TERMINATION OPTION PROCEDURES Sample Clauses
The Termination Option Procedures clause outlines the specific steps and requirements that parties must follow to exercise a contractual right to terminate the agreement. Typically, this clause details how notice of termination should be given, any required advance notice periods, and the method of communication (such as written notice delivered to a designated address). It may also specify any obligations that must be fulfilled before or after termination, such as payment of outstanding amounts or return of property. The core function of this clause is to ensure that the process for ending the contract is clear, orderly, and fair, thereby reducing the risk of disputes or misunderstandings when a party chooses to terminate the agreement.
TERMINATION OPTION PROCEDURES. In the event that Tenant elects the Termination Option, Tenant shall use its best efforts throughout the Sales Period to obtain a purchaser (who is not an affiliate of Tenant as described above) for the Premises. Tenant shall have the exclusive right to market the Premises during the first four (4) months of the Sales Period (the "Exclusive Period"). Landlord may direct Tenant to hire and pay for no more than one (1) commission sales agent after the expiration of the Exclusive Period. Except as otherwise provided below, any sale by Tenant shall be for the highest cash bid submitted to Tenant, including any cash bid submitted by Landlord. The determination of the highest bid shall be made by Landlord prior to the end of the Sales Period. After the end of the Exclusive Period, Landlord may accept any commercially reasonable bid solicited by Landlord, Tenant or its agent, in which case Tenant's sales effort may be suspended until the earlier of the closing of such sale on the last day of the Term or revocation or rejection of such cash bid. Notwithstanding the above provisions, Tenant may (i) accept during the Exclusive Period any cash bid (net of expenses of sale) which exceeds the Lease Investment Balance, and (ii) rescind the Termination Option at any time so long as it is exercising its Purchase Option, which shall be prior and superior to an accepted offer from a third party. If Landlord undertakes any sales efforts, Tenant shall promptly reimburse Landlord for any reasonable charges, costs and expenses incurred in such effort, including any commissions, allocated time charges, costs and expenses of internal counsel, external counsel or other attorneys' fees.
TERMINATION OPTION PROCEDURES. In the event that Tenant elects the Termination Option with respect to the Parcels, Tenant shall use its best efforts to obtain a purchaser for the Parcels. Tenant shall notify Landlord promptly upon receipt of any bid for the Parcels. Except as otherwise provided below, any sale by Tenant shall be for the highest cash bid submitted to Tenant, including any cash bid submitted by or through Landlord. The determination of the highest bid shall be made by Landlord. Notwithstanding the above provisions, Tenant may accept any cash bid which exceeds the Lease Investment Balance. If Landlord undertakes any sales efforts, Tenant shall promptly reimburse Landlord for any reasonable charges, costs and expenses incurred in such effort, including any commissions, allocated time charges, costs and expenses of internal counsel, external counsel or other attorneys’ fees. If the Parcels have not been sold by the end of the Term, then Tenant shall pay to Landlord on the last day of the Term the amount of the Guaranteed Residual Value with respect thereto and shall continue Tenant’s sales efforts for the Parcels.