Common use of Termination and Surrender Clause in Contracts

Termination and Surrender. Early Termination (by OWNER). Notwithstanding the foregoing, OWNER has the right to terminate this Agreement, thereby revoking the OCCUPANT’s license to use the Space, at any time, subject to the notice requirements and contractual penalties herein. i. Should the OWNER exercise this right fifteen (15) days or more in advance of the Commencement Date, OWNER shall refund to OCCUPANT any and all funds received under this Agreement. ii. Should the OWNER exercise this right less than fifteen (15) days before the Commencement Date, OWNER shall refund to OCCUPANT any and all funds received under this Agreement, as well as a fee equal to 20% of the amount due under this Agreement to recompense the OCCUPANT of the Storefront’s fee, which shall not be refunded. iii. Should the OWNER exercise this right on the Commencement Date or any time thereafter, it shall only do so with ten (10) days’ prior written notice to the OCCUPANT, and OWNER shall pay to OCCUPANT all of the following: (1) a refund, at a pro rata amount, for all days less than the full term which the OCCUPANT cannot occupy the Space due to the OWNER’s early termination; (2) a sum recognized as Early Revocation Damages for costs related to the OCCUPANT’s being forced to vacate the premises prematurely, equal to a pro rata amount for all days less than the full term which the OCCUPANT cannot occupy the Space due to the OWNER’s early termination. This sum will equal the refund required provided in (1) of this Section but paid in addition to the refund; (3) a fee equal to 20% of the total amount due under this agreement to recompense the OCCUPANT of the Storefront’s fee, which shall not be refunded. i. Should the OCCUPANT exercise this right fifteen (15) days or more in advance of the Commencement Date, OCCUPANT shall be entitled to a 50% refund of the License Fee paid under this Agreement. The remainder shall be surrendered to the OWNER as penalty for damages related to the short-term cancellation. (Such refund shall not include Storefront’s fee.) ii. After fifteen (15) days prior to the Commencement Date, the OCCUPANT shall have no right to cancel this agreement and shall be responsible for the entire License Fee.

Termination and Surrender. Early As of the Termination (Date, ▇▇▇▇▇▇ hereby surrenders the Premises to Landlord and does hereby give, grant and surrender unto Landlord all of Tenant's right, title and interest in and to the Premises, including, without limitation, all of ▇▇▇▇▇▇'s right, title and interest in, to and under the Lease, and Landlord hereby accepts such surrender. Except as otherwise expressly provided herein, each of the parties hereto acknowledges performance of all obligations of the other party under the Lease or otherwise in connection with the Premises through and including the Termination Date. The Lease is hereby agreed to be null and void and of no further force and effect as of the Termination Date. In addition, any and all rights and obligations of the parties that may have arisen in connection with the Premises shall be deemed to have expired and terminated as of the Termination Date, except that nothing herein shall waive any rights of indemnification owed by OWNER)Tenant to Landlord under the Lease, each of which shall be preserved to the full extent of applicable insurance coverage; provided, however, that Landlord’s recourse for any indemnification arising under the Lease shall be strictly limited to applicable insurance proceeds and coverage benefits and in no event shall Landlord have recourse against Tenant or its estate. Notwithstanding As of the foregoingTermination Date, OWNER has except as to the right to terminate obligations of Tenant and Landlord expressly set forth in this Agreement, thereby revoking the OCCUPANT’s license to use the Space, at any time, subject to the notice requirements Tenant and contractual penalties herein. i. Should the OWNER exercise this right fifteen (15) days or more in advance Landlord hereby mutually and forever release each other and their respective successors and assigns of the Commencement Date, OWNER shall refund to OCCUPANT and from any and all funds received claims, damages, obligations, liabilities, actions and causes of action of every kind and nature whatsoever that may arise under this Agreement. ii. Should or in connection with the OWNER exercise this right less than fifteen (15) days before Lease before, on or after the Commencement Termination Date, OWNER shall refund to OCCUPANT including, without limitation, any and all funds received claims under this Agreement, as well as a fee equal to 20% section 502(b)(6) of the amount due under this Agreement Bankruptcy Code. Such release shall and hereby does extend to recompense all claims, demands, damages, liabilities, obligations or actions, either in law or in equity, of any kind or nature whatsoever, whether known or unknown, direct or indirect, matured or hereafter existing, including claims asserted in Tenant’s bankruptcy, arising out of or relating to the OCCUPANT Lease, the Premises or Tenant’s occupancy of the StorefrontPremises, or Tenant’s fee, which shall not be refunded. iiiinitiation of its bankruptcy proceeding. Should the OWNER exercise this right on the Commencement Date Landlord and ▇▇▇▇▇▇ further hereby acknowledge that they may hereafter discover facts different from or any time thereafter, it shall only do so with ten (10) days’ prior written notice to the OCCUPANT, and OWNER shall pay to OCCUPANT all of the following: (1) a refund, at a pro rata amount, for all days less than the full term which the OCCUPANT cannot occupy the Space due to the OWNER’s early termination; (2) a sum recognized as Early Revocation Damages for costs related to the OCCUPANT’s being forced to vacate the premises prematurely, equal to a pro rata amount for all days less than the full term which the OCCUPANT cannot occupy the Space due to the OWNER’s early termination. This sum will equal the refund required provided in (1) of this Section but paid in addition to those it knows or believes to be true with respect to claims that are subject of this release and the refund; (3) a fee equal to 20% of parties each hereby agree that the total amount due under this agreement to recompense the OCCUPANT of the Storefront’s fee, which shall not be refunded. i. Should the OCCUPANT exercise this right fifteen (15) days or more in advance of the Commencement Date, OCCUPANT release shall be entitled to a 50% refund and remain effective in all respects, regardless of such additional or different facts. To the License Fee paid under this Agreement. The remainder shall be surrendered extent Landlord has filed or files any proof of claims with respect to the OWNER as penalty for damages related Lease or the Premises, Landlord consents to the short-term cancellation. (Such refund shall not include Storefront’s fee.) ii. After fifteen (15) days prior to the Commencement Dateexpungement of such claims, the OCCUPANT with prejudice, and hereby affirmatively acknowledges that Landlord shall have no right to cancel this agreement and shall be responsible for the entire License Feeclaim against Tenant or its estate in Tenant’s pending bankruptcy proceeding or otherwise.

Termination and Surrender. Early Termination Upon expiration of the Lease Term, or any earlier termination of this Lease, Tenant shall remove all Trade Fixtures and quit and surrender the Property and the Leasehold Improvements to Landlord, free and clear of all liens, encumbrances or title exceptions other than the Permitted Title Exceptions and exceptions to title not otherwise created by or through Tenant, in a good, clean and sanitary condition, excepting ordinary wear and tear, damage and destruction which Tenant is not required to restore pursuant to Article 8, condemnation which Tenant is not required to restore pursuant to Article 9, and Contamination (by OWNERother than Tenant's Contamination). Notwithstanding the foregoing, OWNER has the right to terminate this Agreement, thereby revoking the OCCUPANT’s license to use the Space, at any time, subject preceding sentence to the notice requirements and contractual penalties herein. i. Should contrary, if this Lease is terminated prior to the OWNER exercise this right fifteen natural expiration of the Lease Term, then Tenant shall have a period of ninety (1590) days thereafter, or more in advance such longer period as reasonably may be necessary (not to exceed one hundred eighty (180) days) to remove its Trade Fixtures and personal property, provided that Tenant pays Monthly Rent for each month of the Commencement Dateremoval period and, OWNER shall refund to OCCUPANT during the removal period, pays any and all funds received other rent or charges and amounts and complies with all covenants and obligations of Tenant under this Agreement. ii. Should Lease, except for those payments and covenants which were to be performed prior to the OWNER exercise termination date of this right less than fifteen Lease (15) days before the Commencement Date, OWNER shall refund to OCCUPANT any and all funds received under this Agreement, as well as a fee equal to 20% of the amount due under this Agreement to recompense the OCCUPANT of the Storefront’s fee, which during such removal period Tenant shall not be refunded. iiiliable for holdover rent pursuant to Section 14.3 below). Should Upon such termination, title to the OWNER exercise this right Leasehold Improvements then existing on the Commencement Date Property automatically shall vest in Landlord. In no event shall the provisions hereof impose any obligation upon Tenant to restore and/or reconstruct Leasehold Improvements that are demolished or removed or to restore and/or reconstruct Leasehold Improvements following any time thereafterdamage, it shall only casualty loss, or condemnation, unless Tenant is required to do so with ten (10) days’ prior written notice by Article 8 or Article 9 hereof. On the date Tenant is required by this section to surrender possession, Tenant shall deliver to Landlord such proper and executed instruments in recordable form, releasing, quitclaiming and conveying to Landlord all right, title and interest of Tenant and any other party claiming by or through Tenant or Tenant's Estate in and to the OCCUPANTProperty and/or the Leasehold Improvements, including, without limitation, such documents necessary for Landlord to demonstrate to a title company that this Lease no longer encumbers the Property and Leasehold Improvements, and OWNER that title to the Leasehold Improvements shall pay to OCCUPANT have vested in Landlord, free and clear of all of the following: (1) a refundliens, at a pro rata amountencumbrances or title exceptions, for all days less other than the full term which the OCCUPANT canPermitted Title Exceptions and exceptions to title not occupy the Space due to the OWNER’s early termination; (2) a sum recognized as Early Revocation Damages for costs related to the OCCUPANT’s being forced to vacate the premises prematurely, equal to a pro rata amount for all days less than the full term which the OCCUPANT cannot occupy the Space due to the OWNER’s early terminationotherwise created by or through Tenant. This sum will equal the refund required provided in (1) All provisions of this Section but paid in addition to the refund; (3) a fee equal to 20% 2.5 shall survive any termination of the total amount due under this agreement to recompense the OCCUPANT of the Storefront’s fee, which shall not be refundedLease. i. Should the OCCUPANT exercise this right fifteen (15) days or more in advance of the Commencement Date, OCCUPANT shall be entitled to a 50% refund of the License Fee paid under this Agreement. The remainder shall be surrendered to the OWNER as penalty for damages related to the short-term cancellation. (Such refund shall not include Storefront’s fee.) ii. After fifteen (15) days prior to the Commencement Date, the OCCUPANT shall have no right to cancel this agreement and shall be responsible for the entire License Fee.