SURRENDER RIGHT Sample Clauses
The Surrender Right clause grants a party, typically a tenant or lessee, the ability to voluntarily give up their interest or rights in a property or agreement before the end of the contractual term. In practice, this clause outlines the process for notifying the other party, any conditions that must be met (such as restoring the property to its original condition or paying a surrender fee), and the formal acceptance of the surrender by the counterparty. Its core function is to provide a clear, mutually agreed-upon mechanism for ending the contractual relationship early, thereby reducing uncertainty and potential disputes over premature termination.
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SURRENDER RIGHT. At any time after six years from the Commencement Date, the Network Lessee may request the Minister to terminate this agreement in respect of a particular Line in accordance with the following provisions of this clause 16.
SURRENDER RIGHT. At any time or from time to time after the Exercise Commencement Date, Yahoo! may, at its election, upon two days' notice to the GeoCities, surrender all or a part of the GeoCities Stock Option to GeoCities, in which event GeoCities shall pay to Yahoo!, on the day of each such surrender and in consideration thereof, against tender by Yahoo! of an instrument evidencing such surrender, an amount in cash per share of GeoCities Common Stock the rights to which are surrendered equal to (i) the closing sale price of the GeoCities' Common Stock on the Nasdaq Stock Market on the date of surrender (or the closing price as reported by any other applicable securities exchange if not listed on the Nasdaq Stock Market), or if not actively traded, the fair market value as determined by investment bankers chosen by Yahoo over (ii) the Exercise Price. Upon exercise of its right to surrender the GeoCities Stock Option or any portion thereof and the receipt by Yahoo! of cash pursuant to this Section 5.14(g), any and all rights of Yahoo! to purchase shares of GeoCities Common Stock with respect to the portion of the GeoCities Stock Option surrendered pursuant to this Section shall be terminated.
SURRENDER RIGHT. Grantee may surrender this franchise at any time upon filing with the City Council of the City a written notice of its intention to do so at least three (3) months before the surrender date. On the surrender date specified in the notice, all of the rights and privileges and all of the obligations, duties and liabilities of Grantee in connection with this franchise shall terminate.
SURRENDER RIGHT. Tenant shall have a one-time right to surrender (“Surrender Option”) up to twenty-five percent (25%) of the rentable area of the Premises, at any time after the end of the fifth (5th) Lease year, with twelve (12) months’ prior written notice (the “Surrender Notice”) to Landlord. The Surrender Notice shall identify the portion of the Premises to be surrendered (the “Surrendered Space”) and the date (the “Surrender Date”) upon which Tenant intends to surrender the Surrender Space. If Tenant exercises this Surrender Option, then upon the Surrender Date, Tenant shall pay a surrender fee equal to the unamortized Lease Expenses (as defined in Section 2.9) with respect to the Surrendered Space, as amortized over the Initial Term at an interest rate of nine percent (9%) calculated on a monthly basis with payments made at the beginning of the month. In addition, Tenant shall pay on the Surrender Date an amount equal to four (4) months’ Fixed Rent on the Surrendered Space based on a rate of $28.35 per RSF (average fixed rent over the Initial Term) plus an amount equal to four (4) months’ Additional Rent due hereunder. Annual Fixed Rent, Tenant’s Percentage Share and the number of parking spaces available for Tenant’s use shall be reduced in proportion to the area of the Surrendered Space. The Surrendered Space shall be contiguous to the extent located on any one floor (but may be located on more than one floor) and demised to allow re-leasing in Landlord’s reasonable judgment. Tenant shall pay fifty percent (50%) of all costs of demising the Surrendered Space and the remaining Premises and fifty percent (50%) of all costs of installing or modifying the electric meter or check-meter serving the Premises to conform to the modification of the Premises. On the Surrender Date, Tenant shall vacate and surrender the Surrendered Space in the condition required under Section 5.1.9.
SURRENDER RIGHT. Franchisee may surrender this franchise at any time upon filing with the County Mayor a written notice of its intention to do so at least six (6) months before the surrender date. On the surrender date specified in the notice, all of the rights and privileges and all of the obligations, duties, and liabilities of the Franchisee in connection with this franchise shall terminate. Further, should the Franchisee and/or its successors and assigns discontinue the business for which this franchise is granted, all poles, wires, cables, and other devices shall be removed without expense to the County within ninety (90) days after demand for such removal is made by the County.
SURRENDER RIGHT. At any time or from time to time after the Exercise Commencement Date and prior to the Option Termination Date, Yahoo! may, at its election, upon two business days' notice to ▇▇▇▇▇▇▇▇▇.▇▇▇, surrender all or a part of the ▇▇▇▇▇▇▇▇▇.▇▇▇ Stock Option to ▇▇▇▇▇▇▇▇▇.▇▇▇, in which event ▇▇▇▇▇▇▇▇▇.▇▇▇ shall pay to Yahoo!, on the day of each such surrender and in consideration thereof, against tender by Yahoo! of an instrument evidencing such surrender, an amount in cash per share of ▇▇▇▇▇▇▇▇▇.▇▇▇ Common Stock the rights to which are surrendered equal to (i) the closing sale price of the ▇▇▇▇▇▇▇▇▇.▇▇▇'s Common Stock on the Nasdaq Stock Market on the date of surrender (or the closing price as reported by any other applicable securities exchange if not listed on the Nasdaq Stock Market), or if not actively traded, the fair market value as determined by investment bankers chosen by Yahoo! over (ii) the Exercise Price. Upon exercise of its right to surrender the ▇▇▇▇▇▇▇▇▇.▇▇▇ Stock Option or any portion thereof and the receipt by Yahoo! of cash pursuant to this Section 5.13(g), any and all rights of Yahoo! to purchase shares of ▇▇▇▇▇▇▇▇▇.▇▇▇ Common Stock with respect to the portion of the ▇▇▇▇▇▇▇▇▇.▇▇▇ Stock Option surrendered pursuant to this Section shall be terminated. (h)