Tenant Termination Right. Provided that Tenant is not in default under this Lease as of the date of Tenant’s delivery of the “Termination Notice,” as that term is defined below, the Original Tenant only (and not any assignee, sublessee or other transferee) shall have the one-time right to terminate this Lease, effective as of the last day of the thirty-ninth (39th) full calendar month of the initial Lease Term (the “Termination Date”), provided that (i) Landlord receives written notice (the “Termination Notice”) from Tenant on or before the date that is nine (9) months prior to the Termination Date stating Tenant’s election to terminate this Lease pursuant to the terms and conditions of this Section 2.2, and (ii) concurrent with Landlord’s receipt of the Termination Notice, Landlord receives from Tenant an amount equal to the “Termination Fee,” as that term is defined, below, as consideration for and as a condition precedent to such early termination. In the event that Tenant shall deliver the Termination Notice in accordance with the terms hereof, the terms of Sections 1.2 and 2.3 of this Lease shall immediately and automatically terminate and be of no further force or effect. Provided that Tenant terminates this Lease pursuant to the terms of this Section 2.2, this Lease shall immediately and automatically terminate and be of no further force or effect and Landlord and Tenant shall be relieved of their respective obligations under this Lease as of the Termination Date, except those obligations set forth in this Lease which relate to the term of Tenant’s lease of the Premises and/or that specifically survive the expiration or earlier termination of this Lease, including, without limitation, the payment by Tenant of all amounts owed by Tenant under this Lease up to and including the Termination Date. For purposes of this Section 2.2, the “Termination Fee” shall mean the sum of (a) $409,222.00, and (b) the unamortized amount, calculated with interest at a rate equal to 9% per annum, as of the Termination Date, of the “First Offer Concessions, “ as that term is defined, below, and (c) the monthly Base Rent and Direct Expenses that would have been payable by Tenant for any First Offer Space leased by Tenant during the four (4) month period immediately following the Termination Date. The “First Offer Concessions” shall mean all tenant improvement or other allowances, brokerage commissions and free rent paid or provided by Landlord in connection with Tenant’s lease of First Offer Space,...
Tenant Termination Right. Notwithstanding any provision to the contrary contained in this Lease, Tenant shall have two (2) options (each, a "Termination Option") to terminate and cancel this Lease effective as of (i) the last day of the ninety-second (92nd) full calendar month of the Lease Term with respect to the first Termination Option, and (ii) the last day of the one hundred forth (104th) full calendar month of the Lease Term with respect to the Termination Date Termination Notice ndlord on or before the date which is twelve (12) full calendar months prior to the applicable Termination Date, and, concurrently with its delivery of such Termination Fee (A) the total amount of Base Rent and estimated Direct Expenses which would otherwise have been paid by Tenant (as if this Lease had not been terminated) for the nine (9) calendar months following the Termination Date with respect to the first Termination Option, and (B) the total amount of Base Rent and estimated Direct Expenses which would otherwise have been paid by Tenant (as if this Lease had not been terminated) for the seven (7) calendar months following the Termination Date with respect to the second Termination Option. of the Termination Notice and the Termination Fee, this Lease shall automatically terminate and be of no further force or effect, and Landlord and Tenant shall be relieved of their respective obligations under this Lease, as of the Termination Date, except with respect to those obligations set forth in this Lease, which specifically survive the expiration or earlier termination of this Lease, including, without limitation, the payment by Tenant of all amounts owed by Tenant under this Lease, up to and including the Termination Date. Each Termination Option shall automatically terminate and be of no further force or effect in the event (x) Tenant fails to properly and timely exercise such Termination Option as set forth in th been terminated, or (z) Tenant is in default under this Lease (beyond the expiration of all applicable notice and cure ination Notice to Landlord. The Termination Options granted to Tenant under this Section 2.3 is personal to the Original Tenant and its Permitted Transferee Assignee and may not be exercised by any assignee, sublessee, or transferee of th Permitted Transferee Assignee' interest in this Lease. 2.4
Tenant Termination Right. If (a) Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, (b) the damage constitutes a Tenant Damage Event (as defined hereinbelow), and (c) the repair of such damage cannot, in the reasonable opinion of Landlord’s licensed contractor, as set forth in Landlord’s Damage Notice, be substantially completed within two hundred seventy (270) days after the date Landlord becomes aware of such damage, then Tenant may elect to terminate this Lease by delivering written notice thereof to Landlord within fifteen (15) days after Tenant’s receipt of Landlord’s Damage Notice. As used herein, a “Tenant Damage Event” shall mean damage to all or any part of the Premises or any Common Areas of the Building providing access to the Premises by fire or other casualty, which damage (i) is not the result of the gross negligence or willful misconduct of Tenant or any Tenant Affiliates, (ii) materially interferes with Tenant’s use of or access to the Premises and (iii) would entitle Tenant to an abatement of Base Rent and Tenant’s Share of Building Allocated Operating Expenses and pursuant to Section 15.1 above.
Tenant Termination Right. In the event Tenant fails to make a payment of Minimum Semi-Annual Rent as required hereunder and Landlord does not terminate this Lease as provided hereunder, Tenant may terminate this Lease by giving thirty (30) days advance written notice to the Landlord.
Tenant Termination Right. Provided and on condition that (i) Tenant has not constructed a second siding and platform west of the current Union Pacific tracks for the Service, and/or (ii) less than 1,000,000 passengers utilized the Service in the prior 12 month period, Tenant shall have the one time right to terminate the Lease after the 36th month following the Rent Commencement Date (the "Tenant Termination"). Tenant shall provide twelve months prior written notice to Landlord of its election to exercise the Tenant Termination right and shall forfeit the Restoration Deposit to allow Landlord to remove tenant improvements to the land.
Tenant Termination Right. Notwithstanding the foregoing, Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination within thirty (30) days after Tenant’s receipt of the Damage Notice (such notice to include a termination date giving Tenant at least sixty (60) days to vacate the Premises), but Tenant may so elect only if (i) the Damage Notice from Landlord states that restoration cannot reasonably be completed within two hundred seventy (270) days after being commenced, or (ii) such damage occurs during the last two years of the Term and it would take more than 120 days to complete the restoration of such damage or more than 50% of the Premises are affected by such damage.
Tenant Termination Right. 5 3.5. Confirmation of Commencement Date..................................6 3.6.
Tenant Termination Right. Subject to the terms and conditions of this Section 3.4, Tenant shall have a right to terminate this Lease. Tenant's termination right under this Section 3.4 may be exercised only by Tenant relocating to a larger space, which is owned by an entity of Xxxxx Corporation. Time is of the essence regarding Tenant's notice to Landlord of its exercise of the termination right under this Section 3.4. Tenant's right to terminate the Lease under this Section 3.4 shall be wholly conditioned upon Tenant not being in default, after expiration of any applicable notice or cure periods, under this Lease either at the time of Tenant's exercise of its termination right or on the date of Tenant's termination of the Lease under this Section. Landlord reserves the right to cancel Tenant's termination option in the event that Tenant has committed acts or omissions of default for which two or more default notices are given by Landlord in any consecutive twelve (12) month period pursuant to Section 19.2 below. Tenant's obligations to pay Rent, Additional Rent, and any other costs or charges under this Lease, and to perform all other Lease obligations for the period up to and including the Termination Date, shall survive the termination of this Lease. Any purported exercise by Tenant of its termination right other than strictly in accordance with this Section 3.4 shall be void and have no force or effect.
Tenant Termination Right. If Tenant is unable to obtain approval from the City of Cypress permitting Tenant to add a loading dock/truck well on or before April 25, 2021 (the “Outside Termination Date”), then Tenant shall have the one-time right to terminate the Lease by delivering written notice of such termination (the “Termination Notice”) to Landlord on or before April 30, 2021 (the “Termination Notice Delivery Date”); provided, that, if the City of Cypress is still reviewing Tenant’s application for approval as of the Outside Termination Date, Tenant shall have the right to extend the Outside Termination Date and the Termination Notice Delivery Date by an additional 14 days by providing notice to Landlord of the same. If Tenant timely delivers the Termination Notice to Landlord, then the Lease shall terminate, and Landlord shall promptly return any prepaid Rent and the Security Deposit to Tenant. If Tenant fails to timely deliver the Termination Notice to Landlord on or before April 20, 2021 (as may be extended), then the Lease shall not terminate and Tenant shall be deemed to have irrevocably waived its right to terminate the Lease under this Section 1.22. [REST OF PAGE INTENTIONALLY BLANK]
Tenant Termination Right. Subject to the terms and conditions of this Section 3.4, Tenant shall have a right to terminate this Lease at the end of the 60th month of this Lease. Tenant's termination right under this Section 3.4 may be exercised only by Tenant providing Landlord with written notice, one hundred eighty (180) days prior to the end of the 60th month, of this lease, of its intent to exercise its termination right and payment to Landlord of a termination fee in the amount equal to the unamortized (at 10%) costs of the Commission and Landlord's costs to provide the demising walls and to replace or bring in the 1,200 amps of power to be provided in accordance with Exhibit C, plus 5 months base rent. Landlord will provide Tenant such costs upon completion of Landlord's Work in accordance with Exhibit C. Tenant's right to terminate the Lease under this Section 3.4 shall be wholly conditioned upon Tenant not being in default, after expiration of any applicable notice or cure periods, under this Lease either at the time of Tenant's exercise of its termination right or on the date of Tenant's termination of the Lease under this Section 3.4. In the event Tenant does not exercise its termination right as set forth in this Section 3.4, then Tenant's termination right shall expire automatically and have no further force or effect without necessity of notice or other action by Landlord. Any purported exercise by Tenant of its termination right other than strictly in accordance with this Section 3.4 shall be void and have no force or effect.
