Common use of Lessor's Election Clause in Contracts

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 refused. At no time shall the Premises be occupied by more than a) Tenant and one Subtenant, or b) two Subtenants in lieu of tenant. Notwithstanding anything herein to the contrary, in no event shall Lessor's election to cancel and terminate this Lease in accordance with clause (a) of this Paragraph 12.3(f) be deemed or otherwise construed to be Lessor's unreasonable refusal to consent to any subletting or assignment requested by Lessee.

Lessor's Election. If Lessee Upon each occurrence of an Event of Default and so long as such Event of Default shall desire be continuing, Lessor may at any time thereafter, at its election by written notice to assign its interest Lessee: (i) terminate this Lease or ▇▇▇▇▇▇’s right of possession, but ▇▇▇▇▇▇ shall remain liable as hereinafter provided; and/or (ii) pursue any remedies provided for under this Lease or to sublet at law or in equity. Upon the Leased Premises, Lessee must first notify Lessor, in writing, termination 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 termination of ▇▇▇▇▇▇’s right of possession, it shall be lawful for Lessor, without formal demand or notice of any kind, to re-enter the Leased Demised Premises but not more than one hundred eighty days in advance of such date, specifying in detail 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 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 Demised 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 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 the required information within which to do one use, or remove and store all of the following: (a) subject to Lessee's right to withdraw its request prior to terminationfixtures, cancel equipment and terminate this Lease effective as other property of ▇▇▇▇▇▇ left at the intended subletting Demised Premises or assignment with respect to elsewhere at 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 refusedProperty. 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 If Lessor elects not to cancel and terminate this Lease, with respect 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 portion 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 ▇▇▇▇▇▇’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 remises 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 sulbject 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 expenses of re-letting (including, without limitation, altering and preparing the Demised Premises for new lessees and any broker’s commission as determined pursuant to Section 3 below). Any such re-letting may be for a shorter or longer period than 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 informationremaining Term, 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 refused. At no time shall the Premises be occupied by more than a) Tenant and one Subtenant, or b) two Subtenants in lieu of tenant. Notwithstanding anything herein to the contrary, in no event shall Lessor's election Lessee be entitled to cancel receive any excess of such net rents over the Minimum Rent payable by Lessee to Lessor under this Lease. Even if Lessee has breached this Lease beyond any applicable notice and cure period, this Lease shall continue in effect for so long as Lessor does not terminate the Lease, and Lessor may enforce all its rights and remedies under this Lease, including the right to recover Minimum Rent and Additional Rent as it becomes due. Any such payments due Lessor shall be made on the dates that Minimum Rent or such Additional Rent would otherwise come due under this Lease, and ▇▇▇▇▇▇ agrees that Lessor may file suit to recover any sums falling due from time to time. Notwithstanding any such re-letting without termination, Lessor may at any time thereafter elect in writing to terminate this Lease for such previous breach. If Lessor elects to terminate this Lease and terminate ▇▇▇▇▇▇’s right of possession, Lessor may upon written notice to ▇▇▇▇▇▇ accelerate all payments of Minimum Rent due hereunder in accordance with clause (a) of this Paragraph 12.3(f) be deemed or otherwise construed an amount not to be Lessor's unreasonable refusal to consent to any subletting or assignment requested by Lessee.exceed the lesser of: [ *** ]