Example ContractsClausesEarly Termination Right
Early Termination Right
Early Termination Right contract clause examples

Early Termination Right. Landlord and Tenant acknowledge and agree that Section 8 of the Second Amendment is hereby deleted and of no further force or effect.

Early Termination Right. Tenant shall have the right, subject to the provisions of this Section 11, to terminate the Lease (“Termination Right”) with respect to the entire Premises only on the last day of the 82nd month after the Third Expansion Premises Commencement Date (“Early Termination Date”), so long as Tenant delivers to Landlord # a written notice (“Termination Notice”), of its election to exercise its Termination Right no less than 12 months in advance of the Early Termination Date, and # the payment to Landlord concurrent with Tenant’s delivery of the Termination Notice to Landlord, of an early termination payment in the amount of $2,500,000 (collectively, the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers the Early Termination Payment, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of this Lease on or before the Early Termination Date and Tenant shall have no further obligations under the Lease after the Early Termination Date except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of this Lease, survive the expiration or early termination of this Lease. If Tenant does not deliver to Landlord the Termination Notice and the Early Termination Payment within the time period provided in this paragraph, Tenant shall be deemed to have waived its Termination Right and the provisions of this Section 11 shall have no further force or effect.

Early Termination Right. Tenant shall have the right, subject to the provisions of this Section 8, to terminate the Lease (“Termination Right”) with respect to the entire Premises only effective as of May 31, 2021 (“Early Termination Date”), so long as Tenant delivers to Landlord # a written notice (“Termination Notice”), of its election to exercise its Termination Right not later than June 1, 2020, and # within 5 business days after Tenant’s delivery of the Termination Notice to Landlord, an early termination payment of $316,408.84, which is equal to the Base Rent that would have been payable for the 4 month period following the Early Termination Date (collectively, the “Early Termination Payment”). If Tenant timely and properly exercises the Termination Right and delivers the Early Termination Payment in accordance with this Section 8, Tenant shall vacate the Premises and deliver possession thereof to Landlord in the condition required by the terms of the Lease on or before the Early Termination Date and Tenant shall have no further obligations under the Lease from and after the Early Termination Date except for those accruing prior to the Early Termination Date and those which, pursuant to the terms of the Lease, survive the expiration or early termination of the Lease. Tenant may only exercise its Termination Right pursuant to this Section 8 if Tenant concurrently exercises its Termination Right (as defined in the 11065/11075 Lease (as defined in the Third Amendment)) under the 11065/11075 Lease.

Early Termination Right. Subject to the provisions of this Section 40, only if Tenant has entered into a new lease with Landlord or an affiliate of Landlord (“Affiliate”) pursuant to which Tenant shall lease space from Landlord or Landlord’s Affiliate in Massachusetts containing no less than 40,000 rentable square feet (the “New Premises”) upon terms and conditions acceptable to Landlord (or Landlord’s Affiliate) and Tenant, each in their respective sole discretion (“New Lease”), then Tenant shall have the right to terminate this Lease as of the Early Termination Date without the payment of a termination fee, by delivery of written notice to Landlord (“Termination Notice”) concurrently with or prior to the date that Landlord (or Landlord’s Affiliate) and Tenant enter into a New Lease. If Tenant and Landlord (or Landlord’s Affiliate) enter into a New Lease and Tenant delivers a Termination Notice, as provided above, to Landlord, then Landlord and Tenant shall, concurrently with the execution of the New Lease, enter into an amendment to this Lease providing for the early termination of this Lease as of the date agreed upon by Landlord and Tenant is such amendment (the “Early Termination Date”). Tenant acknowledges that nothing contained herein shall obligate Landlord or Landlord’s Affiliate in any way to enter into a New Lease nor shall anything contained herein be construed to grant to Tenant any option or right to lease any space at another property owned by Landlord or any Landlord’s Affiliate.

Early Termination. Without limiting any other rights of termination expressly provided in this Agreement or under Law, this Agreement may be terminated early as follows:

Early Termination Right. Subject to the provisions of this [Section 40], only if Tenant has entered into a new lease during the Base Term with Landlord or an affiliate of Landlord (“Affiliate”) pursuant to which Tenant shall lease space from Landlord or Landlord’s Affiliate in the San Francisco area containing no less than 125,000 rentable square feet (the “New Premises”) upon terms and conditions acceptable to Landlord (or Landlord’s Affiliate) and Tenant, each in their respective sole discretion (“New Lease”), then Tenant shall have the right to terminate this Lease as of the Early Termination Date without the payment of a termination fee, by delivery of written notice to Landlord (“Termination Notice”) concurrently with or prior to the date that Landlord (or Landlord’s Affiliate) and Tenant enter into a New Lease. If Tenant and Landlord (or Landlord’s Affiliate) enter into a New Lease and Tenant delivers a Termination Notice, as provided above, to Landlord, then this Lease shall terminate on the date that is 10 days after Landlord (or Landlord’s Affiliate) delivers the New Premises to Tenant pursuant to the New Lease (the “Early Termination Date”). Tenant acknowledges that nothing contained herein shall obligate Landlord or Landlord’s Affiliate in any way to enter into a New Lease nor shall anything contained herein be construed to grant to Tenant any option or right to lease any space at another property owned by Landlord or any Landlord’s Affiliate.

Early Termination. Any Party (except as otherwise provided below in this Section) shall have the right (but not obligation) to terminate this Contract by sending a termination notice to the other Parties upon the occurrence of any of the following events:

Corporation’s Early Termination Right. With the written approval of a majority of the Independent Directors, the Corporation may completely terminate this Agreement, as and to the extent provided herein, with respect to all amounts payable to the Members pursuant to this Agreement by paying to the Members the Early Termination Payment; provided that Early Termination Payments may be made pursuant to this Section 4.1(a) only if made to all Members that are entitled to such a payment simultaneously, and provided further, that the Corporation may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon the Corporation’s payment of the Early Termination Payment, the Corporation shall not have any further payment obligations under this Agreement, other than with respect to any: # prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and # current Tax Benefit Payment due for the Taxable Year ending on or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the calculation of the Early Termination Payment). If an Exchange subsequently occurs with respect to Units for which the Corporation has exercised its termination rights under this Section 4.1(a), the Corporation shall have no obligations under this Agreement with respect to such Exchange.

Early Termination Right. Tenant shall have the right (“Termination Right”), subject to the provisions of this Section 6, to terminate the lease with respect to that certain portion of the Second Expansion Premises containing approximately 4,455 rentable square feet as identified on Exhibit C (the “Early Termination Space”) by delivery of written notice (“Termination Notice”) of its election to exercise its Termination Right to Landlord prior to February 1, 2020, and # concurrently with Tenant’s delivery of the Termination Notice to Landlord, an early termination payment equal to $131,734.08 (the “Early Termination Payment”). Notwithstanding the foregoing, the amount of the Early Termination Payment shall be reduced by (or, if applicable, Landlord shall reimburse Tenant) an amount equal to any Base Rent actually received by San Diego Landlord for the period commencing on the SD Lease Termination Date through March 31, 2020 (the originally scheduled expiration date of the San Diego Lease), minus the amounts (amortized over the term of the new lease affecting the Premises subject to the San Diego lease, except as provided below with respect to design and construction fees) of any actual and reasonable brokerage fees, legal costs and any design or construction fees (not to exceed $30.00 per rentable square foot of the premises subject to the San Diego Lease amortized over 15 years) directly related to the new lease for the premises subject to the San Diego Lease attributable to such period between the SD Lease Termination Date and March 31, 2020. If Tenant timely and properly exercises the Termination Right and delivers the Early Termination Payment in accordance with this Section 6, # the Early Termination Space will no longer constitute part of the Second Expansion Premises and Landlord shall not be required to deliver the Early Termination Space to Tenant on the Second Expansion Premises Commencement Date, # as of the Second Expansion Premises Commencement Date, the definition of “Premises” shall mean: “That portion of the third floor of the Project, containing approximately 24,707 rentable square feet, as determined by Landlord, as shown on Exhibit A,” # as of the Second Expansion Premises Commencement Date, “Tenant’s Share of Operating Expenses” shall mean 18.07%, and # neither Landlord nor Tenant shall have any further rights, duties or obligations under the Lease with respect to the Early Termination Space, except with respect to provision which expressly survive termination of the Lease.

Company shall have the right to terminate this Agreement upon ​ days prior written notice to Contractor. In the event that Company terminates pursuant to this [Section 15], Company shall pay Contractor, and Contractor shall invoice Company in accordance with Section 3, ​ (the “Early Termination Fee”).

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