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

Landlord’s Right to Recapture. Notwithstanding any contrary provision hereof, in the event of a proposed assignment of this Lease or a sublease or more than 25% of the Premises for the remainder of Term (provided that any sublease which is scheduled to expire, assuming all renewal options set forth in such sublease are exercised by such subtenant, during the last twelve (12) months of the Term shall be deemed to be for the remainder of the Lease Term), except in the case of a Permitted Transfer (defined in Section 14.8), Landlord, by notifying Tenant within 10 business days after receiving the Transfer Notice, may terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date. 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 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, in the event of a proposed assignment of this Lease or a sublease or more than 25% of the Premises for the remainder of Term (provided that any sublease which is scheduled to expire, assuming all renewal options set forth in such sublease are exercised by such subtenant, during the last twelve (12) months of the Term shall be deemed to be for the remainder of the Lease Term), except in the case of a Permitted Transfer (defined in Section 14.8), a Change of Control, or a sublease (including any expansion rights) of less than 50% of the rentable square footage of the then existing Premises for a term (including any extension options) of less than 50% of the balance of the Term remaining on the Contemplated Effective Date (excluding any unexercised extension options), Landlord, by notifying Tenant within 10 15 business days after receiving the Transfer Notice, may terminate this Lease with respect to the Contemplated Transfer Space as of the Contemplated Effective Date, in which event Landlord shall perform, at its expense, any construction required to separate the Contemplated Transfer Space from the balance of the Premises. 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.