Common use of Early Termination Option Clause in Contracts

Early Termination Option. Landlord grants to Tenant the option (the “Termination Option”) to terminate this Lease on the last day of the 74 calendar month after the Rent Commencement Date (the “Termination Date”), which option, if exercised by Tenant, will be effective if and only if the following conditions are satisfied: (a) Tenant delivers notice of its exercise of the Termination Option to Landlord (the “Termination Notice”) not less than 365 days before the Termination Date (the date of the Termination Notice is referred to as the “Termination Notice Date”), (b) Tenant pays the Termination Amount to Landlord on the Termination Notice Date, (c) Landlord does not either terminate this Lease or terminate Tenant’s right to possession of the Premises on or after the Termination Notice Date on account of an uncured Event of Default, and (d) on the Termination Date, Tenant pays to Landlord the amount necessary to cure any then-uncured monetary Event of Default. The Termination Notice will be irrevocable once given. Tenant will continue to perform its obligations under the Lease through the Termination Date. Furthermore, Landlord will retain its rights and remedies arising out of any Tenant default or Event of Default that is uncured on the Termination Date. “Termination Amount” means $571,930.24.

Early Termination Option. Landlord grants Provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, Tenant shall have the one-time option to Tenant terminate the option Lease (the “Early Termination Option”) to terminate this Lease effective on the last day of the 74 calendar month after the Rent Commencement Date May 31, 2007 (the “Early Termination Date”), which option, if exercised ) by Tenant, will be effective if and only if the following conditions are satisfied: (a) Tenant delivers providing a written termination notice of its exercise of the Termination Option to Landlord (the “Early Termination Notice”) not to Landlord on or before August 31, 2006. The Early Termination Notice must be accompanied by a payment in an amount (the “Early Termination Payment”) equal to One Hundred Thousand and No/100 Dollars ($100,000), less than 365 days before the Excess Allowance (as defined herein). If, and only if, Tenant timely and properly delivers the Early Termination Notice and the Early Termination Payment, the Term shall end on the Early Termination Date (as though the Early Termination Date had been originally fixed as the expiration date of the Term. The Early Termination Notice Payment is referred to as the “sole property of Landlord upon payment and is not refundable under any circumstance. Tenant acknowledges and agrees that the Early Termination Notice Date”), (b) Tenant pays the Termination Amount Payment is fair and reasonable compensation to Landlord on for the loss of expected rentals from Tenant over the remainder of the scheduled term after the Early Termination Notice Date, (c) Landlord does not either terminate this . All terms and conditions of the Lease or terminate and Tenant’s right obligations hereunder as they apply to possession Tenant’s lease of the Premises on or after Premises, including without limitation Tenant’s obligation to pay rent, shall continue up to and including the Termination Notice Date on account of an uncured Event of Default, and (d) on the Early Termination Date, . All obligations of Tenant pays to Landlord the amount necessary to cure any then-uncured monetary Event of Default. The Termination Notice will be irrevocable once given. Tenant will continue to perform its obligations under the Lease through not fully performed as of the Early Termination Date shall survive the Early Termination Date. Furthermore, Landlord This option is not transferable; Tenant acknowledges and agrees that it intends that the Early Termination Option shall be “personal” to Tenant as set forth above and that in no event will retain its any assignee or sublessee have any rights and remedies arising out of any Tenant default or Event of Default that is uncured on to exercise the Termination Date. “Termination Amount” means $571,930.24aforesaid option to terminate.

Early Termination Option. Landlord grants to Tenant the LESSEE may exercise an option (the “Termination Option”) to terminate this Lease lease early if the following conditions are met. (1) Lessee delivers to Lessor at least sixty (60) days prior to the intended vacate date, which shall be on the last day of any month, a written notice, via certified mail, of Lessee’s intent to vacate the 74 calendar month Apartment, signs a break lease agreement and at the same time concurrent with delivery of said notice and executed break lease agreement, (2) Lessee increases, via a cashier’s check, lessee’s security deposit by an amount equal to an additional two months' rent and (3) Lessee pays to Lessor any outstanding balances and continues to pay all regular rent due, pursuant to all the terms and conditions of this lease, through to the end of the intended move out date as outlined in the Lessee’s break lease notice to vacate. Once Lessee has fully honored all provisions of this paragraph and break lease agreement and only after any damages to the Rent Commencement Date (unit and any lost rent on the “Termination Date”)unit prior to it being rerented are deducted from the increased security deposit, which option, if exercised by Tenant, any remaining funds in the security deposit will be effective if refunded. Lost rent is anytime the landlord is not collecting rent on the unit and only if before a new tenant has taken occupancy of said unit and paid all amounts due for same in full. Notwithstanding anything to the following conditions are satisfied: (a) contrary contained herein this lease document, once a Tenant delivers provides notice of their intent to vacate / terminate or is in the process of being evicted, Landlord or its exercise of agent shall have the Termination Option right to show the unit to prospective tenants during working hours with no less than 3 hours notice to Tenant. Tenant agrees to make arrangments with respect to any animals in the unit so that Landlord or agent can safely show the unit. If tenant fails to return calls to Landlord (regarding a request to show the “Termination Notice”) not less unit after Landlord has attempted same for more than 365 days before three hours, then Tenant shall be deemed to have given Landlord permission to show the Termination Date (unit and Landlord shall be authorized to show the date of unit. Landlord may show the Termination Notice premises to perspective tenants at anytime tenant is referred to as the “Termination Notice Date”), (b) Tenant pays the Termination Amount to Landlord on the Termination Notice Date, (c) Landlord does not either terminate this Lease or terminate Tenant’s right to possession of the Premises on or after the Termination Notice Date on account of an uncured Event of Default, and (d) on the Termination Date, Tenant pays to Landlord the amount necessary to cure any then-uncured monetary Event of Default. The Termination Notice will be irrevocable once given. Tenant will continue to perform its obligations under the Lease through the Termination Date. Furthermore, Landlord will retain its rights and remedies arising out in default of any Tenant default or Event terms of Default that is uncured on the Termination Date. “Termination Amount” means $571,930.24this lease agreement.

Early Termination Option. Landlord grants to Tenant the shall have an option (the “Termination Option”) to terminate this the Lease effective at any time on or after December 1, 2007. Tenant may exercise its option by giving written notice to Landlord specifying the last day of date the 74 calendar month after the Rent Commencement Date Lease shall terminate (the “Termination Date”), which option, if exercised by Tenant, will be effective if and only if the following conditions are satisfied: (a) Tenant delivers notice of its exercise of the Termination Option to Landlord (the “Termination Notice”) not less than 365 days before provided that the Termination Date shall be no sooner than thirty (30) days after the date of the Termination Notice is referred to as the “Termination Notice Date”), (b) Tenant pays the Termination Amount to Landlord on the Termination Notice Date, (c) Landlord does not either terminate this Lease or terminate Tenant’s right notice. On or before the 15th day prior to possession of the Premises on or after the Termination Notice Date on account of an uncured Event of Default, and (d) on the Termination Date, Tenant pays shall pay to Landlord Landlord: (i) an early termination fee in the amount necessary to cure of Three Hundred Eighty-Five Thousand Dollars ($385,000.00); and (ii) Fixed Rent and any then-uncured monetary Event of Default. The Termination Notice will be irrevocable once given. Tenant will continue to perform its obligations other charges due and payable under the Lease through the Termination Date. FurthermoreIn the event Tenant validly exercises its early termination option, Tenant waives its right to reimbursement for insurance premiums and real estate taxes to the extent paid in advance by Tenant. Tenant shall vacate the Leased Premises on or before the Termination Date; shall leave the Leased Premises in broom-clean condition; and shall surrender the Leased Premises to Landlord will retain its rights free of Tenant’s personal property in accordance with, and remedies subject to the terms of, Section 22 of the Lease. Tenant shall remain liable for, and shall indemnify Landlord against, any loss, damage, claim or liability arising out of any Tenant default under the Lease with respect to matters occurring on or Event of Default that is uncured on before the Termination Date. “Termination Amount” means $571,930.24Except as modified above, the Lease shall remain in full force and effect as originally written. Any ambiguity or inconsistency between the terms and provisions of the Lease and prior amendment thereto, and the terms and provisions of this Second Modification, shall be resolved in favor of this Second Modification.