Lease termination clause samples

6.Consideration Payable to Landlord for Lease Termination. In consideration of and as a condition to Landlord's agreement to terminate the Lease and all obligations thereunder other than as provided herein, Tenant shall, and covenants and agrees to, pay to Landlord: (i) upon execution of this Lease Termination Agreement, the sum of Two Hundred Eighty Seven Thousand Six Hundred Fifteen Dollars ($287,615.00), constituting the unamortized balance of the broker fee paid by the Landlord for the Lease, as indicated on Exhibit B attached hereto and made a part hereof, (ii) on a monthly basis, commencing on September 1, 2018 and on the first day of each of the twenty-nine (29) months thereafter, the sum of Fifty Thousand Dollars ($50,000) (the "Monthly Lease Termination Payments") and, together with the thirtieth (30th) Monthly Lease Termination Payment, and, in any event, on or before February 1, 2021, the sum of Four Million Dollars ($4,000,000.00) (the "Final Lease Termination Payment"). Landlord and Tenant agree that the amount of the security deposit held by the Landlord under the Lease is One Hundred Seventy Four Thousand Two Hundred Fifty Dollars ($174,250.00), and that such amount shall be retained by the Landlord as payment of the seventh, eighth and ninth Monthly Lease Termination Payments and partial payment of the tenth Monthly Lease Termination Payment (leaving a balance of $25,750). Notwithstanding the foregoing, Tenant shall have the right, at any time, to pay the Final Lease Termination Payment, whereupon Tenant's obligation to make any further Monthly Lease Termination Payments shall terminate. All payments hereunder shall be paid to Landlord by wire transfer of immediately available funds in accordance with Landlord's wire transfer instructions. There shall be no further payments or adjustments between the parties. In the event Tenant shall fail to pay any Monthly Lease Termination Payment, or the Final Lease Termination Payment, within ten (10) days of receiving notice from Landlord of such failure to make any such payment when due, Landlord shall have the right, in addition to all other rights available at law or in equity for such breach, to accelerate the remaining balance of payments hereunder, whereupon the same shall immediately become due and payable in full.

4.Consideration Payable to Landlord for Lease Termination. On or before the Lease Termination Date, in consideration of Landlord’s agreement to terminate the Lease early as provided herein, Tenant shall pay to Landlord as Additional Rent a sum equal to Five Million Two Hundred Eighty-Six Thousand and 00/100 Dollars ($5,286,000.00) on or before the Lease Termination Date (collectively, a "Lease Termination Fee"). The Lease Termination Fee shall be in addition to all sums due and payable pursuant to the Lease through and including the Lease Termination Date. If Tenant does not submit the Lease Termination Fee in accordance with this First Amendment, such failure shall be a Default under the Lease (without the requirement for Landlord to provide any notice to Tenant) and in addition to all other remedies that Landlord shall have with respect to Tenant’s Default, under the Lease or at law or in equity, Tenant shall be responsible for any and all damages, including incidental, indirect and consequential damages, that Landlord may suffer as a result of a breach of this First Amendment.

Lease Termination to be the Surrender Date, in which case Tenant will fulfill the Surrender Obligations as soon as reasonably possible after the Lease Termination.As of the Lease Termination, the Lease shall be fully and finally surrendered and terminated and shall no longer be of any force or effect, except for those provisions that, by their express terms, survive the expiration or earlier termination of the Lease, including, for the avoidance of doubt, Article 11.

4. Reservation of Rights.Notwithstanding any Lease Termination, Landlord does not waive, and hereby reserves, any rights and/or remedies that Landlord may have under the Lease or at law or in equity arising from any default of Tenant under the Lease existing as of the Lease Termination.Notwithstanding the foregoing, the Landlord represents and warrants that as of the Execution Date, it has no knowledge of any existing default by the Tenant under the Lease.

XML 27 R16.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.10.0.1 ACCRUED EXPENSES AND OTHER LIABILITIES 6 Months Ended Jun. 30, 2018 Payables and Accruals [Abstract] ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIESJune30, 2018December31, 2017Security deposits payable (A)$2,898$46,291Escrow liabilities (B)4706,664Accounts payable12,4069,794Mortgage interest payable6,4466,297Deferred community fees, net5,3294,612Rent collected in advance3,2402,091Property tax payable7,2803,331Other liabilities15,3225,584Total accrued expenses and other liabilities$53,391$84,664(A)Decrease from December 31, 2017 represents the retention of security deposits by us as a result of the Lease Termination. Refer to Note 3 for additional details related to the Lease Termination.(B)Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties. X - DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.

XML 43 R32.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.10.0.1 LEASE TERMINATION AND PROPERTY MANAGEMENT AGREEMENT WITH HOLIDAY (Details) - USD ($) 3 Months Ended 6 Months Ended Jun. 30, 2018 Jun. 30, 2017 Jun. 30, 2018 Jun. 30, 2017 Dec. 31, 2017 Segment Reporting Information [Line Items] Gain on lease termination $ 40,090,000 $ 0 $ 40,090,000 $ 0 Consideration Received, Lease Termination Agreement 115,600,000 Termination Payment, Lease Termination Agreement 70,000,000 Security Deposit 2,625,000 2,625,000 $ 3,222,000 Property, Plant and Equipment, Additions [1] 9,975,000 $ 0 Deferred Rent Asset, Net, Current 84,316,000 $ 84,316,000 Incentive fee percentage 2.00% Holiday Acquisitions Holdings LLC [Member] Segment Reporting Information [Line Items] Other Intangible Assets, Net 1,192,000 $ 1,192,000 Gain on lease termination [2] 40,090,000 Security Deposit $ 45,600,000 $ 45,600,000 Managed Properties [Member] | Holiday Acquisitions Holdings LLC [Member] Segment Reporting Information [Line Items] Percentage of property's effective gross income paid as property management fees, year two and onward 4.50% Percentage of property's effective gross income paid as property management fees, year one 5.00% [1] Fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination. Refer to Note 3 for additional details related to the Lease Termination. [2] Primarily includes the non-cash write-offs of straight-line rent receivables and net above-market rent lease intangible assets, offset by the fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination (as defined in Note 1). Refer to Note 3 for additional details related to the Lease Termination. X - DefinitionTotal consideration received for the lease termination agreement.

XML 50 R39.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.10.0.1 ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands Jun. 30, 2018 Dec. 31, 2017 Accounts Payable and Accrued Liabilities [Abstract] Security deposits payable (A) [1] $ 2,898 $ 46,291 Escrow liabilities [2] 470 6,664 Accounts payable 12,406 9,794 Mortgage interest payable 6,446 6,297 Deferred community fees, net 5,329 4,612 Rent collected in advance 3,240 2,091 Property tax payable 7,280 3,331 Other liabilities 15,322 5,584 Total accrued expenses and other liabilities $ 53,391 $ 84,664 [1] Decrease from December 31, 2017 represents the retention of security deposits by us as a result of the Lease Termination. Refer to Note 3 for additional details related to the Lease Termination. [2] Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties. X - DefinitionEscrow deposits held by the company related to its triple-net lease properties.

XML 41 R30.htm IDEA: XBRL DOCUMENT /* Do Not Remove This Comment */ function toggleNextSibling (e) { if (e.nextSibling.style.display=='none') { e.nextSibling.style.display='block'; } else { e.nextSibling.style.display='none'; } } v3.10.0.1 Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands Jun. 30, 2018 Dec. 31, 2017 Accrued payroll and benefits $ 3,864 $ 4,290 Gift cards 2,635 3,995 Sales and use taxes 1,059 1,275 Business and income taxes 446 514 Accrued occupancy 398 249 Lease termination (Note 11) 332 1,048 Accrued construction and remodel 91 209 Other 1,139 1,354 Total accrued expenses $ 9,964 $ 12,934 X - DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for lease termination. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

parking or other concessions that Tenant has granted or agreed to give, or bound by any subrentals which Subtenant might have paid in advance to Tenant, or (iv)be bound to honor any rights of Subtenant in any security deposit made with Tenant except to the extent Tenant has turned over such security deposit to Landlord. Tenant hereby agrees that in the event of Lease Termination, Tenant shall immediately pay or transfer to Landlord any security deposits, subrent or other sums then held by Tenant less any amounts due Subtenant as of the date of the Lease Termination. In addition, in the event of attornment hereunder, no partner, trustee, director, officer, employee, beneficiary, shareholder or agent of Landlord or its agent shall be personally liable under or in connection with the Lease or the Sublease, and Subtenant and its successors and assigns shall look solely to Landlord’s interest in the Premises for the satisfaction of any claim or judgment requiring the payment of money by Landlord. The limitation of liability provided in this Section3(b)is in addition to, and not in limitation of, any limitation on liability applicable to Landlord provided by law or any other agreement or instrument.

holding over or other default by the Subtenant after a Master Lease Termination. Subtenant hereby agrees that under no circumstances whatsoever shall Landlord be held in any way responsible or accountable for any security deposit or any sums paid by Subtenant to Tenant unless and until and to the extent that Landlord has actually received such sums from Tenant and has acknowledged their source, and Subtenant shall have no claim to any security or other deposit made by Tenant under the Master Lease.

2. Lease Termination. Provided the contingency identified in Section4 below has occurred and the payment identified in Section3 below has been received by Landlord, the Lease shall be deemed terminated effective 5:00 p.m. on the date on which Landlord and ARM execute a lease for the Premises (the “Termination Date”). Tenant hereby waives any right of redemption or other right to reclaim possession of the Premises. Tenant shall also surrender all keys to the Premises to Landlord on or before the Termination Date. Tenant shall continue to perform all of its obligations under the Lease through the Termination Date. Within five(5)business days after the Termination Date, Landlord will release the Letter of Credit to Tenant and refund the Security Deposit to Tenant.

15.1 Lease Termination. At the expiration or early termination of this Lease, Tenant shall surrender the Premises to Landlord in the condition required by this Lease. Prior to surrender: (a)Tenant shall remove all Alterations, Tenant Improvements and cabling designated by Landlord to be removed pursuant to the following paragraph and shall restore the Premises and the Building to the condition existing immediately prior to the installation of such Alterations, Tenant Improvements or cabling; (b)Tenant shall remove all personal property and trade fixtures from the Premises and all of its signs from the Building; and (c)Tenant shall repair all damage caused by the installation or removal of any such Alterations, Tenant Improvements, cabling, personal property, signage or trade fixtures. Tenant shall deliver the Premises to Landlord broom clean and in good condition, subject to reasonable wear and tear (consistent with Tenant’s repair and maintenance obligations under this Lease) and damage by casualty that is not required to be repaired by Tenant pursuant to this Lease.

Pursuant to the A&R New Forbearance Agreement, the Company and Pinecone amended certain provisions of the Pinecone Credit Facility. In addition Pinecone consented to the Omega Lease Termination. The leases of the Omega Facilities were to expire in August 2025, and the A&R New Forbearance Agreement required that the Omega Lease Termination be completed by February 1, 2019.