Relocation or Termination Sample Clauses
The Relocation or Termination clause defines the conditions under which a party, typically a tenant or employer, may be required to move to a new location or have their agreement terminated. In practice, this clause outlines the process for providing notice, any compensation or assistance offered, and the specific circumstances that trigger relocation or termination, such as business restructuring or property redevelopment. Its core function is to provide a clear framework for handling significant changes in location or employment status, thereby reducing uncertainty and potential disputes for all parties involved.
Relocation or Termination. If in connection with Landlord's expansion, reduction, removal, renovation or construction of new or existing improvements after the initial opening of the Shopping Center (but excluding reconfiguration required solely to accommodate other Shopping Center tenants) Landlord reasonably determines that it is necessary that Tenant vacate the Premises or that the Premises be altered, Landlord may require that Tenant surrender possession of the Premises, provided Landlord, in its sole and absolute discretion, either (a) amends this Lease to lease Tenant other comparable premises within the Shopping Center on the same terms and conditions as those contained in this Lease for the balance of the remaining Lease Term, or (b) terminates this Lease and pays Tenant an amount equal to the then unamortized net cost to Tenant of its Improvements, calculated using a straight-line amortization schedule and an amortization period equal to the Lease Term. The relocation of the Premises in accordance with (a) herein or the payment of the consideration in accordance with (b) herein shall be Tenant's sole remedy in the event Tenant is required to surrender possession of the Premises as provided in this Section. It is expressly agreed and understood that Landlord shall first offer to lease Tenant other comparable premises within the Shopping Center if available, in Landlord's sole, yet reasonable discretion. The foregoing provisions of this Section 2.4 shall be subject to the following:
(a) Comparable premises shall be deemed to mean premises which are substantially the same in size (not less than 4,500 square feet or more than 7,500 square feet in size and having a mall frontage of 32 feet or more) and similar in location with respect to vertical transportation within the Shopping Center; provided, however, in no event shall Landlord be obligated to offer to Tenant any location which Landlord is prevented from leasing to Tenant pursuant to covenants of Landlord respecting radius, location, use, or exclusivity contained in any other lease, financing agreement (including the Mortgage), or other agreement affecting the Shopping Center. If more than one (1) comparable premises is available in the Shopping Center as determined by Landlord's sole, yet reasonable judgement, Landlord shall offer Tenant the comparable premises that is closest to the Premises. Landlord shall pay the cost and expense of finishing the new premises to the extent of the quality and condition of the decor (inc...
Relocation or Termination. Intentionally Deleted.
Relocation or Termination. If Landlord determines that it is reasonably necessary or desirable that Tenant vacate the Premises, or that the Premises be altered, in connection with Landlord's expansion, leasing, reduction, removal, renovation or construction of new or existing improvements, then Landlord may terminate this Lease, provided Landlord leases Tenant other reasonably comparable premises, within the Building, on the same terms and conditions as those contained in this Lease after comparable build-out by Landlord. Landlord's ability to relocate Tenant shall be conditioned on Landlord providing space (i) of approximately equivalent size to the original Premises; (ii) at the same or lesser monthly rent; (iii) with comparable access; and (iv) with comparable build-out and Tenant improvements at Landlord's expense. Landlord shall also be required to pay for all moving costs and incidental costs, including but not limited to the costs for transferring utility and telephone service, change of stationery and change of address notices.