Partial Termination Option Sample Clauses

The Partial Termination Option clause allows one or both parties to terminate a portion of the contract without ending the entire agreement. In practice, this means that specific deliverables, services, or obligations can be discontinued while the rest of the contract remains in effect; for example, a client may choose to stop one phase of a project but continue with others. This clause provides flexibility and risk management by enabling parties to adapt to changing circumstances without the need to renegotiate or terminate the whole contract.
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Partial Termination Option. Notwithstanding any provision of -------------------------- this Lease to the contrary but subject to the conditions set forth below, Tenant shall have the one-time option ("Termination Option") to terminate the Lease as to the "Termination Portion" of the Premises (as defined below), which termination shall, subject to the conditions set forth in this Section 1.1.4, be ------------- effective as of March 31, 2002 (the "Termination Date"). The term "Termination Portion" of the Premises shall mean that portion of the Premises designated as the "Termination Portion" on Exhibit A attached hereto, which is located within --------- Suite 550 of the 800 Building. Conditions to Tenant's exercise of the Termination Option shall be that (i) Tenant must provide Landlord with written notification ("Termination Notice") of Tenant's exercise of said Termination Option at least twelve (12) months prior to the Termination Date, and (ii) Tenant shall pay to Landlord concurrently with Tenant's delivery of the Termination Notice, in consideration of Landlord's agreement to so terminate this Lease as to the Termination Portion, an amount ("Termination Fee") equal to the sum of (a) six (6) monthly installments of Annual Basic Rent for the Termination Portion of the Premises (calculated at Two Dollars and Sixty-Five Cents ($2.65) per rentable square foot of the Termination Portion per month), plus (b) the unamortized balance, as of the Termination Date, of the leasing fees allocable to the Termination Portion paid by Landlord to the Brokers referenced in Section 12 of the Summary, with such amortization to be calculated on a straight line basis over the initial eighty-four (84) month Lease Term, plus (c) the unamortized balance, as of the Termination Date, of the Thirty Dollar ($30.00) per usable square foot Tenant Improvement Allowance allocable to the Termination Portion, with such amortization to be calculated over the eighty-four (84) month period from April 1, 1998 until March 30, 2005, based upon equal monthly payments of principal and interest for such amortization period, with interest imputed on the outstanding principal balance at twelve percent (12%) per annum. If Tenant properly and timely exercises the Termination Option, the Lease shall expire as to the Termination Portion of the Premises as of the Termination Date.
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Partial Termination Option. Notwithstanding anything in the Amended Lease to the contrary, Tenant shall have the right (the “Partial Termination Option”) to change the Expiration Date with respect to the 3260 Premises to: a. May 1, 2011, by (i) notifying Landlord of such election between September 1, 2010, and October 31, 2010, and (ii) paying to Landlord on such Expiration Date (A) all Rent owed by Tenant to Landlord for the period through such Expiration Date and (B) unamortized leasing commissions incurred by Landlord in the amount of One Hundred Eight Thousand Fifty-Two and 39/100 Dollars ($108,052.39); or b. August 31, 2011, by (i) notifying Landlord of such election between May 1, 2011, and June 30, 2011, and (ii) paying to Landlord on such Expiration Date (A) all Rent owed by Tenant to Landlord for the period through such Expiration Date and (B) unamortized leasing commissions incurred by Landlord in the amount of One Hundred Thousand Eight Hundred Forty-Eight and 90/100 Dollars ($100,848.90).
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Partial Termination Option. On not less than thirty (30) days notice -------------------------- given to Landlord by Tenant on or after the Effective Date, Tenant may terminate Tenant's lease of the Third Expansion Space, without affecting the Lease in any other respect, provided each of the (a) Tenant is not in default under the Lease (including the occurrence of an event which with notice, lapse of time or both would become a default under the Lease) on the date of such termination and (b) Tenant shall fully comply with all obligations under the Lease respecting the Third Expansion Space through the date of such termination, including, without limitation, those provisions relating to the condition of the Third Expansion Space and removal of Tenant's personal property therefrom upon termination or expiration to the Lease.
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Partial Termination Option 
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Related to Partial Termination Option

  • Termination Option Tenant shall have the one-time right to terminate the Lease effective as of the end of the thirty-sixth full calendar month following the Commencement Date, by giving written notice to the Landlord prior to the expiration of the twenty-seventh full calendar month following the Commencement Date (time being of the essence herein), which notice (in order to be valid) shall be accompanied by payment of the Termination Fee (hereinafter defined) and which notice shall specify the termination date; provided however, if Tenant is in Default at any time hereunder beyond any applicable cure period (whether before or after the termination notice), at Landlord’s option, such termination election shall be null and void, and Landlord may use any portion of the Termination Fee paid to offset against any amounts owed by Tenant under the Lease. The Termination Fee is equal to the sum of (i) four (4) months of Rent then being paid by Tenant on a monthly basis (including without limitation estimated pass-throughs), plus (ii) the unamortized portion of the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions incurred or provided by Lessor in connection with this Lease. Upon request, Landlord shall calculate the Termination Fee and provide the amount thereof to Tenant. The Termination Fee shall be calculated by Landlord by first amortizing the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions in equal monthly installments over the Term (or if incurred in connection with any Lease amendment, amortized over the portion of the Term commencing with the effective date for the initial full monthly payment of Rent for the Lease amendment) at the rate of nine percent (9%) per annum (compounded annually) and then determining the unamortized portion thereof as of the effective date of termination. Tenant, in addition to the Termination Fee, shall remain obligated for all Basic Monthly Rent, Additional Rent and other sums due under the Lease up to and including the effective date of termination, even though such amounts may be billed subsequent to such date. Tenant’s obligations, and Landlord’s rights and remedies (including without limitation, the right to recover reasonable attorneys fees as permitted by this Lease), with respect to all such sums, any other amounts due and owing to Landlord and any other of Tenant’s obligations or liabilities accruing prior to the date of termination shall survive any such termination. .

  • Lessor Termination Option If a Hazardous Substance Condition occurs during the term of this Lease, unless Lessee is legally responsible therefor (in which case Lessee shall make the investigation and remediation thereof required by the Applicable Requirements and this Lease shall continue in full force and effect, but subject to Lessor's rights under Paragraph 6.2(d) and Paragraph 13), Lessor may, at Lessor's option, either (i) investigate and remediate such Hazardous Substance Condition, if required, as soon as reasonably possible at Lessor's expense, in which event this Lease shall continue in full force and effect, or (ii) if the estimated cost to remediate such condition exceeds twelve (12) times the then monthly Base Rent or $100,000, whichever is greater, give written notice to Lessee, within thirty (30) days after receipt by Lessor of knowledge of the occurrence of such Hazardous Substance Condition, of Lessor's desire to terminate this Lease as of the date sixty (60) days following the date of such notice. In the event Lessor elects to give a termination notice, Lessee may, within ten (10) days thereafter, give written notice to Lessor of Lessee's commitment to pay the amount by which the cost of the remediation of such Hazardous Substance Condition exceeds an amount equal to twelve (12) times the then monthly Base Rent or $100,000, whichever is greater. Lessee shall provide Lessor with said funds or satisfactory assurance thereof within thirty (30) days following such commitment. In such event, this Lease shall continue in full force and effect, and Lessor shall proceed to make such remediation as soon as reasonably possible after the required funds are available. If Lessee does not give such notice and provide the required funds or assurance thereof within the time provided, this Lease shall terminate as of the date specified in Lessor's notice of termination.

  • Partial Termination The Authority is entitled to terminate all or part of this Framework Agreement pursuant to this Clause 26, provided always that the parts of this Framework Agreement not terminated can operate effectively to deliver the intended purpose of this Framework Agreement.

  • Early Termination Option Lessee shall have the right to terminate this Lease on March 31, 2005, September 30, 2005, March 31, 2006, or September 30, 2006 (each an “Early Termination Date”). Lessee shall give written notice of Lessee’s election to terminate, and such written notice shall be delivered to Lessor at least six (6) months prior to the applicable Early Termination Date. Should Lessee elect to terminate this Lease, Lessee shall pay a termination fee “Early Termination Fee”, and the Early Termination Fee shall be delivered to Lessor at least ninety (90) days prior to the applicable Early Termination Date. If the Early Termination Fee is delinquent, then the Lease shall not be terminated until the next following Early Termination Date which is at least 90 days after the Early Termination Fee is paid. The Early Termination Fee shall consist of the sum of: (1) The unamortized portion of Lessor’s out-of-pocket costs (“Lessor’s Work Costs”) incurred in connection with making the Premises available to Lessee pursuant to this Lease (including any expansion and/or increase of the Premises), such costs including but not limited to: costs of completing the tenant improvements, space planning and design fees, contractor’s fees and profits, sales taxes, insurance premiums for builder’s risk insurance in connection with such work, clean-up, computer or other telecommunications cabling work, permit fees, the cost of demolishing existing improvements, if any, leasing fees and commissions, and legal fees. The unamortized portion shall be determined by taking the total of such costs over the term of this Lease, and amortizing them from the date incurred (but not earlier than the Commencement Date) over the remaining initial term of this Lease using an assumed interest rate of eight percent (8%). No later than ninety (90) days after the completion of Lessor’s Work, Lessor shall deliver to Lessee a full and complete accounting of Lessor’s Work Costs, including full detail and background documentation reasonably requested by Lessee, for Lessee’s review and approval, together with an amortization schedule based on the final amount of Lessor’s Work Costs. So long as Lessee finds no reasonable basis on which to challenge such accounting or amortization schedule by providing written objection to Lessor within 30 days, this accounting shall be used by Lessee in determining the amount of any Early Termination Fee due hereunder. Plus (2) Seventy-five percent (75%) of the value of the rental abatement associated with the Space Pocket, which value shall be amortized over the final twenty-four (24) months of this Lease. By way of example, if the value of the rental abatement for the Space Pocket is $100,000 and the Early Termination Date is September 30, 2006, the Early Termination Fee shall include an additional $18,750 ($100,000 divided by 24 months, times 6 months then remaining, times 75%) for the value of the rent abatement for the Space Pocket.

  • Termination Option Event The term “