Recapture Option Clause Samples

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Recapture Option. 23 10.04 ASSIGNMENT/SUBLEASE AMENDMENT.................... 24 10.05
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Recapture Option. Sublandlord shall have the right (herein called the "Recapture Option"), at Sublandlord's sole option, (i) in the event of a proposed assignment of this Sublease or subletting of all of the Subleased Premises, to terminate this Sublease in its entirety as of the "Effective Termination Date" (as such term is hereinafter defined), or (ii) in the event of a proposed subletting of part (but not all) of the Subleased Premises, to terminate this Sublease only as to that portion of the Subleased Premises which Subtenant has proposed to sublet, in which event Subtenant's obligations as to the Minimum Annual Rent and Operating Expense Increases hereunder shall be reduced, as of the Effective Termination Date, in the same proportion as the proportion of the rentable area of the portion of the Subleased Premises so proposed to be sublet bears to the total rentable area of the Subleased Premises. If Sublandlord elects to exercise the Recapture Option to terminate this Sublease in whole or in part, Sublandlord shall do so by the giving of written notice thereof to Subtenant within thirty (30) days after Sublandlord's receipt of Subtenant's notice described in Paragraph 11(b) hereinabove, which notice from Sublandlord (the "Recapture Notice") shall specify the date (herein called the "Effective Termination Date") on which such termination shall become effective; provided, however, that such date shall in no event be more than sixty (60) nor less than twenty (20) days after the date of the giving of such Recapture Notice; but, provided further, however, that if Subtenant notifies Sublandlord within three (3) business days after receipt of such Recapture Notice that it is withdrawing its request to sublet such portion of the Subleased Premises or to assign this Sublease, Landlord's Recapture Notice shall be of no force and effect. If Sublandlord fails to timely exercise the Recapture Option in accordance with the provisions of the preceding sentence, Subtenant may thereafter, subject to the giving of Sublandlord's and the Prime Landlord's prior written consent (as herein provided for), proceed with the Proposed Transaction contemplated by the notice furnished to Sublandlord by Subtenant pursuant to the provisions of Paragraph 11(b) hereinabove on the same terms and conditions as set forth in said notice, provided, however, that any such consent by Sublandlord shall be expressly conditioned upon Subtenant's compliance with the provisions of Paragraph 11(d) hereinbelow.
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Recapture Option. Landlord has the right (the “Recapture Option”), at its option, in the case of a proposed assignment of this Lease or a subletting of substantially all of the Premises, to terminate the Lease in its entirety. The Recapture Option shall be exercisable, if at all, by delivery of written notice thereof from Landlord to Tenant within thirty (30) days of Landlord’s receipt of Tenant’s notice. If Landlord fails to exercise the Recapture Option within such period with respect to a proposed Transfer, Tenant may thereafter assign or sublet the Lease on the same terms as those stated in Tenant’s Notice with the prior written consent of Landlord, which consent, subject to compliance with the remainder all other provisions of this Section 18, shall not be unreasonably withheld; provided, however, Landlord’s failure to exercise the Recapture Option within such period with respect to a proposed subleasing of all or any portion of the Premises shall not be deemed a consent to the proposed Transfer.
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Recapture Option. Excluding any Pre-Approved Assignments, at any time during the thirty (30) day period following Landlord's receipt of Tenant's Notice, for a Transfer that requires a change in the Permitted Use, Landlord may, at its sole discretion, give written notice to Tenant that Landlord elects to terminate this Lease, said termination to be effective, as designated by Landlord in Landlord's termination notice, at any time as of the proposed Transfer Date through the sixtieth (60th) day thereafter ("Termination Date"). If Landlord elects to terminate this Lease, then neither Landlord nor Tenant shall be liable to the other under this Lease from and after the Termination Date, except for matters which shall have arisen prior to such date and except for the obligations of Tenant under this Lease with respect to the condition of the Premises upon the termination or expiration of this Lease.
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Recapture Option. Landlord at its option may elect, no later than ten (10) days after. Tenant has provided all necessary information, to give notice of cancellation of this Lease with respect to the space affected by a proposed assignment or sublease. Tenant, by giving notice of withdrawal of its request for consent to a proposed assignment or sublease within ten (10) days after Landlord's notice, may cause Landlord's notice to be automatically rescinded. If the notice of cancellation is not rescinded, it shall be effective thirty (30) days after it was given. A cancellation relating to the entire Premises shall relieve Tenant of all obligation under this. Lease except obligations accruing prior to the date possession is surrendered to Landlord and obligations related to the condition in which the Premises are to be surrendered. Upon a cancellation relating to a portion of the Premises, Tenant's rental obligations shall be reduced, as of the effective date of the cancellation, in the proportion that the area of the Premises has been reduced.
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Recapture Option. If the CEDING COMPANY shall increase its maximum limit of retention for new business, a corresponding reduction may be made, at the option of the CEDING COMPANY, in the reinsurance in force under this Agreement provided that the reduction is not made before the end of the fifth policy year. The reinsurance in force shall be reduced pursuant to this Article only on those lives on which the CEDING COMPANY has maintained its maximum limit of retention for the plan, age and mortality classification of the risk as shown in Exhibit I at the time of issue. Special reduced limits for specific underwriting hazards or impairments shall not be considered to be maximum limits of retention.
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Recapture Option. Any time during the thirty (30)-day period following Landlord's receipt of Tenant's Notice, Landlord may give written notice to Tenant that Landlord elects to: (i) terminate this Lease, if Tenant has proposed to assign its interest hereunder; (ii) terminate this Lease with respect to the portion of the Premises which Tenant desires to sublet, if Tenant has proposed to sublet Thirteen Thousand (13,000) square feet or more of the Premises. If Landlord elects to terminate this Lease with respect only to a portion of the Premises, then this Lease shall be modified to reflect the smaller square footage of the remaining Premises, including a pro rata adjustment of rent and other charges due hereunder. If Landlord acts to terminate this Lease with respect to the entire Premises, then neither Landlord nor Tenant shall be liable to the other for any reason having to do with this Lease from and after the date of such termination, except for matters which shall have arisen prior to such date and except for the obligations of Tenant under the Lease with respect to the condition of the Premises upon termination or expiration of this Lease.
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Related to Recapture Option

  • Recapture In the event of a material breach of the requirements of this Agreement, GO-Biz will notify Taxpayer in writing of the breach and provide Taxpayer with the opportunity to cure the breach within thirty (30) business days or such longer period as mutually agreed to in writing between the Parties. If Taxpayer fails to cure the breach within the prescribed timeframe, GO-Biz will notify Taxpayer of the failure, the amount of the Allocation that it will recommend to the Committee to be recaptured, and may recommend termination of this Agreement to the Committee. If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Taxpayer had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years. Upon receipt of recommendations from GO-Biz, the Committee will determine whether to accept or reject GO-Biz’s recommendation of recapture, the amount thereof, and the termination of this Agreement, based on Taxpayer’s failure to fulfill the terms and conditions of this Agreement. Upon approval of the Committee to recapture some or all of the Allocation awarded for failure of Taxpayer to fulfill the terms of this Agreement, GO-Biz will notify the FTB in writing as required under the applicable statutes and regulations. Any amount of additional tax resulting from that recapture shall be assessed by the FTB in the same manner as provided by RTC section 19051. The additional tax resulting from a recapture will be assessed in the taxable year of Taxpayer in which the Committee’s recapture determination occurred.

  • 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. .

  • Our Option If we give you written notice within 30 days after we receive your signed, sworn proof of loss, we may repair or replace any part of the damaged property with material or property of like kind and quality.

  • Option Right Landlord hereby grants to the originally named Tenant herein (“Original Tenant”), and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any other assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

  • Extension Right Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.