Recapture Right definition

Recapture Right with respect to the Recapture Space. If the Recapture Space is the entire Premises, and Landlord elects to exercise its Recapture Right, the Lease shall terminate on the date that is thirty (30) days following the date of the Assignment Notice (“Recapture Date”). If the Recapture Space is less than the entire Premises, and Landlord elects to exercise its Recapture Rights,: (i) the Lease shall terminate with respect to the Recapture Space only on the Recapture Date; (ii) Tenant shall reimburse Landlord, as Additional Rent, for the cost of installing a demising wall between the Recapture Space and the remaining balance of the Premises; (iii) the Rent payable under this Lease shall be proportionately reduced based on the square footage of the Recapture Space; and (iv) Landlord and Tenant will enter into an amendment to the Lease properly evidencing the space reduction. If Landlord fails to exercise the Recapture Right within the required timeframe, the Lease shall not terminate with respect to the Recapture Space and Tenant shall be free to proceed with the proposed transaction, subject to the restrictions and requirements otherwise set forth in Paragraph 8(a), above. Landlord may lease the recaptured portion of the Premises to the proposed assignee or subtenant without liability to Tenant. Upon any recapture (or partial recapture) as provided under this Paragraph 8(d), Landlord and Tenant shall have no further obligations or liabilities to each other under this Lease with respect to the Recapture Space, except with respect to obligations or liabilities which accrue or have accrued as of the date of such termination or those obligations or liabilities which expressly survive the termination of this Lease.
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Recapture Right shall have the meaning set forth in Section 8.04A(i) hereof.
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Recapture Right shall have the meaning assigned thereto in Section 14.2.
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Examples of Recapture Right in a sentence

  • If Sublandlord exercises the Recapture Right, Sublandlord shall be solely responsible for all costs in connection therewith, including but not limited to design, permits, approvals and construction costs in connection with demising the Recapture Space to code, including the construction of any necessary corridors, lobbies and vestibules, etc.

  • Any assignment of this Lease or subtennancy shall be subject to Landlord’s Recapture Right (as defined below).

  • Upon Sublandlord’s exercise of the Recapture Right, Subtenant shall have thirty (30) days during which it shall have the right to terminate the Sublease by written notice to Sublandlord.

  • The Recapture Right shall expire if not exercised on or before December 31, 2022.

  • The parking spaces (the "Action Parking Area") located in the Action Outside Area are (until exercise of the Recapture Right under Article 7 hereof) hereby declared to be for the exclusive use of Tenant's employees, guests, invitees and sublessees throughout the Lease Term, subject to any claims, takings, rules, laws or regulations of any governmental agencies or divisions.

  • No Transfer shall relieve Tenant of its primary obligation as party Tenant hereunder, nor shall it reduce or increase Landlord’s obligations under this Lease.13.2 Landlord’s Recapture Right.

  • During the Term, except as set forth in Section 18 below with respect to Sublandlord’s Recapture Right (defined below), Subtenant shall have the right to use Sublandlord’s fixtures, furniture and equipment (as more particularly described on Exhibit D attached hereto, the “Sublandlord FF&E”) that are located in the Subleased Premises as of the Commencement Date.

  • Notwithstanding anything to the contrary contained herein, neither the Recapture Right nor Tenant’s obligation to share excess consideration with Landlord pursuant to the terms of Section 17.08 hereof shall apply to Transfers pursuant to Section 17.09 and Section 17.10.

  • If Landlord does not exercise Landlord’s Recapture Right and Tenant fails, within one hundred twenty (120) days after the delivery of Tenant’s notice, to execute and deliver to Landlord such assignment or sublease then Tenant shall again comply with all of the provisions of this Article VIII before assigning this Lease or subletting all or part of the Premises.

  • If Landlord fails to exercise the Recapture Right within the required timeframe, the Lease shall not terminate with respect to the Recapture Space and Tenant shall be free to proceed with the proposed transaction, subject to the restrictions and requirements otherwise set forth in Paragraph 8(a), above.

Related to Recapture Right

  • Recapture Period means, with respect to any Project, the period from the date such Project is Placed in Service through the fifth anniversary of such date.

  • Recapture Amount means, with respect to any Employment Violation by Grantee, the gross gain realized or unrealized by Grantee upon all vesting of Restricted Share Units or delivery or transfer of Vested Shares during the Look-back Period with respect to such Employment Violation, which gain shall be calculated as the sum of:

  • Recapture Income means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

  • Cure Right shall have the meaning assigned to such term in Section 7.03.

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Recapture Event means any of the following events:

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Renewal Option has the meaning set forth in §12.1.

  • Repurchase Option has the meaning set forth in Section 1.3(a) hereto.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Put Right has the meaning set forth in Section 8.05(a).

  • Exercise Right means the Exercise Right as specified in § 3 (1) of the Special Conditions.

  • Conversion Right has the meaning set forth in Section 4.05(a) hereof.

  • Financial Transmission Right Option means a right to receive Transmission Congestion Credits as specified in Operating Agreement, Schedule 1, section 5.2.2(c), and the parallel provisions of Tariff, Attachment K-Appendix, section 5.2.2(c).

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Right of Repurchase means the Company’s right of repurchase described in Section 7.

  • Termination Option Event means an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

  • Default Right has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  • First Refusal Right means the right granted to the Corporation in accordance with Article E.

  • Put Option means an exchange traded option with respect to Securities other than Stock Index Options, Futures Contracts, and Futures Contract Options entitling the holder, upon timely exercise and tender of the specified underlying Securities, to sell such Securities to the writer thereof for the exercise price.

  • Incentive Distribution Right means a non-voting Limited Partner Interest issued to the General Partner, which Partnership Interest will confer upon the holder thereof only the rights and obligations specifically provided in this Agreement with respect to Incentive Distribution Rights (and no other rights otherwise available to or other obligations of a holder of a Partnership Interest). Notwithstanding anything in this Agreement to the contrary, the holder of an Incentive Distribution Right shall not be entitled to vote such Incentive Distribution Right on any Partnership matter except as may otherwise be required by law.

  • Expense Year means each calendar year in which any portion of the Lease Term falls, through and including the calendar year in which the Lease Term expires, provided that Landlord, upon notice to Tenant, may change the Expense Year from time to time to any other twelve (12) consecutive month period, and, in the event of any such change, Tenant’s Share of Direct Expenses shall be equitably adjusted for any Expense Year involved in any such change.

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Lessee's Share is defined, for purposes of this Lease, as the percentage set forth in paragraph 1.10 of the Basic Lease Provisions, which percentage has been determined by dividing the approximate square footage of the Premises by the total approximate square footage of the rentable space contained in the Office Building Project. It is understood and agreed that the square footage figures set forth in the Basic Lease Provisions are approximations which Lessor and Lessee agree are reasonable and shall not be subject to revision except in connection with an actual change in the size of the Premises or a change in the space available for lease in the Office Building Project.