Common use of Landlord’s Right to Recapture Clause in Contracts

Landlord’s Right to Recapture. Notwithstanding any contrary provision hereof, except in the case of a Permitted Transfer (defined in Section 14.8), Landlord, by notifying Tenant within 15 days after receiving any Notice of Intent to Transfer (defined below), may terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date. As used herein, “Notice of Intent to Transfer” means any Transfer Notice or other notice from Tenant informing Landlord that Tenant intends to enter into a Transfer with respect to a particular Contemplated Transfer Space as of a particular Contemplated Effective Date (whether or not Tenant has already negotiated the terms of such Transfer with a third party); provided, however, that if Landlord receives a Notice of Intent to Transfer for a particular Contemplated Transfer Space and a particular Contemplated Effective Date, then no subsequent notice (including any Transfer Notice) that is given within the next 180 days and specifies the same Contemplated Transfer Space and the same Contemplated Effective Date shall be deemed a Notice of Intent to Transfer. If the Contemplated Transfer Space is less than the entire Premises, then Base Rent, Tenant’s Share, and the number of parking spaces to which Tenant is entitled under Section 1.9 shall be deemed adjusted on the basis of the percentage of the rentable square footage of the portion of the Premises retained by Tenant. Upon request of either party, the parties shall execute a written agreement prepared by Landlord memorializing such termination.

Landlord’s Right to Recapture. Notwithstanding any contrary provision hereof, except in the case of (i) a Permitted Transfer (defined in Section 14.8), (ii) a sublease (including any expansion rights) of less than 90% of the rentable square footage of the then existing Premises, (iii) a sublease for a term (including any extension options) of less than 90% of the balance of the Term remaining on the Contemplated Effective Date (excluding any unexercised extension options), or (iv) a Change of Control, Landlord, by notifying Tenant within 15 days twelve (12) business after receiving any a Notice of Intent to Transfer (defined below), may terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date. If Landlord fails to so notify Tenant within such twelve (12)-business-day period, Landlord shall no longer be entitled terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date based upon such Notice of Intent to Transfer or the proposed Transfer described in such Notice of Intent to Transfer. As used herein, “Notice of Intent to Transfer” means any Transfer Notice or other notice from Tenant informing Landlord that Tenant intends to enter into a Transfer with respect to a particular Contemplated Transfer Space as of a particular Contemplated Effective Date (whether or not Tenant has already negotiated the terms of such Transfer with a third party); provided, however, that if . If Landlord receives a Notice of Intent terminates this Lease with respect to Transfer for a particular the Contemplated Transfer Space and a particular Contemplated Effective Date, then no subsequent notice (including any Transfer Notice) that is given within as of the next 180 days and specifies the same Contemplated Transfer Space and the same Contemplated Effective Date shall be deemed a Notice of Intent to Transfer. If as provided in this Section 14.4, and if the Contemplated Transfer Space is less than the entire Premises, then Base Rent, Tenant’s Share, and the number of parking spaces to which Tenant is entitled under Section 1.9 shall be deemed adjusted on the basis of the percentage of the rentable square footage of the portion of the Premises retained by Tenant. Upon request of either party, the parties shall execute a written agreement prepared by Landlord memorializing such termination.