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Cancellation Right
Cancellation Right contract clause examples

Option Right. Landlord hereby grants to the Tenant originally named in this Lease (the " XE "Original Tenant" Original Tenant"), and any assignee of all of Tenant’s interest in this Lease or transferee pursuant to a Permitted Transfer (hereinafter defined), one (1) option to extend the Lease Term for a period of eight (8) years (the "Option Term XE "Option Term" "), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the "Option Conditions XE "Option Conditions" ") are satisfied: # as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant's attempted exercise; and # the Lease then remains in full force and effect. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of eight (8) years.

Option Right. Landlord hereby grants to the Original Tenant, and its "Permitted Assignees", as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of ten (10) years (the "Option Term"), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the "Option Conditions") are satisfied: # as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; # Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant's attempted exercise; and

Option Rights. hereby grants to the originally named herein (“Original “) and any Permitted Transferee Assignee, three (3) options to extend the Lease Term for a period of five (5) years each (each, an “Option Term“, and each such option, the “Option to Extend”). Such Options to Extend shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by to (the “Extension Exercise Notice“) as provided below, provided that the following conditions (the “Option Conditions“) are satisfied: # as of the date of delivery of such notice, is not in Default under this Lease; # is not in Default under this Lease at the time and execute an amendment to this Lease extending the Lease Term for the applicable Option Term, and as of the end of the Lease Term or the initial Option Term, as the case may be, is not in Default under this Lease; # has not previously been in Default under this Lease more than once in the immediately preceding thirty-six (36) month period; and # this Lease then remains in full force and effect and Original (or a Permitted Transferee Assignee) has not subleased more than forty percent (40%) of the Premises pursuant to subleases in effect at the time the applicable Option to Extend is exercised and as of the commencement of the applicable Option Term (in each case, excluding any Permitted Transfer). may, at ’s option, exercised in ’s sole and absolute discretion, waive any of the Option Conditions in which case the Option to Extend, if otherwise properly exercised by , shall remain in full force and effect; provided, however, unless delivers written notice to within thirty (30) days following ’s exercise of the Option to Extend stating that such exercise is invalid due to ’s failure to satisfy the Option Conditions, then shall be deemed to have waived the Option Conditions. Upon the proper exercise of the Option to Extend, and provided that satisfies all of the Option Conditions (except those, if any, which are waived by ), the Lease Term or the initial Option Term, as applicable, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original and any Permitted Transferee Assignee and may be exercised by Original or a Permitted Transferee Assignee only (and not by any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1 of this Lease, of ’s interest in this Lease) if the Original or any such Permitted Transfer Assignee physically occupies (as described above) at least seventy percent (70%) of the Premises.

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