Common use of Option to Terminate Clause in Contracts

Option to Terminate. Except as set forth below, Tenant shall have the option to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 2 contracts

Samples: Lease (Management Network Group Inc), Lease (Management Network Group Inc)

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Option to Terminate. Except as set forth below, Tenant shall have the option right to terminate this the Lease with an (“Termination Right”) effective date as of termination that certain day which is the last calendar day of the forty-second ("42nd) complete calendar month following the Expansion Date (the “Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord upon not less than nine (9) months prior written notice to Landlord ("the “Notice to Terminate”); provided (A) Tenant is not in default under the terms of the Lease either as of the date Landlord receives the Notice to Terminate or as of the Early Termination Notice"Date, and (B) at any time the Notice to Terminate is accompanied by a termination payment equal to (i) the unamortized balance of Landlord’s “Lease Costs” (as hereinafter defined) plus (ii) an amount equal to the Base Rent that would have been due and payable for the five (5) full calendar months following the Early Termination Date. The parties agree that if Tenant fails to exercise the Termination Right strictly in accordance with this Section, then said Termination Right shall automatically lapse and Tenant shall have no further right to terminate the Lease. Upon timely exercise of the Termination Right, the Early Termination Date shall be deemed the Expiration Date of the Lease and Tenant shall surrender the Leased Premises on or after May 1before the Early Termination Date, 2003in accordance with the terms of the Lease. Such notice For the purposes hereof “Lease Costs” shall specify be the (i) Early Termination Datecost of improvements to the Expansion Premises constructed at Landlord’s expense, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If following amounts, paid or provided in connection with this First Amendment only: brokerage commissions, any free rent or rent reductions, Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenantlegal fees, and if tenant allowances or other Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.inducement

Appears in 2 contracts

Samples: Commercial Lease (Globoforce LTD), Commercial Lease (Globoforce LTD)

Option to Terminate. Except If during the Term either the Premises or any portion of the Building or the Project are substantially damaged or destroyed by fire or other casualty, the Landlord shall have the option (which it may exercise by giving written notice thereof to the Tenant within sixty (60) days after the date on which such damage or destruction occurs) to terminate this Lease as set forth belowof the date specified in such notice (which date shall not be earlier than the thirtieth (30th) day after such notice is given). On such termination, the Tenant shall pay to the Landlord all Base Rent, Additional Rent and other sums and charges payable by the Tenant hereunder and accrued through such date (as justly apportioned to the date of such termination). If the Landlord does not terminate this Lease pursuant to this section, the Landlord shall restore the Premises as soon thereafter as is reasonably possible to their condition on the date of completion of Landlord’s Work, taking into account any delay experienced by the Landlord in recovering the proceeds of any insurance policy payable on account of such damage or destruction and in obtaining any necessary permits. Until the Premises are so repaired, the Base Rent (and each installment thereof) and the Additional Rent shall xxxxx in proportion to the floor area of so much, if any, of the Premises as is rendered substantially unusable by the Tenant by such damage or destruction. If during the Term either fifty percent (50%), of the Premises rendering the Premises untenantable, any portion of the Building or the Project are substantially damaged or destroyed by fire or other casualty, or the repairs are estimated by the Landlord to require more than six (6) months from the date of the casualty to complete, the Tenant shall have the option (which it may exercise by giving written notice thereof to Landlord within sixty (60) days after the date on which such damage or destruction occurs) to terminate this Lease with an effective as of the date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise specified in such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall not be less earlier than 120 days of delivery of the Termination Notice thirtieth (30th) day after such notice is given). On such termination, the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent shall pay to the Leased Premises or in Landlord all Base Rent, Additional Rent and other space in sums and charges payab1e by the project Tenant hereunder and Landlord and Tenant mutually agree in writing on the lease terms and conditions for accrued through such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor date (as and contiguous justly apportioned to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block date of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Feetermination). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 2 contracts

Samples: Office Lease (Under Armour, Inc.), Office Lease (Under Armour, Inc.)

Option to Terminate. Except as set forth belowProvided that Tenant is not then in default under this Lease, Tenant shall have the an ongoing option to terminate this Lease with an (the “Termination Option”). The effective date of this termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the date that is specified in the Termination Notice (defined below) (the "“Early Termination Date”). Tenant shall exercise the Termination Option Period"by (i) delivering to Landlord no less than ninety (90) days’ prior written notice (the “Termination Notice”) of such election to terminate this Lease and (ii) paying to Landlord the amount of additional space desired by TenantTermination Payment (as hereinafter defined) concurrently with the Termination Notice. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then properly delivers the Termination Notice shall not be effective to terminate this Lease. If and makes the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) Termination Payment in a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Periodtimely manner, then this Lease shall terminate be deemed to have expired by lapse of time on the Early Termination Date. Tenant agrees shall return the Premises to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as in accordance with the terms of this Lease. If Tenant fails to make the Termination Payment in a timely manner, then the Termination Option shall, at Landlord’s option, be void. Unless Landlord otherwise agrees in writing, Tenant may not exercise the Termination Option, and no exercise thereof shall be effective, if such date were the Lease Expiration Date, a default shall exist under this Lease shall Terminate as of the date on which the Termination Notice is given or as of the Early Termination Date as if such date were provided, however, notwithstanding anything in this Lease to the Lease Expiration Datecontrary. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part Landlord’s acceptance of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and Termination Payment shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy constitute Landlord’s approval of Tenant’s exercise of the Leased PremisesTermination Option for all purposes. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as Upon Tenant’s delivering the Termination Notice), then any and all rights of Tenant to extend the Term or to lease additional space in the Building, whether pursuant to a right of first offer, a right of first refusal, an expansion option, or otherwise, shall immediately be void and of no further force or effect. All obligations of either party to the other which accrue under this Option to Terminate Lease on or before the Early Termination Date shall terminate and be null and void.survive such termination. As used herein. “

Appears in 2 contracts

Samples: Lease (LENSAR, Inc.), Lease (LENSAR, Inc.)

Option to Terminate. Except If during the Term either the Premises or any portion of the Building or the Project are substantially damaged or destroyed by fire or other casualty thereby rendering the Premises totally or partially inaccessible or unusable, the Landlord shall have the option (which it may exercise by giving written notice thereof to the Tenant within sixty (60) days after the date on which such damage or destruction occurs) to terminate this Lease as set forth belowof the date specified in such notice (which date shall not be earlier than the thirtieth (30th) day after such notice is given). On such termination, the Tenant shall pay to the Landlord all Base Rent, Additional Rent and other sums and charges payable by the Tenant hereunder and accrued through the date of termination (as justly apportioned to such date). If the Landlord does not terminate this Lease pursuant to this section, the Landlord shall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or destruction as soon thereafter as is reasonably possible, taking into account any delay experienced by the Landlord in recovering the proceeds of any insurance policy payable on account of such damage or destruction and in obtaining any necessary permits. Until the Premises are so repaired, the Base Rent (and each installment thereof) and the Additional Rent shall xxxxx in proportion to the floor area of so much, if any, of the Premises as is rendered substantially unusable by the Tenant by such damage or destruction. If, within forty-five (45) days after the occurrence of the damage or destruction described in this section 12.1, Landlord determines in its sole but reasonable judgment that the repairs and restoration cannot be substantially completed within one hundred eighty (180) days after the date of such damage or destruction, and provided Landlord does not elect to terminate this Lease pursuant to this section, then Landlord shall promptly notify Tenant of such determination. For a period continuing through the later of the thirtieth (30th) day after the occurrence of the damage or destruction or the tenth (10th) day after receipt of such notice, Tenant shall have the option right to terminate this Lease with an effective by providing written notice to Landlord (which date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less not more than 120 thirty (30) days after the date of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able ’s notice to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination FeeLandlord). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 2 contracts

Samples: Sublease (Millennial Media Inc.), Office Lease (Millennial Media Inc.)

Option to Terminate. Except as set forth below, Tenant shall have the option right to terminate this the Lease with an (“Termination Right”) effective date as of termination September 30,2014 ("the “Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord upon prior written notice ("Termination Notice") at any time to Landlord on or after May 1before January 15, 20032014 (the “Notice to Terminate”), provided (A) Tenant has not exercised its Right of First Offer for any of the three (3) Offered Spaces as provided in Section 2.M. above, (B) Tenant is not in default under the terms of the Lease either as of the date Landlord receives the Notice to Terminate or as of the Early Termination Date, and (B) the Notice to Terminate is accompanied by a termination payment equal to (i) the unamortized balance of Landlord’s “Lease Costs” (as hereinafter defined) plus (ii) an amount equal to the Base Rent that would have been due and payable for the five (5) full calendar months following the Early Termination Date. Such notice Landlord shall specify provide Tenant a copy of the Lease Costs incurred along with the amortization schedule upon completion of the Expansion Premises Improvements to determine amount owed if Tenant exercises this Option to Terminate. The parties agree that if Tenant fails to exercise the Termination Right strictly in accordance with this Section, then said Termination Right shall automatically lapse and Tenant shall have no further right to terminate the Lease. Upon timely exercise of the Termination Right, the Early Termination Date shall be deemed the Expiration Date of the Lease and Tenant shall surrender the Leased Premises on or before the Early Termination Date, in accordance with the terms of the Lease. For the purposes hereof, “Lease Costs” shall be the (i) Early Termination Datecost of improvements to the Expansion Premises constructed at Landlord’s expense, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If following amounts, paid or provided in connection with this Second Amendment only: brokerage commissions, any free rent or rent reductions, Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenantlegal fees, and if tenant allowances or other Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidinducement.

Appears in 2 contracts

Samples: Commercial Lease (Globoforce LTD), Commercial Lease (Globoforce LTD)

Option to Terminate. Except as set forth below, Tenant shall have the option opportunity to terminate this Lease with an the Lease, which termination shall be effective date on the first day of termination the thirteenth, ("Early Termination Date"13th) any time month after August 31the Commencement Date provided, 2003. however, that Tenant may exercise such option by giving Landlord delivers written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify to Landlord that it has elected to so terminate the (i) Early Termination DateLease, which written notice must be delivered at least one hundred twenty (120) days before the date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord upon which such termination is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Periodbecome effective and, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premisesprovided further, then any alternative space proposed by Landlord must be: (i) a singlethat, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no together with such written agreement is executed within the Option Periodnotice, then this Lease Tenant shall terminate on the Early Termination Date. Tenant agrees deliver to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of Thirty Thousand Dollars ($30,000.00), representing a non-refundable termination fee. In the Termination Fee. If this Lease is not terminatedevent Tenant timely delivers such notice of termination and delivers, with such notice; the sum of money described above, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate effective on the Early Termination Date date which is specified in such notice as if such date were the Lease Expiration DateTermination Dame for all purposes of the Lease. Said sum of money shall be non-refundable and Landlord shall be entitled to retain the full amount, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event regardless of Default on the whether or not Landlord releases all or any part of the Premise. Any purported election to terminate the Lease which does not strictly comply with the terms of this option shall, at Landlord’s election, be ineffective. The option to terminate the lease granted to Tenant in this Amendment #1 is personal to Tenant and may not be exercised or be assigned by or to any patron or entity other than Tenant. The option to terminate does not extend to any subtenant. At Landlord’s election, the foregoing option to terminate may not be exercised and will not be effective if, either at the time of the exercise or at the time the Lease is to terminate, Tenant is not default of any of its obligations under the Lease. May 30, are personal to the original Tenant executing the Lease2000 Landlord: JFB Joint Venture Date By: Seneca I Limited Partnership, may not be assignedGeneral Partner By: Emory Holdings Limited Partnership By: /s/ X. Xxxxxxx Xxxxx X. Xxxxxxx Xxxxx, General Partner Tenant: Scientific Engineering Solutions, Inc. By: Xxxxxxxx X. Xxxxxx Xxxxxxxx X. Xxxxxx, President AMENDMENT #2 TO OFFICE LEASE AGREEMENT THIS AMENDMENT # 2 TO OFFICE LEASE AGREEMENT is made this 11th day of June 2003, by and shall be available tobetween JFB JOINT VENTURE, a Maryland general partnership, hereinafter called “Landlord,” and exercisable bySCIENTIFIC ENGINEERING SOLUTIONS, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased PremisesINC., a Maryland corporation. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidhereinafter called “Tenant.

Appears in 1 contract

Samples: Office Lease Agreement (NCI, Inc.)

Option to Terminate. Except as set forth below, Tenant shall have the option (the “Termination Option”) to terminate cancel this Lease with an effective date at the end of termination the thirty-sixth ("Early 36th) month (the “Termination Date"”); provided that (a) the Tenant shall not be in default under the Lease, beyond any applicable notice and cure period, at the time after August 31of giving of the Termination Notice, 2003. or on the Termination Date; (b) the Tenant may exercise such option by giving Landlord shall not have assigned or sublet any portion of the Premises; (c) the Tenant shall give written notice to Landlord at least six ("6) months prior to the Termination Date (the “Termination Notice"”), and (d) at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of simultaneous with Tenant’s delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able Tenant shall deliver to locate suitable expansion space for Tenant adjacent to the Leased Premises or Landlord, in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Periodcertified funds, then the Termination Notice Fee as hereinafter defined. The Termination Fee shall not be effective to terminate this Lease. If the expansion space is not located on aggregate value of the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must befollowing: (i) the unamortized value of the Tenant Improvement costs, plus (b) the unamortized value of real estate brokerage/leasing commissions incurred by Landlord with respect to this Lease, plus (c) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount sum equal to $10,315.68 two (Termination Fee)2) month’s Rent (Base Rent, Additional Rent and sales tax) based upon the then current rental rate. The Termination Notice unamortized value of the Tenant Improvement costs and real estate brokerage/leasing commissions shall be valid only if accompanied calculated by a cashier's check in dividing the amount of the Termination Fee. If this Lease is not terminated, then costs and commissions by the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all total number of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were months in the Lease Expiration Date, this Lease shall Terminate on Term and multiplying by the Early Termination Date as if such date were number of months remaining in the Lease Expiration Date. The foregoing option Term, after the last month in which Tenant occupies the Premises and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidpays Rent.

Appears in 1 contract

Samples: Lease Agreement (LifeWatch Corp.)

Option to Terminate. Except as set forth below, Tenant shall have the option to terminate this Lease with an effective date upon the terms and conditions set forth in this Section 2.03. If properly invoked by Tenant, this Lease shall terminate as of termination the last day of the seventh ("7th) Lease Year (the “Early Termination Date") any time after August 31”). To properly invoke such early termination right, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must bemust: (i) a singledeliver Landlord written notice of Tenant’s irrevocable election to so terminate (the “Early Termination Notice”), contiguous block of space on a single floor in which Early Termination Notice must be delivered to Landlord not less than twelve (12) months prior to the Project and Early Termination Date; (ii) large enough pay to accommodate the Expanded Premises and Landlord an early termination fee in the amount of additional space desired by Three Hundred Eight Thousand Thirty-Two and 00/100 Dollars ($308,032.00) (the “Early Termination Penalty”), which Early Termination Fee (1) shall be paid to Landlord in full at the time of Tenant’s delivery of the Early Termination Notice; (2) is non-refundable to Tenant; and (3) shall be in addition to, and not in lieu of, all other rent and other payments due Landlord from Tenant under this Lease through and including the Early Termination Date. If no such written agreement is executed within properly invoked by Tenant in accordance with the Option Periodforegoing provisions of this Section 2.03, then this Lease shall terminate on as of the Early Termination Date. , Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall fully vacate the Premises on or before such date and leave the Premises in broom clean condition, free and clear of all of Tenant’s furniture, furnishings and equipment, and each party shall be valid only if accompanied by a cashier's check in released of any further liability to the amount other hereunder as of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date other than accrued but unsatisfied obligations as if of such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voiddate.

Appears in 1 contract

Samples: Lease Agreement (Mastech Holdings, Inc.)

Option to Terminate. Except Provided that Tenant is not then in default under this Lease, during the period commencing on Commencement Date and continuing through and including January 31, 2006, if (i) Tenant decides to relocate its corporate offices to any location outside of either Sarasota or Manatee counties or to cease maintaining any office in Sarasota or Manatee counties, or (ii) Tenant decides to reduce the size of its corporate office such that Tenant shall desire to maintain 9,000 square feet or less of office space and Landlord shall be unable or unwilling to accommodate Tenant and to either amend this Lease accordingly or enter into a new lease with Tenant for such reduced space in the Building, the Tenant shall have the right to terminate this Lease effective as set forth belowof the last day of either January, February, March, April, May, June or July, 2006 upon written notice to Landlord, which notice shall state the date on which this Lease shall terminate (which date must be at least 180 days after the date of delivery of such notice to Landlord), and shall be accompanied by a payment to Landlord of all monthly installments of all Rent that would otherwise become due and payable under this Lease through the termination date, plus a termination fee in an amount equal to $71,660.61 (the “Option to Terminate”), in which event this Lease shall terminate effective as of the termination date specified in Tenant’s notice to Landlord. Should Tenant reduce the size of its office, then the Parking ratio shall be adjusted accordingly, to equal 2.5 parking spaces per 1,000 sf leased. The Option to Terminate shall become null and void if Tenant shall fail to exercise the Option to Terminate as provided herein prior to the close of business on January 31, 2006. Notwithstanding the foregoing, Tenant shall have the option right to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") cancel and waive the Option to Terminate at any time prior to the close of business on or after May 1January 31, 2003. Such 2006, by delivering written notice shall specify to Landlord of its election to cancel and waive the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenantto Terminate. If Landlord is able Tenant shall elect to locate suitable expansion space for Tenant adjacent cancel and waive the Option to Terminate or fail to exercise the Option to Terminate prior to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing close of business on the lease terms and conditions for such expansion space within the Option PeriodJanuary 31, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period2006, then this Lease shall terminate on continue in full force and effect in accordance with the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice terms hereof, except that, for purposes of this Lease, the “Base Year” for calculating Tenant’s pro-rata share of Basic Costs shall be valid only if accompanied by a cashier's check in changed from 1995 to 2005 effective as of calendar year 2006 and for each calendar year thereafter through the amount end of the Termination Fee. If this Lease is not terminatedTerm and Tenant’s obligation for the payment of “Base Rental” for the month of August, then the Termination Fee 2006 shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidabated.

Appears in 1 contract

Samples: Office Lease Agreement (Correctional Services Corp)

Option to Terminate. Except as set forth belowIn the event (a) the Premises are damaged by fire, explosion or other casualty insured under the fire and extended coverage insurance policy required hereunder (an "Insured Casualty") to the extent that such damage materially adversely affects Tenant's ability to use the Premises for its business purposes and the Premises cannot be repaired, replaced and restored by Tenant within 12 months from the date of the casualty, (b) the Premises are damaged by a casualty or occurrence other than an Insured Casualty, and Landlord elects not to rebuild at its cost, (c) such damage occurs at any time within the last twelve (12) months of the Lease Term, or (d) the Premises or any portion thereof, is damaged by fire, explosion or other casualty and the Premises cannot be repaired, rebuilt or restored to substantially the same or similar condition, under any applicable law, code, ordinance or other governmental order or under any other agreement to which the Premises are subject (a "Prohibited Casualty"), then in such event, Tenant may terminate this Lease by giving Landlord written notice of termination within forty five (45) days after the happening of the event causing the damage or the date Tenant discovers the casualty was a Prohibited Casualty. In any such event, all Rent payable hereunder shall be apportioned to the date of such damage or destruction and Landlord shall be entitled to receive and retain all insurance proceeds relating to the Building Elements payable by reason of such occurrence. Insurance proceeds relating to the Tenant Equipage payable by reason of such occurrence shall be paid to and be the property of Tenant. Tenant shall also have the right and option to terminate this Lease with an effective as of the date of termination ("Early Termination Date") such damage or destruction if the holder of any time after August 31, 2003mortgage covering the Premises refuses to make the net insurance proceeds available for restoration and Landlord also refuses to provide such funds. Such option shall be exercised by Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or thereof to Landlord within 30 days after May 1, 2003. Such notice shall specify Landlord notifies Tenant that the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall funds will not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidavailable.

Appears in 1 contract

Samples: Pemstar Inc

Option to Terminate. Except as set forth below, Tenant shall have If the option to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option Demised Premises are substantially damaged or destroyed in whole or in part by giving Landlord written notice ("Termination Notice") fire or other casualty at any time on during the last two (2) years of either the original Lease Term or after May 1, 2003. Such notice shall specify the either Option Term (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired if validly exercised by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period), then Landlord may, at Landlord's option exercised by written notice to Tenant within ninety (90) days after the Termination Notice shall not be effective date of such casualty, elect to terminate this Lease. If the expansion space is not located on , in which event Tenant shall pay to Landlord, as and when the same floor as becomes due and contiguous to the Leased Premisespayable, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing payable under this Lease through which would otherwise have been payable up to the effective date of such Early Termination Datetermination. Upon the service of such notice, this Lease shall cease and terminate on as of the Early Termination Date date specified for such termination in such notice with the same force and effect as if such date were the date originally fixed for the expiration of the Lease Expiration DateTerm. As to any items of Additional Rent or other charges payable under this Lease which are not then capable of ascertainment, Tenant covenants and agrees to pay to Landlord an amount equal to such Additional Rent or other charges payable under this Lease as and when the 386804.5 same becomes determined, or in case any such item shall relate to Liens, Taxes or Charges, Tenant shall pay to Landlord an amount or amounts thereof as and when the same become due and payable. The covenants and agreements with respect to the adjustment and payment of these items of Rent and other Taxes, Liens and/or Charges payable under this Lease shall Terminate on survive the Early Termination Date as if such date were expiration of the Lease Expiration DateTerm. The foregoing option and rights are subject If this Lease is terminated pursuant to there having been no uncured and continuing Event the provisions of Default on this Section 21.4, none of the part insurance proceeds payable in respect of such damage or destruction shall be payable to Tenant in of an amount equal to the unamortized cost of the Tenant under the Lease, are personal Improvements. Any proceeds in excess of such amount shall be paid to the original Tenant executing the Lease, may not be assignedor retained by, and shall be available toas, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy property of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidLandlord.

Appears in 1 contract

Samples: Commercial Lease Agreement (Cryolife Inc)

Option to Terminate. Except as set forth below, Tenant shall have the option one-time right to terminate this Lease (the “Early Termination Right”) effective as of the date which is two (2) years prior to the scheduled Expiration Date of this Lease in accordance with an effective date the provisions of termination this Article 37 ("the “Early Termination Date") any time after August 31, 2003”). Tenant may exercise such option shall have the right, by giving Landlord written notice to Landlord ("the “Early Termination Notice") at any time on or after May 1”), 2003. Such notice shall specify to cause the Lease Term to expire as of the Early Termination Date; provided, however, that such Early Termination Notice, to be effective, (i) must be delivered at least twelve (12) months (but not more than eighteen (18) months) prior to the scheduled Expiration Date and (ii) must be accompanied by a payment to Landlord equal to Nine Hundred Eighty-Two Thousand Eight Hundred Fifty and No/100 Dollars ($982,850.00) (the “Early Termination Payment”). If (i) Tenant fails to timely deliver to Landlord the Early Termination Notice as provided above or (ii) Tenant fails to deliver to Landlord, concurrently with its Early Termination Notice, the Early Termination Payment required above, then Tenant’s Early Termination Right as established herein shall be null and void and of no further force or effect. Notwithstanding anything to the contrary set forth herein, the parties agree that (i) notwithstanding such Early Termination Right, any and all obligations of Tenant occurring prior to the Early Termination Date shall survive such the Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises Early Termination Payment referenced in this Article 37 shall not restrict or limit in any manner whatsoever Landlord’s rights and remedies hereunder, at law or in other space equity, in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block event of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidby Tenant.

Appears in 1 contract

Samples: Standard Office Lease (Capitalsource Inc)

Option to Terminate. Except as set forth belowNotwithstanding the provisions of Section 2(a) to the contrary, Tenant Sublandlord and Subtenant shall each have the option to terminate this Lease with an effective date of termination Sublease ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice"the “Option to Terminate”) at any time on during the Term of this Sublease upon at least one hundred and eighty (180) days prior written notice (“Termination Notice”) from Sublandlord to Subtenant or after May 1from Subtenant to Sublandlord, 2003but no such Termination Notice may be sent by either party prior to the end of the thirtieth (30th) month anniversary of the Sublease Commencement Date. Such Confidential Treatment Requested by Oportun Financial Corporation Pursuant to 17 C.F.R. Section 200.83 In the event Sublandlord shall exercise the Option to Terminate pursuant to the provisions set forth herein, the Term of this Sublease shall expire and come to an end as of the date set forth in Sublandlord’s notice but not earlier than the third (3rd) anniversary of the Sublease Commencement Date (hereinafter referred to as the “Early Termination Date”) as if that day was the date definitely fixed in this Sublease for the termination of the Term hereof, but Subtenant shall specify continue to be liable for the (i) payments accruing up to and including the Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of including, but not limited to, any additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent rent allocable to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for period through such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination DateDate even though such additional rent may be determined at a later date. Tenant agrees to Sublandlord shall pay Landlord Subtenant an amount equal to $10,315.68 201.21 multiplied by the number of days that elapse from the third (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount 3rd) anniversary of the Termination Fee. If this Lease is not terminated, then Sublease Commencement Date to the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate Date on the Early Termination Date if Sublandlord sent the Termination Notice. In the event Subtenant shall exercise the Option to Terminate pursuant to the provisions set forth herein, the Term of this Sublease shall expire and come to an end as of the date set forth in Subtenant’s notice but not earlier than the third (3rd) anniversary of the Sublease Commencement Date (also referred to as the “Early Termination Date”) as if such that day was the date were definitely fixed in this Sublease for the Lease Expiration termination of the Term hereof, but Subtenant shall continue to be liable for the payments accruing up to and including the Early Termination Date, this Lease including, but not limited to, any additional rent allocable to the period through such Early Termination Date even though such additional rent may be determined at a later date and Subtenant shall Terminate pay Sublandlord on the Early Termination Date as if such date were an amount equal to the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part unamortized (amortized over four (4) years) amount of the Tenant under attorney fees and commissions paid by Sublandlord. At the Leaseexpiration or earlier termination of this Sublease, are personal Sublandlord shall have the right on ninety (90) days notice to Subtenant to purchase the original Tenant executing Furniture listed on Exhibit C for one dollar ($1.00) in consideration of Sublandlord entering into this Sublease, or Sublandlord in its sole discretion may elect on ninety (90) days notice to Subtenant to require the LeaseSubtenant to remove the Furniture within five (5) business days following the expiration or earlier termination of this Sublease or, may not be assignedif later, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy ninety (90) days following receipt of the Leased Premises. Should Tenant fail notice from Sublandlord to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidSubtenant requiring such removal.

Appears in 1 contract

Samples: Sublease Agreement (Oportun Financial Corp)

Option to Terminate. Except as set forth belowNYCEDC may, Tenant at its option, give a notice to terminate this Agreement to [SELECTED RESPONDENT] at any time within 30 days after such notice for the request to consent to an assignment has been given by [SELECTED RESPONDENT] to NYCEDC and the City; and during such 30-day period [SELECTED RESPONDENT] shall have not assign this Agreement to any Person and furthermore [SELECTED RESPONDENT] may revoke the Notice for Consent to Assignment and rescind its request for an assignment within such 30-day period by written notice of revocation and rescission to NYCEDC and thereupon, both the Notice for Consent to Assignment by [SELECTED RESPONDENT] and the notice to terminate by NYCEDC shall be deemed null and void. If [SELECTED RESPONDENT] does note timely revoke the Notice for Consent to Assignment and rescind the request for an assignment and NYCEDC exercises its option to terminate this Lease Agreement in accordance with an this Section 10.10 entitled “Assignments”, the Term of this Agreement shall end and expire on the date that such assignment was to be effective date of termination or commence, as the case may be ("Early the “Assignment Termination Date") any time after August 31”), 2003thereupon this Agreement shall cease and terminate with the same force and effect as though the Assignment Termination Date set forth in the [SELECTED RESPONDENT]’s Notice For Consent To Assignment were the Expiration Date originally set forth in the Agreement. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time [SELECTED RESPONDENT] shall vacate the Advertising Areas on or after May 1before such date, 2003. Such notice shall specify and the (i) Early Termination Date, which date Fees shall be less than 120 days paid and apportioned to such date. All amounts payable to NYCEDC hereunder shall be paid simultaneously with the execution of delivery any instrument confirming the termination of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent Agreement as to the Leased Premises Advertising Areas contemplated hereby. Notwithstanding anything in this subsection or elsewhere in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Periodthis Agreement, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate by NYCEDC shall terminate and be null and voidnot apply when the party that is to have the Agreement assigned to it as set forth in the Notice For Consent To Assignment is an assignment by merger, consolidation, purchase of a majority of assets, transfer of a majority of stock or of joint venture or partnership interests in [SELECTED RESPONDENT] by operation of law or otherwise.

Appears in 1 contract

Samples: Advertising Agreement

Option to Terminate. Except as set forth below, Tenant shall have the a one time option to terminate this Lease with an effective date as of termination March 31, 2016 ("Early the “Termination Date") any time after August 31”), 2003upon the terms and conditions provided herein. Tenant may shall exercise such option by giving Landlord right to terminate upon delivery of a written notice thereof to Landlord (the “Termination Notice”) given not less than nine (9) months prior to the Termination Date. In connection with the exercise of the option to terminate provided herein, Tenant shall pay to Landlord a "Termination NoticeFee", which is defined as that amount equal to the sum of (a) at any time on or after May 1, 2003. Such notice shall specify the unamortized portion of (i) Early the cost of the Work for Suite 520 described in Exhibit C of this Lease, (ii) the commissions and fees paid by Landlord to the Brokers in the lease of Suite 520; (iii) the cost of the tenant improvements incurred for Suite 525 (which Tenant has been occupying prior to the Date of Execution pursuant to a Sublease Agreement with Phygen, as referenced in the Schedule to this Lease) in the amount of Twenty-Seven Thousand One Hundred Eighty-Five and 00/100 Dollars ($27,185.00), and (iv) the commissions and fees paid by Landlord to the Broker in the lease of Suite 525 in the amount of Nine Thousand Two Hundred Forty and 00/100 Dollars ($9,240.00), such amortization for items (i) through (iv) to be made evenly over the number of months of the Term in which payments of Monthly Base Rent are made by Tenant, at an annual interest rate of eight percent (8%), and (b) Seven Thousand Nine Hundred Thirteen and 00/100 Dollars ($7,913.00) (representing two (2) months of Monthly Base Rent which would have been due for the two (2) months immediately following the Termination Date, which date ). The Termination Fee shall be less than 120 days payable as of delivery the date of the Termination Notice (and shall accompany such Notice. Tenant may only exercise the "Option Period") option to terminate described herein if at the time Tenant notifies Landlord of the exercise of the option to terminate and (ii) the amount as of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space Date Tenant is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then default under this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee)beyond applicable notice and cure periods. The Termination Notice shall may not be valid only if accompanied modified or withdrawn by a cashier's check in Tenant after delivery thereof to Landlord. In addition to the amount payment of the Termination Fee. If this Lease is not terminatedFee as provided herein, then the Termination Fee Tenant shall continue to be refunded obligated to Tenant upon the parties written agreement regarding expansion space. If pay all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Monthly Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing rent arising under this Lease through such Early the Termination Date. Upon an exercise by Tenant of the right to terminate in accordance with the provisions hereof, this Lease shall terminate on the Early Termination Date as if such date were shall be deemed to be the Lease New Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Office Lease (AtheroNova Inc.)

Option to Terminate. Except as set forth below, Tenant shall have the option right to terminate this the Lease with an effective date upon the last day of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") a calendar month at any time on or following the eighty-fourth (84th) full calendar month after May 1the commencement date of the Lease Term (the “Termination Option”) upon the following terms and conditions: Tenant shall provide Landlord with not less than twelve (12) months prior written notice thereof, 2003. Such which notice shall specify the (i) Early Termination Date, which effective date of such termination and shall be less than 120 days of delivery accompanied by the Termination Fee (as herein defined). If there is a Default by Tenant at any time between Tenant’s exercise of the Termination Notice (Option and the "effective date thereof, then at Landlord’s option the Termination Option Period") shall specify the effective date of such termination and (ii) shall be null and void and the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to Lease shall continue in full force and effect in accordance with the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within thereof. The Termination Option shall be personal to Tenant and any successor or transferee to a Permitted Transfer and in the Option Periodevent of a Transfer by Tenant other than a Permitted Transfer, then the Termination Notice Option shall apply only to the initial Lease Term and shall not be effective during any Option. Term or any other extensions or renewals thereof. The “Termination Fee” shall mean the amount equal to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and $140,231.00; plus (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check the number of calendar months remaining in the amount Lease Term after the effective date of such termination divided by the Termination Fee. If this number of calendar months, the original Lease is not terminated, Term and then multiplying such result by the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If sum of all costs of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were Landlord in entering into the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the cost of the Tenant Improvement Allowance paid by Landlord and all real estate brokers’ commissions paid by Landlord. If Tenant fails to exercise the Termination Fee at the same time Option as and when herein provided, the Termination Notice), then this Option to Terminate shall terminate and be null and voidvoid and of no further force of effect.

Appears in 1 contract

Samples: Lease Option Agreement (Alliance Data Systems Corp)

Option to Terminate. Except If the Building or the Demised Premises shall be damaged or destroyed by fire or other casualty (in the former case, whether or not the Demised Premises are damaged or destroyed) so as to require an expenditure in Landlord's reasonable opinion of more than 40% of the full insurable value (determined prior to the casualty) of the Building or Demised Premises as the case may be, then in either such case, Landlord may terminate this Lease by giving Tenant written notice within ninety (90) days after the date of the casualty, specifying the date of termination of this Lease. In such event, Tenant shall forthwith quit, surrender and vacate the premises without prejudice, however, to Landlord's rights and remedies against Tenant (or any rights or remedies which Tenant may have against Landlord which are expressly set forth belowin this Lease) as of the date of termination or as to those rights which survive such termination. In the event of termination, the Rent payable hereunder shall be abated from the date of damage or destruction. If Landlord's estimate (which estimate shall be given no later than thirty (30) days following the date of the damage or destruction) of the time required to repair the Demised Premises (so that Tenant can reasonably conduct its business therein) exceeds twelve (12) months from the date of such damage or destruction, Tenant shall have the option right to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice to Landlord within thirty ("Termination Notice"30) at any time on or days after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery receipt of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by TenantLandlord's estimate. If Landlord is able to locate suitable expansion space for Tenant adjacent to exercises such termination right, the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check date specified in the amount termination notice (without prejudice, however, to Landlord's rights and remedies against Tenant (or any rights or remedies which Tenant may have against Landlord which are expressly set forth in this Lease) as of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded date of termination or as to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rentthose rights which survive such termination), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Genta Incorporated /De/

Option to Terminate. Except If the Building or the Demised Premises shall be damaged or destroyed by fire or other casualty (in the former case, whether or not the Demised Premises are damaged or destroyed) so as to require an expenditure in Landlord's reasonable opinion of more than 40% of the full insurable value (determined prior to the casualty) of the Building or Demised Premises as the case may be, then in either such case, Landlord may terminate this Lease by giving Tenant written notice within ninety (90) days after the date of the casualty, specifying the date of termination of this Lease. In such event, Tenant shall forthwith quit, surrender and vacate the premises without prejudice, however, to Landlord's rights and remedies against Tenant (or any rights or remedies which Tenant may have against Landlord which are expressly set forth belowin this Lease) as of the date of termination or as to those rights which survive such termination. In the event of termination, the Rent payable hereunder shall be abated from the date of damage or destruction. If Landlord's estimate (which estimate shall be given no later than thirty (30) days following the date of the damage or destruction) of the time required to repair the Demised Premises (so that Tenant can reasonably conduct its business therein) exceeds twelve (12) months from the date of such damage or destruction, Tenant shall have the option right to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice to Landlord within thirty ("Termination Notice"30) at any time on or days after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery receipt of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by TenantLandlord's estimate. If Landlord is able to locate suitable expansion space for Tenant adjacent to exercises such termination right, the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check date specified in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.termination notice

Appears in 1 contract

Samples: Genta Incorporated /De/

Option to Terminate. Except Provided that Tenant is the original tenant under this Lease and is not in default under this Lease and there has not occurred an event which, with notice and/or lapse of time, would constitute a default hereunder both at the time of exercise and as set forth belowof the "Early Termination Date" (as defined herein), Tenant shall have the a one-time option to terminate this Lease with an effective date as of termination the expiration of the forty-first (41st) month of the First Additional Term only (the "Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice of its election to do so to Landlord six ("Termination Notice"6) at any time on or after May 1, 2003. Such notice shall specify months prior to the (i) Early Termination Date, which date notice, to be effective, shall be less than 120 days of delivery accompanied by a "Termination Payment" equal to the sum of the Termination Notice then-unamortized amount of all of Landlord's out-of-pocket costs incurred in connection with the negotiation and execution of this Lease and the performance of Landlord's Work, including attorneys' fees and costs (the "Option Period"which fees and costs shall not exceed $1,500) and brokers' commissions (ii"Landlord's Costs"), with interest thereon at the rate of ten percent (10%) per annum from and after December 1, 1997, plus the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space $18,983.58 (i.e., one (1) month's worth of Monthly Rental for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: thirty (i30) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on day period after the Early Termination Date). In the event that Tenant is either not entitled to or fails to exercise the foregoing option strictly in the time and manner specified herein, such option shall lapse and shall not thereafter be exercisable by Tenant. Within sixty (60) days after Tenant's request therefor, which shall be made, if at all, within one year after commencement of the First Additional Term, Landlord shall advise Tenant of the total amount of Landlord's Costs so incurred, and the burden shall be on Tenant to ascertain such amount within sufficient time to timely and properly exercise the option set forth herein. Tenant agrees shall have the right, by written notice to pay Landlord an given within thirty (30) days after receipt of Landlord's statement of Landlord's Costs in accordance with the foregoing, to request additional information from Landlord as to the amount equal thereof, and Landlord shall provide to $10,315.68 Tenant within thirty (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier30) days after Tenant's check in request therefor, reasonable back-up documentation as to the amount of the Termination FeeLandlord's Costs. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share failure to request such additional information when and in the manner provided in the preceding sentence shall render Landlord's statement of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate Landlord's Costs binding on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.Tenant,

Appears in 1 contract

Samples: Lease (Sparta Inc /De)

Option to Terminate. Except as set forth below, Tenant shall have a one-time right to terminate the Lease prior to the Expiration Date, such early termination to be effective at the end of the third Lease Year (the “Early Termination Date”), in accordance with, and subject to, the provisions of this Section 44. In order to exercise such option to terminate this Lease with an effective date (a) Tenant must give Landlord written notice of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify least nine (9) months prior to the (i) Early Termination Date, which date shall and (b) Tenant must not be less than 120 days of delivery of then (i.e. at the time the Early Termination Notice (the "Option Period"is given) in default, beyond notice and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space applicable cure period, in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective payment of Fixed Rent or additional rent payable pursuant to terminate this Lease. If the expansion space is not located on the same floor as and contiguous Tenant must pay to Landlord in full ninety (90) days prior to the Leased PremisesEarly Termination Date, then any alternative space proposed an amount equal to the sum of (A) the unamortized amount of Landlord’s transaction costs relating to this Lease which shall solely include the cost and expense of the Initial TI Allowance, legal fees and brokerage commissions paid by Landlord must be: incurred in connection with Tenant’s early termination of the Lease, plus (iB) a single, contiguous block interest on all of space on a single floor in the Project and foregoing such costs calculated at eight percent (ii8%) large enough per annum from the date incurred to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. If Tenant shall exercise its early termination right as set forth above, Tenant agrees to continue to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied all Fixed Rent, additional rent and other amounts payable by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such that accrue to and including the Early Termination Date (Tenant acknowledges that it may receive invoices after the Early Termination Date for charges that accrued to and including the Early Termination Date but were not capable of being calculated on or before the Early Termination Date, and Tenant agrees that it shall promptly pay such invoices within 30 days after receipt thereof). If the Term of this Lease is thus terminated, Tenant shall terminate surrender the Premises to Landlord on the Early Termination Date in the condition required by the Lease as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part scheduled expiration date of the Tenant under the Term of this Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Building Standards (BlackSky Technology Inc.)

Option to Terminate. Except as set forth below, Tenant shall have the option one-time right to terminate this Lease with an (the “Termination Option”) upon receipt of the 14th Floor TCO (the “TCO Date”), such termination to become effective date on the final day of termination the month that is ninety ("Early 90) days after the Termination Notice Date (as defined below) (the “Termination Date") any time after August 31”), 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the provided that (i) Early Landlord receives written notice of Tenant’s election to terminate this Lease (the “Termination Notice”) on or before thirty (30) days after the TCO Date (time being of the essence) (the “Termination Notice Date”), which date (ii) no Default shall be less than 120 days exist under this Lease or the 14th Floor Agreements, or would exist but for the pendency of delivery any cure period provided for in Section 20 herein, Section 20 of the 14th Floor Lease, or Section 7 of the 14th Floor Project Management Agreement, as applicable, as of the Termination Notice Date or as of the TCO Date, and (iii) Tenant shall pay to Landlord, with the Termination Notice, a termination fee (the "Option Period"“Termination Fee”) and (ii) the in an amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent equal to the Leased Premises or sum of all unamortized brokerage commissions, and unamortized Base Rent Abatement incurred by Landlord in other space in the project and Landlord and connection with this Lease. Failure by Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then to timely pay the Termination Notice Fee shall render any exercise of the Termination Option void and of no further effect. In the event that Tenant has not be effective fulfilled any of the conditions to the exercise by Tenant of the Termination Option or to the Termination Option being valid and effective, Tenant’s right to terminate this Lease. If the expansion space is not located on the same floor as , and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount purported exercise of the Termination FeeOption, shall lapse and shall be void and of no further force and effect. If this Lease is not terminatedIn such event, then any sums which Tenant has paid to Landlord on account of the Termination Fee shall be refunded applied by Landlord to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and Additional Rents which thereafter shall become due under this Lease, less any additional Rentcosts incurred by Landlord in connection with Tenant’s attempt to exercise the Termination Option. In addition to the Termination Fee, Tenant shall be obligated to pay all Rent due to and through the Termination Date and shall surrender the Premises to Landlord on or before the Termination Date in the manner and in the condition as herein provided. Tenant shall permit Landlord or Landlord’s Related Parties (as hereinafter defined), Tenant's Pro Rata Share at any time upon reasonable notice, to enter the Premises, without charge therefore to Landlord and without diminution of Excess Operating CostsRent, and to exhibit the same to prospective tenants after the Termination Notice Date. The Termination Fee shall not be deemed to be Rent payable under the terms of the Lease, but rather shall be deemed liquidated damages payable by Tenant to Landlord in consideration of Landlord’s agreement to terminate the Lease as herein provided. Upon termination in accordance with this Section 2(d), neither party shall have any obligations to the other charges or costs owing under this Lease through such Early Termination Date, except for those obligations that survive expiration or earlier termination of this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, expressly set forth in this Lease. Notwithstanding a termination of this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under accordance with this section (including, without limitation, paying the Termination Fee at the same time as the Termination NoticeSection 2(d), then this Option to Terminate the 14th Floor Agreements shall terminate remain unmodified and be null in full force and voideffect.

Appears in 1 contract

Samples: Lease Agreement (MeiraGTx Holdings PLC)

Option to Terminate. Except as set forth belowAfter the end of the second year of the ------------------- term of this Lease, provided Tenant is not then in default hereunder, and Tenant has a bona fide need for more than 7,000 rentable square feet of additional space, and Landlord is unable to provide Tenant with such additional space within the Building consisting of no more than two (2) non-contiguous spaces, by the end of the third year of the Lease term, then in such case Tenant shall have the one-time option to terminate this Lease after the end of the third (3rd) year of the Lease by giving Landlord at least one hundred eighty (180) days prior written notice of its exercise of said option to terminate. If Tenant exercises its option to terminate, then in such case the Lease shall be terminated as of the date set forth in the notice, provided that day is at least one hundred eighty (180) days subsequent to the notice. Tenant shall pay an early termination fee (the "Early Termination Fee") for the early termination in an amount equal to Tenant's pro rata share of the unamortized costs of Tenant Improvements, space planning, real estate commissions, and attorney fees in connection with an this Lease amortized at ten percent (10%) per annum over the term of the Lease in equal monthly installments, plus the sum of four (4) months of the Monthly Base Rent in effect as of the date of termination. Upon exercise of its option to terminate, Tenant shall pay the Early Termination Fee to Landlord and vacate and surrender possession of the Premises to Landlord on or before the effective date of termination (the "Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease comply with all terms and conditions for such expansion space within of the Option PeriodLease, then including without limitation, the Termination Notice shall not be effective payments of all rentals, up to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. In the event Tenant agrees fails to pay Landlord an amount equal the Early Termination Fee and/or fails to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount surrender possession of the Termination Fee. If this Lease is not terminatedPremises to Landlord, then on or before the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on then Landlord may either (a) treat the termination as effective and exercise all remedies at law or in equity to collect the Early Termination Date Fee and/or obtain possession of the Premises, or (b) treat the termination as if such date were ineffective, in which case the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Datecontinue in accordance with its terms. The foregoing option and rights are subject to there having been no uncured and continuing Event Upon receipt of Default on the part Tenant's notice of its exercise of the Tenant under option to terminate, Landlord shall have the Lease, are personal right to show the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail Premises to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidother prospective tenants.

Appears in 1 contract

Samples: Smartage Corp

Option to Terminate. Except as set forth belowA. Damage or Destruction of Substantially All of the Improvements: In the event that substantially all of the Improvements are damage or destroyed by a Casualty that is not the result of the willful misconduct of Tenant or any of its agents, employees, members, or contractors, Tenant shall have may, at its option (exercised with reasonable promptness in the option circumstances, but in all events within ninety (90) days after the date Tenant receives the written notification of the estimated time to remedy such Casualty), terminate this Lease Agreement by (i) serving upon Landlord notice within such period setting forth Tenant’s election to terminate this Lease with an effective date Agreement as a result of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery Casualty as of the Termination Notice (end of the "Option Period") calendar month in which such notice is delivered to Landlord and (ii) paying to Landlord, concurrently with the amount service of additional space desired by Tenantsuch notice, pro-rated portion of Annual Rental through the date of said termination. If Landlord is able to locate suitable expansion space for Tenant adjacent to Upon the Leased Premises or in other space in service of such notice and the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for making of such expansion space Payments within the Option Periodforegoing time period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease Agreement shall cease and terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check date specified in such notice with the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, same force and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date effect as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date date originally fixed as if such date were the Lease Expiration Date. The Failure to terminate this Lease Agreement within the foregoing option time period shall constitute an election by Tenant to keep this Lease Agreement in force. If Tenant elects to so keep this Lease Agreement in full force and rights are subject effect, Landlord shall commence to there having been no uncured perform the Casualty Repair Work and continuing Event of Default on prosecute such Casualty Repair Work to completion as provided in this Article 10, unless the part Casualty occurs at any time during the last four (4) years of the Lease Term in which event Landlord may elect to terminate this Lease Agreement by written notice to Tenant within one hundred twenty (120) days after such Casualty, with such termination to be deemed a termination by Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy terms of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidArticle 10.

Appears in 1 contract

Samples: Lease Agreement

Option to Terminate. Except as set forth below, Tenant Sublessee shall have the option to terminate ------------------- this Lease with Sublease, subject to the following provisions: Sublessee shall exercise the option to terminate this Sublease, if at all, by written notice to Sublessor given not later than October 31, 1998. If Sublessee exercises the option to terminate, then the Sublease shall terminate effective on July 31, 1999; provided that if, and only if, Sublessee has exercised its termination -------- option, Sublessor shall have the right, upon not less than three months prior written notice to Sublessee, to terminate the Sublease effective as of the end of any month after January 31, 1999 and prior to July 31, 1999. In the event that Sublessee exercises its option to terminate the Sublease, Sublessee shall pay to Sublessor an early termination penalty equal to one month's Base Rent (in the amount in effect as of the date of termination) which penalty shall be due and payable on the date three months prior to the effective date of termination the termination. In addition, Sublessee will reimburse Sublessor for fifty percent ("Early Termination Date"50%) of any time after August 31reasonable brokerage commissions (not in excess of standard commissions for office buildings in Palo Alto) incurred by Sublessor in re- subleasing the Sublet Premises and one hundred percent (100%) of reasonable out-of-pocket expenses incurred by Sublessor for marketing and brochures in connection with such subsequent re-subletting and 100% of reasonable attorneys' fees in connection with such subsequent re-subletting, 2003not to exceed $5,000. Tenant may exercise Sublessee shall have the right to conduct a search for and attempt to locate a subsequent subtenant provided that such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice subsequent subtenant shall specify be subject to the (i) Early Termination Datereasonable approval of Sublessor, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice consent shall not be effective to terminate this Leaseunreasonably withheld. If Sublessor may, in its sole discretion, direct the expansion space is not located on retention or retain the same floor services of Xxxx Xxxx of Xxxxxxxx Xxxx as and contiguous to the Leased Premises, then listing broker for any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidsubsequent sublease.

Appears in 1 contract

Samples: Recognition and Attornment Agreement (Microsoft Corp)

Option to Terminate. Except as set forth below, Tenant Sublessee shall have the option to terminate -------------------- this Lease with Sublease, subject to the following provisions: Sublessee shall exercise the option to terminate this Sublease, if at all, by written notice to Sublessor given not later than October 31, 1998. If Sublessee exercises the option to terminate, then the Sublease shall terminate effective on July 31, 1999; provided that if, and only if, Sublessee has exercised its termination option, -------- Sublessor shall have the right, upon not less than three months prior written notice to Sublessee, to terminate the Sublease effective as of the end of any month after January 31, 1999 and prior to July 31, 1999. In the event that Sublessee exercises its option to terminate the Sublease, Sublessee shall pay to Sublessor an early termination penalty equal to one month's Base Rent (in the amount in effect as of the date of termination) which penalty shall be due and payable on the date three months prior to the effective date of termination the termination. In addition, Sublessee will reimburse Sublessor for fifty percent ("Early Termination Date"50%) of any time after August 31reasonable brokerage commissions (not in excess of standard commissions for office buildings in Palo Alto) incurred by Sublessor in re- subleasing the Sublet Premises and one hundred percent (100%) of reasonable out-of-pocket expenses incurred by Sublessor for marketing and brochures in connection with such subsequent re-subletting and 100% of reasonable attorneys' fees in connection with such subsequent re-subletting, 2003not to exceed $5,000. Tenant may exercise Sublessee shall have the right to conduct a search for and attempt to locate a subsequent subtenant provided that such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice subsequent subtenant shall specify be subject to the (i) Early Termination Datereasonable approval of Sublessor, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice consent shall not be effective to terminate this Leaseunreasonably withheld. If Sublessor may, in its sole discretion, direct the expansion space is not located on retention or retain the same floor services of Xxxx Xxxx of Xxxxxxxx Xxxx as and contiguous to the Leased Premises, then listing broker for any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidsubsequent sublease.

Appears in 1 contract

Samples: Recognition and Attornment Agreement (Microsoft Corp)

Option to Terminate. Except If (1) the Premises are rendered wholly untenantable or damaged as set forth belowa result of any cause which is not covered by Landlord's actual insurance or Landlord's required insurance under Section 17.3(b); (2) the Premises are damaged or destroyed to the extent of twenty-five percent (25%) or more of the cost of replacement during the last two (2) Lease Years of the Term; (3) the Premises are damaged or destroyed in whole or in part during the last Lease Year of the Term; or (4) the Shopping Center or Resort is damaged to the extent of ten percent (10%) or more of the cost of replacement, Tenant shall have the option then in any of such events, Landlord may elect to terminate this Lease with an effective by giving to Tenant notice of such election within ninety (90) days after the occurrence of such event and, in the case of clause (2) or clause (3), Tenant may elect to terminate this Lease by giving to Landlord notice of such election within thirty (30) days after the occurrence of such event. If such notice is given, this Lease shall terminate as of the date of such notice, and Fixed Minimum Rent and Additional Charges shall be equitably abated until and adjusted as of the date of such termination. Notwithstanding the foregoing provisions, Landlord shall not terminate this Lease solely pursuant to clause (4) of this Section 22.2 unless Landlord terminates the leases of all other similarly situated tenants in the Shopping Center. Notwithstanding the foregoing provisions, if Landlord terminates this Lease solely pursuant to clause (2) or clause (3) in this Section 22.2, and if at the time Tenant received notice of such termination ("Early Termination Date") any time after August 31Tenant's option to extend the Term of this Lease under Section 9.5 may still be validly exercised, 2003. then Tenant may exercise nullify Landlord's termination notice, and require Landlord to repair the Premises in accordance with Section 22.1, by exercising such option by giving Landlord written notice of such exercise within thirty ("Termination Notice"30) at days after Tenant's receipt of Landlord's notice of termination. Tenant hereby waives any time on statutory rights of termination which may arise out of partial or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery total destruction of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Premises which Landlord is able obligated to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidrestore.

Appears in 1 contract

Samples: Play Co Toys & Entertainment Corp

Option to Terminate. Except as set forth belowSubject to Section 29.2 following, Tenant shall have have, and is hereby given, the option to terminate this Lease with an effective date as of termination the last day of the third ("Early 3rd) Lease Year, the fifth (5th) Lease Year or the seventh (7th) Lease Year (as chosen by Tenant) (the “Termination Date") any time after August 31”), 2003provided there exists no Event of Default on the date Tenant notifies Landlord of its intent to exercise this option and Tenant has not assigned the Lease in a transaction requiring Landlord’s consent. Tenant may exercise such this option to terminate only by giving serving upon Landlord written notice of such election ("the “Termination Notice"”), with a copy of such Termination Notice to all Lessors and/or Mortgagees, provided that Landlord has designated such Lessors and Mortgagees in writing by notice from Landlord to Tenant, no later than twelve (12) at any time on or after May 1, 2003. Such notice shall specify months preceding the (i) Early Termination Date, which date shall be less nor earlier than 120 days of delivery of fifteen (15) months preceding the Termination Notice Date (the "Option Period") and (ii) “Required Termination Election Date”). Tenant shall, as a condition to such election, pay to Landlord a termination fee in the amount of additional space desired (1) the Unamortized Transaction Costs Amount (as hereinafter defined), plus (2) the product of four (4) multiplied by Tenantthe Fixed Rent monthly installment, Tax Estimate monthly installment and Expense Estimate monthly installment which would be due and owing for the calendar month immediately following the Termination Date if the Lease had not been terminated (collectively, the “Termination Fee”). If Landlord is able to locate suitable expansion space for Tenant adjacent Upon written request made no earlier than six (6) months prior to the Leased Premises or in other space in Required Termination Election Date, Landlord shall advise Tenant of the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the dollar amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 component (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount 1) of the Termination Fee. If this Lease is not terminated, then the The Termination Fee shall be refunded to Tenant upon due and owing along with the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assignedNotice, and shall be available toa condition to the effectiveness thereof. The portion of component (2) attributable to Tax Estimate and Expense Estimate shall be based upon an estimate provided by Landlord upon Tenant’s request and shall be subject to a true up as soon as reasonably possible following the Termination Date. The “Unamortized Transaction Costs Amount” shall mean Landlord’s unamortized upfront (including those incurred with respect to the Option Space) transaction costs (amortized at 10% over the Term), which costs include leasing commissions, improvement allowances, free rent (or similar concessions, which for purposes hereof, shall be deemed to include the rent for the Additional Premises which would have been paid had the rent for the Additional Premises commenced on the Rent Commencement Date as opposed to the first day of the fourth (4th) Lease Year) and exercisable byactual, reasonable, out-of-pocket attorneys fees. In the event Tenant elects to terminate the Lease pursuant to this Section 29.1, Tenant only when shall, in addition, remain fully obligated for all Rent and other charges, including Tenant’s prorated share of increases in Operating Expenses and Taxes incurred under the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying Lease through the Termination Fee at the same time as Date, including amounts billed subsequent to the Termination Notice)Date and properly allocable to the period prior to the Termination Date. In the event Tenant properly exercises this option, then this Option Landlord shall prepare and the parties shall execute a Termination of Lease Agreement within fifteen (15) days following the date on which Tenant exercises its option to Terminate shall terminate and be null and voidterminate.

Appears in 1 contract

Samples: Lease (Convio, Inc.)

Option to Terminate. Except If during the Term either the Premises or any portion of the Building are substantially damaged or destroyed by fire or other casualty, the Landlord shall have the option (which it may exercise by giving written notice thereof to the Tenant within sixty (60) days after the date on which such damage or destruction occurs) to terminate this Lease as set forth of the date specified in such notice (which date shall not be earlier than the thirtieth (30th) day after such notice is given). On such termination, the Tenant shall pay to the Landlord all Base Rent, Additional Rent and other sums and charges payable by the Tenant hereunder and accrued through such date (as justly apportioned to the date of such termination and subject to the abatement described below). If the Landlord does not terminate this Lease pursuant to this section, the Landlord shall restore the Premises as soon thereafter as is reasonably possible to their condition on the date of completion of Landlord’s Work, taking into account any delay experienced by the Landlord in recovering the proceeds of any insurance policy payable on account of such damage or destruction and in obtaining any necessary permits. Until the Premises are so repaired, the Base Rent (and each installment thereof) and the Additional Rent shall xxxxx in proportion to the floor area of so much, if any, of the Premises as is rendered substantially unusable by the Tenant by such damage or destruction. If during the Term either fifty percent (50%) of the Premises is damaged thereby rendering such portion of the Premises untenantable, or any portion of the Building or the Project is substantially damaged or destroyed by fire or other casualty, or the repairs are estimated by the Landlord to require more than six (6) months from the date of the casualty to complete, the Tenant shall have the option (which it may exercise by giving written notice thereof to Landlord within sixty (60) days after the date on which such damage or destruction occurs) to terminate this Lease with an effective as of the date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise specified in such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall not be less earlier than 120 days of delivery of the Termination Notice thirtieth (30th) day after such notice is given). On such termination, the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent shall pay to the Leased Premises or in Landlord all Base Rent, Additional Rent and other space in sums and charges payable by the project Tenant hereunder and Landlord and Tenant mutually agree in writing on the lease terms and conditions for accrued through such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor date (as and contiguous justly apportioned to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block date of space on a single floor in the Project such termination and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Noticeabatement described above), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Office Lease (Under Armour, Inc.)

Option to Terminate. Except as set forth below, Tenant (but not any permitted successor or assign) shall have the option right to terminate this Lease with an effective date in its entirety, provided that Tenant delivers a written notice of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving to Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able prior to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee)Notice Date as specified in Paragraph 24 of the Basic Lease ------------ Information, which notice shall be irrevocable. The Termination Notice termination shall be valid only if accompanied by a cashier's check in the amount effective as of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded later to Tenant upon the parties written agreement regarding expansion space. If all occur of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on a) the Early Termination Date as specified in Paragraph 23 of the Basic Lease Information or (b) Landlord's ------------ receipt of the Termination Fee (as defined below) in good funds. If Tenant elects to terminate this Lease hereunder, Tenant shall pay Landlord, in addition to all sums payable for the period prior to such termination of the Lease, a fee (the "Termination Fee") equal to the sum of (i) the unamortized cost of the Improvements to the Premises provided or paid for by Landlord and not otherwise reimbursed by Xxxxxx, (ii) the unamortized leasing commissions paid or payable by Landlord in connection with this Lease and (iii) two months of then current rent, all of which costs and commissions shall be amortized on a straight-line basis over the Term at an interest rate of twelve percent (12%) per annum. Upon Xxxxxxxx's determination of the aggregate cost of the improvements to the Premises provided by Landlord and the leasing commissions payable by Landlord in connection with this Lease, Landlord shall inform Xxxxxx in writing of such costs. Notwithstanding the foregoing, if such Tenant is in default under this Lease either at the time Tenant delivers the termination notice or at any time thereafter prior to the effective date were of the termination, Landlord shall have, in addition to all of Landlord's other rights and remedies under this Lease, the right to terminate Xxxxxx's right to terminate this Lease hereunder and to cancel unilaterally Tenant's exercise of its right to terminate this Lease hereunder, in which event the Expiration Date, Date of this Lease shall Terminate on be and remain the Early Termination Date as if such date were the Lease then scheduled Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Digitas Inc

Option to Terminate. Except as set forth below, Tenant shall have the option right to terminate this Lease with an effective date of termination ("Early Termination Date") at any time after August 31the fifth (5th) anniversary of the Commencement Date. Such termination shall be effective no earlier than six (6) months after Tenant's delivery of written notice to Landlord. Said termination right shall only be exercised if Tenant provides documentation reasonably satisfactory to Landlord evidencing the sale of fifty percent (50%) of the stock of EMPI, 2003Inc. to a single purchaser, Tenant's participation in a merger, or the sale of all or substantially all of Tenant's assets. Tenant may exercise such option by giving Landlord will have the right to continue to occupy the Premises pursuant to the terms of this Lease after the written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify of termination until the earlier of (i) Early Termination Date, which the date shall be less than 120 days of delivery of Tenant elects to vacate the Termination Notice (the "Option Period") and Premises or (ii) the amount date Landlord requests possession of additional space desired the Premises from Tenant based on Landlord's written notification. Said notification from Landlord will provide Tenant with a minimum of three (3) months from date of said notification until complete vacation of the Premises by Tenant. If Tenant elects to exercise its Option to Terminate, Tenant will be required to pay a $500,000 termination penalty to Landlord is able to locate suitable expansion space for Tenant adjacent to as follows: $250,000 of this termination penalty will be due upon receipt of the Leased Premises or in other space in the project and termination notice by Landlord and Tenant mutually agree in writing on the lease terms balance will be paid upon termination of Tenant's occupancy. Said termination penalty will be reduced by the difference between $500,000 and conditions Landlord's actual out-of-pocket costs for such expansion space within re-leasing the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by which costs shall include all "lost rental income", as defined below, all lost operating expense reimbursements (including taxes and insurance), all reasonable brokerage commissions and all reasonable tenant improvements required of Landlord must be: to re-let the Premises (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the "Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional RentCredit"), which difference is referred to herein as "Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidRefund." "

Appears in 1 contract

Samples: Empi Inc

Option to Terminate. Except as set forth belowSubject to the terms of this Section XII, Tenant shall will have the a one-time option to terminate this and cancel the Amended Lease with an (the “Termination Option”), effective date as of termination November 30, 2022 ("Early the “Termination Date") any time after August 31”), 2003. Tenant may exercise such option by giving Landlord delivering to Landlord, on or before November 30, 2021, written notice of Tenant’s exercise of its Termination Option ("the “Termination Notice") at any time on or after May 1”). As a condition to the effectiveness of Tenant’s exercise of its Termination Option, 2003. Such notice shall specify and in addition to Tenant’s obligation to satisfy all obligations arising under the (i) Early Amended Lease through to the Termination Date, which date shall be less than 120 days Tenant must timely pay to Landlord cash (or its equivalent) in the total amount of delivery of the Termination Notice Nine Hundred Forty-Four Thousand Three Hundred Twelve and 83/100 Dollars ($944,312.83) (the "Option Period"“Termination Consideration”), which amount comprises the following items: (a) and an amount equal to the unamortized (iii.e., amortized on a straight line basis over the Extended Term with interest at the rate of 7% per annum) cost of Landlord’s Work, the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space the Space Planning Allowance utilized for Space Planning, the amount of the Allowance utilized for the Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option PeriodImprovements, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired the Remodeling Allowance utilized for Remodeling; plus (b) the unamortized (i.e., amortized on a straight line basis over the Extended Term with interest at the rate of 7% per annum) brokerage commission paid or payable by Tenant. If no such written agreement is executed within the Option Period, then Landlord with respect to this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord Amendment; plus (c) an amount equal to $10,315.68 the unamortized (i.e., amortized on a straight line basis over the Extended Term with interest at the rate of 7% per annum) Abated Amount. One-half (1/2) of the Termination Fee). The Consideration shall be paid by Tenant to Landlord concurrently with Tenant’s delivery to Landlord of its Termination Notice and the remaining one-half (1/2) of the Termination Consideration shall be valid only if accompanied paid by Tenant to Landlord on or before that date which is seven (7) days prior to the Termination Date, Tenant agrees that the Termination Consideration is not in the nature of a cashier's check penalty and represents the value of unamortized economic concessions granted to Tenant under this Lease, as well as consideration for the uncertainty in the amount of time Landlord will require in order to re lease the Existing Premises. If Tenant properly and timely exercises the Termination Fee. If this Lease is not terminated, then Option and properly and timely delivers the Termination Fee shall be refunded Consideration to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, Landlord and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant satisfies ail obligations under the Amended Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the provisions regarding surrender of the Existing Premises, all of which must be accomplished on or before the Termination Fee at Date, then the same time Amended Lease will terminate as of midnight, Arizona Time, on the Termination Notice)Date. Notwithstanding the foregoing, then if Tenant elects to lease any space pursuant to Section XI above or otherwise adds any additional space to the Existing Premises following the date of this Amendment, the Termination Option to Terminate shall terminate be deemed void and be null and voidof no further force or effect.

Appears in 1 contract

Samples: Lease Amendment Eleven (Mesa Air Group Inc)

Option to Terminate. Except as set forth below, Tenant shall have grants Landlord the option to terminate this Lease with an effective upon at least twelve (12) months prior written notice to Tenant (the "Early Termination Notice") setting forth the date of termination (the "Early Termination Date") any time after August on which the term of the Lease shall end. The Early Termination Date shall not be earlier than September 30, 2009 or later than December 31, 20032010. Tenant may exercise such option shall have the right to extend the Early Termination Date up to five (5) months in order to allow the completion of the academic semester during which the Early Termination date occurs by giving Landlord written notice ("of extension of the Early Termination Notice") at any time on or after May 1, 2003. Such notice shall specify Date which specifies the (i) extended Early Termination Date, which date shall such notice to be less given no later than 120 thirty (30) days after Tenant's receipt of delivery Landlord's Early Termination Notice. The extended Early Termination Date may be up to three (3) weeks after the last day of the Termination Notice applicable academic semester but in no event more than five (the "Option Period"5) and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on months after the Early Termination Date specified in Landlord's notice. Landlord's Early Termination Notice shall certify that the tenant or other occupant of the High School of Environmental Studies located at 444 West 56th Street does not intend to extend its lease for an xxxxxxxxxx xxxx xxxxnd September 30, 2009. Provided that Tenant vacates the demised premises on or before the Early Termination Elate (as if such date were the Lease Expiration Date, same may be extended under this Lease shall Terminate Article) and surrenders possession thereof to Landlord on or before the Early Termination Date (as if such date were the Lease Expiration Datesame may be extended under this Article), Landlord shall pay Tenant, within thirty (30) days after Tenant's timely surrender, the sum of $100,000 (the "Timely Surrender Payment") TIME BEING OF THE ESSENCE OF TENANT'S PERFORMANCE UNDER THIS ARTICLE. The foregoing option Tenant acknowledges and rights are subject agrees that Tenant shall not be entitled to there having been no uncured and continuing Event of Default on the part payment of the Timely Surrender Payment if Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is remains in actual possession and physical occupancy of the Leased Premises. Should Tenant fail demised premises or otherwise fails to perform any surrender possession of its required obligations the demised premises to Landlord on or before the Early Termination Date (as the same may be extended under this section (including, without limitation, paying the Termination Fee at the same time as the Termination NoticeArticle), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: And Lease Extension Agreement (Evci Career Colleges Inc)

Option to Terminate. Except as set forth below, Tenant shall have the option one-time right to terminate this the Lease with an effective date and surrender possession of termination the Premises at the end of the thirty-sixth ("Early 36th) month following the Rent Commencement Date (the “Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord providing written notice to Landlord of its intent to terminate ("the “Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the before nine (i9) Early Termination Date, which date shall be less than 120 days of delivery of months prior to the Termination Notice Date (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option PeriodDate”), then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) together with a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check payment in the amount of $106,037.50 representing one-half (1/2) of the $212,075.00 termination fee (the “Termination Fee”) accompanying the Termination FeeNotice. If this Lease The second installment of the Termination Fee in the amount of $106,037.50 shall be due and payable on the Termination Date. The Termination Fee equals the sum of (a) a penalty in the amount of $21,000.00, (b) unamortized leasing commissions paid by Landlord in the amount of $48,312.00, and (c) the unamortized cost of the Landlord Improvements in the amount of $142,763.00 (based upon the estimated cost of that portion of the Landlord Improvements that are specific to Tenant’s use). At such time as the actual cost of the Landlord Improvements is not terminateddetermined, then the Termination Fee shall be refunded re-calculated by Landlord and notice of same shall be furnished to Tenant upon Tenant. Effective on the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease Tenant shall terminate on surrender the Early Termination Date as if such date were Premises in the condition required hereunder and the rights, liabilities and obligations of the parties hereunder shall cease and terminate, except that: (a) each party shall remain liable for all outstanding amounts due under the Lease Expiration and other obligations owing under the Lease that have accrued on or prior to the Termination Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part (b) all obligations of the Tenant parties under the Lease, are personal including Tenant’s environmental indemnification of Landlord, accruing on or prior to the original date that Tenant executing vacates the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical Premises or arising out of Tenant’s occupancy of the Leased Premises, shall remain in full force and effect. Should Tenant fail to perform any In the event the Termination Notice and the first installment of its required obligations under this section (including, without limitation, paying the Termination Fee at are not delivered to Landlord on or before the same time as Option Date or the second half installment of the Termination Notice)Fee is not delivered to Landlord on or before the Termination Date, then the option to terminate contained within this Option to Terminate Paragraph 27 shall terminate and be null and voidvoid and of no further force or effect and the Lease shall continue in accordance with its terms. 28.

Appears in 1 contract

Samples: Lease Agreement (Zones Inc)

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Option to Terminate. Except as set forth below, Tenant shall have the option one-time right to terminate this Lease with an effective date as of termination ("Early Termination Date") any time after August 31June 30, 2003. , provided Tenant may exercise such option by giving gives Landlord written notice ("Termination Notice") at any of its intention to so terminate this Lease no later than June 30, 2002, time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery being of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenantessence. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective elects to terminate this Lease. If , Tenant shall pay to Landlord a fee (the expansion space is not located on the same floor as and contiguous "Termination Fee") to compensate Landlord for, among other things, its unamortized costs related to the Leased Premises, then any alternative space proposed by Landlord must be: cancelled term of the Lease. The Termination Fee shall be calculated as follows. The Landlord's Costs (ias hereinafter defined) shall be amortized over a single, contiguous block period of space on one hundred twenty (120) months from the Lease Commencement Date assuming a single floor in monthly constant payment of principal and interest at the Project and rate of ten percent (ii10%) large enough to accommodate per annum. The Termination Fee shall equal the Expanded Premises and balloon payment that would be due at the amount commencement of additional space desired by Tenant. If no the sixty-first (61st) month under such written agreement is executed within an amortization schedule plus the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to two (2) months of the fixed monthly rent for the sixth year of this Lease (i.e., $10,315.68 (Termination Fee86,716.14, or two times $43,358.07). The Termination Notice As used herein, the Landlord's Costs shall be valid only if accompanied by a cashierthe sum of all leasing commissions due for the leasing of the entire Premises for the initial ten-year Lease Term, the Improvement Allowance (as hereinafter defined) and Landlord's check attorneys' fees and expenses for the preparation and negotiation of this Lease. Tenant shall pay the Termination Fee in full at the time of Tenant's delivery of its written notice of termination to Landlord. Within one month after the Lease Commencement Date, Landlord and Tenant shall confirm in writing the amount of the Termination Fee. If this Lease is ; however, failure to confirm said fee shall not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and in any additional Rent), way affect Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on liability therefor if the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing termination option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidexercised.

Appears in 1 contract

Samples: Office Lease (Yellow Brix Inc)

Option to Terminate. Except as set forth below, Tenant shall have the right to terminate this Lease, effective as of the last day of the tenth (10th) Lease Year (the “Termination Effective Date”), by giving written notice to Landlord of its election to so terminate no later than the first day of the calendar month that is eighteen (18) months preceding the Termination Effective Date. Upon Tenant’s exercise of its termination option hereunder, a termination fee (the “Termination Fee”) shall automatically become due from Tenant to Landlord in an amount equal to 100% of the then unamortized principal balance of each of: (a) the Tenant Improvement Allowance of $50/square foot set forth on Exhibit “D” attached hereto and incorporated herein on the Termination Effective Date and (b) the brokerage commissions paid by Landlord in connection with this Lease ($11.46/square foot, as set forth on Exhibit “D” attached hereto and incorporated herein as of the Termination Effective Date), which items set forth at subsections 3.4(a) and (b) hereof shall be amortized on a mortgage amortization basis assuming an amortization period of one hundred eighty (180) months beginning as of the Commencement Date, and an imputed interest rate of eight percent (8%) per annum. Based on a total rentable square footage within the Building of 118,031 rentable square feet and the terms of Exhibit “D”, the Termination Fee payable on the Termination Effective Date (the last day of tenth (10th) Lease Year after the Commencement Date) would be $3,418,739. In the event that Tenant exercises its termination option pursuant to this Section 3.4, Tenant shall pay to Landlord the Termination Fee on or before the Termination Effective Date. In the event that the Termination Fee is not timely paid by Tenant, Landlord shall provide Tenant with not less than ten (10) days written notice of such failure to pay, and if Tenant does not thereafter pay the same within such ten (10) day period, Tenant’s right to terminate this Lease in accordance with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date this Section 3.4 shall be less than 120 days deemed void, invalid and of delivery of the Termination Notice (the "Option Period") no force or effect, and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees continue in full force and effect without regard to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidSection 3.4.

Appears in 1 contract

Samples: Lease Agreement (Griffin Capital Net Lease REIT, Inc.)

Option to Terminate. Except If the Building, the Premises or any portion thereof are materially damaged by fire or any other casualty, Landlord will provide to Tenant with reasonable diligence, but in no event more than sixty (60) days after the occurrence of the fire or other casualty, an estimate from a construction professional (together with Landlord’s agreement thereto) of the time necessary to repair and restore the Premises to substantially the same condition as set forth belowexisted immediately prior to such casualty (the “Construction Estimate”). If the Construction Estimate states that the Premises cannot be so restored within two hundred seventy (270) days following the date of such casualty, Tenant shall have the option to may terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord providing written notice of its election to do so to Landlord within twenty ("Termination Notice"20) at any time on or business days after May 1, 2003. Such notice shall specify the (i) Early Termination Date, date upon which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired Construction Estimate is provided to Tenant by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this LeaseLandlord. If the expansion space Lease is not located on so terminated, the same floor termination will be effective as and contiguous to of the Leased Premises, then any alternative space proposed by Landlord must be: date of the casualty (i) a single, contiguous block of space on a single floor or such later date that Tenant shall cease operations in the Project Premises), and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no any Rent paid for any period beyond such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee date shall be refunded to Tenant upon (and/or apportioned, if applicable as a result of use of a portion of the parties written agreement regarding expansion spacePremises by Tenant after the fire or casualty). If all Tenant fails to notify Landlord of its desire to terminate this Lease within such twenty (20) business day period, Tenant shall be deemed to have waived its right to terminate this Lease under this Section 11.1. If the Premises or any material portion of the foregoing conditions are timely satisfied Buildings is destroyed or materially damaged by Tenantfire or other casualty at any time during the last twenty four (24) months of the Term, then Landlord and Tenant shall each have the right independent of the other to terminate this Lease by giving written notice to the other within sixty (60) days after the date of such destruction; provided, if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share exercises an option to extend the term of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Datewithin thirty (30) days after receipt of Landlord’s notice of termination, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event Landlord’s notice of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and termination will be null and void, but subject to the terms of Section 5.2 hereof regarding the setting of the Market Rate Rent during such Extension Term and the right of Tenant to rescind such election thereunder. In the event of termination of this Lease pursuant to this Section 11.1, then all Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs; in the event this Lease is not terminated hereunder, Landlord shall promptly commence and complete the required repair and restoration. Tenant shall give prompt notice to Landlord in case of fire or casualty in the Leased Premises.

Appears in 1 contract

Samples: Lease Agreement (Griffin Capital Net Lease REIT, Inc.)

Option to Terminate. Except 30.1 Provided that no Event of Default shall exist under this Lease or would exist but for the pendency of any cure period provided for in Section 20.1 herein, either on the date Tenant delivers its Termination Notice (as set forth belowhereinafter defined) or on the Termination Date (as hereinafter defined), Tenant shall have the option one-time right to terminate this Lease with an effective date respect to all or any portion of termination the Premises as of the last day of the seventy-second ("Early 72nd) full calendar month following the Commencement Date (the “Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord at least nine (9) months prior written notice ("the “Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check payment of a termination fee (the “Termination Fee”) to Landlord in the amount of the Termination Feeunamortized portion of all tenant improvements and commissions paid by Landlord in connection with this Lease (including the commissions paid to the Brokers and the Tenant Work Allowance), which amount shall accrue interest at 8.0% per annum and be amortized over the initial Term for which Basic Rent is payable. If Tenant exercises this right to terminate this Lease, Tenant’s Right of First Offering, Right of First Refusal, and Renewal Option shall automatically terminate and be of no further force and effect. Tenant’s failure to pay such Termination Fee simultaneously with Tenant’s delivery of its Termination Notice shall render void the termination of this OFFICE LEASE PAGE 41 Park Ten Plaza – RigNet, Inc. Table of Contents Lease and this Lease is not terminatedshall continue in full force and effect. Tenant shall pay all Rent due to and through the Termination Date specified and shall surrender the Premises to Landlord on or before the Termination Date in the manner and in the condition provided for in this Lease. Tenant shall permit Landlord or its Agents, then at any time and without notice, to enter the Premises, without charge therefore to Landlord and without diminution of Rent, to exhibit the same to prospective tenants during such nine (9) month period. The Termination Fee shall not be refunded deemed to be Rent payable under the terms of this Lease, but rather shall be deemed liquidated damages payable by Tenant upon the parties written to Landlord in consideration of Landlord’s agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall to terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidherein provided.

Appears in 1 contract

Samples: Office Lease (RigNet, Inc.)

Option to Terminate. Except as set forth belowProvided Tenant is not then in default under the terms of this Lease, Tenant shall have the option right to terminate this Lease with an effective date as of termination the end of the forty-eighth ("Early Termination Date"48th) any time after August 31month of the Lease Term. If Tenant does not terminate the Lease as of the end of the 48th month of the Lease Term, 2003Tenant shall also have the right to terminate this Lease effective as of the end of the sixtieth 60th) month of the Lease Term. Tenant may exercise such option by giving must provide Landlord at least one hundred eighty (180) days prior written notice ("Termination Notice"i.e., 180 days prior to the end of the 48th month of the Lease Term or 180 days prior to the end of the 60th month of the Lease Term, as applicable) at any time of its election to exercise this option to terminate. If Tenant fails to provide Landlord with such written notice on or after May 1before such applicable one hundred eighty (180) day period, 2003Tenant's option to terminate for such particular time period shall become null and void and Tenant shall have no further options to terminate for such period. Such notice shall specify If Tenant fails to terminate the (i) Early Termination Date, which date shall be less than 120 days of delivery Lease as of the Termination Notice (end of the "Option Period") and (ii) 48th or 60th month of the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Lease Term, Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective have no further options to terminate this Lease. If In connection with said termination and as liquidated damages to compensate Landlord for the expansion space is not located on the same floor as and contiguous to the Leased Premisesdamage it will incur in connection with an early termination, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then if Tenant terminates this Lease as of the end of the 48th month of the Lease Term, Tenant shall terminate on the Early Termination Date. Tenant agrees pay a fee to pay Landlord an amount equal to $10,315.68 six (Termination Fee). The Termination Notice shall be valid only if accompanied 6) months Monthly Rent, Operating Expenses and Taxes at the rates being paid by a cashier's check in the amount Tenant as of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all 48th month of the foregoing conditions are timely satisfied by TenantLease Term, and if Tenant pays terminates this Lease as of the end of the 60th month of the Lease Term, Tenant shall pay a fee to Landlord equal to three (3) months Monthly Rent, Operating Expenses and Taxes at the rates being paid by Tenant as of the 60th month of the Lease Term. In addition to the foregoing applicable payment, Tenant shall also pay all rent unamortized tenant improvement costs and leasing commissions amortized over eighty-four (including Base Rent 84) months at a per annum rate of ten percent (10%) per annum. The parties acknowledge that it would be difficult to calculate Landlord's damages in the event of an early termination and any additional Rent), that the above sum is a reasonable estimate of such damages. Tenant shall pay such sum at the time of its giving the foregoing notice or such notice shall be null and void and Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease option to terminate shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and thereupon be null and void. In addition, the parties shall execute a termination agreement in connection with such early termination. Landlord shall be entitled to show the Premises to prospective tenants or purchasers as of the date it receives Tenant's notice of its election to terminate the Lease.

Appears in 1 contract

Samples: Office Lease (Link2gov Corp)

Option to Terminate. Except Subject to the provisions of Section 26 of the Lease, and provided that Tenant is not in default beyond any applicable notice and cure periods at the time of Tenant’s exercise of the Option or as set forth belowof the Termination Date (as defined hereinafter), Tenant shall have the one-time option to terminate this Lease with an effective date of termination ("Early Termination Date") at any time after August 31, 2003the last day of the twenty-ninth (29th) full calendar month of the Term and prior to the last day of the forty-second (42nd) full calendar month of the initial Term (the “Termination Date”). Tenant may exercise such option shall provide to Landlord on a date which is prior to the Termination Date by giving Landlord at least two hundred seventy (270) days (the “Notice Date”), a written notice ("Termination Notice") at any of the exercise of the Option to terminate the Lease, time on or after May 1, 2003being of the essence. Such notice shall specify be given in accordance with Section 40 of the Lease, as modified by Section 26.6. If notification of the exercise of the Option is not so given and received, the Option granted hereunder shall automatically expire. As a condition to the effectiveness of this Option, Tenant shall pay to Landlord on the Notice Date an amount equal to (A) (i) Early Termination Dateall unamortized out-of-pocket brokerage fees and tenant improvement costs (amortized on a straight line basis over the initial Term including an interest rate of eight percent (8%) per annum), which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) Landlord’s unamortized legal costs (not to exceed Two Thousand Five Hundred and 00/100 Dollars ($2,500.00)), incurred by Landlord in connection with the amount Lease, as detailed by Landlord in a written statement, (B) the Base Rent Abatement, and (C) four (4) months of additional space desired Base Rent and Additional Rent which would have been due under the Lease during the four (4) consecutive months following the Termination Date, as detailed by Landlord in a written statement (items (A), (B) and (C) are collectively, the “Termination Payment”). It shall be Tenant. If ’s obligation to request in writing from Landlord is able to locate suitable expansion space for Tenant adjacent prior to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option PeriodNotice Date, then Landlord’s calculation of the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee)Payment. The Termination Notice shall be valid only if accompanied Payment is in addition to payment by a cashier's check in the amount Tenant of all other amounts payable by Tenant to Landlord pursuant to the Lease prior to the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Wilshire Enterprises Inc

Option to Terminate. Except as set forth below, Tenant shall have the option a one-time right to terminate this the Lease with an effective date as of termination the last day of the ninety-fourth (94th) month of the Relocation Term (the "Early Termination Date") any time after August 31, 2003). Tenant may shall exercise such option by giving Landlord right to terminate upon delivery of a written notice thereof to Landlord (the "Termination Notice") at any time on given not less than twelve (12) months prior to the Termination Date. In connection with the exercise of the option to terminate provided herein, Tenant shall pay to Landlord a "Termination Fee" which is defined as that amount equal to (a) the unamortized portion of that amount expended by Landlord or after May 1, 2003. Such notice shall specify the given by Landlord as a concession or benefit to Tenant in connection with (i) Early the Construction Costs, including the Improvement Allowance, described in Exhibit B, the Workletter, (ii) the commissions paid by Landlord to the Brokers, (iii) the amount of abated Rent pursuant to Section 5 hereof, and (iv) the amount of Basic Rent and Additional Rent that would otherwise have been payable with respect to the Existing Premises during the period from the Give Back Date through March 31, 2017, but for the termination of Tenant's obligation to pay such Rent as provided in Section 3, such amortization to be made evenly over the last one hundred twenty (120) months of the Relocation Term (such amortization to be at an annual rate of interest of eight percent (8%)) and (b) three (3) months of Basic Rent and Additional Rent equal to such Rent payable for the month in which such Termination Date occurs. Prior to the Execution Date, Landlord has delivered to Tenant a calculation of the Termination Fee dated March U, 2016 which date includes certain adjustments to be made to the Additional Rent portion of the abated Rent described in item (iii) of the foregoing sentence and also to the Rent with respect to the Existing Premises described in item (iv) of the foregoing sentence, which adjustments need to be made based upon amounts to be determined as of September 30, 2018 (the "Calculation"). The Calculation has been accepted and approved by Tenant. The adjusted amounts described in the Calculation shall be less than 120 days determined by Landlord and provided to Tenant within a reasonable period after said amounts are determined. Tenant shall pay fifty percent (50%) of delivery the Termination Fee to Landlord as of the date of the Termination Notice and such payment shall accompany such Notice. Subsequent to Tenant's payment of the fifty percent (the "Option Period"50%) and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee, the remaining fifty percent (50%) portion of the Termination Fee shall be payable to Landlord no later than thirty (30) days prior to the Termination Date. If this Lease In the event that the Termination Fee is not terminatedpaid at the times stated herein, the option to terminate shall be null and void and of no further force and effect. Tenant may only exercise the option to terminate described herein if at the time Tenant notifies Landlord of the exercise of the option to terminate and as of the Termination Date an Event of Default has not occurred and is continuing under the Lease. Except as otherwise expressly provided herein, the Termination Notice may not be modified or withdrawn by Tenant after delivery thereof to Landlord. In addition to the payment of the Termination Fee as provided herein, Tenant shall continue to be obligated to pay all Monthly Basic Rent and Additional Rent arising under the Lease through and including the Termination Date. Upon an exercise by Tenant of the right to terminate in accordance with the provisions hereof, the Termination Date shall be deemed to be the Relocation Expiration Date of the Lease. Notwithstanding any other provision hereof, in the event that, during the Relocation Term, the rentable square feet of the Premises (being the Relocation Premises) is increased as a result of Tenant's exercise of the right of first offer set forth in Section 11 or of the expansion right set forth in Section 12 or otherwise, then the Termination Fee set forth herein shall be refunded appropriately increased by Landlord to address any concessions, abatements, construction costs, tenant improvement allowances, brokers' commissions and other relevant costs incurred by Landlord or benefits provided to Tenant upon the parties written agreement regarding with respect to any such expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent consistent with item (including Base Rent and any additional Renta)(i), Tenant's Pro Rata Share of Excess Operating Costs, (ii) and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option (iii) and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section item (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidb) above.

Appears in 1 contract

Samples: Office Lease (Surgical Care Affiliates, Inc.)

Option to Terminate. Except as set forth below, Tenant shall have the option a one time right to terminate this the Lease with an effective date of termination on *1 ("Early Termination Date") any time after August 31, 2003). Tenant may In order to exercise such option by giving option, Tenant shall give Landlord prior written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days *2 of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective its election to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the an amount of the equal to $*3 ("Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space"). If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been existing no uncured and continuing Event of Default on the part of the which Tenant under the Leasehas been notified and no prior Event of Default which Tenant failed to cure within any applicable cure period, are personal to the original Tenant executing the Lease, may not be assigned; provided, and shall however, such right to terminate may also be available toexercised by any parent, and exercisable byaffiliate or subsidiary of Tenant, Tenant only when the original Tenant or any entity acquiring Tenant, to which this Lease may have been assigned. Time is in actual possession and physical occupancy of the Leased Premisesessence in the exercise of Tenant's Option to Terminate. Should Tenant fail to exercise such option and deliver notice thereof to Landlord, or fail to perform any of its required obligations under this section within the time periods set forth above (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate Expand shall terminate and be null and void.. Within ten (10) days of Tenant's receipt of an invoice for same, Tenant shall promptly pay to Landlord the unamortized amount (factored with a ten percent annual interest rate) of the Allowance utilized by Tenant in the construction of the Leasehold Improvements and any brokerage fees and commissions paid by Landlord in conjunction with this Lease. *1 the last day of the seventh (7th) lease year *2 no less than nine (9) months prior to the Early Termination Date

Appears in 1 contract

Samples: Icarus International Inc

Option to Terminate. Except as set forth belowLandlord shall use diligent and good faith efforts to obtain a waiver from Prime Landlord so that Tenant is exempted from the requirement to pay Responsible Wages per section 2-11.16 of the County Code for construction work performed on the Property by Landlord (the “Waiver”) within one twenty (120) days following the Execution Date (“Termination Option Period”). For the avoidance of doubt, the Waiver is not meant to address improvements that Tenant may perform and seek grant money to fund. If the Waiver is not received on or before the expiration of Termination Option Period, or if Landlord notifies Tenant in writing prior to the expiration of the Termination Option Period that the Waiver has been denied by the Prime Landlord, then no later than fifteen (15) days following the earlier of the foregoing conditions to occur, Tenant shall have the option to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective right to terminate this Lease. If the expansion space is not located on the same floor as and contiguous Tenant fails to the Leased Premises, then any alternative space proposed by notify Landlord must be: (i) a single, contiguous block in writing of space on a single floor in the Project and (ii) large enough its election to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed terminate this Lease within the Option Periodsaid time period, then this contingency shall be deemed satisfied and the Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount continue, time being of the Termination Feeessence. If Tenant elects to terminate this Lease is not terminatedas provided above, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and shall thereafter be released from any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing further obligations under this Lease through such Early Termination Dateexcept for the obligations which expressly survive termination, this Lease which shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (includinginclude, without limitation, paying Landlord’s obligation to reimburse Tenant for any payment of its share of Aviation Annual Land Rent (as defined in Section 4.01(A) of the Prime Lease) made by Tenant during the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidPeriod.

Appears in 1 contract

Samples: Sublease Agreement (Sky Harbour Group Corp)

Option to Terminate. Except as set forth belowIf during the Term either the Premises or the Building are damaged by fire or other cause to such extent that the damage, Tenant in the reasonable determination of an independent engineer, cannot be fully repaired within one hundred eighty (180) days from the date of the casualty (or if despite a shorter estimate, the restoration in fact takes longer than one hundred eighty (180) days from the date of the casualty), Landlord or Tenant, upon notice to the other party, may terminate this Lease, in which event the Rent shall be apportioned and paid to the date of such damage. Notwithstanding anything herein to the contrary, Landlord shall have the option right to terminate this Lease with an effective if (1) insurance proceeds are insufficient to pay the full cost of such repair and restoration (provided Landlord maintained the insurance required pursuant to the terms of this Lease), (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws do not permit such repair and restoration, or (4) Landlord elects to raze the Building after any substantial damage to the Building. On such termination, the Tenant shall pay to the Landlord all Base Rent, Additional Rent and other sums and charges payable by the Tenant hereunder and accrued through the date of termination ("Early Termination Date") any time after August 31such casualty. If neither party terminates this Lease pursuant to this section, 2003. Tenant may exercise such option by giving the Landlord written notice ("Termination Notice") at any time shall restore the Premises as soon thereafter as is reasonably possible to their condition on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery completion of the Termination Notice Landlord’s Work, taking into account any delay experienced by the Landlord in recovering the proceeds of any insurance policy payable on account of such damage or destruction and in obtaining any necessary permits. Until the Premises are so repaired, the Base Rent (the "Option Period"and each installment thereof) and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent Additional Rent shall xxxxx in proportion to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Periodfloor area of so much, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premisesif any, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease Premises as is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied rendered substantially unusable by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidby such damage or destruction.

Appears in 1 contract

Samples: Commercial Lease (Millennial Media Inc.)

Option to Terminate. Except Provided Tenant is not in default of its obligations under the Lease and Tenant has not assigned its rights under the Lease (except as set forth permitted pursuant to Article 17 below), Tenant shall have the option to terminate this Lease with an ("Option to Terminate") after completion of the sixtieth (60th) month of the Lease Term upon the following terms and conditions. In order to effectively exercise the Option to Terminate, Tenant shall deliver written notice of its exercise of the Option to Terminate, to be effective twelve (12) months following such exercise, and shall pay a termination fee equal to the sum of (1) three months Rent effective as of the date of such notice, and (2) all unamortized leasing commissions of Landlord due in connection with this Lease, all as reasonably determined by Landlord using an interest rate of 11% per annum. In the event Tenant delivers its notice that it has elected to exercise the Option to Terminate, Landlord shall deliver to Tenant, Landlord's determination of the termination ("Early Termination Date") any time after August 31, 2003fee. Tenant may exercise shall pay the termination fee to Landlord within thirty (30) days after receipt of Landlord's determination of such option by giving Landlord written notice ("Termination Notice") fee, at any which time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date this Lease shall be less than 120 days deemed terminated with no further obligation on the part of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent either party to the Leased Premises other except for those obligations which specifically survive the expiration or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate earlier termination of this Lease. If The Option to Terminate shall be null and void if any of the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must befollowing occur: (i) a singleTenant fails to pay the termination fee within the time period provided herein, contiguous block of space on a single floor in the Project and or (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and assigns its rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Lease Agreement (Frontier Airlines Inc /Co/)

Option to Terminate. Except as set forth belowIf fire or other casualty shall render the whole or any material portion of the Demised Premises unsuitable for the conduct of Tenant's normal business operations thereon, but the Demised Premises could commercially reasonably be restored to its condition immediately prior to such casualty within two hundred ten (210) days from the date of such event, Landlord shall promptly commence and diligently pursue to completion the repair and restoration of the Demised Premises to their condition prior to the fire or other casualty and complete such work promptly but, in any event, within such two hundred ten (210) day period (subject to Force Majeure) and notify Tenant that it will be doing so, such notice to be mailed within thirty (30) days from the date of such damage or destruction, and this Lease shall have remain in full force and effect. If the option Demised Premises cannot commercially reasonably be expected to be made tenantable within two hundred ten (210) days from the date of such event, Landlord or Tenant, by notice in writing to the other, mailed within thirty (30) days from the date of such damage or destruction, may terminate this Lease with an effective upon a date which is thirty (30) days from the date of termination ("Early Termination Date") any time after August 31such notice. In the event of such termination, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination DateTenant shall pay to Landlord (or its Mortgagee, which date shall as their interests may appear) all proceeds received by Tenant from casualty insurance policies required to be less than 120 days of delivery of carried by Tenant under this Lease and attributable to the Termination Notice (the "Option Period") Landlord's Improvements, and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or all unearned rent and other charges paid in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee advance shall be refunded to Tenant. In the event Landlord elects to rebuild or restore the Demised Premises and fails to complete said restoration or repairs within the time period set forth hereinabove, Tenant may, upon thirty (30) days written notice to Landlord given within two hundred twenty (220) days from the parties written agreement regarding expansion space. If all date of casualty, terminate the foregoing conditions are timely satisfied by Tenant, Lease and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this said Lease shall terminate on unless Landlord completes the Early Termination Date as if such date were restoration or repair within said thirty (30) day notice period, in which case the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option will remain in full force and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voideffect.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Option to Terminate. Except as set forth belowA. Damage or Destruction of Substantially All of the Improvements: In the event that substantially all of the Improvements are damaged or destroyed by a Casualty that is not the result of the willful misconduct of Tenant or any of its agents, employees, members, or contractors, Tenant shall have may, at its option (exercised with reasonable promptness in the option circumstances, but in all events within ninety (90) days after the date Tenant receives the written notification of the estimated time to remedy such Casualty), terminate this Lease Agreement by (i) serving upon Landlord notice within such period setting forth Tenant's election to terminate this Lease with an effective date Agreement as a result of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery Casualty as of the Termination Notice (end of the "Option Period") calendar month in which such notice is delivered to Landlord and (ii) paying to Landlord, concurrently with the amount service of additional space desired by Tenantsuch notice, pro- rated portion of Annual Rental through the date of said termination. If Landlord is able to locate suitable expansion space for Tenant adjacent to Upon the Leased Premises or in other space in service of such notice and the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for making of such expansion space Payments within the Option Periodforegoing time period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease Agreement shall cease and terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check date specified in such notice with the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, same force and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date effect as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date date originally fixed as if such date were the Lease Expiration Date. The Failure to terminate this Lease Agreement within the foregoing option time period shall constitute an election by Tenant to keep this Lease Agreement in force. If Tenant elects to so keep this Lease Agreement in full force and rights are subject effect, Landlord shall commence to there having been no uncured perform the Casualty Repair Work and continuing Event of Default on prosecute such Casualty Repair Work to completion as provided in this Article 10, unless the part Casualty occurs at any time during the last four (4) years of the Lease Term in which event Landlord may elect to terminate this Lease Agreement by written notice to Tenant within one hundred twenty (120) days after such Casualty, with such termination to be deemed a termination by Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy terms of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidArticle 10.

Appears in 1 contract

Samples: Lease Agreement

Option to Terminate. Except as set forth belowIf during the Term either the Premises or any portion of the Building, Tenant the Common Areas, the total leased area, or the Property are Substantially Damaged or Destroyed by fire or other casualty, Landlord shall have the option (which it may exercise by giving written notice thereof to Tenant within sixty (60) days after the date on which such Substantial Damage or Destruction occurs) to terminate this Lease with an effective as of the date of termination ("Early Termination Date") any time after August 31, 2003. Tenant may exercise specified in such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall not be less earlier than 120 days of delivery the thirtieth (30th) day after such notice is given). “Substantial Damage and Destruction” and “Substantially Damaged or Destroyed” shall mean serious damage or destruction rendering unusable 33% or more of the Termination Notice rentable square feet of the Premises, the Food Court Common Area and/or the total square footage of the Building. On such termination, Tenant shall pay to Landlord all Base Rent, Rent and other sums and charges payable by Tenant hereunder and accrued through such date (as justly apportioned to the "Option Period") and (ii) the amount date of additional space desired by Tenantsuch termination). If Landlord does not terminate this Lease pursuant to this Section 15.1, Landlord shall restore the Building and/or Premises as soon thereafter as is able reasonably possible, but not longer than 90 days, to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing their condition on the lease terms date of completion of Landlord's Work, taking into account any delay experienced by Landlord in recovering the proceeds of any insurance policy payable on account of such damage or destruction and conditions for such expansion space within the Option Periodin obtaining any necessary permits and, then the Termination Notice shall not be effective to failing such, Tenant may terminate this Lease. If Until the expansion space is not located on Premises are so repaired, the same floor as Base Rent (and contiguous each installment thereof) and the Rent shall xxxxx in proportion to the Leased Premisesfloor area or essential operating area of so much, then any alternative space proposed by Landlord must be: (i) a singleif any, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease Premises as is not terminated, then the Termination Fee shall be refunded to rendered substantially unusable by Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges such damage or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voiddestruction.

Appears in 1 contract

Samples: Lease Agreement

Option to Terminate. Except 16.01 Provided that the Tenant in use and occupation of all of the Leased Premises is Navarre Corporation or a permitted Transferee as set forth belowprovided for in Section 7.01(d) herein and it has not been and is not then in default of its covenants and obligations under this Lease beyond any applicable cure period, the Tenant shall have the an option to terminate this Lease with an (the “Option to Terminate”) effective on such date of termination falling between March 1, 2012 and February 28, 2013, both inclusive ("Early the “Effective Termination Date") any time after August 31”), 2003as may be elected by the Tenant in accordance with this section. This Option to Terminate is conditional upon the Tenant may exercise such option by giving delivering to the Landlord a written notice ("the “Termination Notice") at any time on or after May 1electing to exercise the same, 2003which Termination Notice must be received by the Landlord by the date which is six (6) months prior to the Effective Termination Date. Such notice shall specify the The Termination Notice: (i) Early Termination Date, which shall specify an effective termination date that shall be less than 120 days of delivery of at least six (6) months following the date that the Termination Notice (is delivered to the "Option Period") Landlord; and (ii) the amount of additional space desired shall be accompanied by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent a lease termination fee payable to the Leased Premises or Landlord in other space an amount equal to six (6) months gross Rent (the “Termination Fee”). Such Termination Fee shall be based on; (a) the Basic Rent otherwise payable in the project year in which the Effective Termination Date occurs and; (b) the Additional Rent payable at the time the Termination Notice is delivered, plus applicable goods and services or harmonized sales tax. For clarity, it is understood and agreed that the Termination Fee is in addition to and shall not be credited against the Rent payable pursuant to this Lease prior to the Effective Termination Date. In the event that the Tenant fails to deliver the Termination Notice to the Landlord and Tenant mutually agree in writing on prior to November 1, 2012 accompanied by the lease terms and conditions for such expansion space within the Option PeriodTermination Fee, then the Termination Notice Option to Terminate shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous shall no longer be available to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in Tenant. The Tenant covenants and agrees that if the Project and (ii) large enough to accommodate the Expanded Premises Termination Notice and the amount of additional space desired Termination Fee are delivered by Tenant. If no such written agreement is executed within the Option PeriodTenant to the Landlord, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminatedas aforesaid, then the Termination Fee following shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.apply:

Appears in 1 contract

Samples: Indenture (Navarre Corp /Mn/)

Option to Terminate. Except as set forth below, Tenant shall have the option right to terminate this Lease at any time after the fifth (5th) anniversary of the Commencement Date. Such termination shall be effective no earlier than six (6) months after Tenant’s delivery of written notice to Landlord. Said termination right shall only be exercised if Tenant provides documentation reasonably satisfactory to Landlord evidencing the sale of fifty percent (50%) of the stock of EMPI, Inc. to a single purchaser, Tenant’s participation in a merger, or the sale of all or substantially all of Tenant’s assets. Tenant will have the right to continue to occupy the Premises pursuant to the terms of this Lease after the written notice of termination until the earlier of (i) the date Tenant elects to vacate the Premises or (ii) the date Landlord requests possession of the Premises from Tenant based on Landlord’s written notification. Said notification from Landlord will provide Tenant with an a minimum of three (3) months from date of said notification until complete vacation of the Premises by Tenant. If Tenant elects to exercise its Option to Terminate, Tenant will be required to pay a $500,000 termination penalty to Landlord as follows: $250,000 of this termination penalty will be due upon receipt of the termination notice by Landlord and the balance will be paid upon termination of Tenant’s occupancy. Said termination penalty will be reduced by the difference between $500,000 and Landlord’s actual out-of-pocket costs for re-leasing the Premises, which costs shall include all “lost rental income”, as defined below, all lost operating expense reimbursements (including taxes and insurance), all reasonable brokerage commissions and all reasonable tenant improvements required of Landlord to re-let the Premises (“Termination Fee Credit”), which difference is referred to herein as “Tenant’s Refund.” “Lost rental income” shall equal the Base Rent payable under this Lease from the effective date of termination over the balance of the Term of the Lease ("Early not including unexercised renewal terms), less all rent payable under the lease with the replacement tenant. As soon as said Termination Date"Fee Credit has been calculated, but in no event later than two (2) any time months after August 31the commencement date of a lease by a replacement tenant, 2003. Landlord will send to Tenant may exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify a statement outlining the (i) Early Termination Date, which date shall be less than 120 days of delivery calculation of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Fee Credit in reasonable detail along with Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period’s Refund, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voiddue.

Appears in 1 contract

Samples: DJO Finance LLC

Option to Terminate. Except as set forth belowProvided Tenant is not in default hereunder, Tenant shall have the option to terminate this Lease with an effective date of termination October 1, 2000 ("Early First Termination Date"Option') any time after August 31and October 1, 2003. Tenant may exercise such option by giving Landlord written notice 2001 ("Second Termination NoticeOption") at any time on or after May 1, 2003). Such notice option shall specify the be exercised by (i) Early Tenant's giving written notice to Landlord of its intention to terminate on or before April 1, 2000 with respect to the First Termination DateOption or on or before April 1, which date shall be less than 120 days of delivery of 2001 with respect to the Second Termination Notice (the "Option Period") Option, and (ii) the amount Tenant's payment to Landlord of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 the unamortized tenant finish improvement costs, other allowances and leasing commissions (amortized at eleven percent (11%) interest per annum) plus two (2) months' Minimum Annual Rent, to be paid on or before September 1, 2000 with respect to the First Termination Fee)Option or to be paid on or before September 1, 2001 with respect to the Second Termination Option. The Termination Notice shall be valid only if accompanied by a cashierSuch payment is made in consideration for Landlord's check in the amount grant of the Termination Fee. If this Lease is not terminatedoption to terminate, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by compensate Landlord for rental and other concessions given to Tenant, and if Tenant pays all rent (including Base for other good and valuable consideration. Such payment shall not in any manner affect Tenant's obligations to pay Minimum Annual Rent and any additional Rent)Annual Rental Adjustment or to perform its obligations under the Lease up to and including the date of termination. Failure to timely and properly exercise this option shall forever waive and extinguish it. If such option is validly exercised, Tenant's Pro Rata Share then upon such termination, Tenant shall surrender the Leased Premises to Landlord in accordance with the terms of Excess Operating Costs, and any other charges or costs owing under this Lease through and each party shall be released from further liability hereunder; provided, however, that such Early Termination Date, this Lease termination shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject not affect any right or obligation arising prior to there having been no uncured and continuing Event of Default on the part termination or which survives termination of the Tenant under the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and void.

Appears in 1 contract

Samples: Lease Agreement (August Technology Corp)

Option to Terminate. Except as set forth belowIf Tenant (1) needs additional office space and Landlord cannot provide such space in one of its facilities which is within five (5) miles of the building or (2) decides to close its Massachusetts office., then, provided (i) that Tenant is not, at the date of the exercise of the option granted hereby or at the date of the relevant termination, in default of its obligations under this Lease beyond any applicable period of notice and grace, and (ii) that Tenant has not assigned this Lease or sublet the Premises, so that the original Tenant named herein remains in occupancy of the Premises, that Tenant shall have the option right, on the date which is forty-two (42) months after the Term Commencement Date (the "Termination Date"), to terminate this Lease with an effective date of termination ("Early Termination Date") any time after August 31, 2003. by Tenant may exercise such option by giving Landlord written notice ("the Termination Notice") at any time on or after May 1of its intention so to terminate, 2003. Such which notice shall specify the (i) Early Termination Date, which date shall not be less than 120 one hundred and eighty days of delivery of (180) prior to the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by TenantDate. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor exercises its termination option as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Periodaforesaid, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount as of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default without further liability on the part of the either Landlord or tenant, provided, however, that Tenant under the Leaseshall pay to Landlord, are personal as a condition to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy effectiveness of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), a payment (the "Termination Payment") equal to six (6) months of the then Basic Rent. One half of said Termination Payment shall be due with the Termination Notice and one-half due on the Termination Date. If Tenant does not elect to exercise the Option to Terminate on the Termination Date, then the Option to Terminate shall expire and cannot be excised on a later date. If Tenant exercises this Option to Terminate shall terminate because of its intention to close its Massachusetts office then the actual closing date, of the office, must be the same as the Termination Date of this Lease. If Tenant exercises this Termination Option because Tenant requires additional office space and Landlord cannot provide the additional space, then Tenant must enter into a lease, for the required larger space, at another location under the same terms and conditions as its current Lease except that the Demised Premises and Basic Rent may be null and voidmore than the then Basis Rent required under this Lease Agreement.

Appears in 1 contract

Samples: Office Lease (Sync Research Inc)

Option to Terminate. Except as set forth belowNotwithstanding the provisions of Section 2(a) to the contrary, Tenant Sublandlord and Subtenant shall each have the option to terminate this Lease with an effective date of termination Sublease ("Early Termination Date") any time after August 31, 2003. Tenant may exercise such option by giving Landlord written notice ("Termination Notice"the “Option to Terminate”) at any time on during the Term of this Sublease upon at least one hundred and eighty (180) days prior written notice (“Termination Notice”) from Sublandlord to Subtenant or after May 1from Subtenant to Sublandlord, 2003but no such Termination Notice may be sent by either party prior to the end of the thirtieth (30th) month anniversary of the Sublease Commencement Date. Such In the event Sublandlord shall exercise the Option to Terminate pursuant to the provisions set forth herein, the Term of this Sublease shall expire and come to an end as of the date set forth in Sublandlord’s notice but not earlier than the third (3rd) anniversary of the Sublease Commencement Date (hereinafter referred to as the “Early Termination Date”) as if that day was the date definitely fixed in this Sublease for the termination of the Term hereof, but Subtenant shall specify continue to be liable for the (i) payments accruing up to and including the Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of including, but not limited to, any additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent rent allocable to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for period through such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination DateDate even though such additional rent may be determined at a later date. Tenant agrees to Sublandlord shall pay Landlord Subtenant an amount equal to $10,315.68 201.21 multiplied by the number of days that elapse from the third (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check in the amount 3rd) anniversary of the Termination Fee. If this Lease is not terminated, then Sublease Commencement Date to the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate Date on the Early Termination Date if Sublandlord sent the Termination Notice. In the event Subtenant shall exercise the Option to Terminate pursuant to the provisions set forth herein, the Term of this Sublease shall expire and come to an end as of the date set forth in Subtenant’s notice but not earlier than the third (3rd) anniversary of the Sublease Commencement Date (also referred to as the “Early Termination Date”) as if such that day was the date were definitely fixed in this Sublease for the Lease Expiration termination of the Term hereof, but Subtenant shall continue to be liable for the payments accruing up to and including the Early Termination Date, this Lease including, but not limited to, any additional rent allocable to the period through such Early Termination Date even though such additional rent may be determined at a later date and Subtenant shall Terminate pay Sublandlord on the Early Termination Date as if such date were an amount equal to the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part unamortized (amortized over four (4) years) amount of the Tenant under attorney fees and commissions paid by Sublandlord. At the Leaseexpiration or earlier termination of this Sublease, are personal Sublandlord shall have the right on ninety (90) days notice to Subtenant to purchase the original Tenant executing Furniture listed on Exhibit C for one dollar ($1.00) in consideration of Sublandlord entering into this Sublease, or Sublandlord in its sole discretion may elect on ninety (90) days notice to Subtenant to require the LeaseSubtenant to remove the Furniture within five (5) business days following the expiration or earlier termination of this Sublease or, may not be assignedif later, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy ninety (90) days following receipt of the Leased Premises. Should Tenant fail notice from Sublandlord to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidSubtenant requiring such removal.

Appears in 1 contract

Samples: Sublease Agreement (Oportun Financial Corp)

Option to Terminate. Except Tenant may terminate the Lease as set forth belowof the last day of the 36th month after the Suite 250 Commencement Date (“Early Termination Date”), subject to and in accordance with the provisions of this Section 8. To exercise such early termination right, Tenant shall have the option must (a) deliver written notice to Landlord that Tenant desires to terminate this Lease with an effective date as of termination ("the Early Termination Date at least six, but not more than nine, months prior to the Early Termination Date"; and (b) any time after August 31, 2003. Tenant may exercise such option by giving pay Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify a payment equal to the sum of (i) Early Termination DateLandlord's then-unamortized costs (as described below) with respect to the New Premises, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and plus (ii) $218,022.00, contemporaneously with the amount delivery of additional space desired by Tenantsuch notice. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within the Option Period, then the Termination Notice shall not be effective to terminate this Lease. If the expansion space is not located on entitled to early termination if it is in default of any terms of the same floor as and contiguous Lease beyond any applicable cure period under the Lease, either when Tenant delivers the exercise notice to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on or upon the Early Termination Date. As used in this Section 8, Landlord's “then-unamortized costs” means the unamortized balance Landlord's costs for the New Premises TI Work (and Landlord will advise Tenant agrees of the initial amount of such costs within 60 days after the Suite 250 Commencement Date), the real estate commissions that Landlord pays in connection with this Seventh Amendment, and the free or abated rent granted hereunder by Landlord with respect to pay Landlord an amount equal to $10,315.68 (Termination Fee)the New Premises or any portion thereof. The Termination Notice shall be valid only if accompanied calculation of Landlord's then-unamortized costs will made by a cashier's check in (1) taking the amount total of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenantthree categories of costs as of the Suite 250 Commencement Date, (2) fully amortizing such amount at 8% per annum from the Suite 250 Commencement Date through the New Premises Expiration Date to establish a monthly payment therefor, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share 3) calculating the remaining principal balance of Excess Operating Costs, and any other charges or costs owing under this Lease through such amortized amount as of the Early Termination Date, this Lease shall terminate on the Early Termination Date as if such date were the Lease Expiration Date, this Lease shall Terminate on the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject Such remaining principal balance is deemed to there having been no uncured and continuing Event of Default on the part of the Tenant under the Lease, are personal be Landlord's “then unamortized costs” with respect to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy New Premises for purposes of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying the Termination Fee at the same time as the Termination Notice), then this Option to Terminate shall terminate and be null and voidSection 8.

Appears in 1 contract

Samples: Office Lease (Skilled Healthcare Group, Inc.)

Option to Terminate. Except Provided that Tenant has then cured or eliminated ------------------- the conditions giving rise to any Default of Tenant occurring during the Term and Landlord has not yet exercised its right to terminate this Lease as set forth below, a result thereof. Tenant shall have the option (the "Termination Option"), exercisable only on or before the expiration of the 5/th/ Lease Year (the "Option Exercise Date"), to terminate the Term of this Lease with an effective date as of termination the last day of the 6/th/ Lease Year (the "Early Termination Date"). The Termination Option may only be exercised by Tenant by delivering to Landlord on or before the Option Exercise Date (1) a written notice of Tenant's exercise of the Termination Option and (2) a cash termination payment in the sum of $3,176,439.00. Notwithstanding the foregoing, if the Termination Option is exercised at any time after August 31Landlord has recaptured any portion of the Building pursuant to Section 7.6 hereof, 2003. Tenant may then the payment to be delivered with the notice of Tenant's exercise such option by giving Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the as aforesaid shall be reduced to an amount of additional space desired determined by multiplying $3,176,439.00 by Tenant's Share as of the date of such exercise. If For example, if Landlord is able to locate suitable expansion space for Tenant adjacent to has recaptured 50% of the Leased Premises Building, such payment shall equal 50% of $3,176,439.00. Upon the delivery of such notice and sum on or in other space in the project and Landlord and Tenant mutually agree in writing on the lease terms and conditions for such expansion space within before the Option PeriodExercise Date, then the Termination Notice Option shall not be effective to terminate this Lease. If deemed exercised whereupon the expansion space is not located on the same floor as and contiguous to the Leased Premises, then any alternative space proposed by Landlord must be: (i) a single, contiguous block Term of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall automatically terminate on the Early Termination Date. Tenant agrees , with all the terms and conditions of this Lease, including without limitation, the obligation to pay Landlord an amount equal to $10,315.68 (Termination Fee). The Termination Notice shall be valid only if accompanied by a cashier's check Rent, remaining in the amount of the Termination Fee. If this Lease is not terminated, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, full force and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease shall terminate on effect until the Early Termination Date as if whereupon all such date were the Lease Expiration Date, terms and conditions shall terminate except those which are specifically stated in this Lease shall Terminate on to survive the Early Termination Date as if such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part expiration or earlier termination of the Term hereof. If Tenant under the Lease, are personal to the original Tenant executing the Lease, may does not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying timely exercise the Termination Fee at Option in accordance with the same time as provisions of this Section 4.2, the Termination Notice), then Option and this Option to Terminate Section 4.2 shall terminate and be null and voidvoid and without further force and effect.

Appears in 1 contract

Samples: Lease (Sycamore Networks Inc)

Option to Terminate. Except as set forth belowProvided that (a) no default has occurred and is then continuing, and (b) Tenant originally named herein or a Permitted Transferee remains in possession of and has been continuously operating in the entire Leased Premises throughout the Lease Term for the Original Premises and the Additional Space, Tenant shall have the option right to terminate this the Lease with an effective date as of termination February 28, 2015 ("the “Early Termination Date") any time after August 31, 2003”). Tenant may In order to exercise such option by giving termination right, Tenant shall notify Landlord written notice ("Termination Notice") at any time on or after May 1, 2003. Such notice shall specify the (i) Early Termination Date, which date shall be less than 120 days of delivery of the Termination Notice (the "Option Period") and (ii) the amount of additional space desired by Tenant. If Landlord is able to locate suitable expansion space for Tenant adjacent to the Leased Premises or in other space in the project and Landlord and Tenant mutually agree such exercise in writing on the lease terms no later than February 28, 2014, and conditions for together with such expansion space within the Option Periodnotice, then the Termination Notice Tenant shall not be effective deliver to terminate this Lease. If the expansion space is not located on the same floor Landlord, as and contiguous to the Leased Premisesan agreed upon termination fee, then any alternative space proposed by Landlord must be: (i) a single, contiguous block of space on a single floor in the Project and (ii) large enough to accommodate the Expanded Premises and the amount of additional space desired by Tenant. If no such written agreement is executed within the Option Period, then this Lease shall terminate on the Early Termination Date. Tenant agrees to pay Landlord an amount equal to $10,315.68 1,730,740.00 (the “Termination Fee). Such payment is made in consideration for Landlord’s grant of this option to terminate to compensate Landlord for rental and other concessions given to Tenant and for other good and valuable consideration. The Termination Notice termination fee does not constitute payment of rent to Landlord. If Tenant fails to notify Landlord by the deadline set forth above, Tenant shall be valid only if accompanied by a cashier's check in have waived Tenant’s termination right for the amount remainder of the Termination Feeterm of the Lease and any extensions thereof. If this Lease such right is not terminatedvalidly exercised, then the Termination Fee shall be refunded to Tenant upon the parties written agreement regarding expansion space. If all of the foregoing conditions are timely satisfied by Tenant, and if Tenant pays all rent (including Base Rent and any additional Rent), Tenant's Pro Rata Share of Excess Operating Costs, and any other charges or costs owing under this Lease through such Early Termination Date, this Lease Tenant shall terminate on surrender the Early Termination Date as if such date were Leased Premises to Landlord in accordance with the terms of the Lease Expiration Dateand each party shall be released from further liability hereunder; provided, this Lease however, that such termination shall Terminate on the Early Termination Date as if not affect any right or obligation arising prior to such date were the Lease Expiration Date. The foregoing option and rights are subject to there having been no uncured and continuing Event of Default on the part termination or which specifically survives termination of the Lease. In the event that Tenant exercises any of its options under Sections 16.17 or 16.18 of the Lease, are personal to the original Tenant executing the Lease, may not be assigned, and shall be available to, and exercisable by, Tenant only when the original Tenant is in actual possession and physical occupancy of the Leased Premises. Should Tenant fail to perform any of its required obligations under this section (including, without limitation, paying hereby acknowledges that the Termination Fee at is subject to adjustment using the same time as following formula: the Termination Notice)Fee plus an amount equal to the sum of (i) any unamortized brokerage commissions, then this Option to Terminate shall terminate (ii) the unamortized portion of any tenant finish improvements, and be null and void(iii) any free rent given Tenant in connection with such options.

Appears in 1 contract

Samples: Office Lease (LifeWatch Corp.)

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