Tenant Option to Terminate Clause Samples

Tenant Option to Terminate. Tenant shall have the option to terminate this Lease (the “Termination Option”) with no further rights or obligations hereunder in the event that Tenant (a) enters into a new lease for space in another building which is directly or indirectly owned or controlled by BioMed Realty Trust, Inc. (each, a “BioMed Entity”) and (b) notifies Landlord and such BioMed Entity at least five (5) business days before Tenant executes such new Lease that Tenant is exercising such Termination Option and that Tenant intends to terminate this Lease. Tenant shall exercise the Termination Option, if at all, within three (3) business days after Tenant enters into such a new lease. If Tenant enters into such a new lease and exercises the Termination Option in such a manner, then this Lease shall be deemed to expire fifteen (15) days after Tenant commences to pay rent under such other lease, subject to all of the terms and conditions of this Lease with respect to the obligations of Landlord and Tenant upon expiration of this Lease. Nothing in this Lease is intended to provide Tenant with any rights in any other such building, including any right to lease space in such a building, and neither Landlord nor any affiliate of Landlord (including any BioMed Entity) shall have any obligation to negotiate with or otherwise entertain offers from Tenant with respect to any such space. The Termination Option shall not entitle Tenant to terminate the Lease with respect to less than all of the Premises.
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Tenant Option to Terminate. Landlord agrees that if the Leased Premises are so damaged by a cause other than the carelessness or negligence of the Tenant to be unusable by Tenant or any subtenant for its intended purposes, and if the Leased Premises cannot be restored to a usable condition within ONE HUNDRED TWENTY (120) days following the date the damage occurred, then Tenant shall have the right to terminate the Lease by giving written notice to Landlord effective the date of the occurrence. If Landlord and Tenant cannot agree as to whether restoration can be accomplished within ONE HUNDRED TWENTY (120) day period, then Landlord and Tenant shall select an independent local contractor to determine whether repairs may be completed in that time. Tenant’s notice of termination must be given within TEN (10) days following the mutual determination by Landlord and Tenant, or the determination by the independent contractor, as the case may be. If Tenant does not give timely notice of termination, then Tenant shall be deemed to have waived its right to terminate the Lease under this provision.
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Related to Tenant Option to Terminate

  • Option to Terminate The Client and Contractor shall: (check one)

  • Election to Terminate If such condition or default continues for thirty (30) days after delivery of such notice, the non-breaching party may sue to enforce the terms of this Lease or may give notice of its election to terminate this Lease. Twenty (20) days after such termination notice, this Lease shall cease and terminate.

  • Tenant’s Right to Terminate Tenant shall have the right to terminate this Lease following a Casualty if any of the following occurs: (i) Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that the Premises cannot, with reasonable diligence, be repaired by Landlord to a substantially similar condition as existed prior to such Casualty (or cannot be safely repaired because of the presence of hazardous factors, including, but not limited to, Hazardous Materials, earthquake faults and other similar dangers) within 360 days after the date of such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises, or (ii) the Premises is destroyed or materially damaged during the last twelve (12) months of the Lease Term and Landlord’s Architect determines (which determination shall be made and forwarded to Tenant promptly after such Casualty) that such damage will require more than sixty (60) days to repair, or (iii) the Premises are not actually repaired by Landlord to a substantially similar condition as existed prior to such Casualty within 380 days following such Casualty and the Casualty materially adversely impacts Tenant’s use of a material portion of the Premises. If Tenant elects to terminate this Lease following a Casualty pursuant to this Section 7.3, Tenant shall give Landlord written notice of its election to terminate within thirty (30) days after receipt of Landlord’s Architect’s determination (or within 30 days of the applicable restoration period should Landlord fail to complete repairs during such period), and this Lease shall terminate as of the date of such notice of election to terminate.

  • OPTION TO TERMINATE AGREEMENT In the event that any payment otherwise due from the Applicant to the District under Article IV, Article V, or Article VI of this Agreement with respect to a Tax Year is subject to reduction in accordance with the provisions of Section 7.1, then the Applicant shall have the option to terminate this Agreement. The Applicant may exercise such option to terminate this Agreement by notifying the District of its election in writing not later than the July 31 of the year following the Tax Year with respect to which a reduction under Section 7.1 is applicable. Any termination of this Agreement under the foregoing provisions of this Section 7.2 shall be effective immediately prior to the second Tax Year next following the Tax Year in which the reduction giving rise to the option occurred.

  • Notice to Terminate Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or