entity, as applicable.