TENANT LEASE TERMINATION WITH PAYMENT OF UNAMORTIZED LEASE COSTS LEASE EXHIBIT
EXHIBIT [INSERT APPLICABLE LETTER]
TENANT LEASE TERMINATION WITH
PAYMENT OF UNAMORTIZED LEASE COSTS
Tenant shall have one-time right to terminate this Lease before the Expiration Date, effective as of the date (the “Termination Date”) which is the first day after the last day of the Sixtieth (60) month on the initial Term of this Lease, which right shall be exercisable by Tenant, if at all, by Tenant delivering to Landlord written notice of termination (“the Tenant’s Termination Notice”) at least ___________ (___) days prior to the Termination Date. As consideration for such termination right, Tenant shall deliver to Landlord the Termination Fee (as defined below) on or before the Termination Date. The “Termination Fee” (herein so called) payable by Tenant in connection with such termination of the Lease shall be equal to the sum of: (i) _______ (___) monthly installments of the Base Rental and all additional rent payable by Tenant under the Lease that would have otherwise been payable for the Premises at the rate which would have been in effect immediately following the Termination Date had this Lease not been terminated by Tenant pursuant to this Exhibit “__” (including, without limitation, Tenant’s Share of Building Operating Costs and Tenant’s Share of Energy Costs), plus (ii) the Unamortized Costs (as defined below). As used herein, the term “Unamortized Costs” (herein so called) shall mean the sum of: (A) the unamortized portion of the brokerage commissions paid or incurred by Landlord in connection with this Lease with respect to the Premises; plus (B) the unamortized portion of the Landlord paid Tenant Finish Costs of __________________________ and No/Dollars ($________) (the “Allowance”) paid and/or provided by Landlord pursuant to Exhibit “__” to the Lease; plus (C) the unamortized portion of any and all other costs of construction or other concession incurred by Landlord in connection with this Lease (including, without limitation, the amount of all Base Rental and other charges abated by Landlord pursuant to the Lease). The items set forth in clauses (A) through (C), inclusive, in the immediately preceding sentence shall be amortized on a straight-line basis over the scheduled One Hundred Twenty (120) month initial Lease Term beginning upon the first month rental paid together with interest thereon a the rate of _______ (__%) percent per annum, and the unamortized portions thereof shall be determined based upon the unexpired portion of the initial Lease Term as of the Termination Date had this Lease not been so terminated pursuant to this Exhibit “__”. Subject to the timely receipt by Landlord of Tenant’s Termination Notice and the Termination Fee, this Lease shall terminate as of the Termination Date, and Landlord and Tenant shall thereupon be relieved of any further of their respective obligations under this Lease arising from and after the Termination Date (such termination shall not, however, terminate those obligations set forth in the Lease which specifically survive expiration or earlier termination thereof). |
