Common use of Second Termination Right Clause in Contracts

Second Termination Right. Provided Tenant has exercised its right to terminate the Lease in accordance with Section 11.1 above, Tenant shall have the right to terminate the Lease during the First Renewal Term effective on July 31, 2021, provided that (i) Tenant gives Landlord at least twelve (12) months prior written notice of its intent to terminate the Lease, (ii) prior to the effective date of termination, there has been a “change in control” event whereby (A) more than fifty percent (50%) of the voting stock of Tenant has been acquired by any individual or entity (other than employees or shareholders of Tenant) or (B) a sale of substantially all of Tenant’s assets has occurred, (iii) there is no outstanding Event of Default beyond all applicable cure periods at the time that Tenant notifies Landlord of its intent to terminate the Lease or as of the date of termination, and (iv) on or before the effective date of termination, Tenant pays to Landlord a termination fee in the amount equal to the sum of (x) the unamortized amount of the Allowance paid by Landlord, at Landlord’s expense, in accordance with the provisions of Section 2 of this Amendment applying an interest rate of eight and one-half percent (8.5%) per annum, (y) unamortized amount of the brokerage commissions payable in accordance with Section 15 of this Amendment, applying an interest rate of eight and one-half percent (8.5%) per annum and (z) an amount equal to six (6) Monthly Installments of Annual Base Rent in effect as of the date of termination. If Tenant fails to exercise its termination rights strictly in accordance with the foregoing provision, the Lease shall remain in full force and effect and Tenant shall have no further right to terminate the Lease.