Termination Options. Tenant shall be entitled to terminate the Lease with respect to (a) the entire 765 Expansion Premises II, effective as of January 1, 2017, (b) the Corridor Space, effective as of January 1, 2017 and (c) the New C-Level Storage Space and the Old C-Level Storage Space (the “C-Level Spaces”), on June 30, 2014, December 31, 2015 or December 31, 2016; provided that (x) Tenant provides Landlord with no less than nine (9) months’ prior written notice and (y) concurrently with such notice, Tenant pays to Landlord an amount equal to (A) with respect to a termination of the 765 Expansion Premises II, Seventy-Three Thousand Nine Hundred Forty Seven and Fourteen and 24/100s Dollars ($73,947.24) (based on Fourteen and 44/100s Dollars ($14.44) per square foot of Rentable Area of the applicable portion of the Premises), (B) with respect to a termination the Corridor Space Fifty-Eight Thousand Forty and No/100s Dollars ($58,040.00) (based on Twenty and No/100 Dollars ($20.00) per square foot of Rentable Area of the applicable portion of the Premises) and (C) with respect to a termination of the C-Level Spaces, if terminated on June 30, 2014, Twenty Thousand Three Hundred Seventy-Eight Dollars ($20,378), if terminated on December 31, 2015, Seventeen Thousand Two Hundred Fourteen and 63/100s Dollars ($17,214.63) and if terminated on December 31, 2016, Fifteen Thousand One Hundred Eighty-Nine and 38/100s Dollars ($15,189.38). If Tenant timely exercises its option to terminate the Lease with respect to one or more of the portions of the Premises set forth in this Section, then Tenant shall surrender the applicable Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon the expiration. Notwithstanding anything to the Amended Lease to the contrary, if Tenant terminates the 765 Expansion Premises II in accordance with this Section 7, Tenant shall demise the 765 Expansion Premises II at its expense, such demising to be performed in accordance with Applicable Laws; provided, that the foregoing requirements shall in no event be deemed to require Tenant to perform any work to conform the 765 Expansion Premises II with Applicable Laws (other than the demising thereof), except as may be expressly required by the Amended Lease. Time is of the essence with respect to the exercise of the termination options granted in this Section.
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Termination Options. (a) Tenant shall be entitled to terminate the Lease with respect to (a) the entire 765 Expansion 777 License Area Premises II, effective as of January 1, 2017, (b) the Corridor Space, effective as of January 1, 2017 and (c) the New C-Level Storage Space and the Old C-Level Storage Space (the “C-Level Spaces”), on June 30, 2014, December 31, 2015 2015, or December 31, 2016; provided that (x) Tenant provides Landlord with no less than nine eighteen (918) months’ prior written notice and (y) concurrently with on or before the date of such noticetermination, Tenant pays to Landlord an amount equal to to, if terminated on (Ai) with respect to a termination of the 765 Expansion Premises IIJune 30, Seventy2014, One Hundred Ninety-Three Thousand Nine Four Hundred Forty Twenty-Seven and Fourteen and 24/100s 60/100 Dollars ($73,947.24193,427.60) (based on Fourteen Twenty-Nine and 44/100s 45/100 Dollars ($14.4429.45) per square foot of Rentable Area of the applicable portion of the Premises), (Bii) with respect to a termination the Corridor Space FiftyDecember 31, 2015, One Hundred Thirty-Eight One Thousand Forty Four Hundred Ninety-One and No/100s 36/100 Dollars ($58,040.00) (based 131,491.36)(based on Twenty and No/100 02/100 Dollars ($20.0020.02) per square foot of Rentable Area of the applicable portion of the Premises) ), and (Ciii) with respect to a termination of the C-Level Spaces, if terminated on June 30, 2014, Twenty Thousand Three Hundred Seventy-Eight Dollars ($20,378), if terminated on December 31, 2015, Seventeen Thousand Two Hundred Fourteen and 63/100s Dollars ($17,214.63) and if terminated on December 31, 2016, Fifteen Sixty-Eight Thousand One Nine Hundred EightySixty-Nine Four and 38/100s 00/100 Dollars ($15,189.3868,964.00)(based on Ten and 50/100 Dollars ($10.50) per square foot of Rentable Area of the applicable portion of the Premises). If Tenant timely exercises its option to terminate the Lease with respect to one or more of the portions of the Premises set forth in this Section777 License Area Premises, then Tenant shall surrender the applicable 777 License Area Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon the expiration. Notwithstanding anything .
(b) Tenant shall be entitled to terminate the Lease with respect to the Amended 765 Elevator Lobby Premises on June 30, 2014, December 31, 2015, or December 31, 2016; provided that Tenant provides Landlord with no less than eighteen (18) months’ prior written notice. If Tenant timely exercises its option to terminate the Lease with respect to the contrary, if Tenant terminates 765 Elevator Lobby Premises or Tenant’s lease of the 765 Expansion Elevator Lobby Premises II in accordance with this Section 7expires or is terminated early, then Tenant shall demise surrender the 765 Expansion Elevator Lobby Premises II at its expense, such demising to be performed Landlord on the applicable surrender date in accordance with Applicable Laws; provided, that the foregoing requirements shall in no event be deemed to require Tenant to perform any work to conform the 765 Expansion Premises II with Applicable Laws (other than the demising thereof), except as may be expressly condition required by the Amended Lease. Lease for surrendering Premises upon expiration.
(c) Time is of the essence with respect to the exercise of the termination options granted in this SectionSection 5.
(d) In the event that (i) Tenant exercises its Quad I and II Termination Option as set forth in Section 13(b) of the Third Amendment or (ii) Tenant’s lease of any portion of the Quad I or Quad II Premises (as defined in the Third Amendment) expires or is terminated early (each of (i) and (ii), a “Quad I and II Premises Termination” and, collectively, “Quad I and II Premises Terminations”), then Tenant’s lease of the 765 Elevator Lobby Premises shall also terminate effective as of the date of such Quad I and II Premises Termination(s). Upon termination of the 765 Elevator Lobby Premises due to a Quad I and II Premises Termination(s), the 765 Elevator Lobby Premises shall be considered a Common Area under the Amended Lease and shall no longer be included as part of Tenant’s Pro Rata Share.
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