Election to Continue Lease Clause Samples
The 'Election to Continue Lease' clause allows one or both parties to choose to extend or maintain the lease agreement beyond its original term or after a triggering event. Typically, this clause outlines the process for providing notice of the intent to continue, any conditions that must be met, and the timeframe within which the election must be made. Its core practical function is to provide flexibility and certainty for both landlord and tenant, ensuring that both parties have a clear mechanism to continue their leasing relationship if desired, thereby avoiding ambiguity or disputes about the lease's status.
Election to Continue Lease. If neither Landlord nor Tenant elects to terminate this Lease upon a partial taking of a portion of the Premises, the Rent payable under this Lease will be diminished by an amount allocable to the portion of the Premises which was so taken or sold. If this Lease is not terminated upon a partial taking of the Building or Premises, Landlord will, at Landlord's sole expense, promptly restore and reconstruct the Building and Premises to substantially their former condition to the extent the same is feasible. However, Landlord will not be required to spend for such restoration or reconstruction an amount in excess of the net amount received by Landlord as compensation or damages for the part of the Building or Premises so taken.
Election to Continue Lease. If neither Landlord nor Tenant elects to terminate this Lease upon a partial taking of a portion of the Premises, the Rent payable under this Lease will be diminished by an amount allocable to the portion of the Premises which was so taken or sold or rendered unusable for its Use. In no event shall the loss of any portion of the Land (other than the portion of the Land on which the Premises are physically located) result in a reduction of Rent. If this Lease is not terminated upon a partial taking of the Building or Premises, Landlord will, at Landlord’s sole expense, promptly restore and reconstruct the Building and Premises to substantially their former condition to the extent the same is feasible; however, Landlord will not be required to spend for such restoration or reconstruction an amount in excess of the net amount received by Landlord as compensation or damages for the part of the Building or Premises so taken.
Election to Continue Lease. If a Recognized Mortgagee elects to continue this Lease by notice given to Landlord within such l5-day period (the “Continuation Notice”), then effective upon the delivery of such notice, Tenant shall be deemed to have assigned to such Recognized Mortgagee, or any such designee or nominee thereof, as the case may be, all of Tenant’s right, title and interest in and to this Lease and the leasehold estate in the Demised Premises and Tenant’s undivided interest in the Common Elements created hereunder, including the Subleases and security deposits thereunder referred to Section 31.6(i)(vii), and Tenant shall, at Landlord’s request, execute and deliver to Landlord and such Recognized Mortgagee such instruments of assignment and related transfer tax documents as Landlord and such Recognized Mortgagee may request (in form reasonably satisfactory to Landlord and such Recognized Mortgagee) to evidence such assignment. If Tenant fails to execute and deliver any such instrument of assignment or related transfer tax documents, such Recognized Mortgagee shall be entitled to do so on Tenant’s behalf, and Tenant hereby appoints such Recognized Mortgagee as its attorney-in-fact, which appointment shall be deemed to be coupled with an interest and is irrevocable, for the sole purpose of executing and delivering such assignment and any transfer tax documents. The execution and delivery of such instruments, however, shall not be required to effect the assignment of this Lease to such Recognized Mortgagee or such nominee or designee.
Election to Continue Lease. If neither Landlord nor Tenant elects to terminate this Lease upon a partial taking, of a portion of the Premises, the Rent payable under this Lease will be diminished b an amount allocable to the portion of the Premises which was so taken or sold. If this Lease is no terminated upon a partial taking, of the Building, or Premises, Landlord will, at Landlord's sole expense promptly restore and reconstruct the Building- and Premises to substantially their former condition to the extent the same is feasible. However, Landlord will not be required to spend for such restoration o reconstruction an amount in excess of the net amount received by Landlord as compensation or damage for the part of the Building or Premises so taken. In the event landlord is unable to restore and reconstruct the Building and Premises to substantially their former condition to the extent the same is acceptable to Tenant, in Tenant's reasonable business judgment, Tenant may terminate this Lease. Such termination by Tenant must be exercised by written notice to Landlord given not later than 30 days after Tenant is notified of the completion of such restoration and reconstruction of the Building, and Premises.
Election to Continue Lease. If Lessee elects not to terminate this Lease upon a partial taking of a portion of the Leased Premises, the Rent payable under this Lease will be diminished by an amount allocable to the portion of the Leased Premises which was so taken or sold. If this Lease is not terminated upon a partial taking of the Leased Premises, Lessor will, at Lessor’s sole expense, promptly restore and reconstruct the Leased Premises to substantially their former condition to the extent the same is feasible. However, Lessor will not be required to spend for such restoration or reconstruction an amount in excess of the net amount received by Lessor as compensation or damages for the part of the Leased Premises so taken.