{"component": "clause", "props": {"groups": [{"samples": [{"hash": "k4Brb4Qcv7F", "uri": "/contracts/k4Brb4Qcv7F#termination-option", "label": "Office Lease Agreement (Imprivata Inc)", "score": 25.4407939911, "published": true}, {"hash": "eOdpJPn1cxl", "uri": "/contracts/eOdpJPn1cxl#termination-option", "label": "Office Lease Agreement (Imprivata Inc)", "score": 25.2436695099, "published": true}, {"hash": "iK8lVHOvD92", "uri": "/contracts/iK8lVHOvD92#termination-option", "label": "Office Lease Agreement (Imprivata Inc)", "score": 25.043806076, "published": true}], "snippet_links": [{"key": "tenant-shall", "type": "clause", "offset": [3, 15]}, {"key": "the-right", "type": "clause", "offset": [21, 30]}, {"key": "termination-right", "type": "clause", "offset": [37, 54]}, {"key": "the-term-of-the-lease", "type": "clause", "offset": [70, 91]}, {"key": "effective-as-of-the", "type": "clause", "offset": [93, 112]}, {"key": "expiration-of-the", "type": "clause", "offset": [113, 130]}, {"key": "full-calendar-month", "type": "definition", "offset": [147, 166]}, {"key": "relocation-date", "type": "clause", "offset": [177, 192]}, {"key": "effective-termination-date", "type": "definition", "offset": [199, 225]}, {"key": "termination-notice", "type": "clause", "offset": [258, 276]}, {"key": "prior-to-the-effective", "type": "clause", "offset": [363, 385]}, {"key": "to-landlord", "type": "definition", "offset": [417, 428]}, {"key": "of-tenant", "type": "clause", "offset": [462, 471]}, {"key": "termination-fee", "type": "definition", "offset": [498, 513]}, {"key": "landlord-shall", "type": "clause", "offset": [539, 553]}, {"key": "of-landlord", "type": "clause", "offset": [645, 656]}, {"key": "if-tenant", "type": "clause", "offset": [676, 685]}, {"key": "for-the-purposes", "type": "clause", "offset": [840, 856]}, {"key": "base-rent-and-other-charges", "type": "clause", "offset": [1097, 1124]}, {"key": "to-pay", "type": "clause", "offset": [1225, 1231]}, {"key": "no-right-to-terminate", "type": "clause", "offset": [1271, 1292]}, {"key": "pursuant-to", "type": "clause", "offset": [1316, 1327]}, {"key": "section-vi", "type": "clause", "offset": [1333, 1343]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1348, 1377]}, {"key": "in-the-event", "type": "clause", "offset": [1379, 1391]}, {"key": "right-of-first-offer", "type": "clause", "offset": [1413, 1433]}, {"key": "at-any-time", "type": "clause", "offset": [1453, 1464]}, {"key": "following-the", "type": "definition", "offset": [1510, 1523]}, {"key": "null-and-void", "type": "clause", "offset": [1600, 1613]}, {"key": "force-and-effect", "type": "clause", "offset": [1632, 1648]}, {"key": "written-request", "type": "clause", "offset": [1668, 1683]}, {"key": "office-space", "type": "definition", "offset": [1804, 1816]}, {"key": "in-the-building", "type": "clause", "offset": [1817, 1832]}, {"key": "available-for-lease", "type": "definition", "offset": [1851, 1870]}, {"key": "to-lease", "type": "clause", "offset": [1914, 1922]}, {"key": "tenant-leases", "type": "definition", "offset": [1946, 1959]}, {"key": "tenant-agrees", "type": "clause", "offset": [2000, 2013]}, {"key": "such-information", "type": "definition", "offset": [2019, 2035]}, {"key": "strictly-confidential", "type": "definition", "offset": [2055, 2076]}, {"key": "as-required-by-law", "type": "clause", "offset": [2090, 2108]}, {"key": "third-party", "type": "definition", "offset": [2152, 2163]}, {"key": "to-tenant", "type": "definition", "offset": [2171, 2180]}, {"key": "the-confidentiality-provisions", "type": "definition", "offset": [2253, 2283]}, {"key": "agree-to", "type": "clause", "offset": [2305, 2313]}], "snippet": "A. Tenant shall have the right (the \u201cTermination Right\u201d) to terminate the Term of the Lease, effective as of the expiration of the sixtieth (60th) full calendar month after the Relocation Date (the \u201cEffective Termination Date\u201d), by giving Landlord a written termination notice (the \u201cTenant\u2019s Termination Notice\u201d) on or before the date which is twelve (12) months prior to the Effective Termination Date and by paying to Landlord simultaneously with the delivery of Tenant\u2019s Termination Notice, the Termination Fee, as hereinafter defined. Landlord shall notify Tenant that Landlord has received the Termination Fee within five (5) Business Days of Landlord\u2019s receipt thereof. If Tenant does not pay the Termination Fee together with the delivery of Tenant\u2019s Termination Notice, Tenant\u2019s Termination Notice shall be void and ineffective.\nB. For the purposes hereof, the \u201cTermination Fee\u201d shall be $714,175.\nC. If Tenant timely and properly exercises its Termination Right and pays to Landlord the Termination Fee, then the Term of the Lease shall terminate as of the Effective Termination Date and Base Rent and other charges shall be apportioned as of said date. If Tenant fails timely to give Tenant\u2019s Termination Notice or to pay the Termination Fee, Tenant shall have no right to terminate the Term of the Lease, pursuant to this Section VI.\nD. Notwithstanding the foregoing, in the event Tenant exercises its Right of First Offer (as defined below) at any time after the thirty-sixth (36th) calendar month following the Relocation Date, then Tenant\u2019s Termination Right shall automatically become null and void and of no further force and effect.\nE. Upon the prior written request of Tenant (such request to be made not more frequently than once every six (6) months), Landlord shall inform Tenant of office space in the Building that is currently available for lease or that is anticipated to become available to lease upon the expiration of tenant leases within the upcoming twelve (12) months. Tenant agrees that such information will be treated as strictly confidential, and, except as required by law, Tenant shall not disclose the same to any third party except to Tenant\u2019s partners, lenders, accountants and attorneys who have been advised of the confidentiality provisions contained herein and agree to be bound by the same.", "size": 161, "hash": "74070c490d03463dbf9ee9205e7bd91a", "id": 1}, {"samples": [{"hash": "9sOPESzx6y6", "uri": "/contracts/9sOPESzx6y6#termination-option", "label": "Lease Agreement (Viamet Pharmaceuticals Holdings LLC)", "score": 27.2669410706, "published": true}, {"hash": "7vCOLv7OoBZ", "uri": "/contracts/7vCOLv7OoBZ#termination-option", "label": "Lease Agreement (Viamet Pharmaceuticals Holdings LLC)", "score": 27.0835037231, "published": true}, {"hash": "j7EdrZ9Cdbp", "uri": "/contracts/j7EdrZ9Cdbp#termination-option", "label": "Lease Agreement (Viamet Pharmaceuticals Holdings LLC)", "score": 25.4955501556, "published": true}], "snippet_links": 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"in-connection-with", "type": "clause", "offset": [1394, 1412]}, {"key": "by-landlord", "type": "clause", "offset": [1437, 1448]}, {"key": "space-leased", "type": "clause", "offset": [1473, 1485]}, {"key": "rate-of", "type": "clause", "offset": [1529, 1536]}, {"key": "nine-percent", "type": "definition", "offset": [1537, 1549]}, {"key": "per-annum", "type": "clause", "offset": [1555, 1564]}, {"key": "term-of-this-lease", "type": "clause", "offset": [1596, 1614]}, {"key": "legal-fees", "type": "definition", "offset": [1626, 1636]}, {"key": "future-amendment", "type": "clause", "offset": [1696, 1712]}, {"key": "additional-space", "type": "definition", "offset": [1739, 1755]}, {"key": "without-limitation", "type": "clause", "offset": [1802, 1820]}, {"key": "tenant-improvement-allowance", "type": "definition", "offset": [1826, 1854]}, {"key": "construction-costs", "type": "definition", "offset": [1864, 1882]}, {"key": "leasing-commissions", "type": "clause", "offset": [1884, 1903]}, {"key": "free-rent", "type": "definition", "offset": [1905, 1914]}, {"key": "cash-allowances", "type": "clause", "offset": [1919, 1934]}, {"key": "costs-and-expenses", "type": "definition", "offset": [1946, 1964]}, {"key": "with-respect-to", "type": "clause", "offset": [2009, 2024]}, {"key": "future-expansion", "type": "definition", "offset": [2029, 2045]}, {"key": "the-transaction", "type": "clause", "offset": [2053, 2068]}, {"key": "the-period", "type": "clause", "offset": [2098, 2108]}, {"key": "of-tenant", "type": "clause", "offset": [2142, 2151]}, {"key": "expiration-date", "type": "clause", "offset": [2196, 2211]}, {"key": "amount-required", "type": "clause", "offset": [2295, 2310]}, {"key": "early-termination", "type": "clause", "offset": [2356, 2373]}, {"key": "not-a-penalty", "type": "clause", "offset": [2377, 2390]}, {"key": "of-the-damages", "type": "clause", "offset": [2421, 2435]}, {"key": "liquidated-damages", "type": "definition", "offset": [2616, 2634]}, {"key": "under-this-lease", "type": "clause", "offset": [2717, 2733]}, {"key": "additional-rent", "type": "definition", "offset": [2802, 2817]}, {"key": "terms-of", "type": "clause", "offset": [2847, 2855]}, {"key": "granted-to", "type": "clause", "offset": [2955, 2965]}, {"key": "named-tenant", "type": "definition", "offset": [3030, 3042]}, {"key": "in-the-event-of", "type": "definition", "offset": [3048, 3063]}, {"key": "assignment-of", "type": "definition", "offset": [3068, 3081]}, {"key": "sublease-by-tenant", "type": "clause", "offset": [3096, 3114]}, {"key": "a-default", "type": "definition", "offset": [3298, 3307]}, {"key": "any-notice", "type": "definition", "offset": [3323, 3333]}, {"key": "cure-period", "type": "clause", "offset": [3341, 3352]}, {"key": "the-lease", "type": "clause", "offset": [3360, 3369]}, {"key": "delivery-of-the", "type": "clause", "offset": [3397, 3412]}], "snippet": "Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the one-time option (the \u201cTermination Option\u201d) to terminate this Lease, effective as of the last day of the sixtieth (60th) full calendar month of the Term (the \u201cTermination Date\u201d), by providing Landlord with written notice of such Termination Option election (the \u201cTermination Notice\u201d). Such Termination Notice shall be effective only if it is given to Landlord at least nine (9) full calendar months prior to the Termination Date (the \u201cTermination Notice Deadline\u201d); accordingly, if Tenant has not given its Termination Notice to Landlord prior to the Termination Notice Deadline, this Termination Option shall expire and be of no further force or effect, and Tenant shall have no right or option to terminate this Lease pursuant to this Special Stipulation No. 4 at any time after the Termination Notice Deadline. As a condition precedent to any termination of this Lease pursuant to the provisions of this Special Stipulation No. 4, in addition to Tenant\u2019s delivery of its Termination Notice, Tenant must have delivered to Landlord with its Termination Notice, an amount as a termination fee (collectively, the \u201cTermination Fee\u201d) equal to the sum of (i) Ninety Thousand Three Hundred Twenty-Five and 14/100Dollars ($90,325.14), plus (ii) all unamortized Transaction Costs, as hereinafter defined, incurred in connection with this Lease and incurred by Landlord for any other expansion space leased by Tenant, all amortized using an interest rate of nine percent (9%) per annum over the ninety-one (91) month term of this Lease, and (iii) legal fees incurred by Landlord in connection with this Lease and any future amendment whereby Tenant is leasing additional space. \u201cTransaction Costs\u201d shall include generally, without limitation, any tenant improvement allowance, turnkey construction costs, leasing commissions, free rent and cash allowances or similar costs and expenses provided to Tenant or incurred by Landlord. With respect to any future expansion space, the Transaction Costs will be amortized over the period commencing on the effective date of Tenant\u2019s lease of such expansion space through the expiration date of Tenant\u2019s lease of such expansion space. It is hereby acknowledged that any such amount required to be paid by Tenant in connection with such early termination is not a penalty but a reasonable pre-estimate of the damages which would be incurred by Landlord as a result of such early termination of this Lease (which damages are impossible to calculate more precisely) and, in that regard, constitutes liquidated damages with respect to such loss. Tenant shall continue to be liable for its obligations under this Lease to and through the Termination Date, including, without limitation, Additional Rent that accrues pursuant to the terms of this Lease, with all of such obligations surviving the early termination of this Lease. The rights granted to Tenant under this Special Stipulation No. 4 are personal to the named Tenant, and in the event of any assignment of this Lease or sublease by Tenant, this Termination Option shall thenceforth be void and of no further force or effect. Tenant\u2019s rights under this Special Stipulation No. 4 shall be effective only if Tenant is not in a default (regardless of any notice and/or cure period) under the Lease, either at the time of the delivery of the Termination Notice or as of the Termination Date.", "size": 39, "hash": "ba19293534fd9a9965714cb9d7feed53", "id": 2}, {"samples": [{"hash": "1T4Sej6XJSf", "uri": "/contracts/1T4Sej6XJSf#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 31.8245677948, "published": true}, {"hash": "6em3DrCelgd", "uri": "/contracts/6em3DrCelgd#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 31.3733196259, "published": true}, {"hash": "lD8ZDwhZS1b", "uri": "/contracts/lD8ZDwhZS1b#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 31.2332954407, "published": true}], "snippet_links": [{"key": "nominal-consideration", "type": "definition", "offset": [4, 25]}, {"key": "receipt-of", "type": "clause", "offset": [31, 41]}, {"key": "agreement-to-pay", "type": "definition", "offset": [81, 97]}, {"key": "option-fee", "type": "definition", "offset": [102, 112]}, {"key": "time-required", "type": "clause", "offset": [124, 137]}, {"key": "unrestricted-right-to-terminate", "type": "clause", "offset": [163, 194]}, {"key": "this-contract", "type": "definition", "offset": [195, 208]}, {"key": "notice-of-termination", "type": "clause", "offset": [219, 240]}, {"key": "to-seller", "type": "clause", "offset": [241, 250]}], "snippet": "For nominal consideration, the receipt of which Seller acknowledges, and \u2587\u2587\u2587\u2587\u2587's agreement to pay the Option Fee within the time required, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within", "size": 38, "hash": "95a23da5ade9a6e46159d45e02e27b3c", "id": 3}, {"samples": [{"hash": "3abNY1q11P7", "uri": "/contracts/3abNY1q11P7#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 25.6582927704, "published": true}, {"hash": "eKISA7efKIL", "uri": "/contracts/eKISA7efKIL#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 25.1245079041, "published": true}, {"hash": "lXM8Dl9dS3P", "uri": "/contracts/lXM8Dl9dS3P#termination-option", "label": "Farm and Ranch Contract", "score": 22.1013011932, "published": true}], "snippet_links": [{"key": "nominal-consideration", "type": "definition", "offset": [4, 25]}, {"key": "receipt-of", "type": "clause", "offset": [31, 41]}, {"key": "by-seller", "type": "clause", "offset": [72, 81]}, {"key": "agreement-to-pay", "type": "definition", "offset": [95, 111]}, {"key": "option-fee", "type": "definition", "offset": [122, 132]}, {"key": "effective-date-of-this-contract", "type": "definition", "offset": [158, 189]}, {"key": "unrestricted-right-to-terminate", "type": "clause", "offset": [215, 246]}, {"key": "notice-of-termination", "type": "clause", "offset": [271, 292]}, {"key": "to-seller", "type": "clause", "offset": [293, 302]}, {"key": "option-period", "type": "definition", "offset": [358, 371]}, {"key": "local-time", "type": "definition", "offset": [431, 441]}, {"key": "the-property", "type": "clause", "offset": [448, 460]}, {"key": "dollar-amount", "type": "definition", "offset": [502, 515]}, {"key": "the-option", "type": "clause", "offset": [529, 539]}, {"key": "fails-to-pay", "type": "clause", "offset": [556, 568]}, {"key": "buyer-shall", "type": "clause", "offset": [677, 688]}, {"key": "termination-within", "type": "clause", "offset": [774, 792]}, {"key": "compliance-with-the", "type": "clause", "offset": [936, 955]}, {"key": "time-for-performance", "type": "clause", "offset": [956, 976]}], "snippet": "For nominal consideration, the receipt of w hich is hereby acknowledged by Seller, and \u2587\u2587\u2587\u2587\u2587's agreement to pay Seller $ (Option Fee) within 3 days after the Effective Date of this contract, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the Effective Date of this contract (Option Period). Notices under this paragraph must be given by 5:00 p.m. (local time where the Property is located) by the date specified. If no dollar amount is stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract. If \u2587\u2587\u2587\u2587\u2587 gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any \u2587\u2587\u2587\u2587\u2587\u2587\u2587 money will be refunded to essence for this paragraph and strict compliance with the time for performance is required.", "size": 21, "hash": "334d2e228f4ce2771fa2262a086d4879", "id": 6}, {"samples": [{"hash": "k9y2LyenHfs", "uri": "/contracts/k9y2LyenHfs#termination-option", "label": "Master Servicing Agreement (Nelnet Student Loan Funding LLC)", "score": 16.0, "published": true}, {"hash": "iZODBqGCwGC", "uri": "/contracts/iZODBqGCwGC#termination-option", "label": "Master Servicing Agreement (Nelnet Student Loan Trust 2005-2)", "score": 16.0, "published": true}, {"hash": "iHM4i8d0egT", "uri": "/contracts/iHM4i8d0egT#termination-option", "label": "Master Servicing Agreement (Nelnet Student Loan Trust 2008-3)", "score": 16.0, "published": true}], "snippet_links": [{"key": "at-any-time", "type": "clause", 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"registered-owners", "type": "definition", "offset": [2132, 2149]}, {"key": "highest-priority-obligations", "type": "definition", "offset": [2178, 2206]}, {"key": "rights-and-obligations-of", "type": "clause", "offset": [2229, 2254]}, {"key": "termination-by-the-trustee", "type": "clause", "offset": [2320, 2346]}, {"key": "successor-master-servicer", "type": "clause", "offset": [2450, 2475]}, {"key": "the-responsibilities", "type": "clause", "offset": [2628, 2648]}, {"key": "duties-and-liabilities", "type": "clause", "offset": [2650, 2672]}, {"key": "compensation-arrangements", "type": "clause", "offset": [2745, 2770]}, {"key": "upon-receipt-of-a", "type": "clause", "offset": [2772, 2789]}, {"key": "rating-confirmation", "type": "definition", "offset": [2790, 2809]}, {"key": "servicing-fees", "type": "clause", "offset": [2857, 2871]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [2891, 2917]}, {"key": "withdrawal-of", "type": "clause", "offset": [2980, 2993]}, {"key": "ratings-of-the-notes", "type": "clause", "offset": [3003, 3023]}, {"key": "to-act", "type": "definition", "offset": [3063, 3069]}, {"key": "successor-to-the-master-servicer", "type": "clause", "offset": [3073, 3105]}, {"key": "court-of-competent-jurisdiction", "type": "definition", "offset": [3146, 3177]}, {"key": "regular-business", "type": "definition", "offset": [3216, 3232]}, {"key": "servicing-of-education-loans", "type": "clause", "offset": [3246, 3274]}, {"key": "a-majority", "type": "clause", "offset": [3301, 3311]}, {"key": "in-the-case", "type": "clause", "offset": [3349, 3360]}, {"key": "adversely-affect", "type": "definition", "offset": [3407, 3423]}, {"key": "on-behalf-of", "type": "clause", "offset": [3441, 3453]}, {"key": "default-by-the", "type": "clause", "offset": [3481, 3495]}, {"key": "master-servicer-hereunder", "type": "clause", "offset": [3496, 3521]}, {"key": "a-default", "type": "definition", "offset": [3530, 3539]}, {"key": "required-deposits", "type": "definition", "offset": [3554, 3571]}, {"key": "the-funds", "type": "clause", "offset": [3599, 3608]}, {"key": "the-indenture", "type": "clause", "offset": [3627, 3640]}, {"key": "no-waiver", "type": "clause", "offset": [3642, 3651]}, {"key": "the-noteholders", "type": "clause", "offset": [3664, 3679]}, {"key": "in-accordance-with", "type": "definition", "offset": [3752, 3770]}, {"key": "education-act-and-regulations", "type": "clause", "offset": [3775, 3804]}, {"key": "applicable-guarantee", "type": "definition", "offset": [3890, 3910]}, {"key": "material-breach-of-this-agreement", "type": "clause", "offset": [3927, 3960]}, {"key": "the-guarantee", "type": "clause", "offset": [3972, 3985]}, {"key": "outstanding-principal-balance", "type": "clause", "offset": [4101, 4130]}, {"key": "accrued-interest", "type": "clause", "offset": [4139, 4155]}, {"key": "risk-sharing", "type": "definition", "offset": [4201, 4213]}, {"key": "section-15", "type": "definition", "offset": [4278, 4288]}], "snippet": "If at any time during the term of this Agreement any party refuses or fails to perform in a material fashion any portion of this Agreement, and fails or refuses to correct said action or lack of action within thirty (30) days after receipt of written notice, the other party may, upon thirty (30) days written notice, terminate this Agreement. Without limiting the generality of the foregoing sentence, the following shall be deemed a failure or refusal to perform in a material fashion: (i) failure by any Subservicer to make deposits to the Trustee of payments received with respect to the Education Loans, (ii) failure or refusal to perform in any material fashion any portion of this Agreement, including any failure to perform or observe in any material respect any covenants or agreements contained herein, or (iii) becoming subject to an event of bankruptcy. An event of bankruptcy shall mean the commencement of a voluntary case or other proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law, or seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official, making a general assignment for the benefit of creditors, declaring a moratorium with respect to one's debts or failure to generally pay one's debts as they become due, or the commencement of an involuntary case or other proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law, or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official, provided such action is not dismissed within 60 days. If any default occurs as the result of the failure or refusal of a Subservicer to perform, the Master Servicer shall have the right, without any obligation, to cure or correct such default of such Subservicer within thirty (30) days after receipt of notice. If at any time the Master Servicer defaults by failure or refusal to perform in a material fashion and such default remains unremedied within thirty (30) days after receipt of written notice, then the Trustee or the Registered Owners of not less than 25% of the Highest Priority Obligations may terminate all the rights and obligations of Master Servicer upon thirty (30) days' written notice. Following termination by the Trustee or the Registered Owners of not less than 25% of the Highest Priority Obligations as provided above, a successor master servicer appointed by the Registered Owners of not less than 25% of the Highest Priority Obligations or the Trustee, or the Trustee itself, shall succeed to all the responsibilities, duties and liabilities of Master Servicer under this Agreement and will be entitled to similar compensation arrangements, upon receipt of a Rating Confirmation; such compensation may not be greater than the servicing fees to Master Servicer pursuant to this Agreement, unless such compensation will not result in a downgrading or withdrawal of the then ratings of the Notes. If the Trustee is unable or unwilling to act as successor to the Master Servicer, the Trustee may appoint, or petition a court of competent jurisdiction for appointment of, a successor whose regular business includes the servicing of Education Loans. The Registered Owners of a majority of the Highest Priority Obligations, in the case of any Master Servicer default which does not adversely affect the Trustee may, on behalf of all Noteholders, waive any default by the Master Servicer hereunder, except a default in making any required deposits to or payments from any of the funds established under the Indenture. No waiver will impact the Noteholders' rights as to subsequent defaults. Failure to service an Education Loan in accordance with the Education Act and Regulations, even if such failure results in such Education Loan being denied the benefit of any applicable guarantee, shall not be a material breach of this Agreement so long as the guarantee on such affected Education Loan is reinstated or the Master Servicer and/or Subservicers pay the Trust or NSLF the outstanding principal balance and all accrued interest thereon, less the amount (if any) subject to risk sharing under the Education Act and Regulations, all in accordance with Section 15 hereof.", "size": 21, "hash": "65b1d238a8f4135650625247e383ce8d", "id": 5}, {"samples": [{"hash": "lggOEDRAq7r", "uri": "/contracts/lggOEDRAq7r#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 24.5715255737, "published": true}, {"hash": "l0a4p1gy2ay", "uri": "/contracts/l0a4p1gy2ay#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 24.5715255737, "published": true}, {"hash": "7SS2BwEf6jm", "uri": "/contracts/7SS2BwEf6jm#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 24.5715255737, "published": true}], "snippet_links": [{"key": "nominal-consideration", "type": "definition", "offset": [4, 25]}, {"key": "receipt-of", "type": "clause", "offset": [31, 41]}, {"key": "agreement-to-pay", "type": "definition", "offset": [81, 97]}, {"key": "option-fee", "type": "definition", "offset": [102, 112]}, {"key": "time-required", "type": "clause", "offset": [124, 137]}, {"key": "unrestricted-right-to-terminate", "type": "clause", "offset": [163, 194]}, {"key": "notice-of-termination", "type": "clause", "offset": [219, 240]}, {"key": "to-seller", "type": "clause", "offset": [241, 250]}, {"key": "effective-date-of-this-contract", "type": "definition", "offset": [273, 304]}, {"key": "option-period", "type": "definition", "offset": [306, 319]}, {"key": "local-time", "type": "definition", "offset": [379, 389]}, {"key": "the-property", "type": "clause", "offset": [396, 408]}, {"key": "termination-within", "type": "clause", "offset": [469, 487]}, {"key": "escrow-agent-shall", "type": "clause", "offset": [553, 571]}, {"key": "to-buyer", "type": "definition", "offset": [678, 686]}], "snippet": "For nominal consideration, the receipt of which Seller acknowledges, and \u2587\u2587\u2587\u2587\u2587's agreement to pay the Option Fee within the time required, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the Effective Date of this contract (Option Period). Notices under this paragraph must be given by 5:00 p.m. (local time where the Property is located) by the date specified. If Buyer gives notice of termination within the time prescribed: (i) the Option Fee will not be refunded and escrow agent shall release any Option Fee remaining with escrow agent to Seller; and (ii) any \u2587\u2587\u2587\u2587\u2587\u2587\u2587 money will be refunded to Buyer.", "size": 21, "hash": "e7a1bad6bb577c05622800632f7e1996", "id": 7}, {"samples": [{"hash": "czTYavNN6yC", "uri": "/contracts/czTYavNN6yC#termination-option", "label": "Commercial Office Lease", "score": 31.3408622742, "published": true}, {"hash": "lg9LgNVHwKS", "uri": "/contracts/lg9LgNVHwKS#termination-option", "label": "Commercial Office Lease (Technest Holdings Inc)", "score": 21.0, "published": true}, {"hash": "gYNZhMV8EC2", "uri": "/contracts/gYNZhMV8EC2#termination-option", "label": "Commercial Office Lease (Technest Holdings Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "tenant-shall", "type": "clause", "offset": [0, 12]}, {"key": "effective-as-of-the", "type": "clause", "offset": [60, 79]}, {"key": "full-calendar-month", "type": "definition", "offset": [104, 123]}, {"key": "the-commencement-date", "type": "clause", "offset": [134, 155]}, {"key": "notice-to-the-landlord", "type": "clause", "offset": [175, 197]}, {"key": "prior-to-the", "type": "clause", "offset": [198, 210]}, {"key": "expiration-of-the", "type": "clause", "offset": [211, 228]}, {"key": "time-being-of-the-essence", "type": "clause", "offset": [297, 322]}, {"key": "in-order-to", "type": "clause", "offset": [346, 357]}, {"key": "payment-of-the-termination-fee", "type": "clause", "offset": [392, 422]}, {"key": "termination-date", "type": "definition", "offset": [480, 496]}, {"key": "provided-however", "type": "clause", "offset": [498, 514]}, {"key": "if-tenant", "type": "clause", "offset": [516, 525]}, {"key": "in-default", "type": "clause", "offset": [529, 539]}, {"key": "at-any-time", "type": "clause", "offset": [540, 551]}, {"key": "applicable-cure-period", "type": "definition", "offset": [573, 595]}, {"key": "termination-notice", "type": "clause", "offset": [625, 643]}, {"key": "termination-election", "type": "definition", "offset": [673, 693]}, {"key": "null-and-void", "type": "clause", "offset": [703, 716]}, {"key": "fee-paid", "type": "definition", "offset": [770, 778]}, {"key": "amounts-owed", "type": "definition", "offset": [801, 813]}, {"key": "by-tenant", "type": "definition", "offset": [814, 823]}, {"key": "equal-to", "type": "definition", "offset": [864, 872]}, {"key": "sum-of", "type": "clause", "offset": [877, 883]}, {"key": "monthly-basis", "type": "definition", "offset": [943, 956]}, {"key": "including-without-limitation", "type": "clause", "offset": [958, 986]}, {"key": "unamortized-portion", "type": "definition", "offset": [1027, 1046]}, {"key": "cost-of", "type": "definition", "offset": [1054, 1061]}, {"key": "leasehold-improvements", "type": "clause", "offset": [1066, 1088]}, {"key": "leasing-commissions", "type": "clause", "offset": [1090, 1109]}, {"key": "attorney-fees", "type": "definition", "offset": [1111, 1124]}, {"key": "other-concessions", "type": "clause", "offset": [1148, 1165]}, {"key": "by-lessor", "type": "definition", "offset": [1187, 1196]}, {"key": "in-connection-with", "type": "clause", "offset": [1197, 1215]}, {"key": "upon-request", "type": "clause", "offset": [1228, 1240]}, {"key": "landlord-shall", "type": "clause", "offset": [1242, 1256]}, {"key": "calculate-the", "type": "clause", "offset": [1257, 1270]}, {"key": "provide-the", "type": "clause", "offset": [1291, 1302]}, {"key": "to-tenant", "type": "definition", "offset": [1318, 1327]}, {"key": "by-landlord", "type": "clause", "offset": [1369, 1380]}, {"key": "equal-monthly-installments", "type": "clause", "offset": [1520, 1546]}, {"key": "lease-amendment", "type": "clause", "offset": [1600, 1615]}, {"key": "commencing-with-the", "type": "clause", "offset": [1656, 1675]}, {"key": "monthly-payment-of-rent", "type": "clause", "offset": [1712, 1735]}, {"key": "rate-of", "type": "clause", "offset": [1768, 1775]}, {"key": "nine-percent", "type": "definition", "offset": [1776, 1788]}, {"key": "per-annum", "type": "clause", "offset": [1794, 1803]}, {"key": "effective-date-of-termination", "type": "clause", "offset": [1889, 1918]}, {"key": "in-addition-to-the", "type": "clause", "offset": [1928, 1946]}, {"key": "basic-monthly-rent", "type": "definition", "offset": [1995, 2013]}, {"key": "additional-rent", "type": "definition", "offset": [2015, 2030]}, {"key": "sums-due", "type": "definition", "offset": [2041, 2049]}, {"key": "rights-and-remedies", "type": "clause", "offset": [2222, 2241]}, {"key": "right-to-recover", "type": "clause", "offset": [2277, 2293]}, {"key": "reasonable-attorneys", "type": "definition", "offset": [2294, 2314]}, {"key": "with-respect-to", "type": "clause", "offset": [2349, 2364]}, {"key": "amounts-due-and-owing", "type": "clause", "offset": [2390, 2411]}, {"key": "to-landlord", "type": "definition", "offset": [2412, 2423]}, {"key": "of-tenant", "type": "clause", "offset": [2438, 2447]}, {"key": "termination-shall", "type": "clause", "offset": [2507, 2524]}], "snippet": "Tenant shall have the one-time right to terminate the Lease effective as of the end of the thirty-sixth full calendar month following the Commencement Date, by giving written notice to the Landlord prior to the expiration of the twenty-seventh full calendar month following the Commencement Date (time being of the essence herein), which notice (in order to be valid) shall be accompanied by payment of the Termination Fee (hereinafter defined) and which notice shall specify the termination date; provided however, if Tenant is in Default at any time hereunder beyond any applicable cure period (whether before or after the termination notice), at Landlord\u2019s option, such termination election shall be null and void, and Landlord may use any portion of the Termination Fee paid to offset against any amounts owed by Tenant under the Lease. The Termination Fee is equal to the sum of (i) four (4) months of Rent then being paid by Tenant on a monthly basis (including without limitation estimated pass-throughs), plus (ii) the unamortized portion of the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions incurred or provided by Lessor in connection with this Lease. Upon request, Landlord shall calculate the Termination Fee and provide the amount thereof to Tenant. The Termination Fee shall be calculated by Landlord by first amortizing the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions in equal monthly installments over the Term (or if incurred in connection with any Lease amendment, amortized over the portion of the Term commencing with the effective date for the initial full monthly payment of Rent for the Lease amendment) at the rate of nine percent (9%) per annum (compounded annually) and then determining the unamortized portion thereof as of the effective date of termination. Tenant, in addition to the Termination Fee, shall remain obligated for all Basic Monthly Rent, Additional Rent and other sums due under the Lease up to and including the effective date of termination, even though such amounts may be billed subsequent to such date. Tenant\u2019s obligations, and Landlord\u2019s rights and remedies (including without limitation, the right to recover reasonable attorneys fees as permitted by this Lease), with respect to all such sums, any other amounts due and owing to Landlord and any other of Tenant\u2019s obligations or liabilities accruing prior to the date of termination shall survive any such termination. .", "size": 25, "hash": "17c73a40a57f541f84af86038d4ef782", "id": 4}, {"samples": [{"hash": "18J6IGidzfd", "uri": "/contracts/18J6IGidzfd#termination-option", "label": "Sales Contract", "score": 24.8524913788, "published": true}, {"hash": "aT1QJ0boWvO", "uri": "/contracts/aT1QJ0boWvO#termination-option", "label": "New Home Contract", "score": 24.7563514709, "published": true}, {"hash": "4y7rKiflezb", "uri": "/contracts/4y7rKiflezb#termination-option", "label": "New Home Contract", "score": 22.7670707703, "published": true}], "snippet_links": [{"key": "nominal-consideration", "type": "definition", "offset": [4, 25]}, {"key": "receipt-of", "type": "clause", "offset": [31, 41]}, {"key": "by-seller", "type": "clause", "offset": [71, 80]}, {"key": "agreement-to-pay", "type": "definition", "offset": [94, 110]}, {"key": "option-fee", "type": "definition", "offset": [121, 131]}, {"key": "effective-date-of-this-contract", "type": "definition", "offset": [157, 188]}, {"key": "unrestricted-right-to-terminate", "type": "clause", "offset": [214, 245]}, {"key": "notice-of-termination", "type": "clause", "offset": [270, 291]}, {"key": "to-seller", "type": "clause", "offset": [292, 301]}, {"key": "option-period", "type": "definition", "offset": [357, 370]}, {"key": "local-time", "type": "definition", "offset": [430, 440]}, {"key": "the-property", "type": "clause", "offset": [447, 459]}, {"key": "dollar-amount", "type": "definition", "offset": [501, 514]}, {"key": "the-option", "type": "clause", "offset": [528, 538]}, {"key": "fails-to-pay", "type": "clause", "offset": [555, 567]}, {"key": "buyer-shall", "type": "clause", "offset": [676, 687]}, {"key": "termination-within", "type": "clause", "offset": [773, 791]}, {"key": "to-buyer", "type": "definition", "offset": [894, 902]}, {"key": "sales-price", "type": "definition", "offset": [954, 965]}, {"key": "at-closing", "type": "clause", "offset": [966, 976]}, {"key": "time-is-of-the-essence", "type": "definition", "offset": [978, 1000]}, {"key": "compliance-with-the", "type": "clause", "offset": [1031, 1050]}, {"key": "time-for-performance", "type": "clause", "offset": [1051, 1071]}], "snippet": "For nominal consideration, the receipt of which is hereby acknowledged by Seller, and \u2587\u2587\u2587\u2587\u2587's agreement to pay Seller $ (Option Fee) within 3 days after the effective date of this contract, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the effective date of this contract (Option Period). Notices under this paragraph must be given by 5:00 p.m. (local time where the Property is located) by the date specified. If no dollar amount is stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract. If Buyer gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any \u2587\u2587\u2587\u2587\u2587\u2587\u2587 money will be refunded to Buyer. The Option Fee \u2751will \u2751will not be credited to the Sales Price at closing. Time is of the essence for this paragraph and strict compliance with the time for performance is required.", "size": 16, "hash": "675371c8ebdd09f93ae6808f0ee07c6d", "id": 9}, {"samples": [{"hash": "3VaKsk6LJVD", "uri": "/contracts/3VaKsk6LJVD#termination-option", "label": "Standard Office Lease (Aruba Networks, Inc.)", "score": 21.0, "published": true}], "snippet_links": [{"key": "landlord-and-tenant", "type": "definition", "offset": [0, 19]}, {"key": "pursuant-to-the", "type": "clause", "offset": [37, 52]}, {"key": "extension-option", "type": "definition", "offset": [109, 125]}, {"key": "notice-to-landlord", "type": "clause", "offset": [152, 170]}, {"key": "to-extend", "type": "clause", "offset": [204, 213]}, {"key": "period-of", "type": "clause", "offset": [241, 250]}, {"key": "landlord-shall", "type": "clause", "offset": [325, 339]}, {"key": "in-writing", "type": "definition", "offset": [366, 376]}, {"key": "tenant-shall", "type": "clause", "offset": [407, 419]}, {"key": "the-option", "type": "clause", "offset": [425, 435]}, {"key": "lease-effective", "type": "clause", "offset": [477, 492]}, {"key": "to-exercise", "type": "clause", "offset": [523, 534]}, {"key": "the-termination", "type": "clause", "offset": [535, 550]}, {"key": "termination-notice", "type": "clause", "offset": [610, 628]}, {"key": "exercise-of-the", "type": "clause", "offset": [638, 653]}, {"key": "days-after", "type": "definition", "offset": [721, 731]}, {"key": "delivery-of-the", "type": "clause", "offset": [743, 758]}, {"key": "time-of-termination", "type": "clause", "offset": [818, 837]}, {"key": "under-this-lease", "type": "clause", "offset": [877, 893]}, {"key": "expiration-of", "type": "clause", "offset": [900, 913]}, {"key": "notice-and-cure-periods", "type": "clause", "offset": [925, 948]}, {"key": "if-tenant", "type": "clause", "offset": [1010, 1019]}, {"key": "in-this-lease", "type": "clause", "offset": [1138, 1151]}, {"key": "must-take-space", "type": "clause", "offset": [1157, 1172]}, {"key": "the-premises", "type": "clause", "offset": [1200, 1212]}, {"key": "no-right-to-use", "type": "clause", "offset": [1235, 1250]}, {"key": "upon-request", "type": "clause", "offset": [1298, 1310]}, {"key": "from-landlord", "type": "clause", "offset": [1311, 1324]}, {"key": "amendment-to", "type": "clause", "offset": [1363, 1375]}, {"key": "proportionate-share", "type": "definition", "offset": [1487, 1506]}, {"key": "basic-rental", "type": "clause", "offset": [1512, 1524]}, {"key": "parking-rights", "type": "clause", "offset": [1538, 1552]}], "snippet": "Landlord and Tenant acknowledge that pursuant to the Omnivision Lease, Omnivision has an option (\u201cOmnivision Extension Option\u201d), exercisable by written notice to Landlord on or before September 30, 2008, to extend the Omnivision Lease for a period of three (3) years. If Omnivision exercises the Omnivision Extension Option, Landlord shall promptly so notify Tenant in writing (the \u201cOmnivision Notice\u201d) and Tenant shall have the option (\u201cTermination Option\u201d) to terminate this Lease effective as of June 30, 2009. In order to exercise the Termination Option, Tenant must provide Landlord with written notice (\u201cTermination Notice\u201d) of its exercise of the Termination Option on or before the later of (i) seventy-five (75) days after Landlord\u2019s delivery of the Omnivision Notice, and (ii) December 31, 2008, and, at the time of Termination Notice, Tenant shall not be in default under this Lease after expiration of applicable notice and cure periods. If Omnivision exercises the Omnivision Extension Option and if Tenant does not exercise the Termination Option in a timely fashion, then notwithstanding anything to the contrary contained in this Lease, the Must Take Space shall not become a part of the Premises and Tenant shall have no right to use or purchase the Must Take Space Furniture and, upon request from Landlord, Landlord and Tenant shall execute an amendment to this Lease documenting that the Must Take Space shall not become a part of the Premises and modifying Tenant\u2019s Proportionate Share, the Basic Rental and Tenant\u2019s parking rights as a result.", "size": 17, "hash": "db9c5791fca989cd7a573a41a8e6d9d3", "id": 8}, {"samples": [{"hash": "gBMrrQx5m2b", "uri": "/contracts/gBMrrQx5m2b#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 19.0283889771, "published": true}, {"hash": "c7iPrrJSTv4", "uri": "/contracts/c7iPrrJSTv4#termination-option", "label": "One to Four Family Residential Contract (Resale)", "score": 18.8521556854, "published": true}, {"hash": "95JX419Jrrv", "uri": "/contracts/95JX419Jrrv#termination-option", "label": "Residential Condominium Contract", "score": 18.8484249115, "published": true}], "snippet_links": [{"key": "nominal-consideration", "type": "definition", "offset": [4, 25]}, {"key": "receipt-of", "type": "clause", "offset": [31, 41]}, {"key": "by-seller", "type": "clause", "offset": [71, 80]}, {"key": "agreement-to-pay", "type": "definition", "offset": [94, 110]}, {"key": "option-fee", "type": "definition", "offset": [121, 131]}, {"key": "effective-date-of-this-contract", "type": "definition", "offset": [157, 188]}, {"key": "unrestricted-right-to-terminate", "type": "clause", "offset": [214, 245]}, {"key": "notice-of-termination", "type": "clause", "offset": [270, 291]}, {"key": "to-seller", "type": "clause", "offset": [292, 301]}, {"key": "option-period", "type": "definition", "offset": [357, 370]}, {"key": "dollar-amount", "type": "definition", "offset": [379, 392]}, {"key": "the-option", "type": "clause", "offset": [406, 416]}, {"key": "fails-to-pay", "type": "clause", "offset": [433, 445]}, {"key": "buyer-shall", "type": "clause", "offset": [554, 565]}, {"key": "termination-within", "type": "clause", "offset": [651, 669]}, {"key": "to-buyer", "type": "definition", "offset": [772, 780]}, {"key": "sales-price", "type": "definition", "offset": [832, 843]}, {"key": "at-closing", "type": "clause", "offset": [844, 854]}, {"key": "time-is-of-the-essence", "type": "definition", "offset": [856, 878]}, {"key": "compliance-with-the", "type": "clause", "offset": [909, 928]}, {"key": "time-for-performance", "type": "clause", "offset": [929, 949]}], "snippet": "For nominal consideration, the receipt of which is hereby acknowledged by Seller, and \u2587\u2587\u2587\u2587\u2587's agreement to pay Seller $ (Option Fee) within 2 days after the effective date of this contract, Seller grants Buyer the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the effective date of this contract (Option Period). If no dollar amount is stated as the Option Fee or if Buyer fails to pay the Option Fee to Seller within the time prescribed, this paragraph will not be a part of this contract and Buyer shall not have the unrestricted right to terminate this contract. If Buyer gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any \u2587\u2587\u2587\u2587\u2587\u2587\u2587 money will be refunded to Buyer. The Option Fee \u2751will \u2751will not be credited to the Sales Price at closing. Time is of the essence for this paragraph and strict compliance with the time for performance is required.", "size": 14, "hash": "735b4f4ddd76991edd60fd23e9207f71", "id": 10}], "next_curs": "ClsSVWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjcLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Iht0ZXJtaW5hdGlvbi1vcHRpb24jMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "Termination Option", "children": [["grant-of-option", "Grant of Option"], ["", ""], ["termination-fee", "Termination Fee"], ["leasehold-mortgagees-and-tenant", "Leasehold Mortgagees and Tenant"], ["no-default", "No Default"]], "size": 1136, "parents": [["\u2587\u2587\u2587\u2587\u2587\u2587\u2587-money-and-termination-option", "\u2587\u2587\u2587\u2587\u2587\u2587\u2587 MONEY AND TERMINATION OPTION"], ["termination", "Termination"], ["term", "Term"], ["whereas", "WHEREAS"], ["miscellaneous", "Miscellaneous"]], "id": "termination-option", "related": [["early-termination-option", "Early Termination Option", "Early <strong>Termination Option</strong>"], ["termination-option-event", "Termination Option Event", "<strong>Termination Option</strong> Event"], ["lessor-termination-option", "Lessor Termination Option", "Lessor <strong>Termination Option</strong>"], ["termination-right", "Termination Right", "Termination Right"], ["extension-option", "Extension Option", "Extension Option"]], "related_snippets": [], "updated": "2026-03-01T05:51:46+00:00", "also_ask": ["What are the most negotiable elements in a termination option clause?", "Which drafting terms are essential to ensure enforceability of the termination right?", "What are the primary legal risks or loopholes that could undermine this clause?", "How does this termination option compare to industry-standard provisions?", "What factors do courts consider when assessing the validity of a termination option?"], "drafting_tip": "Specify triggering events, set clear notice requirements, and outline consequences to prevent disputes and ensure enforceability.", "explanation": "A Termination Option clause grants one or both parties the right to end the contract before its natural expiration under specified conditions. Typically, this clause outlines the procedures for providing notice, any required advance warning period, and may specify if termination can occur for convenience or only for cause, such as a breach of contract. Its core practical function is to provide flexibility and manage risk by allowing parties to exit the agreement if circumstances change or if the relationship is no longer beneficial."}, "json": true, "cursor": ""}}