Casualty at End of Term. Notwithstanding anything to the contrary contained in this Lease, if during the twelve (12) months prior to the expiration of the Term, either of the Building or a substantial portion thereof are damaged or destroyed by fire or other casualty, either Tenant or Landlord shall have the option to terminate this Lease as of the date of such damage or destruction by written notice to the other party given within thirty (30) days after such damage or destruction, in which event Landlord shall make a proportionate refund to Tenant of such Rent as may have been paid in advance. For purposes of this paragraph, a “substantial portion” shall mean fifty percent (50%) of the Building.
Casualty at End of Term. In the event of substantial damage by a casualty at any time within the last five (5) years of the Term, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, will have the right to terminate this Lease upon 30 days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) will be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Base Rent, Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Xxxxxx’s interest in the remainder of the Term and the Improvements and such other matters as will be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division will be made pursuant to dispute resolution in the manner provided in Article 34. Tenant, at its sole expense, will deliver to Landlord any plans or other technical materials related to the design and construction of the Improvements and, at the request of Landlord, will remove any damaged Improvements and restore that portion of the Premises on which the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting land and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists, this Lease will be terminated without liability or further recourse to the parties hereto, provided that any Base Rent and Additional Costs owed by Tenant to Landlord as of the date of said termination will be paid or otherwise carried out in full.
Casualty at End of Term. Notwithstanding anything to the contrary contained in this Lease, if during the twelve (12) months prior to the expiration of the Term (including any Extension Term if Tenant then has exercised its option to extend pursuant to Paragraph 37), a Building or a substantial portion thereof is damaged or destroyed by fire or other casualty, either Tenant or Landlord shall have the option to terminate this Lease with respect to the affected Building as of the date of such damage or destruction by written notice to the other party given within thirty (30) days after such damage or destruction, in which event Landlord shall make a proportionate refund to Tenant of such Monthly Base Rent and Additional Charges for Expenses and Taxes as may have been paid in advance. For purposes of this Paragraph 20(c), (i) a substantial portion of the Building shall mean fifty percent (50%) or more of the Building is damaged.
Casualty at End of Term. Notwithstanding anything to the contrary contained in this Lease, if during the twelve (12) months prior to the expiration of the Term, any of the Buildings or a substantial portion thereof are damaged or destroyed by fire or other casualty, either Tenant or Landlord shall have the option to terminate this Lease with respect to the affected Building as of the date of such damage or destruction by written notice to the other party given within thirty (30) days after such damage or destruction, in which event the Landlord shall make a proportionate refund to the Tenant of such Rent as may have been paid in advance. For the purposes of this paragraph, a “substantial portion” of a Building shall mean twenty percent (20%) or more of the Rentable Area thereof. If neither party elects to terminate this Lease, Landlord and/or Tenant shall repair, restore and rebuild the Premises in accordance with Subparagraph 22(a) [Restoration].
Casualty at End of Term. Notwithstanding anything to the contrary contained in this Lease, if during the twelve (12) months prior to the expiration of the Term (including any Extension Term, if Tenant then has exercised its option to extend pursuant to Paragraph 41), the Building or a substantial portion thereof is damaged or destroyed by fire or other casualty, either Tenant or Landlord shall have the option to terminate this Lease as of the date of such damage or destruction by written notice to the other party given within thirty (30) days after such damage or destruction, in which event Landlord shall make a proportionate refund to Tenant of such Monthly Base Rent and Additional Charges for Expenses and Taxes as may have been paid in advance. For purposes of this paragraph, a "substantial portion" shall mean fifty percent (50%) of the Building.
Casualty at End of Term. Notwithstanding any other provision of this Section 22, if the Project is damaged or destroyed by a Casualty during the last twelve (12) months of the Term that cannot be repaired within sixty (60) days after the Casualty, then Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other of the exercise of that option within thirty (30) days after the date of the Casualty.
Casualty at End of Term. Notwithstanding anything to the contrary contained in this Lease, if, during the twelve (12) months prior to the expiration of the Term, the entire Building or a substantial portion thereof is damaged or destroyed by fire or other casualty, either Tenant or Landlord shall have the option to terminate this Lease as of the date of such damage or destruction by written notice to the other party given within thirty (30) days after such damage or destruction, in which event the Landlord shall make a proportionate refund to the Tenant of such Rent as may have been paid in advance. For the purposes of this paragraph, a "substantial portion" of the Building shall mean twenty percent (20%) or more of the Rentable Area thereof. If neither party elects to terminate this Lease, Landlord and/or Tenant shall repair, restore and rebuild the Premises in accordance with Paragraph 22
(a) [Restoration].
Casualty at End of Term. Notwithstanding anything to the contrary in this Agreement, if during the last ten (10) years of the Term, the Improvements are damaged or destroyed by a Casualty so that the cost of repairing or replacing the Improvements exceeds fifty percent (50%) of the then replacement cost of the Improvements, Audubon shall have the option either: (1) to repair, restore or replace the Improvements and Audubon's Property in accordance with the other terms of this Article; or (2) to terminate this Agreement. If Audubon elects to terminate this Agreement as permitted in this Section, it shall do so by written notice to the City no later than sixty (60) days after the date on which Audubon is notified of the amount of insurance proceeds resulting from the Casualty, which notice will specify the effective date of the termination (no earlier than sixty (60) days from the date of said notice), in which case:
(a) Audubon shall continue to pay all Payments through the effective date of the termination;
(b) Audubon shall assign to the City all Casualty insurance proceeds on the Improvements (but not Audubon's Property) that may be payable on account of the Casualty and pay to the City the amount of any deductibles and the cost of any Repairs not covered by Audubon's Property Insurance; and
(c) Effective as of the termination date, Audubon and the City shall have no further obligations or liabilities under this Agreement except those obligations or liabilities which expressly survive termination under this Agreement.
Casualty at End of Term. Paragraph 21(b) of the Lease is amended to give Tenant the right to terminate the Lease with respect to a Damaged Building only (i) during the final twelve (12) months of the Building 1 Term if the Damaged Building is Building 1, or (ii) during the final twelve (12) months of the Building 2 Term if the Damaged Building is Building 2, as applicable.
Casualty at End of Term. If the Premises shall be substantially damaged by fire or casualty within the last twelve (12) months of the Term (as the same may have been extended hereunder), either party shall have the right, by giving notice to the other not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice.
