A lease termination clause outlines the conditions under which a lease agreement can be legally ended by either the landlord or tenant before its scheduled expiration. It typically includes specific terms such as notice periods, potential penalties, reasons for termination, and any obligations both parties must fulfill upon ending the lease.
Termination. Landlord and Tenant agree that the Lease shall be terminated upon the date of satisfaction of the following conditions precedent (such date being referred to herein as the “Lease Termination Date”); provided, however, that in the event the Lease Termination Date has not occurred on or before May 10, 2020, this Agreement shall automatically terminate and be of no further force or effect:
Landlord and Tenant shall have executed a lease termination certificate (hereinafter referred to as the “Lease Termination Certificate”) in substantially the form attached hereto and made a part hereof as Appendix 2, evidencing the termination of the Lease in accordance with the terms, conditions and provisions of this Agreement;
Lease Termination Payment. In consideration of the termination of the Lease, Tenant shall pay to Landlord a lease termination payment (hereinafter referred to as the “Lease Termination Payment”) in the aggregate amount of $981,987.00, which Lease Termination Payment shall be payable in eight (8) installments, the first seven (7) of which installments shall each be in the amount of $125,000.00 and the final installment of which shall be in the amount of $106,987.00, with the first installment due and payable on the Lease Termination Date and each subsequent installment shall be due and payable on the first day of each of the seven (7) calendar months thereafter. In the event Tenant fails to make any installment of the Lease Termination Payment within five (5) days of its due date, the remaining balance of the Lease Termination Payment shall be immediately due and payable within five (5) business days of written request therefor by Landlord to Tenant. The acceptance by Landlord of any partial payment or any payment after any date when due shall not be deemed or constitute the waiver of any right or remedy of the Landlord hereunder or any modification of any term or provision set forth herein.
Effective as of the Lease Termination Date, Landlord shall remise, release and forever discharge Tenant, its successors and assigns, from all obligations and liability under the Lease, except as expressly set forth in this Agreement and/or the Bill of Sale and Assignment, and Landlord hereby agrees that, as of the Lease Termination Date, the Lease shall be cancelled, null and void and of no further force or effect.
Pursuant to that certain Lease Termination Agreement dated May 10 , 2020 (the “Termination Agreement”) by and between Tenant and Landlord, Tenant and Landlord have agreed to an early termination of the Lease, subject to and upon the terms, conditions and provisions set forth therein. C.Pursuant to the Termination Agreement, Landlord and Tenant are concurrently herewith executing and delivering a Lease Termination Certificate pursuant to which the Lease is terminated as of the date hereof.
Lease Termination. The Lease Term shall expire, and the Lease shall be deemed to be terminated, on February 29, 2024, at 11:59 p.m. (the “Lease Termination Date”).
Lease Termination Payment. In consideration of Landlord’s agreement to terminate the Lease as of the Lease Termination Date, Tenant shall (i) pay to Landlord a lease termination fee equal to One Million Five Hundred Fifty Thousand and 00/100 Dollars ($1,550,000.00) (the “Lease Termination Fee”), and (ii) simultaneously with the execution and delivery of this Agreement, execute and deliver to Landlord the Bill of Sale in the form that is attached hereto as Exhibit A (the “Bill of Sale”) that conveys to the University of Pittsburgh (the “University”) all of the furniture, fixtures and equipment currently located in the Premises (the “FF&E”), as such FF&E is listed in Schedule A to the Bill of Sale, upon the terms and conditions set forth in the Bill of Sale. The Lease Termination Payment shall be due, payable, and paid by Tenant to Landlord on the later of (i) January 5, 2024, or (ii) within five (5) Business Days following the Effective Date.
Landlord and Tenant are parties to that certain Lease Termination Agreement dated November 12, 2021 (the “Lease Termination Agreement”), whereby Landlord and Tenant mutually agreed to terminate the Lease upon the terms and conditions set forth in the Lease Termination Agreement. Landlord and Tenant desire to amend certain terms of the Lease Termination Agreement.
Termination Date. As of the Effective Date, subject to all of the terms and conditions of the Lease Termination Agreement, the “Termination Date”, as such term is defined in the Lease Termination Agreement, shall be amended to be the date that is the earlier of: (i) the date that Tenant decommissions the Premises in accordance with the terms and conditions set forth in Section 10.07 of the Lease, and delivers a copy of the Laboratory Decommissioning Report to Landlord, which Laboratory Decommissioning Report shall not reveal any defects or issues that are unacceptable to Landlord, in Landlord’s commercially reasonable discretion, or (ii) January 15, 2022.
Lease Termination. The Lease Agreement shall be terminated and of no further effect as of September 1, 2023 (the “Lease Termination Date”). Except only with respect to InVivo’s obligations that survive the expiration or earlier termination of the Lease including, without limitation, those obligations set forth in Sections 28 and 30 of the Lease Agreement that expressly survive termination of the Lease Agreement (the “Surviving Rights”), the respective rights and obligations of the Parties under the Lease Agreement shall be terminated in their entirety as of the Lease Termination Date. Except with respect to the rights and obligations created by this Settlement Agreement and the Surviving Rights, the Parties shall have no further rights or obligations arising from or on account of the Lease Agreement. Notwithstanding anything to the contrary contained herein, InVivo shall be required to continue to comply with its obligations under the Lease Agreement from the Settlement Effective Date until the Lease Termination Date.
Lease termination refers to the legal process or action of ending a lease agreement before its scheduled expiration date. This process can occur either through mutual agreement between the landlord and tenant, or by one party exercising their legal right to terminate, often due to a breach of contract or other stipulated conditions. Lease terminations are often accompanied by specific terms and conditions outlined within the lease contract.
Consider using lease termination in the following scenarios:
When writing a lease termination notice, consider including the following elements:
Example:
“Dear [Name],
This letter serves as the formal notice of lease termination for [Property Address]. As per our lease agreement dated [Lease Date], this termination will take effect on [Termination Date].
The reason for termination is [Reason]. Please ensure that all obligations, including [Specify Steps], are fulfilled by the termination date.
Sincerely,
[Your Name] [Your Contact Information]”
Lease termination clauses are commonly found in these types of contracts:
Carefully reviewing these contracts for termination clauses can help anticipate and manage potential lease termination situations.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "Leased Premises" clause typically identifies the specific property or area being leased in an agreement, including its address and any relevant boundaries or features. This clause ensures that both parties have a clear understanding of the property's specifics and outlines any limitations regarding its use.
Leave entitlements are provisions in a contract that outline an employee's right to take time off work for various reasons, such as vacation, illness, or personal matters. These clauses specify the types of leave available, the amount of leave allowed, and the procedures for requesting and approving leave.
The "Legal Effect" clause outlines the binding nature and enforceability of the contract or its provisions under applicable law. It emphasizes that the agreement is legally valid and that the parties are obligated to comply with its terms.
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