Lessor's Election Sample Clauses
The "Lessor's Election" clause grants the lessor the right to make a specific choice or decision regarding certain aspects of the lease agreement. For example, this may allow the lessor to determine whether to enforce a remedy, require a particular form of payment, or select an option when a triggering event occurs, such as a default by the lessee. The core function of this clause is to provide the lessor with flexibility and control in managing the lease, ensuring they can respond appropriately to changing circumstances or breaches by the lessee.
Lessor's Election. In the event that the Complex or Building in which the Leased Premises are situated be destroyed to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost thereof, Lessor may elect to terminate this Lease, whether the Leased Premises be injured or not, in the same manner as in Section 23.1 above. At all events, a total destruction of the Complex of which the Leased Premises form a part, or the Leased Premises itself, shall terminate this Lease.
Lessor's Election. If Lessee shall desire to assign its interest under this Lease or to sublet the Leased Premises, Lessee must first notify Lessor, in writing, of its intent to so assign or sublet, at least thirty (30) days in advance of the date it intends to so assign its interest in this Lease or sublet the Leased Premises but not more than one hundred eighty days in advance of such date, specifying in detail the terms of such proposed assignment or subletting, including the name of the proposed assignee or sublessee, the proposed assignee's or sublessee's intended use of the Leased Premises, a current financial statement of such proposed assignee or sublessee, the form of documents to be used in effectuating such assignment or subletting and such other information as Lessor may reasonably request. Lessor shall have a period of fifteen days following receipt of such notice and the required information within which to do one of the following: (a) subject to Lessee's right to withdraw its request prior to termination, cancel and terminate this Lease effective as of the intended subletting or assignment with respect to the portion of the Leased Premises to be subject to the assignment or subletting on the date set forth in Lessee's notice, if said portion is greater than 25% of the Premises, or (b) if Lessor shall not have elected to cancel and terminate this Lease to either (i) consent to such requested assignment or Subletting subject to Lessee's compliance with the conditions set forth in Paragraph 12.3 below or (ii) refuse to so consent to such requested assignment or subletting, provided that such consent shall not be unreasonably refused. During said fifteen day period, Lessee covenants, and agrees to supply to Lessor, upon request, all necessary or relevant information which Lessor may reasonably request respecting such proposed assignment or subletting and/or the proposed assignee or sublessee. In the event Lessor elects to cancel and terminate this Lease, with respect to the portion of the remises to be sulbject to the assignment or subletting then the rent shall be abated on a pro rata basis with respect to. such portion of the Premises. If Lessor fails to elect one of the options afforded by this Section within fifteen (15) days of Lessor's receipt of all requested information, such failure shall be deemed a consent to such assignment or sublease. If Lessor refuses his consent, Lessor's refusal shall identify each and every basis upon which such consent is refuse...
Lessor's Election. NOT TO RESTORE OR FAILURE TO GIVE NOTICE If Lessor notifies Lessee within the Notice Period that Lessor elects not to repair or restore the Subleased Premises, or if Lessor fails or neglects to notify Lessee within the Notice Period that Lessor plans to repair and restore the Subleased Premises, then, in either case, Lessee may, at its option, within 30 DAYS after the expiration of the Notice Period, terminate this Sublease and surrender the Subleased Premises to Lessor. Unless so terminated, this Sublease shall remain in full force and effect for the remainder of the Term as to the usable portion of the Subleased Premises.
Lessor's Election. If Lessee fails to meet any obligation set forth in this Paragraph 7 or if Lessor determines in its reasonable discretion that the Premises is not being maintained as required hereunder, Lessor may undertake any obligation of Lessee (subject to any applicable notice and cure periods set forth in Paragraph 13.1), in which event Lessee shall reimburse Lessor for all of its costs. In addition, if Lessor undertakes, as a single project, maintenance and/or repair obligations of both Lessee and Lessor, Lessor shall be entitled to recover from Lessee, as additional Rent, the costs incurred by Lessor in connection with such maintenance and/or repairs undertaken on behalf of Lessee.”
Lessor's Election. Not less than twelve months prior to the end of the original Term or any renewal Term, Lessor shall send written notice to Lessee stating either (i) Lessor intends to sell the Aircraft at the end of such Term, or (ii) Lessor intends to retain ownership of the Aircraft at the end of such Term. Not less than nine months prior to the end of such Term, Lessor shall, by irrevocable written notice to Lessee, inform Lessee of Lessor's decision to sell or retain the Aircraft. Upon receipt of such notice, Lessee may elect, upon written notice, to (a) purchase the Aircraft pursuant to the terms of Section 21.03 if Lessor has elected to sell the Aircraft or (b) to renew this Lease for a renewal Term pursuant to the terms of Section 21.02 if Lessor has elected to retain ownership of the Aircraft provided, however, if Lessee so elects to renew or purchase its rights to either thereof shall expire at the close of business on the date which is six months prior to the expiration of the original Term or renewal Term, as the case may be, unless Lessee and Lessor shall have theretofore entered into a definitive agreement for such lease or sale (it being agreed that Lessor and Lessee shall negotiate such agreement in good faith). If Lessee makes no such election, Lessee shall return the Aircraft to Lessor at the end of the original Term or such renewal Term, as the case may be, as provided herein.
Lessor's Election. In the event that the Complex or Building in which the Leased Premises are situated be destroyed to the extent of not less than (i) thirty-three and one-third percent (33-1/3%) of the replacement cost thereof in the event of an insured property loss, or (ii) more than Five Hundred Thousand Dollars ($500,000) in replacement construction costs in the case of an Uninsured Property Loss, Lessor may elect to terminate this Lease, whether the Leased Premises be injured or not, in the same manner as in Section 23.1 above. At all events, a total destruction of the Complex of which the Leased Premises form a part, or the Leased Premises itself, shall terminate this Lease.
Lessor's Election. Notwithstanding the foregoing, if Lessee shall fail to meet any obligation set forth in this Paragraph 7.1, or if Lessor determines in its reasonable discretion that the Premises (or the Lessor’s Property, Utility Installations or Alterations) are not being maintained as required hereunder, Lessor shall notify Lessee in writing and Lessee shall have ten (10) business days to remedy the same (except in the case where such failure causes an emergency, in which case there shall be no notice and cure period). If Lessee fails to do so in such ten (10) business day period (or immediately in the case such failure causes an emergency), then Lessor may elect to undertake to perform the obligation of Lessee, in which event Lessee shall reimburse Lessor within ten (10) business days of receipt of notice that Lessor has paid for such work and all of Lessor’s costs. Notwithstanding the foregoing, if the repair to be performed by Lessee cannot reasonably be completed within ten (10) business days after Lessor’s notice to Lessee, Lessor shall not exercise its right under this Paragraph 7.1(b) to make such repair on Lessee’s behalf so long as Lessor commences such repair within ten (10) business days after notice from Lessor and is diligently pursuing the same to completion.
Lessor's Election. In the event that the Complex or Building in which the Leased Premises is situated be destroyed to the extent of not less than thirty-three and one-third percent (33-1/3%) of the replacement cost
Lessor's Election. Notwithstanding the foregoing, Lessor may elect, upon written notice to Lessee, to undertake any obligation of Lessee set forth in this Paragraph 7.1, in which event Lessee shall reimburse Lessor within forty-five (45) days of receipt of notice that Lessor has paid for such work; provided, however, that in the case of reimbursement of service contract costs, Lessor may invoice Lessee monthly to be paid with Base Rent and other charges hereunder. If Lessee fails to meet any obligation set forth in this Paragraph 7, or if Lessor determines in its reasonable discretion that the Premises are not being maintained as required hereunder, Lessor may undertake any obligation of Lessee (subject to any applicable notice and cure periods set forth in Paragraph 13.1), in which event Lessee shall reimburse Lessor for all of its costs. In addition, if Lessor undertakes, as a single project, maintenance and/or repair obligations of both Lessee and Lessor, Lessor shall be entitled to recover from Lessee, as additional Rent, the costs incurred by Lessor in connection with such maintenance and/or repairs undertaken on behalf of Lessee.
Lessor's Election. Lessee represents that it has paid all California sales tax due on the cost of that portion of the Equipment to be installed in California and agrees to provide evidence of such payment to, Lessor. As a result of the election, Less▇▇ ▇▇▇ees that it will not invoice Less▇▇ ▇▇▇ use tax on the monthly rental payments for the Equipment. Less▇▇ ▇▇▇erstands that this is an irrevocable election to measure the tax by the Equipment cost and cannot be changed except prior to installation of the Equipment.