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. Upon each occurrence of an Event of Default and so long as such Event of Default shall be continuing, Lessor may at any time thereafter, at its election by written notice to Lessee: (i) terminate this Lease or Xxxxxx’s right of possession, but Xxxxxx shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or at law or in equity. Upon the termination of this Lease or termination of Xxxxxx’s right of possession, it shall be lawful for Lessor, without formal demand or notice of any kind, to re-enter the Demised Premises by summary dispossession proceedings or any other action or proceeding authorized by law and to remove Lessee and all persons and property therefrom. If Lessor re-enters the Demised Premises, Lessor shall have the right to keep in place CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***]”, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. and use, or remove and store all of the fixtures, equipment and other property of Xxxxxx left at the Demised Premises or elsewhere at the Property. If Lessor elects not to terminate this Lease, but terminates Lessee’s right of possession, Lessor may recover from Lessee the sum of: i) all Minimum Rent, Additional Rent and all other amounts accrued hereunder to the date of such termination of possession; plus ii) the costs set forth in Section 10.3 below; plus iii) an amount equal to (A) the Minimum Rent and Additional Rent which would have been payable by Lessee under this Lease had Xxxxxx’s right to possession under this Lease not been so terminated for the period commencing after said termination of possession and ending on the last day of the Term with such amounts becoming due and payable by Lessee on such dates as Minimum Rent would otherwise become due and payable hereunder, less (B) the fair market rents that would have been received during such period and the net rents received by Lessor from re-letting the Demised Premises (or any portion(s) thereof) for the period commencing after said termination of possession and ending on the last day of the Term, such net rents to be determined by first deducting from the gross rents received by Lessor from such re-letting the expenses incurred or paid by Lessor in connection with said termination and in re-entering the Demised Premises and in securing possession thereof, as well as the actual and reasonable e...
Lessor's Election. If Lessee fails to perform Lessee’s maintenance and repair obligations set forth in this Lease, Lessor may at its option (but shall not be required to) enter upon the Premises after ten (10) days prior written notice to Lessee (except in the case of an emergency, in which case no notice shall be required), perform such obligations on Lessee’s behalf and put the same in good order, condition and repair, and the cost thereof, together with interest at the Lease Rate (as defined below) shall become due and payable as additional Rent to Lessor, together with Lessee’s next installment of Base Rent. Lessee shall indemnify, defend and hold Lessor, its employees, partners, directors, officers, representatives, agents and affiliates harmless from any and all claims of any kind or nature arising from or related to the foregoing.
Lessor's Election. If Lessee fails to meet any obligation set forth in this Paragraph 7, Lessor may, after thirty (30) days’ written notice to Lessee and failure of Lessee to cure during said period unless such failure is of a such a nature that it cannot, with reasonable diligence be cured within such period provided Lessee has commenced to effect such repair, replacement or other maintenance within such thirty (30) day period and is diligently working toward completing such repairs, replacement or other maintenance and continuing to attempt to effect such repairs, replacement or other maintenance then the cure period shall be extended by such period as may be required with the application of reasonable diligence to cure such failure but without notice in the event of an emergency, do whatever is necessary to cure such failure as may be appropriate under the circumstances for the account of and at the expense of Lessee. If an emergency exists, Lessor shall use reasonable efforts to notify Lessee of the situation by phone or other available communication before taking any such action to cure such failure. In the event Lessor is entitled to cure such failure as provided under this Paragraph 7.1 (d) and does so, Lessee shall reimburse Lessor within ten (10) business days of receipt of notice that Lessor has paid for such work plus a [***] administrative fee (“Administrative Fee”) which shall constitute Additional Rent payable by Lessee under this Lease and shall be paid by Lessee to Lessor on demand. In the case of reimbursement of service contract costs, Lessor may invoice Lessee monthly to be paid with Fixed Rent and other charges hereunder including any such Administrative Fee that is payable by Lessee.
Lessor's Election. Except as may otherwise be required by any mortgage on the Property, if the premises or any portion of the Property should be damaged or destroyed during the term hereof by any uninsured casualty or should the Property be damaged to an extent of twenty-five percent (25%) or more of the then tax assessed value thereof, then the Lessor may either terminate this lease or elect to repair or restore said damage or destruction, in which latter event Lessor shall repair and/or rebuild the same as provided for below and the monthly base rent shall be abated proportionately as provided herein. Lessor shall advise Lessee in writing whether it intends to rebuild or repair within ninety (90) days after the casualty. If Lessor elects not to repair or rebuild, this Lease shall terminate without further notice, in which event all further obligations of either party shall cease, effective as of the date Lessee shall cease business in the premises. If such damage or destruction occurs and this lease is not so terminated by Lessor, this lease shall remain in full force and effect, and the parties waive the provisions of any law to the contrary. The Lessor's obligation under this Section 10.1 shall in no event exceed the scope of the work done by the Lessor in the original construction of the Property and the premises. Lessee agrees during any period of reconstruction or repair of the premises and/or of the Property to continue the operation of its business in the premises to the extent reasonably practicable from the standpoint of good business practice. Except in those cases where damage or destruction to the Premises shall have been caused by the fault of the Lessee, the base rent shall be abated proportionately during any period during which, by reason of any damage or destruction, there is a substantial interference with the operation of the business of Lessee in the premises, and such abatement shall continue for the period commencing with such destruction or damage and ending with the completion by the Lessor of such work of repair and/or reconstruction as Lessor has elected to do. Nothing in this Section 10.1 shall be construed to xxxxx or diminish additional rent or xxxxx base rent where interference with the operation of the Lessee's business shall have been a result of the Lessee's acts, omissions or other fault.
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. 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 Leased Premises, or if Lessor fails or neglects to notify Lessee within the Notice Period that Lessor plans to repair and restore the Leased Premises, then, in either case, Lessee may, at its option, within 30 days after the expiration of the Notice Period, terminate this Lease and surrender the Leased Premises to Lessor. Unless so terminated, this Lease shall remain in full force and effect for the remainder of the Term as to the usable portion of the Leased Premises.
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. 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
