Common use of Complete Destruction Clause in Contracts

Complete Destruction. In the event the Company Premises are completely destroyed by fire, explosion, the elements, a public enemy, Act of God, or other casualty or are so damaged as to render the entire Company Premises untenable, and the Company Premises cannot be repaired within 120 days, Company will give Authority immediate notice thereof, and Authority will be under no obligation to repair, replace, and reconstruct the Company Premises. In the event Authority elects not to repair, replace, and reconstruct the Company Premises, Authority will not be required to grant alternative premises and this Agreement and the obligations of the Parties hereunder will terminate.