Termination of Possession Sample Clauses
The 'Termination of Possession' clause defines the conditions under which a party must relinquish control or occupancy of a property or asset. Typically, this clause outlines the specific events or breaches that trigger the end of possession, such as the expiration of a lease, default on obligations, or mutual agreement. Its core function is to provide clear guidelines for when and how possession should be returned, thereby preventing disputes and ensuring a smooth transition at the end of an agreement.
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Termination of Possession. Terminate Tenant’s right to possess the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (a) all Rent and other amounts accrued hereunder to the date of termination of possession, (b) all amounts due from time to time under Section 19.1, and (c) all Rent and other net sums required hereunder to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such period, after deducting all costs incurred by Landlord in reletting the Premises. If Landlord elects to terminate Tenant’s right to possession without terminating this Lease, and to retake possession of the Premises (and Landlord shall have no duty to make such election), Landlord shall use reasonable efforts to relet the Premises as further described in Section 19.4 below. Provided Landlord substantially complies with Section 19.4, Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or to collect rent due for such reletting. Tenant shall not be entitled to the excess of any consideration obtained by reletting over the Rent due hereunder. Reentry by Landlord in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to time, bring an action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration of the Term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to dispossess or exclude Tenant from the Premises shall be deemed to be taken under this Section 18.2. If Landlord elects to proceed under this Section 18.2, it may at any time elect to terminate this Lease under Section 18.1;
Termination of Possession. Terminate Tenant’s right of possession of the Premises without termination of this Lease, re-enter the Premises by summary proceedings or otherwise, expel Tenant and remove all property therefrom, using the level of effort mandated by the laws of the state where the Premises are located to relet the Premises at market rent (and Landlord is permitted to relet any other vacant space in the Building prior to reletting the Premises) and receive the rent from reletting, and Tenant is not entitled to receive any of that rent and remains liable for the equivalent of the amount of all Rent reserved herein less the proceeds of reletting, if any, after deducting therefrom the Reletting Costs. Any and all monthly deficiencies payable by Tenant under this clause shall be paid monthly on the date herein provided for the payment of Base Rent; or
Termination of Possession. 17 18.3 Perform Acts on Behalf of Tenant............................17 18.4
Termination of Possession. If Lessee is in default as defined in subparagraph (a) above and if Lessee remains in default for 3 days after Lessor gives notice of such default to Lessee, or if Lessee abandons the leased premises, Lessor may (with or without demand for performance) terminate Lessee's right of possession by giving one day's written notice to vacate; and Lessor shall be entitled to immediate possession without termination of Lessee's obligations under the lease. Lessor's repossession shall not be considered an election to terminate this lease unless written notice of such intention to terminate is given to Lessee by Lessor. Repossession may be by voluntary agreement or by eviction lawsuit. Commencement of an eviction lawsuit shall not preclude other Lessor remedies under this lease or other laws.
Termination of Possession. Landlord may at Landlord’s sole election terminate Tenant’s right to possession only, without terminating the Lease, following a breach of the Lease by Tenant, as provided in section 704.29(4) of the Wisconsin Statutes. Landlord shall be entitled to recover from Tenant (i) unpaid rent which has been earned at the time of termination, and (ii) as a sum of money equal to the rent and rental loss to be paid by Tenant to Landlord for the remainder of the term of this Lease (discounted at the rate charged by the nearest Federal Reserve bank to its member bank plus one percent) less any amount that Tenant proves could have been reasonably avoided. Notwithstanding any remedial action taken hereunder by Landlord short of termination, including reletting the Premises to a substitute Tenant, Landlord may at any time thereafter elect to terminate this Lease for any previous default.
Termination of Possession. Landlord may terminate Resident's right to possession of the Premises by written notice to Resident or any other lawful means, and recover the value of any such concessions made, re-enter and take possession of the Premises, and Resident shall immediately surrender possession of the Premises to Landlord. In such event, Landlord shall be entitled to recover from Resident all damages incurred by Landlord by reason of Resident’s default, including without limitation past-due rent, interest and late charges, the cost of recovering possession of the Premises, the expenses of reletting, and any other costs or damages arising out of Residents default, including without limitation the costs of removing persons and property from the Premises, the costs of repairing the Premises, and legal expenses and fees. Notwithstanding any termination, re-entry, or reletting, the liability of Resident for the rent, and other charges and adjustments for the balance of the Lease Term shall not be extinguished and Resident shall pay and Landlord may recover from Resident at the time of termination, re-entry, or reletting, the excess, if any, of the amount of such rents reserved in this Lease for the balance of the term hereof over the then reasonable rental value of the Premises for the same period. Reasonable rental value shall mean the amount of rental which Landlord does or could reasonably be expected to obtain as rent for the remaining balance of the Lease Term. In the event that Landlord relets the Premises or any part thereof without first terminating Residents right to possession pursuant to this Lease, Landlord reserves the right, at any time thereafter, to elect to terminate Residents right to possession to that or other portions of the Premises for the default that originally resulted in the reletting.
Termination of Possession. 16 (c) Alteration of Locks............................................. 16
Termination of Possession. Landlord may terminate immediately Tenant's right to possession of the Premises by written notice to Tenant or any other lawful means, terminate this Lease by written notice to Tenant, revoke Tenant's right to any lease concessions and recover the value of any such concessions made, re-enter and take possession of the Premises and Tenant shall immediately surrender possession of the Premises to Landlord.
Termination of Possession. 17 (c) Perform Acts on Behalf of Tenant........................ 17 20. Payment by Tenant; Non-Waiver; Cumulative Remedies............. 17 (a) Payment by Tenant....................................... 17 (b) No Waiver............................................... 17 (c)
Termination of Possession. If Landlord terminates Tenant’s right to possession without terminating this Lease, Landlord will use commercially reasonable efforts to mitigate its damages and relet the Premises; provided that (i) any reletting will be on such terms and conditions as Landlord in its reasonable discretion may determine; (ii) Landlord may lease any other space controlled by Landlord first; and (iii) any proposed tenant must meet commercially reasonable leasing criteria. For the purpose of such reletting, Landlord is authorized to make any repairs and alterations to the Premises as Landlord deems reasonably necessary or desirable. If the Premises are not relet, then Tenant will pay to Landlord as damages a sum equal to the amount of the Base Rent and Operating Expenses payable under this Lease for such period, plus the cost of recovering possession of the Premises (including reasonable attorneys’ fees and court costs). If the Premises are relet and the sum realized from such reletting will not satisfy the Base Rent and Operating Expenses payable under this Lease, then Tenant will pay any such deficiency within thirty (30) days of demand from Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect in writing to terminate this Lease for such previous Tenant Default.