Early Termination Right Clause Samples
An Early Termination Right clause grants one or both parties the ability to end a contract before its scheduled expiration under specified conditions. Typically, this clause outlines the circumstances that justify early termination, such as breach of contract, insolvency, or failure to meet key obligations, and may require advance written notice to the other party. Its core practical function is to provide flexibility and risk management, allowing parties to exit the agreement if continuing would be impractical or detrimental.
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Early Termination Right. Tenant shall have the right, subject to the provisions of this Section 41, to terminate this Lease (“Termination Right”) with respect to the entire Premises only as of expiration of the 60th month after the Rent Commencement Date (“Early Termination Date”), so long as Tenant delivers to Landlord (i) a written notice (“Termination Notice”), of its election to exercise its Termination Right no less than 9 months in advance of the Early Termination Date, and (ii) concurrent with Tenant’s delivery to Landlord of the Termination Notice delivers, an early termination payment in the amount of $750,000 (which amount shall be increased by an additional $750,000 if Tenant leases the Expansion Space pursuant to its Direct Expansion Right under Section 39(b), the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Lease. In the event that Tenant does not deliver to Landlord the Termination Notice and the Early Termination Payment within the time period provided in this paragraph, Tenant shall be deemed to have waived its Termination Right and the provisions of this Section 41 shall have no further force or effect. Notwithstanding anything to the contrary contained herein, if Tenant elects to exercise its Right of First Refusal pursuant to Section 39(a) by delivering a Space Acceptance Notice, then Tenant shall be deemed to have waived its Termination Right and the provisions of this Section 41 shall have no further force or effect except that Tenant may exercise its Termination Right with respect to the original Premises as provided for in this Section 41 if the following conditions have been satisfied: (x) Tenant makes no materially detrimental changes, as reasonably determined by Landlord, to the Tenant Improvements contemplated pursuant to the plan attached hereto as Exhibit J, and (y) Tenant unconditionally agrees to extend the Base Term of the lease with respect to the Expansion Space, if necessary, so that it is not less than a full 60 months from the date that Tenant commenced paying Base Rent for the Expansion Space.
Early Termination Right. Tenant shall have the right to terminate the Term of this Lease with respect to the original Premises (including the Suite 120 Premises) only (“Termination Right”) at the expiration of the 84th month after the Rent Commencement Date (the “Early Termination Date”); provided, however, that Tenant delivers to Landlord (a) a written notice (“Termination Notice”), of its election to exercise its Termination Right not less than 12 months prior to the Early Termination Date, and (b) concurrent with Tenant’s delivery to Landlord of the Termination Notice, an early termination payment in the amount of $2,515,356 (the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers to Landlord the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under this Lease with respect to the original Premises (including the Suite 120 Premises) except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Lease.”
Early Termination Right. In the event that Landlord and Tenant fully execute and deliver a new lease agreement (the “New Lease”) for other space in the Project or in a project owned by an affiliate of Landlord during the Lease Term which New Lease has a lease term which extends beyond the Lease Expiration Date of this Lease, and provided that Tenant is not then in default of this Lease beyond the applicable notice and cure periods, then Tenant shall have the right to terminate this Lease without the payment of any penalty or termination fee upon not less than thirty (30) days’ prior written notice to Landlord (the “Tenant Termination Notice”). Such Tenant Termination Notice shall set forth the termination date of this Lease (the “Tenant Early Termination Date”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 2.2, then this Lease shall terminate effective as of the Tenant Early Termination Date with the same force and effect as if the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Date, subject to the provisions of this Lease which expressly survive the expiration or earlier termination of this Lease.
Early Termination Right. With the written approval of a majority of the Independent Directors, Holdings may completely terminate this Agreement, as and to the extent provided herein, with respect to all amounts payable to WP by paying to WP the Early Termination Payment; provided, that any Early Termination Payment made to WP pursuant to this Section 4.1(a) is matched by an Early Termination Payment to RIHI under Section 4.1(a) of the RIHI TRA and in complete termination of the RIHI TRA, and provided, further, that Holdings may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon Holdings’ payment of the Early Termination Payment, Holdings shall not have any further payment obligations under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the calculation of the Early Termination Payment).
Early Termination Right. Provided that at the time Tenant exercises any right under this section no uncured Event of Default exists, nor any condition exists that with the passage of time or the giving of notice or both would constitute an Event of Default under the Lease, Tenant shall have the right to terminate this Lease prior to its scheduled expiration by giving Landlord at least six months’ prior written notice of such termination (which notice must be given, for example, no later than January 31, 2013 in order to effect a termination on July 31, 2013). If Tenant exercises its right under this Section to terminate the Lease early, Tenant shall pay to Landlord an Early Termination Penalty, which Tenant must submit to Landlord at the time such notice is given, pursuant to following schedule:
(a) Tenant may exercise its right under this Section to terminate the Lease effective August 31, 2013 by providing Landlord with an Early Termination Penalty of $17,784.00,
(b) Tenant may exercise its right under this Section to terminate the Lease effective February 28, 2014 by providing Landlord with an Early Termination Penalty of $13,338.00,
(c) Tenant may exercise its right under this Section to terminate the Lease effective August 31, 2014 by providing Landlord with an Early Termination Penalty of $9,139.00,
(d) Tenant may exercise its right under this Section to terminate the Lease effective February 28, 2015 by providing Landlord with an Early Termination Penalty of $4,569.50,
(e) If Tenant relocates into another property where ▇▇▇▇▇▇▇ Development Company is general partner, then Landlord shall waive the Early Termination Penalty.
Early Termination Right. Notwithstanding anything to the contrary set forth in this Lease, Tenant shall have the right to terminate this Lease at any time prior to the expiration of the Term hereof for any reason or no reason by providing written notice of such termination to Landlord at least sixty (60) days prior to the effective date thereof. In the event Tenant elects to terminate this Lease after construction has commenced but before a certificate of occupancy has been issued for the improvements constructed by Tenant on the Premises, then Landlord may require Tenant to raze, clear and dispose of such improvements at Tenant’s cost and expense.
Early Termination Right. 🞎 This Lease has no early termination right in favor of Tenant. 🞎 This Lease may be terminated early by Tenant upon the following circumstance(s) In such event, Tenant must provide Landlord with not less than days advance written notice of termination.
Early Termination Right. Notwithstanding anything to the contrary contained herein, AOL shall have the right to cancel this Agreement by providing MP with no less than thirty (30) days written notice, on the one (1) year anniversary of the Effective Date. In the event that AOL exercises its termination right pursuant to this Section 6.7, and provided that MP shall not have generated Transaction Revenues in excess of [***] as of the termination date, then AOL shall pay to MP [***] within thirty (30) days after the termination becomes effective, and MP shall not be required to make the payments provided for in Sections 4.1(iv)(b) and 4.1(v).
Early Termination Right. In recognition of the additional risks to maintaining satellite operations beyond the specified design life of the Satellite, Customer shall have the right, subject to the conditions specified in this Section 7.9, to terminate this Agreement [******************** *****************************************] after the PAS-6 Service Date. Exercise of such termination rights by Customer must occur, if at all, on or before the earlier of: (a) the [********************************] of the PAS-6 Service Date; or (b) [*************************] PanAmSat notifies Customer of PanAmSat's firm intention to launch a Successor Satellite, with the intention to place it into commercial service prior to the end of the [************* *************] if Customer exercises its termination right under this Section 7.9, but in no event shall such exercise decision be required earlier than [****************************************] PAS-6 Service Date.
Early Termination Right. If the actual availability (AV) is less than [**]% in any two months during any four month period, or if the actual availability is less than [**]% in any single month, CBOT (or the party operating the Exchange in Chicago) can terminate its participation in the Systems Operations Agreement by giving written notice of termination to DBS within two weeks after the conclusion of the Project Problem procedures concerning the lack of availability. The notice will take effect at the end of the first full calendar month following the month in which the notice is received. Such notice will constitute termination for cause (Clause 18.1).