Common use of Tenant Transfers Clause in Contracts

Tenant Transfers. Except as otherwise expressly provided in this Lease, Tenant or Subtenant may not Transfer its rights and/or obligations under this Lease and/or with respect to the Property, without the written consent of Landlord, in Landlord’s Permitted Discretion. Except with regard to Permitted Transfers and Subleases expressly permitted under this Article XV, Landlord shall have the option, upon receipt of a written request from Tenant for Landlord’s consent to Transfer this Lease with respect to any portion of the Property, to cancel this Lease with respect to the portion of the Property described in Tenant’s notice, as of the effective date of the proposed Transfer, and all obligations under this Lease as to such property shall expire except as to any obligations that expressly survive any termination of this Lease. The option of Landlord to cancel this Lease, as provided for above, shall be exercised, if at all, within thirty (30) days following Landlord’s receipt of written notice from Tenant of Transfer, by delivering written notice of Landlord’s intention to exercise the option to so cancel this Lease with respect to such property. In the event of a recapture by Landlord, if this Lease shall be terminated with respect to less than the entire Property, (i) the rent to be paid on the remainder of the Property shall be prorated on the basis of the fair market value of the property retained by Tenant in proportion to the fair market value of the entirety of the Property, and (ii) this Lease will be amended and continue thereafter in full force and effect. Upon request of either party, the parties shall execute written confirmation of the same. Notwithstanding the foregoing, in the event Landlord elects to terminate this Lease or portion thereof, Tenant shall have the option, within fifteen (15) Business Days after receipt of Landlord’s termination notice, to rescind Tenant’s Transfer request, whereupon this Lease shall remain in full force and effect.

Tenant Transfers. Except as otherwise expressly provided in this Lease, Tenant or Subtenant may not Transfer its rights and/or obligations under this Lease and/or with respect to the Property, without the written consent of Landlord, in Landlord’s Permitted Discretion. Except with regard to Permitted Transfers and Subleases expressly permitted under this Article XV, Landlord shall have the option, upon receipt of a written request from Tenant for Landlord’s consent to Transfer this Lease with respect to any portion of the Property, to cancel this Lease with respect to the portion of the Property described in Tenant’s notice, as of the effective date of the proposed Transfer, and all obligations under this Lease as to such property shall expire except as to any obligations that expressly survive any termination of this Lease. The option of Landlord to cancel this Lease, as provided for above, shall be exercised, if at all, within thirty (30) days following Landlord▇▇▇▇▇▇▇▇’s receipt of written notice from Tenant of Transfer, by delivering written notice of Landlord▇▇▇▇▇▇▇▇’s intention to exercise the option to so cancel this Lease with respect to such property. In the event of a recapture by Landlord, if this Lease shall be terminated with respect to less than the entire Property, (i) the rent to be paid on the remainder of the Property shall be prorated on the basis of the fair market value of the property retained by Tenant in proportion to the fair market value of the entirety of the Property, and (ii) this Lease will be amended and continue thereafter in full force and effect. Upon request of either party, the parties shall execute written confirmation of the same. Notwithstanding the foregoing, in the event Landlord elects to terminate this Lease or portion thereof, Tenant shall have the option, within fifteen (15) Business Days after receipt of Landlord’s termination notice, to rescind Tenant’s Transfer request, whereupon this Lease shall remain in full force and effect.