Termination Options. (a) Tenant shall be entitled to terminate the Lease with respect to the 777 License Area Premises on June 30, 2014, December 31, 2015, or December 31, 2016; provided that (x) Tenant provides Landlord with no less than eighteen (18) months’ prior written notice and (y) on or before the date of such termination, Tenant pays to Landlord an amount equal to, if terminated on (i) June 30, 2014, One Hundred Ninety-Three Thousand Four Hundred Twenty-Seven and 60/100 Dollars ($193,427.60) (based on Twenty-Nine and 45/100 Dollars ($29.45) per square foot of Rentable Area of the applicable portion of the Premises), (ii) December 31, 2015, One Hundred Thirty-One Thousand Four Hundred Ninety-One and 36/100 Dollars ($131,491.36)(based on Twenty and 02/100 Dollars ($20.02) per square foot of Rentable Area of the applicable portion of the Premises), and (iii) December 31, 2016, Sixty-Eight Thousand Nine Hundred Sixty-Four and 00/100 Dollars ($68,964.00)(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 the 777 License Area Premises, then Tenant shall surrender the 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. (b) Tenant shall be entitled to terminate the Lease with respect to the 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 765 Elevator Lobby Premises or Tenant’s lease of the 765 Elevator Lobby Premises expires or is terminated early, then Tenant shall surrender the 765 Elevator Lobby Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon expiration. (c) Time is of the essence with respect to the exercise of the termination options granted in this Section 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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Termination Options. (a) Tenant shall be entitled to terminate the Lease with respect to (a) the 777 License Area 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, 2015 or December 31, 2016; provided that (x) Tenant provides Landlord with no less than eighteen nine (189) months’ prior written notice and (y) on or before the date of concurrently with such terminationnotice, Tenant pays to Landlord an amount equal toto (A) with respect to a termination of the 765 Expansion Premises II, if terminated on (i) June 30, 2014, One Hundred NinetySeventy-Three Thousand Four Nine Hundred Twenty-Forty Seven and 60/100 Fourteen and 24/100s Dollars ($193,427.6073,947.24) (based on Twenty-Nine Fourteen and 45/100 44/100s Dollars ($29.4514.44) per square foot of Rentable Area of the applicable portion of the Premises), (iiB) December 31, 2015, One Hundred Thirtywith respect to a termination the Corridor Space Fifty-One Eight Thousand Four Hundred Ninety-One Forty and 36/100 No/100s Dollars ($131,491.36)(based 58,040.00) (based on Twenty and 02/100 No/100 Dollars ($20.0220.00) 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 (iii$17,214.63) and if terminated on December 31, 2016, SixtyFifteen Thousand One Hundred Eighty-Eight Thousand Nine Hundred Sixty-Four and 00/100 38/100s Dollars ($68,964.00)(based on Ten and 50/100 Dollars ($10.50) per square foot of Rentable Area of the applicable portion of the Premises15,189.38). If Tenant timely exercises its option to terminate the Lease with respect to one or more of the 777 License Area Premisesportions of the Premises set forth in this Section, then Tenant shall surrender the 777 License Area applicable Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon the expiration.
(b) . 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 be entitled to terminate the Lease with respect to demise the 765 Elevator Lobby Expansion Premises on June 30II at its expense, 2014such demising to be performed in accordance with Applicable Laws; provided, December 31, 2015, or December 31, 2016; provided that the foregoing requirements shall in no event be deemed to require 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 perform any work to conform the 765 Elevator Lobby Expansion Premises or Tenant’s lease of II with Applicable Laws (other than the 765 Elevator Lobby Premises expires or is terminated earlydemising thereof), then Tenant shall surrender the 765 Elevator Lobby Premises to Landlord on the applicable surrender date in the condition except as may be expressly required by the Amended Lease for surrendering Premises upon expiration.
(c) Lease. Time is of the essence with respect to the exercise of the termination options granted in this Section 5Section.
(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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