Termination or Nonrenewal of the Advisor Without Cause. Notwithstanding any other provision of this Agreement to the contrary, after the expiration of the Initial Term and upon one hundred eighty (180) days’ prior written notice to the Advisor (the “Company Termination Notice”), the Company may, without cause, (i) terminate this Agreement or (ii) in connection with the expiration of the Initial Term or any Automatic Renewal Term, decline to renew this Agreement (any such termination or nonrenewal, a “Termination Without Cause”); provided that the Company shall be obligated to pay the Advisor the Termination Fee within ninety (90) days of a Termination Without Cause. In the Company Termination Notice, the Company shall specify the date, not less than one hundred eighty (180) days from the date of the Company Termination Notice, on which this Agreement shall terminate (the “Effective Termination Date”). In the event of a Termination Without Cause, such termination or nonrenewal shall be without any further liability or obligation of either party to the other, except as provided in Section 14 of this Agreement.
Appears in 3 contracts
Sources: Advisory Agreement (Lexington Realty Trust), Advisory Agreement (Lexington Corporate Properties Trust), Advisory Agreement (Lexington Strategic Asset Corp)