CANCELLATION OPTION Sample Clauses
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CANCELLATION OPTION. If, and only if, an Expansion Failure Event or a Corporate Transfer Event occurs, then Tenant will have the one-time right to terminate this Lease (the “Cancellation Option”) effective as of the last day of the 66th full calendar month of the Lease Term (the “Early Termination Date”). If neither an Expansion Failure Event nor a Corporate Transfer Event occurs, then the Cancellation Option and the provisions of this Section 38.0 will be of no force or effect. Tenant will exercise the Cancellation Option by delivering written notice to Landlord along with the Cancellation Fee (defined below) on or before the date (“Early Termination Notice Deadline”) which is either (i) if the then existing Premises consists of the Premises initially leased hereunder, the date which is 270 days prior to the Early Termination Date, or (ii) if the then existing Premises consists of the Premises initially leased hereunder plus additional premises in the Building, the date which is 365 days prior to the Early Termination Date, time being of the essence. Failure by Tenant to deliver such written notice and pay the Cancellation Fee on or before the Early Termination Notice Deadline will constitute a waiver of Tenant’s Cancellation Option. Landlord will not be obligated to honor the Cancellation Option, and this Section 38.0 shall be null and void, if, on the date of Landlord’s receipt of Tenant’s termination notice, a Default exists. If Tenant elects to terminate this Lease as provided herein, Tenant must pay to Landlord an early termination fee in an amount equal to the sum of the following (plus any applicable sales tax): (a) one month’s Base Rent at the rate (that would have been) applicable in 67th full calendar month of the Lease Term, plus (b), the monthly installment of Tenant’s Share of estimated Expenses and Taxes applicable for such 67th full calendar month, plus (c) the unamortized costs incurred by Landlord in connection with the Leasehold Improvements performed pursuant to the Work Letter Agreement attached hereto (assuming that all such costs were expended on the Commencement Date, regardless of the date of actual expenditure), plus the unamortized cost of leasing commissions and attorneys’ fees paid by Landlord in connection with this Lease, plus the unamortized amount of all Base Rent and Tenant’s Share of Expenses and Taxes abated or reduced ($353,193.75) in respect of the initial Premises, in each case as of the Early Termination Date, amortized over the period b...
CANCELLATION OPTION. Tenant shall have the right, notwithstanding the "Term" of this Lease, to terminate this Lease prior to the expiration of the Term, such right of termination being effective on as of the last day of the thirty-sixth (36th) calendar month of the Term hereof ("Cancellation Date"), subject to and upon satisfaction of the following terms and conditions:
(a) Tenant provides Landlord with advance notice of its exercise of the cancellation option at a minimum of six (6) months' prior to the Cancellation Date accompanied by payment of termination consideration equal to the sum of (i) Landlord's unamortized leasing costs (assuming a five (5) year amortization schedule) which costs shall be inclusive of all professional fees, leasing commissions and tenant improvement costs, incurred in connection with consummating this lease transaction, (ii) the product of six (6) times the Monthly Base Rent otherwise due and payable for the thirty-seventh (37th) calendar month of the Term plus (iii) a reasonable market rate of interest on the unamortized leasing costs from the Commencement Date to the Cancellation Date.
(b) Neither the notice by Tenant of its election to exercise its option to terminate this Lease, nor the expiration of the six (6) month period following the notice of election to terminate, nor the payment of the Termination Consideration shall cure any default of Tenant under this Lease or relieve Tenant from any of its obligations under this Lease which may have or may accrue in favor of Landlord prior to the Cancellation Date (including, but not limited to, the obligations to pay Annual or Monthly Base Rent, or Tax and Operating Expense Rent Adjustment, other Rent or Adjustments, however described or occurring, and any other amounts due or to become due to Landlord under this Lease), or which may accrue upon or by reason of the termination of the Term and the vacation of (or failure to vacate) the Premises by Tenant; and Tenant specifically understands and agrees that notwithstanding the termination of this Lease pursuant to this paragraph, the obligations of Tenant hereunder inclusive of the Cancellation Date and such rights such as in respect to Tax and Operating Expense Rent Adjustments as survive the expiration of the Term shall survive such termination of this Lease.
(c) On or prior to the Cancellation Date, Tenant shall surrender possession of the Premises to Landlord in broom clean condition.
(d) Tenant may only exercise the Cancellation Option, and an ...
CANCELLATION OPTION. On the due date of the 12th Base Monthly Rental payment Lessee shall have the following options: 1) return the Equipment to the Lessor and pay Lessor via electronic funds transfer a cancellation fee equal to of $1,857,415.00 plus the Base Monthly Rental due on such date, plus any other amounts due; or 2) continue the Lease to its expiration.
CANCELLATION OPTION. Parent understands that this contract may be cancelled in writing, without penalty (except forfeiture of the registration fee) provided that written cancellation notification is received by the School by July 10, 2020.
CANCELLATION OPTION. So long as no event of default has occurred and continues under the Master Lease or any Schedule thereto AND so long as Lessee gives Lessor written notice of its election under this paragraph at least 90 days, but no more than 180 days, prior to the Cancellation Date (as defined below), Lessee may, subject the provisions of this paragraph, elect to cancel this Schedule and return all of the Equipment. Lessee may not cancel the Schedule under the terms of this paragraph UNLESS AND UNTIL all of the following conditions have been satisfied in full on or before the Cancellation Date:
(a) Lessee shall pay to Lessor on the applicable Cancellation Date a return and remarketing fee equal to the Cancellation Value (as defined below); AND
(b) Lessee shall return all, but not less than all, of the Equipment to Lessor on the Cancellation Date in full compliance with subsection 23(b) of the Master Lease and with all other return and maintenance requirements of this Schedule.
CANCELLATION OPTION. In the event of insolvency of Allianz Life, the Ceding Company, upon written notice within ninety (90) days, may at its option cancel this agreement effective retroactively to the date of such insolvency as it relates to the renewal of existing reinsurance. Allianz Life shall then make proper financial adjustment from the effective cancellation date and remain liable for the payment of any claim which had occurred prior to the date of cancellation whether or not due proof of such claim had actually been received by such date.
CANCELLATION OPTION. If, for any reason, a Member is not satisfied with the Program and wishes to terminate his/her Membership, the Member may cancel the Membership by notifying Company in writing or by telephoning a Program representative. Membership in the Program shall terminate on the date that Company receives written notice of cancellation.
CANCELLATION OPTION. After one hundred and twenty (120) days have elapsed from the appointment of a receiver or trustee to take over and conduct the business of the Company, whether in receivership, reorganization, bankruptcy, other action or proceeding, whether voluntary or involuntary, the City shall have the right to cancel this Agreement unless:
14.1.1 The receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days;
14.1.2 Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this Agreement and remedied all defaults hereunder; or
14.1.3 Such receiver or trustee, within one hundred twenty (120) days, shall have executed an agreement, duly approved by the court having jurisdiction, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this Agreement.
CANCELLATION OPTION. In every case under 14.6.1, if none of those options can reasonably be accomplished, or if the continued use of the infringing items is impracticable, State may cancel the relevant Order or terminate the Contract and Contractor shall take back the infringing items. If State does cancel the Order or terminate the Contract, Contractor shall refund to State: (a) for any software created for State under the Contract, the amount State paid to Contactor for creating it; (b) for all other Materials, the net book value of the product provided according to generally accepted accounting principles; and (c) for Services, the amount paid by State or an amount equal to 12 (twelve) months of charges, whichever is less.
CANCELLATION OPTION. Notwithstanding the provisions of Clause 10.1 but subject to Clause 17.3, the Issuers may serve a notice of cancellation of the Letters of Credit on Chase not less than sixty (60) days prior to the expiry of the Initial Term or any Subsequent Term.