Lease Termination Option

Example Definitions of "Lease Termination Option"
Lease Termination Option. Tenant shall have the one (1) time right to terminate this Lease, which termination shall be effective May 31, 2023 (the "Lease Termination Option"), for a lump sum payment to Landlord on or prior to such date of $6,400,000 (the "Lease Termination Fee"). In order to exercise the Lease Termination Option, Tenant must not be in default under this Lease (beyond and applicable cure periods under this Lease) and must deliver to Landlord written notice of its intent to exercise such option prior to... September 1, 2022. If written notice is not received by Landlord prior to September 1, 2022, or if payment of the Lease Termination Fee is not delivered on or prior to May 31, 2023, then this Lease Termination Option shall be null and void. View More
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