Common use of Tenant Termination Right Clause in Contracts

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

Appears in 1 contract

Samples: The Boardwalk Lease (Zentalis Pharmaceuticals, Inc.)

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Tenant Termination Right. Notwithstanding Provided that Tenant is not in default under this Lease after the expiration of any provision to applicable notice and cure period as of the contrary contained in this Leasedate of Tenant’s delivery of the “Termination Notice,” as that term is defined below, the Original Tenant or a Permitted Assignee, as the case may be, only shall have two (2) options (each, a "Termination Option") the one-time right to terminate and cancel this Lease effective as of (i) the last first day of the ninetysixty-second eighth (92nd68th) full calendar month of the Lease Term with respect (the “Termination Date”), provided that (i) Tenant delivers written notice to Landlord (the “Termination Notice”) on or before the date that is twelve (12) months prior to the first Termination OptionDate stating Tenant’s election to terminate this Lease pursuant to the terms and conditions of this Section 2.3, and (ii) the last day concurrent with Landlord’s receipt of the one hundred forth Termination Notice, Landlord receives from Tenant an amount (104ththe “Termination Fee”) full calendar month equal to the sum of (a) the unamortized portion, as 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, andcalculated with interest at a rate equal to 7% per annum, concurrently with its delivery of such Termination Fee the “Concessions,” as that term is defined below, and (Ab) the total amount of Base Rent and estimated Direct Expenses which that would otherwise have been paid by Tenant (as if payable under this Lease had not been terminatedduring the six (6) for the nine (9) calendar months month period following the Termination Date with respect had Tenant not terminated this Lease pursuant to the first terms of this Section 2.3, which Termination OptionFee shall be in consideration of and as a condition precedent to such early termination. For purposes of this Lease, and (B) the total amount of “Concessions” shall mean the free or abated Base Rent provided, tenant improvement costs incurred and estimated Direct Expenses which would otherwise have been brokerage commission paid by in connection with this Lease. Provided that Tenant (as if terminates this Lease had not been terminated) for the seven (7) calendar months following the Termination Date with respect pursuant to the second Termination Option. terms of the Termination Notice and the Termination Feethis Section 2.3, this Lease shall automatically terminate and be of no further force or effect, effect and Landlord and Tenant shall be relieved of their respective obligations under this Lease, Lease as of the Termination Date, except with respect to those obligations set forth in this Lease, 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, 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.

Appears in 1 contract

Samples: Office Lease (Blucora, Inc.)

Tenant Termination Right. Notwithstanding any provision to the contrary contained in this Lease, Tenant shall shall, with respect to the entire Premises only, have two (2) options (each, a "Termination Option") the one-time right to terminate and cancel this Lease effective as of June 30, 2018 (i) the last day “Termination Date”), upon Tenant’s delivery of written notice to Landlord (the ninety-second (92nd) full calendar month of the Lease Term with respect “Termination Notice”), which notice shall be delivered 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 Landlord on or before the date which is twelve (12) full calendar months prior to the applicable Termination DateJanuary 1, and2018, and concurrently with its the delivery of such Termination Fee Notice, Tenant shall deliver to Landlord a “Termination Fee,” as that term is defined hereinbelow, as consideration for and as a condition precedent to such early termination. The “Termination Fee” shall be an amount equal to Two Million Three Hundred One Thousand Two Hundred Fifty-Five and 00/100 Dollars (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 $2,301,255.00). Subject 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. Landlord’s timely receipt 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, Lease as of the Termination Date, except with respect to those obligations set forth in this Lease, 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 the Lease, as amended, up to and including the Termination Date. Each Termination Option The termination right granted to Tenant under this Section 2.2 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 termination right as set forth in th been terminatedthis Section 2.2, (y) Tenant assigns, subleases or otherwise permits the occupancy of the Premises or any portion thereof by other entities or persons (other than with respect to a Permitted Transferee Assignee), or (z) Tenant is in economic or material non-economic default under this Lease (beyond the expiration of all applicable notice and cure ination periods), as of the date of Tenant’s delivery of the Termination Notice to Landlord or, at Landlord’s election, as of the Termination Date. The Termination Options termination rights granted to Tenant under this Section 2.3 is 2.2 are personal to the Original Tenant and its Permitted Transferee Assignee Assignees, and may not be exercised by any assignee, sublessee, or transferee of th the Original Tenant’s or its Permitted Transferee Assignee' Assignees’ interest in this Lease. 2.4XXXXXX REALTY THE CAMPUS AT SORRENTO GATEWAY 702009.06/WLA -11- Office Lease 110045-00136/12-26-12/EG/eg [Accelrys, Inc.]

Appears in 1 contract

Samples: Office Lease (Accelrys, Inc.)

Tenant Termination Right. Notwithstanding any provision In the event that Tenant has a bona fide legitimate need for space equal to or greater than 20,000 square feet of Rentable Floor Area (including the contrary contained in this LeasePremises) and provides written notice (the “Addition Space Notice”) to Landlord thereof on or before August 1, 2005, then Tenant shall have two (2) options (each, a "Termination Option") the right to terminate and cancel this Lease effective unless Landlord is able to accommodate such space needs of Tenant by providing such space in the Building or alternatively by providing such space as a contiguous unit in the building located at 000 Xxxxxxxxx Xxxx Xxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx, or by causing the owner thereof to so provide such space. In the event that Landlord is able to accommodate Tenant’s space needs as aforesaid, then Tenant shall execute a written lease in substantially the form of this Lease for such space (i) the last day “Expansion Lease”), except that the term of the ninety-second lease shall be for a period of not less than five (92nd5) full calendar month years from the date of such lease and the Lease Term rent shall be at the Fair Market Rent then prevailing in the area as reasonably determined by Landlord and set forth in a notice to Tenant (“Landlord’s Rent Notice”), unless Tenant notifies Landlord that it disagrees with respect to the first Termination OptionLandlord’s determination of Fair Market Rent (“Tenant’s Rent Notice”), in which event Fair Market Rent shall be determined as set forth in Section 2.5 below, 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 Expansion Lease shall automatically terminate and be entered into within thirty (30) days after Fair Market Rent is determined as provided in Section 2.5 below. If Tenant concurs with Xxxxxxxx’s determination of no further force or effectFair Market Rent, and Landlord and Tenant shall be relieved execute the Expansion Lease within thirty (30) days of their respective obligations under this Landlord’s Rent Notice. Tenant’s failure to execute the Expansion Lease, as of the Termination Dateprovided above, 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 shall constitute a default by Tenant hereunder, unless such failure was caused by Landlord or unless such failure is cured within thirty (30) days of all amounts owed by Landlord’s notice to Tenant under this Lease, up to and including the Termination Dateof such default. Each Termination Option shall automatically terminate and be of no further force or effect in In the event that the Landlord cannot accommodate such space needs of Tenant as aforesaid, then Tenant shall have the right to terminate the Lease by no less than six (x6) 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 months prior notice and cure ination Notice given 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.

Appears in 1 contract

Samples: Lightspace Corp

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Tenant Termination Right. Notwithstanding If all or part of the Leased Premises shall be destroyed or rendered wholly untenantable by fire or other casualty (whether or not insured) and this Lease has not been terminated pursuant to any other provision hereof, Landlord shall prepare an engineering estimate of the date when the Landlord’s restoration work will be substantially completed (the “Estimated Restoration Date”) and give written notice thereof to Tenant within 90 days after the contrary contained in date of the damage; provided, that if such damage is due to an uninsured casualty and Landlord elects not to restore such damage, Landlord shall so notify Tenant within such 90-day period. If the Estimated Restoration Date is later than one year from the date of the damage, or if Landlord gives notice under the proviso clause of the preceding sentence that such damage will not be restored, Tenant may terminate this Lease, Lease by giving Landlord written notice of its election to do so within forty-five (45) days after the date of Landlord’s notice under this paragraph above. Tenant shall have two (2) options (each, a "Termination Option") no right to terminate and cancel this Lease effective on account of fire or other casualty, except as expressly provided in this Section 5.07(c). If Landlord’s restoration work has not been substantially completed within the one-year period after the date of damage (i) the last day or such later date as may have been specified in Landlord’s initial notice of the ninety-second Estimated Restoration Date), subject in either case to extension for not more than ninety (92nd90) full calendar month days, except in cases of Force Majeure, in which event the extension shall not exceed a total of six (6) months in the aggregate, then Tenant shall have the right to terminate this Lease Term with respect by giving Landlord written notice of its election to do so within 30 days after the first Termination Optionend of such period, 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 if Tenant timely gives 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 Feenotice, this Lease shall automatically terminate 30 days after the date thereof unless Landlord’s restoration work is substantially completed within such 30-day period, in which event such termination notice shall be void and this Lease shall continue in full force and effect. If Landlord shall not have terminated the Lease pursuant to Section 5.07(b), Tenant shall also have the right to terminate this Lease if the conditions described in clause (i) of Section 5.07(b) shall occur, by notice from Tenant to Landlord given within sixty (60) days after the date of damage, the effective date of which shall not be of no further force less than thirty (30) days or effectmore than ninety (90) days after the day on which the termination notice is given to Landlord. Tenant’s notice may specify a later date for such termination, not more than one year after the casualty, provided that Tenant may continue to lawfully occupy the Leased Premises in accordance with all applicable building codes and other legal requirements notwithstanding such casualty, Landlord shall not be required to restore the Building (including any Tenant Improvements), and Tenant shall not be relieved of their respective obligations under this Lease, as of the Termination Date, except with respect entitled 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 (any rent abatement for any period beyond the expiration of all applicable date ninety (90) days after the day on which the termination notice and cure ination Notice is given 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.

Appears in 1 contract

Samples: Subtenant Improvements Agreement (NewStar Financial, Inc.)

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