Common use of Tenant’s Early Termination Right Clause in Contracts

Tenant’s Early Termination Right. Notwithstanding anything to the contrary contained in the Lease, the originally named Tenant under this Lease may terminate this Lease effective as of January 31, 2020 (the “Early Termination Date”) by giving Landlord notice (the “Termination Notice”) of Tenant’s election to terminate this Lease not less than (9) months prior to the Early Termination Date. In connection with such termination, Tenant shall pay to Landlord, in addition to all Rent due through the later of the Early Termination Date or the date Tenant actually vacates the Premises, a termination fee (the “Termination Fee”) equal to the sum of (a) the unamortized cost of (i) the Tenant Improvements, (ii) all leasing commissions and legal fees incurred by Landlord in connection with this Lease, and (iii) the initial two months of free rent (i.e., $42,688.00), amortized with interest at 8% per annum over the Term, and (b) One Hundred Twenty Thousand Six Hundred Thirteen and No/100 Dollars ($120,613.00), which Termination Fee shall be due and payable by Tenant to Landlord concurrently with Tenant’s delivery of the Termination Notice to Landlord. The amount of the Termination Fee shall be confirmed in a notice to Tenant following the Commencement Date. Failure to timely exercise such option or pay such Termination Fee shall result in such option expiring and being of no further force or effect. If Tenant properly exercises its option to terminate in accordance with the provisions hereof, this Lease shall be terminated on the Early Termination Date without further liability of Tenant hereunder, except for such liability that has accrued on or prior to the Early Termination Date and such liability that survives termination of the Lease by the terms hereof.

Tenant’s Early Termination Right. Notwithstanding anything Tenant shall have the one (1) time right to the contrary contained in the Lease, the originally named Tenant under this Lease may terminate and cancel this Lease effective as of January March 31, 2020 2023, subject, however, to extension by one (1) day for each day of Landlord Delay (if any) which extended the Commencement Date (“Early Termination Date”), which right is contingent upon Tenant paying to Landlord the Termination Consideration (as defined below) by giving Landlord in a timely manner in accordance with the following provisions of this Paragraph 47. To exercise such termination right, Tenant must deliver to Landlord, on or before August 31, 2022, written notice of Tenant’s exercise of such termination right (the “Termination Notice”) of Tenant’s election to terminate this Lease not less than (9) months prior to ), along with the Early Termination DateConsideration. In connection with such terminationAs used herein, Tenant shall pay to Landlord, in addition to all Rent due through the later of the Early Termination Date or the date Tenant actually vacates the Premises, a termination fee (the “Termination Fee”) Consideration” shall mean an amount equal to the sum of of: (aA) Nine Hundred Ninety-Five Thousand Eight Hundred Ninety-Eight and 14/100 Dollars ($995,898.14) plus (B) the unamortized cost portion of (i) the Tenant Improvements, (ii) all leasing brokerage commissions and legal fees paid or incurred by Landlord in connection with this Leaseany Expansion Space and First Offer Space leased to Tenant pursuant to Paragraphs 53 and 54 below; plus (C) the unamortized portion of the costs of the tenant improvements and tenant improvement allowance, if any, paid or provided by Landlord for any Expansion Space and First Offer Space leased by Tenant pursuant to Paragraphs 53 and 54 below and (iiiD) the initial two months unamortized portion of any free rent (i.e.provided by Landlord to Tenant in connection with any Expansion Space and First Offer Space leased by Tenant pursuant to Paragraphs 53 and 54 below. The unamortized portion of the costs of any brokerage commissions, $42,688.00)free rent and tenant improvement costs/allowance, if any, paid for or provided by Landlord to Tenant for any Expansion Space and First Offer Space leased by Tenant pursuant to Paragraphs 53 and 54 shall be amortized on a straight-line basis over the scheduled initial term of the lease of the Expansion Space and First Offer Space, together with interest at the rate of eight percent (8% %) per annum over the Termannum, and (b) One Hundred Twenty Thousand Six Hundred Thirteen and No/100 Dollars ($120,613.00), which Termination Fee the unamortized portion thereof shall be due determined based upon the unexpired portion of such initial lease term for such Expansion Space and payable by Tenant to Landlord concurrently with Tenant’s delivery First Offer Space as of the Termination Notice to Landlord. The amount of the Termination Fee shall be confirmed in a notice to Tenant following the Commencement Date. Failure to timely exercise such option or pay such Termination Fee shall result in such option expiring and being of no further force or effect. If Tenant properly and timely exercises its termination option to terminate in this Paragraph 47 in strict accordance with the provisions terms hereof, this the Lease shall be terminated expire at midnight on the Early Termination Date without further liability of Date, and Tenant hereunder, except for such liability that has accrued shall be required to surrender the Premises to Landlord on or prior to the Early Termination Date in accordance with Paragraph 28 above. The termination right set forth in this Paragraph 47 is personal to the Original Tenant and such liability that survives termination of the Lease any Permitted Assignee and may only be executed by the terms hereofOriginal Tenant and any Permitted Assignee (and not any other assignee, sublessee or other transferee of Original Tenant’s interest (or Permitted Assignee’s interest).

Tenant’s Early Termination Right. Notwithstanding anything Tenant shall have the one (1) time right to the contrary contained in the Lease, the originally named Tenant under this Lease may terminate and cancel this Lease effective as of January 31, 2020 the date (the “Early Termination Date”) by giving which is the last day of the thirty-sixth (36th) month of the initial Lease Term, which right is contingent upon Tenant paying to Landlord the Termination Consideration (as defined below) in a timely manner in accordance with the following provisions of this Section 34. To exercise such termination right, Tenant must deliver to Landlord, on or before the date which is six (6) months prior to the Termination Date, written notice of Tenant’s exercise of such right (the “Termination Notice”), along with payment of the Termination Consideration. As used herein, the “Termination Consideration” shall mean an amount equal to three (3) months of Tenant’s election to terminate Monthly Basic Rent calculated at the rate that is payable by Tenant for the Premises for the thirty-sixth (36th) month of the Lease Term. If Tenant properly and timely exercises its termination option in this Section 34 in strict accordance with the terms hereof, this Lease not less than (9) months shall expire at midnight on the Termination Date, and Tenant shall be required to surrender the Premises to Landlord on or prior to the Early Termination DateDate in accordance with the applicable provisions of this Lease. In connection with If Tenant fails to timely pay the Termination Consideration prior to such terminationtime period, Tenant then Landlord shall pay have the option to Landlord, either deem the Termination Notice rescinded in addition to all Rent due through which case the later Lease shall continue in full force and effect for the remainder of the Early Term or deem the Lease terminated as of the Termination Date or the date and pursue any remedies that Landlord may have against Tenant actually vacates the Premises, a for failure to make such payment. The termination fee (the “Termination Fee”) equal right set forth in this Section 34 is personal to the sum Original Tenant and any Affiliate Assignee and may only be executed by the Original Tenant or such Affiliate Assignee (and not any other assignee, sublessee or other transferee of Original Tenant’s interest (aor Affiliate Assignee’s interest) the unamortized cost of (i) the Tenant Improvements, (ii) all leasing commissions and legal fees incurred by Landlord in connection with this Lease, ) if no Event of Default (beyond the expiration of all applicable notice and (iiicure periods) has occurred under this Lease at the initial two months of free rent (i.e., $42,688.00), amortized with interest at 8% per annum over the Term, and (b) One Hundred Twenty Thousand Six Hundred Thirteen and No/100 Dollars ($120,613.00), which Termination Fee shall be due and payable by time Tenant to Landlord concurrently with Tenant’s delivery of provides the Termination Notice to Landlord. The amount of the Termination Fee shall be confirmed in a notice to Tenant following the Commencement Date. Failure to timely exercise such option or pay such Termination Fee shall result in such option expiring and being of no further force or effect. If Tenant properly exercises its option to terminate in accordance with the provisions hereof, this Lease shall be terminated on the Early Termination Date without further liability of Tenant hereunder, except for such liability that has accrued on or prior to the Early Termination Date and such liability that survives termination of the Lease by the terms hereof.