Options to Terminate Clause Samples
The "Options to Terminate" clause defines the circumstances under which one or both parties may end the agreement before its natural expiration. Typically, this clause outlines specific events, timeframes, or conditions—such as breach of contract, failure to meet milestones, or provision of advance notice—that trigger the right to terminate. By clearly setting out these options, the clause provides flexibility and protection for the parties, allowing them to exit the contract if certain situations arise, thereby managing risk and preventing unwanted obligations.
Options to Terminate. The Company shall have, and is hereby granted, an option to prepay and terminate the Loan, upon satisfaction of the following conditions at any time prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture): (a) in accordance with Article IX of the Indenture, by paying to the Trustee an amount which, when added to the amount on deposit in the funds established under the Indenture and available therefor, will be sufficient to pay, retire and, pursuant to the Indenture, redeem all the outstanding Bonds in accordance with the provisions of the Indenture (including, without limiting the generality of the foregoing, principal of and interest to maturity or the earliest applicable redemption date, as the case may be, and expenses of redemption and the Trustee’s fees and expenses due hereunder or under the Indenture), and in case of redemption making arrangements satisfactory to the Trustee for the giving of the required notice of redemption, (b) by giving the Issuer notice in writing of such termination and (c) by making full payment of Additional Payments due under Section 4.02; thereafter such termination shall forthwith become effective. Any prepayment pursuant to this Section 6.01 shall either comply with the provisions of Article IX of the Indenture or result in redemption of the Bonds within 90 days of the date of prepayment. Nothing contained in this Section 6.01 shall prevent the payment of part of any of the Bonds pursuant to Article IV or Section 9.02 of the Indenture.
Options to Terminate. The User shall have, if it is not in default hereunder, the option to cancel or terminate the term of this Lease Agreement at any time after full payment of the Indenture Indebtedness and termination of the Letter of Credit by giving the Issuer notice in writing of such termination and such termination shall forthwith become effective. This Lease Agreement may not be terminated prior to payment in full of the Indenture Indebtedness even if all amounts due hereunder have been paid in full.
Options to Terminate. (a) Notwithstanding the New Expiration Date as set forth herein, Tenant shall have the right exercisable at any time after March 1, 2024, to terminate the remainder of the Term of this Lease, upon giving at least twelve (12) months’ prior written notice to Landlord. Within thirty (30) days after the date of actual termination of this Lease as a result of Tenant’s exercise of its early termination right set forth in this Section 18(a), Tenant shall pay to Landlord (i) nine (9) months of then-applicable Fixed Annual Rent and Additional Rent installments and (ii) the unamortized portion of the brokerage commission paid by Landlord pursuant to Section 17 herein, after Landlord renders to Tenant a statement therefor.
(b) Tenant shall have the right to terminate this First Amendment by written notice (the “▇▇▇ Termination Notice”) to Landlord given on or before February 28, 2014 (the “▇▇▇ Deadline”), if ▇▇▇ (I) fails to agree to grant all of the Tax Accommodations or (II) imposes requirements or restrictions upon Tenant materially greater than those currently imposed under the Company Lease and the ▇▇▇ Lease. Failure of Tenant to give the ▇▇▇ Termination Notice by the ▇▇▇ Deadline shall constitute Tenant’s waiver of its termination right as set forth in this Section 18(b) of this First Amendment. Provided Tenant has properly given the ▇▇▇ Termination Notice, such termination shall be effective upon not less than thirty (30) days after Tenant provides written notice of termination to Landlord. Upon such termination of this First Amendment, the Tenant’s use and occupancy of the Demised Premises shall continue in accordance with the terms and conditions of the Lease as if this First Amendment never existed. In such case, Landlord shall back ▇▇▇▇ Tenant and Tenant shall pay within thirty (30) days after receipt of invoice therefor, all Rent (including, without limitation, installments of Fixed Annual Rent) that would have come due under the Lease without this First Amendment, dating back to the Amendment Date, September 1, 2013.
Options to Terminate. 27 SECTION 11.02
Options to Terminate. The Company shall have, if it is not in default hereunder, the following options to cancel or terminate the term of this Lease Agreement:
(a) At any time prior to full payment of the Bonds. the Company may terminate this Lease Agreement by paying to the Board and the Trustee, as additional or prepaid rental, in bankable funds an amount which. when added to the amount on deposit in the Bond and Interest Fund. will be sufficient to pay, retire and redeem all the outstanding Bonds in accordance with the provisions of the Mortgage (including, without limiting the generality of the foregoing, principal, interest to maturity or earliest practicable redemption date, as the case may be, premium, expenses of redemption and Trustee's and paying agents' fees);
(b) After full payment of the Bonds, the Company may terminate this Lease Agreement as of any then succeeding anniversary date by giving the Board notice in writing not less than one hundred eighty (180) days prior to the anniversary date on which such termination is to become effective.
Options to Terminate. The Company shall have, and is hereby granted, the following options to terminate this Lease:
(a) At the time of any prepayment of the Rental Payments in whole pursuant to the provisions of Section 5.5 hereof, the Company may terminate this Lease (i) by paying to the appropriate person the amounts required by Section 11.5 hereof, and (ii) by Company giving the Issuer notice in writing of such termination.
(b) At any time after full payment of the Loan, the Company may terminate this Lease by giving the Issuer notice in writing of such termination.
Options to Terminate. In the event that the contract price for any six-month contract period is less than 75 cents per pound, MLP shall be entitled to terminate this agreement at its sole option by providing 60 days written notice. In the event that the contract price for any six-month contract period is more than $1.20 per pound, IP shall be entitled to terminate this agreement at its sole option by providing 60 days written notice.
Options to Terminate. (1) Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Building requires that the insurance proceeds be applied to such indebtedness, then Landlord or Tenant shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder thereafter accruing shall cease and terminate.
(2) Notwithstanding any other provision herein, if any portion of the Rented Space is damaged or destroyed during the final Lease Year of the initial term or any extension term of this Lease, then Landlord and/or Tenant shall have the option to terminate this Lease upon written notice to Tenant and/or Landlord within thirty (30) days of the date of such damage.
Options to Terminate. If the Building or a substantial part of it (whether including the Premises or not) is destroyed or damaged by an Insured Risk this Lease may be terminated by the Landlord giving to the Tenant (within 12 months after such destruction or damage) not less than six months’ notice.
Options to Terminate. The Partnership shall have, if not in default hereunder, the option to cancel or terminate this Lease Agreement at any time after full payment of the Bonds by giving the Issuer notice in writing of such termination and such termination shall forthwith become effective.