Contraction Option definition

Contraction Option means the right granted to Tenant in Section 20.2 to terminate the Lease with respect to a portion of the Premises.
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Contraction Option. Any time after the fourth (4th) anniversary of the 1st Commencement Date through the day immediately prior to the tenth (10th) anniversary of the 1st Commencement Date, Tenant shall have the right to contract one time on the 10th floor portion of the Premises by fifty percent (50%) with twelve (12) months’ prior written notice. Tenant shall pay Landlord a payment equal to the then unamortized Deal Costs to the portion of the Premises to which the termination applies (determined utilizing a 7.5% interest rate compounded monthly in advance). Landlord shall then, at Landlord’s sole cost and expense, fully demise the remaining portion of the 10th Floor Premises from the rest of the 10th floor.
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Contraction Option as defined in Section 37.1(a).
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Examples of Contraction Option in a sentence

  • By way of clarification, Tenant may exercise the 26672 Contraction Option at separate times, but each exercise of the 26672 Contraction Option must be with respect to separate eligible 26672 Contraction Space(s).

  • If Tenant fails to pay the 26672 Contraction Fee within such ten (10) business day period, Tenant’s exercise of the 26672 Contraction Option shall be null and void.

  • The following Sections of the Lease are hereby deleted in their entirety from the Lease: Section 20.2 (Contraction Option) and Section 20.3 (the Termination Option).

  • If Tenant fails to timely exercise the Contraction Option (by delivering written notice by February 28, 2003) the Contraction Option shall terminate automatically and Tenant shall have waived forever its right to exercise the Contraction Option.

  • Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.

  • By way of clarification, Tenant may exercise the 26632 Contraction Option at separate times, but each exercise of the 26632 Contraction Option must be with respect to separate eligible 26632 Contraction Space(s).

  • Failure of Tenant to make the Contraction Payment in accordance with this paragraph shall render this Contraction Option void and of no effect.

  • If Tenant timely exercises the Contraction Option but fails to timely pay the Termination Payment allocable to such floor simultaneously with the delivery of its Contraction Notice, the exercise of the Contraction Option by Tenant shall be null and void and the Lease shall remain in full force and effect for all of the Leased Premises.

  • If Tenant fails to pay the 26632 Contraction Fee within such ten (10) business day period, Tenant’s exercise of the 26632 Contraction Option shall be null and void.

  • If at the time Landlord intends to Lease any First Offer Space Tenant has exercised its Contraction Option pursuant to Section 3.3, Landlord shall have no obligation to deliver the Offering Notice to Tenant to the extent that, pursuant to Section 3.3.2(b), the rights of Tenant to expand the Premises pursuant to this Article 36 automatically terminated upon the exercise of the Contraction Option.


More Definitions of Contraction Option

Contraction Option shall have the meaning set forth in Section 45.1 of this Lease.
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Related to Contraction Option

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Renewal Option has the meaning set forth in §12.1.

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Second Extension Option shall have the meaning set forth in Section 2.2.1(b) hereof.

  • Option means a stock option granted pursuant to the Plan.