Common use of Recapture Right Clause in Contracts

Recapture Right. In the event that Tenant shall desire to enter into an assignment or sublease to any party other than an Affiliate, then Tenant shall give Landlord notice thereof and Landlord may elect to recapture such space from Tenant by giving notice to Tenant of such election not later than five (5) days after receiving notice of such sublease or assignment from Tenant. In the event that Landlord shall not elect so to recapture such space for any reason, then Tenant may enter into such assignment or sublease within one hundred eighty (180) days after Landlord has elected not to recapture such space on terms and conditions not materially more favorable to the assignee or subtenant than those set forth in the notice to Landlord. If Tenant shall not so enter into such assignment or sublease, or if, after Landlord has elected not to recapture such space, Tenant shall alter the terms and conditions thereof to make them materially more favorable as aforesaid, Tenant shall again notify Landlord and Landlord shall have an additional fifteen (15) days within which to elect to recapture such space. In the event that Landlord recaptures such space from Tenant, Landlord and Tenant shall execute an amendment terminating this Lease as to that portion of the Premises which is recaptured by Landlord, and such termination shall be effective upon the execution of such amendment and the vacating of such space in the condition required by Section 14.18 hereof by Tenant.

Recapture Right. (i) In the event that Tenant shall desire Landlord’s consent to enter into an the subletting of the Demised Premises or the assignment or sublease to any party other than an Affiliate, then of this Lease. Tenant shall give Landlord one hundred twenty (120) days prior written notice thereof and Landlord may elect (the “Tenant Notice”). Such notice shall be deemed to recapture such space from be an offer by Tenant by giving notice to Tenant of such election not later than five (5) days after receiving notice of such sublease or assignment from Tenantassign this Lease to Landlord. In the event that Landlord wishes to accept said offer, Landlord shall give Tenant notice thereof within said one hundred twenty (120) days (“Landlord’s Notice”), in which event the assignment to Landlord shall become effective on the date specified in Landlord’s Notice, which date shall be not elect so to recapture such space for any reason, then Tenant may enter into such assignment or sublease within less than thirty (30) nor more than one hundred eighty (180) days after the date of Landlord’s Notice, and Tenant shall vacate the Demised Premises in accordance with the terms of this Lease by such date. In the event of an assignment of this Lease to Landlord, on the effective date of such assignment this Lease shall terminate and Landlord has elected not to recapture and Tenant shall be released from all liability accruing thereafter under this Lease, as if such space on terms and conditions not materially more favorable to date were the assignee or subtenant than those Expiration Date originally set forth in herein. The sending of Landlord’s Notice shall, ipso facto, and without the notice necessity of any further act or instrument, be sufficient to Landlordeffectuate said assignment. If Tenant shall not so enter into such assignment or subleaseHowever, or if, after Landlord has elected not to recapture such space, Tenant shall alter the terms and conditions thereof to make them materially more favorable as aforesaid, Tenant shall again notify Landlord and if Landlord shall have an additional fifteen (15) days within which to elect to recapture request, ▇▇▇▇▇▇ shall execute such spacedocuments as Landlord may reasonably request in confirmation thereof. In the event that ▇▇▇▇▇▇▇▇ does not accept said offer within one hundred twenty (120) days as aforesaid, ▇▇▇▇▇▇▇▇’s said right to recapture the Demised Premises by assignment shall be deemed to be waived, but nothing herein contained shall be deemed to be a consent by Landlord recaptures such space from Tenantto any subletting or assignment unless Landlord delivers to Tenant its written consent thereto. Notwithstanding Landlord’s failure to recapture on any one occasion, Landlord and the right to recapture as aforesaid shall apply to any further subletting or assignment. (ii) Tenant Notice shall execute an amendment terminating this Lease as to that portion contain all of the Premises which following information in form reasonably satisfactory to Landlord. If Landlord requires additional information, it shall promptly notify Tenant thereof and the giving of the Tenant Notice shall not be deemed to have been given until Landlord receives such additional information. (A) a statement by ▇▇▇▇▇▇ that the proposed sublease or assignment is recaptured by Landlorda bona fide transaction and that ▇▇▇▇▇▇ and the proposed assignee or sublessee are ready and willing to enter into such sublease or assignment agreement, subject to reasonable conditions; (B) the legal name of the proposed assignee or sublessee, and the name under which such termination shall assignee or sublessee proposes to conduct business; (C) the rent and other proposed business terms of the proposed assignment or subletting; subtenant; (D) the proposed business to be effective upon conducted by such assignee or (E) current financial statements of the execution proposed assignee or subtenant (or the proposed guarantor thereof); and (F) the names, addresses and telephone numbers of such amendment the officers and principals of the vacating of such space assignee or subtenant in the condition required by Section 14.18 hereof by Tenantquestion.

Recapture Right. In If (i) the event operation of all or substantially all of the business in the Leased Premises is discontinued for a continuous period of nine (9) months or more for reasons other than as permitted under subparts (a) and (b) below, or (ii) at any time prior to the expiration of the Original Term of this Lease, less than fifty percent (50%) of the sales area of the Leased Premises is being used for a grocery supermarket (which may include drug store/pharmacy) and uses incidental thereto for a continuous period of nine (9) months or more for reasons other than as permitted under subparts (a) and (b) below, Landlord may terminate this Lease, provided, however, to the extent that Tenant has sublet portions of the Leased Premises as permitted in this Lease and the subtenant has not caused the failure to use at least fifty percent (50%) of the sales area of the Leased Premises for a grocery supermarket (which may include drug store/pharmacy) and uses incidental thereto, and the subtenant is not in default beyond any applicable cure period under the sublease, the sublease shall desire to enter into an assignment or sublease to any party other than an Affiliatesurvive and become a direct lease between Landlord and the subtenant. Notwithstanding the foregoing, then Tenant shall give Landlord notice thereof and Landlord may elect not terminate this Lease if and to recapture the extent the cessation of business or failure to comply with such space from Tenant a condition of Transfer occurs by giving notice reason of: (a) Force Majeure, or (b) temporary closure due to the restoration, reconstruction, expansion, alteration or remodeling of the Leased Premises. Any election by Landlord to terminate this Lease pursuant to this Section 14.2 must be made by Notice to Tenant of such election not later than five (5the “Recapture Notice”) given within thirty (30) days after receiving notice of such sublease or assignment from Tenant. In the event that Landlord shall not elect so to recapture such space for any reason, then Tenant may enter into such assignment or sublease within one hundred eighty (180) days after Landlord has elected not to recapture such space on terms and conditions not materially more favorable to the assignee or subtenant than those set forth in the notice to Landlord. If Tenant shall not so enter into such assignment or sublease, or if, after Landlord has elected not to recapture such space, Tenant shall alter the terms and conditions thereof to make them materially more favorable as aforesaid, Tenant shall again notify Landlord and Landlord shall have an additional fifteen (15) days within which to elect to recapture such space. In the event that Landlord recaptures such space from Tenant, Landlord and Tenant shall execute an amendment terminating this Lease as to that portion end of the nine (9) month period of discontinued operations or of failure to use at least fifty percent (50%) of the sales area of the Leased Premises for a grocery supermarket (which is recaptured by Landlordmay include drug store/pharmacy), and such termination shall be effective upon uses incidental thereto, as the execution of such amendment and the vacating of such space in the condition required by Section 14.18 hereof by Tenantcase may be.

Recapture Right. In Notwithstanding any of the event that Tenant shall desire above provisions of this Section 16 to enter into an the contrary, in the case of a proposed assignment of this Lease or a sublease to or other Transfer of all or any party portion of the Premises (other than an Affiliateto a Permitted Transferee), then Tenant shall give Landlord notice thereof and Landlord may elect Landlord, in lieu of consenting to recapture such space from Tenant by giving notice to Tenant of such election not later than five (5) days after receiving notice of such sublease or assignment from Tenant. In the event that Landlord shall not elect so to recapture such space for any reason, then Tenant may enter into such assignment or sublease within one hundred eighty (180) days after Landlord has elected not to recapture such space on terms and conditions not materially more favorable to the assignee or subtenant than those set forth in the notice to Landlord. If Tenant shall not so enter into such assignment or sublease, or ifmay, after Landlord has elected not by giving written notice to recapture such space, Tenant shall alter the terms and conditions thereof to make them materially more favorable as aforesaid, Tenant shall again notify Landlord and Landlord shall have an additional fifteen within twenty (1520) days within which to after receipt of Tenant’s Notice of Proposed Transfer, elect to recapture such space. In terminate this Lease with respect to the Subject Space, provided that in the event that of an assignment of this Lease or a sublease of more than fifty percent (50%) of the rentable square footage of the Premises, Landlord may elect to terminate this Lease in its entirety. If Landlord recaptures such space from Tenantthe Subject Space, Landlord the following provisions shall apply: (a) Landlord, at Landlord’s expense, shall construct any demising walls required to demise the Subject Space; and Tenant shall be responsible, at Tenant’s expense, for painting, covering or otherwise decorating the surfaces of the partitions facing the Premises retained by Tenant; (b) if this Lease shall be cancelled with respect to less than the entire Premises, the Base Rent shall be prorated on the basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises and Tenant’s Share shall be appropriately adjusted, and the parties shall execute and deliver an amendment terminating this Lease reflecting such modifications; and (c) Landlord may thereafter lease such space to any party, including the prospective Transferee identified by Tenant, on such terms as shall be acceptable to that portion of the Premises which is recaptured by LandlordLandlord in its sole and absolute discretion, and Tenant hereby waives any claims against Landlord related thereto, including any claims for compensation or profit related to such termination shall be effective upon the execution of such amendment and the vacating of such space in the condition required by Section 14.18 hereof by Tenantlease or occupancy agreement.