Examples of Contraction Rights in a sentence
The approximate Net Rentable Area of the Contraction Premises shall be as identified by Tenant in Tenant’s Contraction Rights Exercise Notice, subject to final measurement by Landlord in conformity with the Measurement Standard.
Tenant may exercise available Contraction Rights on whole or partial floors at any Property, as Tenant may elect; provided that if Tenant elects to exercise Contraction Rights on less than full floor in a Building, any such partial floor Contraction Premises shall have a size and configuration, as reasonably agreed by Landlord and Tenant, that makes it readily leaseable to third party tenants.
Tenant Expansion Notices may also include, or be combined with, Contraction Rights Exercise Notices, as provided in Article XI.
Any Contraction Rights under this Article XI, including Relocation Rights and Termination Rights, that remain unexercised on the last day of the Initial Term shall automatically, and without further action of Landlord or Tenant, become null and void, and Tenant shall have no Contraction Rights during any Renewal Term.
Tenant’s Contraction Rights Exercise Notice for Early Termination Rights shall only be effective if accompanied by a payment in the amount of the Early Termination Fee for the Contraction Premises identified in such notice.
Any Contraction Rights under this Article XI, including Relocation Rights, Early Termination Rights and Termination Rights, that remain unexercised on the last day of the Initial Term shall automatically, and without further action of Landlord or Tenant, become null and void, and Tenant shall have no Contraction Rights during any Renewal Term.
Landlord and Tenant shall endeavor to resolve, in good faith, any disagreement arising as a result of Tenant’s exercise of Contraction Rights under this Article XI, failing which such disagreement shall be resolved in accordance with Article XII; provided that no disagreement between Landlord and Tenant regarding the contents of Tenant’s Contraction Rights Exercise Notice shall render any otherwise effective Contraction Rights Exercise Notice ineffective.
Landlord and Tenant shall endeavor to resolve, in good faith, any disagreement arising as a result of Tenant's exercise of Contraction Rights under this Article XI, failing which such disagreement shall be resolved in accordance with Article XII; provided that no disagreement between Landlord and Tenant regarding the contents of Tenant's Contraction Rights Exercise Notice shall render any otherwise effective Contraction Rights Exercise Notice ineffective.
Annual Basic Rent, Excess Basic Rent, if any, and Additional Rent for the Contraction Premises shall continue to be due and payable until the later of (a) sixty (60) days following the date of Tenant's Contraction Rights Exercise Notice for such Contraction Premises for Relocation Rights or (b) the date on which Tenant shall vacate and surrender possession of the Contraction Premises to Landlord as provided in Section 4.1 (the later such date, the "Contraction Premises Surrender Date").
On or before the ninetieth (90th) day preceding the last day of the Term or the date of any termination arising under the Tenant’s Termination Right or Contraction Rights, the Tenant shall notify the Landlord in writing of the projected date upon which the Tenant plans to surrender the Premises or any portion thereof to the Landlord.