Partial Termination Option Sample Clauses
The Partial Termination Option clause allows one or both parties to terminate a portion of the contract without ending the entire agreement. In practice, this means that specific deliverables, services, or obligations can be discontinued while the rest of the contract remains in effect; for example, a client may choose to stop one phase of a project but continue with others. This clause provides flexibility and risk management by enabling parties to adapt to changing circumstances without the need to renegotiate or terminate the whole contract.
POPULAR SAMPLE Copied 1 times
Partial Termination Option. Notwithstanding any provision of -------------------------- this Lease to the contrary but subject to the conditions set forth below, Tenant shall have the one-time option ("Termination Option") to terminate the Lease as to the "Termination Portion" of the Premises (as defined below), which termination shall, subject to the conditions set forth in this Section 1.1.4, be ------------- effective as of March 31, 2002 (the "Termination Date"). The term "Termination Portion" of the Premises shall mean that portion of the Premises designated as the "Termination Portion" on Exhibit A attached hereto, which is located within --------- Suite 550 of the 800 Building. Conditions to Tenant's exercise of the Termination Option shall be that (i) Tenant must provide Landlord with written notification ("Termination Notice") of Tenant's exercise of said Termination Option at least twelve (12) months prior to the Termination Date, and (ii) Tenant shall pay to Landlord concurrently with Tenant's delivery of the Termination Notice, in consideration of Landlord's agreement to so terminate this Lease as to the Termination Portion, an amount ("Termination Fee") equal to the sum of (a) six (6) monthly installments of Annual Basic Rent for the Termination Portion of the Premises (calculated at Two Dollars and Sixty-Five Cents ($2.65) per rentable square foot of the Termination Portion per month), plus (b) the unamortized balance, as of the Termination Date, of the leasing fees allocable to the Termination Portion paid by Landlord to the Brokers referenced in Section 12 of the Summary, with such amortization to be calculated on a straight line basis over the initial eighty-four (84) month Lease Term, plus (c) the unamortized balance, as of the Termination Date, of the Thirty Dollar ($30.00) per usable square foot Tenant Improvement Allowance allocable to the Termination Portion, with such amortization to be calculated over the eighty-four (84) month period from April 1, 1998 until March 30, 2005, based upon equal monthly payments of principal and interest for such amortization period, with interest imputed on the outstanding principal balance at twelve percent (12%) per annum. If Tenant properly and timely exercises the Termination Option, the Lease shall expire as to the Termination Portion of the Premises as of the Termination Date.
Partial Termination Option. Notwithstanding anything in the Amended Lease to the contrary, Tenant shall have the right (the “Partial Termination Option”) to change the Expiration Date with respect to the 3260 Premises to:
a. May 1, 2011, by (i) notifying Landlord of such election between September 1, 2010, and October 31, 2010, and (ii) paying to Landlord on such Expiration Date (A) all Rent owed by Tenant to Landlord for the period through such Expiration Date and (B) unamortized leasing commissions incurred by Landlord in the amount of One Hundred Eight Thousand Fifty-Two and 39/100 Dollars ($108,052.39); or
b. August 31, 2011, by (i) notifying Landlord of such election between May 1, 2011, and June 30, 2011, and (ii) paying to Landlord on such Expiration Date (A) all Rent owed by Tenant to Landlord for the period through such Expiration Date and (B) unamortized leasing commissions incurred by Landlord in the amount of One Hundred Thousand Eight Hundred Forty-Eight and 90/100 Dollars ($100,848.90).
Partial Termination Option. On not less than thirty (30) days notice -------------------------- given to Landlord by Tenant on or after the Effective Date, Tenant may terminate Tenant's lease of the Third Expansion Space, without affecting the Lease in any other respect, provided each of the
(a) Tenant is not in default under the Lease (including the occurrence of an event which with notice, lapse of time or both would become a default under the Lease) on the date of such termination and (b) Tenant shall fully comply with all obligations under the Lease respecting the Third Expansion Space through the date of such termination, including, without limitation, those provisions relating to the condition of the Third Expansion Space and removal of Tenant's personal property therefrom upon termination or expiration to the Lease.
Partial Termination Option