Common use of Termination Options Clause in Contracts

Termination Options. (a) Sublessee shall have a one time right (the "First Termination Option") to terminate this Sublease, effective as of January 1, 2001, by delivering a written notice of such termination to Sublessor (the "First Termination Notice") on or prior to July 1, 2000, accompanied by Sublessee's payment to Sublessor in an amount equal to fifty percent (50%) of the Base Rent payable for the period from January 1, 2001 through the end of the Term (the "First Termination Fee"). In the event Sublessee serves the First Termination Notice, as provided above, and delivers to Sublessor the First Termination Fee, this Sublease shall terminate on December 31, 2000, and Sublessee shall, on or before such date, vacate the Subleased Premises and surrender possession thereof to Sublessor, in the manner and condition provided in the Master Lease. (b) In addition to the First Termination Option, Sublessee shall have a one time right (the "Second Termination Option") to terminate this Sublease, effective as of January 1, 2002, by delivering a written notice of such termination to Sublessor (the "Second Termination Notice")