Lessee’s Right to Terminate. Lessee shall have the right to terminate this Lease Agreement upon the occurrence of any of the following events:
Lessee’s Right to Terminate. (a) If (i) the architect determines in accordance with Section 12.1 above that the Casualty resulted in damage to all or a substantial part of the Building which will take in excess of (x) eighteen (18) months from the beginning of restoration to restore the Building to the same condition as existed immediately prior to the Casualty and the Casualty occurs at any time during the Lease Term or (y) three (3) months from the beginning of restoration to restore the Building to the same condition as existed immediately prior to the Casualty and the Casualty occurs during the last twelve (12) months of the then current Lease Term, but Lessor does not elect to terminate this Lease, or (ii) as a result of a Casualty to the Building, Lessee must either (A) cease its operations at such Building for a period of fifteen (15) months or more, (B) move a Substantial Portion of its operations from the Building or relocate a Substantial Percentage of its employees from the Building to another location not on the Property for a period of fifteen (15) months or more or (C) lay off a Substantial Percentage of its employees working at the Building for a period of fifteen (15) months or more (any of the foregoing Casualties described in clause (i) or (ii), a “Substantial Casualty”), then Lessee may elect to terminate this Lease upon giving notice of such election in writing to Lessor within sixty (60) days after Lessee is notified in writing of the architect’s determination as to the time required to restore the Building or Lessee determines that a Substantial Casualty under clause (ii) above has occurred, which notice shall specify a termination date not earlier than sixty (60) days after the date of the notice.
Lessee’s Right to Terminate. If Lessee elects to exercise the option given under Subsection 13.2, to terminate this Lease, then any and all Gross Insurance Proceeds paid for damage or destruction of the Premises shall be applied as follows: First toward debris removal; and Second, toward the balance of the proceeds, if any, after payment of any Rent due, shall be paid to the Parties as the respective Rent shall be prorated based on the useful life of the Premises prior to the casualty event as compared to the remaining term of the Lease and any option periods without consideration of the termination of the Lease as provided in this Section.
Lessee’s Right to Terminate. In the event the LESSEE is a member of the United States Armed Forces, the LESSEE may terminate this Agreement on a Thirty(30) day written notice to the Agent, in any of the following events:
Lessee’s Right to Terminate. If the Premises are damaged by any peril and Lessor does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to this Article, then as soon as reasonably practicable, Lessor shall furnish Lessee with the written opinion of Lessor's architect or construction consultant as to when the restoration work required of Lessor may be complete. Lessee shall have the option to terminate this Lease in the event any of the following occurs, which option may be exercised only by delivery to Lessor of a written notice of election to terminate within seven days after Lessee receives from Lessor the estimate of the time needed to complete such restoration (i) if the time estimated to substantially complete the restoration or the actual restoration exceeds fifteen (15) months from and after the date the architect's or construction consultant's written opinion is delivered or (ii) if the damage occurred within twelve months prior to the last day of the Lease Term and the time estimated to substantially complete the restoration exceeds one hundred eighty (180) days from and after the date such restoration is commenced.
Lessee’s Right to Terminate. Lessor shall notify Lessee within thirty (30) days after any damage to or destruction of the Premises, the length of time Lessor reasonably estimates to be necessary for repair or restoration. Lessee shall have the right to terminate this Lease within fifteen (15) days after the receipt of such notice if restoration or repair of the Premises will take more than ninety (90) days.
Lessee’s Right to Terminate. If during the term of this Lease, the Lessee determines that it no longer is able to continue its operations on the Premises, it shall so notify the State in writing and such notification shall constitute a termination of this Lease, whereupon the parties hereto shall cease to have any further obligation or liability to one another.
Lessee’s Right to Terminate. If Lessee or Lessor elects to exercise the option given under Subsections 14.2(ii) or (iii), respectively, to terminate this Lease, then any and all Net Insurance Proceeds paid for damage or destruction of the Property shall be applied as follows:
Lessee’s Right to Terminate. If Lessor does not elect to terminate this Lease pursuant to Lessor’s termination night as provided above, and the repairs cannot be completed within twenty-four (24) months after the date of damage (as mutually agreed by Lessor and Lessee), Lessee may elect, no earlier than sixty (60) days after the date of the damage and not later than the later of (A) Lessor’s delivery of notice to Lessee that Lessor is not electing to terminate this Lease or (B) ninety (90) days after the date of such damage, to terminate this Lease by written notice to Lessor effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Lessee. Furthermore, if neither Lessor nor Lessee have terminated this Lease, and the repairs are not actually completed within such twenty-four (24) month period, Lessee shall have the right to terminate this Lease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Lessor (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be earlier than the end of each such month. Lessee may at any time prior to any Damage Termination Date void any previously delivered Damage Termination Notice. Notwithstanding the foregoing, if Lessee delivers a Damage Termination Notice to Lessor, then Lessor shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Lessee, within five (5) business days of Lessor’s receipt of the Damage Termination Notice, a certificate of Lessor’s contractor responsible for the repair of the damage certifying that it is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the expiration of such thirty day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty-day period, then this Lease shall terminate upon the expiration of such thirty-day period. At any time, from time to time, after the date occurring sixty (60) days after the date...
Lessee’s Right to Terminate. (a) So long as the Lessee can satisfy the Termination Covenants and the provisions of this Section 12, and subject to the last sentence of paragraph (a) of Section 13 hereof, the Lessee shall have the right, upon eighteen (18) months' notice (the "Termination Notice") to the Lessor and the Related Assignee, to terminate the lease of the Facility in its entirety or any other Parcel of Property or Unit of Equipment on the Basic Rent Payment Date at the end of the Initial Term or the Extended Term, by arranging, at its own cost and expense, for the sale of the Facility or any other Property or Equipment in an arm's length transaction on the date of termination and, subject to the provisions of paragraph (b) of this Section 12, the receipt by the Lessor of cash in an amount equal to the sale price thereof (the "Cash Proceeds"). In the event the Lessee delivers the eighteen month notice described in the immediately preceding sentence, the Lessee shall be required, on the date it delivers such notice, to pay to the Lessor all amounts owing by the Lessor under the Derivative Option to enable the Lessor to exercise the option described therein. In the event the Lessee is unable to satisfy the Termination Covenants, the Lessee shall not terminate this Lease pursuant to this paragraph (a) as to the Facility in its entirety or any other Property or Equipment unless the Lessee has obtained the prior written consent of the Lessor to such termination of this Lease and the sale of the Facility or such other Property or Equipment and the Related Assignee has been given notice of such termination and consent. In addition, if an Event of Default or Event of Lease Termination has occurred and is continuing, and, prior to the termination of this Lease, in whole or in part, pursuant to this paragraph (a), the Lessor arranges for the sale of the Facility or such other Property or Equipment to a third party purchaser, the Termination Notice shall be invalidated and the Lessee shall no longer have the right to cause the termination of the lease of the Facility or such Property or Equipment and sale of the Facility or such Property or Equipment to its designee in accordance with the terms of this paragraph (a). At the time the Facility or other Property or Equipment is sold pursuant to this paragraph (a), the Lessor shall deliver the documents described in paragraph (g) of Section 30 hereof, and the Lessor's rights and obligations in respect of the Site Lease and the Easements, or...
