‘Kickout’ Provision Didn't Require Specific Date of Termination from Tenant

July 2, 2012
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Facts: A retail tenant's shopping center lease included a “kickout” provision, allowing it to terminate the lease if its annual gross sales during the fifth year of the lease term didn't exceed $3.5 million. To terminate the lease, the tenant was required to give the owner a written notice of termination within 120 days following the end of the fifth year of the term. If the tenant failed to deliver the notice according to that specification, it would lose its termination right.

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