Common use of Condemnation or Casualty with Termination Clause in Contracts

Condemnation or Casualty with Termination. (i) If a Casualty or a Condemnation shall in the good faith opinion of an Officer of Lessee affect the Property in such manner as to render it unsuitable for restoration or for continued use, in whole, or in part and occupancy by the Lessee for the intended purposes thereof, then the Lessee may deliver to the Lessor, not later than thirty (30) days after such occurrence a written notice (herein called a "TERMINATION NOTICE") describing the event giving rise to such termination and describing the status of any proceeding or action and the amount of any Proceeds received or expected to be received in connection therewith, together with the date, or estimated date, of such receipt. (ii) If a Casualty or Condemnation occurs during the Primary Term and the Lessor has received an opinion, which shall be at the Lessee's sole cost and expense, of the Independent Engineer to the effect that the restoration of the Property could not be expected to restore and rebuild the Property to its previous capacity, efficiency and useful life or such restoration and rebuilding could not be expected to be completed in full prior to the Expiration Date (or completed in full prior to the Interim Note Maturity Date, in the case of a Casualty or Condemnation during the Construction Period) or that the cost of such restoration or rebuilding would exceed 25% of the fair market value of the Property immediately prior to such Casualty or Condemnation, then the Lessor may, in its sole discretion, deliver a notice ("LESSOR TERMINATION NOTICE") declaring Lessor's intention to terminate this Lease and the Lessee shall be deemed to have delivered a Termination Notice with respect to the Property to the Lessor as of the date of the Lessor Termination Notice. (iii) Simultaneous with the delivery of a Termination Notice pursuant to (i) above (or a deemed delivery of a Termination Notice pursuant to (ii) above), the Lessee shall deliver (or shall be deemed to have delivered in the case of (ii) above) to the Lessor an Offer to Purchase in accordance with paragraphs 14 and 15.

Condemnation or Casualty with Termination. (i) If a Casualty or a Condemnation shall in Within ten (10) days after the good faith opinion amount of an Officer of Lessee affect the Property in such manner as Proceeds to render it unsuitable for restoration or for continued use, in whole, or in part and occupancy by be paid to the Lessee for or the intended purposes thereofProceeds Trustee is determined, then the Lessee may shall decide whether the Lessee shall rebuild, replace and repair the damage to the Mill II Property; provided, however, that the Lessee shall not be obligated to -------- ------- rebuild any Mill II Alterations to the extent that the Lessee would otherwise have been entitled to remove such Mill II Alterations pursuant to paragraph 10(c). If the Lessee decides not to rebuild, replace and repair the damage to the Mill II Property, the Lessee shall, within such ten (10) day period, deliver to the LessorLessor an Offer to Purchase in accordance with paragraphs 14 and 15 hereof. Prior to the Closing Date, not later than thirty (30) days after such occurrence a written notice (herein called a "TERMINATION NOTICE") describing the event giving rise Lessee shall continue to such termination pay all Fixed Rent, Additional Rent and describing the status of any proceeding or action and the amount of any Proceeds received or expected to be received in connection therewith, together with the date, or estimated date, of such receiptall other amounts due hereunder. (ii) If a Casualty or Condemnation occurs during the Primary Term (or the Extended Term, as applicable) and the Lessor has received an opinion, which shall be at the Lessee's sole cost and expense, of the Independent Engineer to the effect that the restoration of the Mill II Property could not be expected to restore and rebuild the Mill II Property to its previous capacity, efficiency and remaining useful life or such restoration and rebuilding could not be expected to be completed in full prior to the Expiration Date (or completed in full prior to the Interim Note Maturity Date, in the case of a Casualty or Condemnation during the Construction Period) or that the cost of such restoration or rebuilding would exceed 25% of the fair market value of the Mill II Property immediately prior to such Casualty or Condemnation, then the Lessor may, in its sole discretion, deliver a notice ("LESSOR TERMINATION NOTICELessor Termination ------------------ Notice") declaring Lessor's intention to terminate this Lease and the Lessee ------ shall be deemed to have delivered a Termination Notice with respect to the Property to the Lessor as of the date of the Lessor Termination Notice. (iii) Simultaneous with the delivery of a Termination Notice pursuant to (i) above (or a deemed delivery of a Termination Notice pursuant to (ii) above), the Lessee shall deliver (or shall be deemed to have delivered in the case of (ii) above) to the Lessor an Offer to Purchase in accordance with paragraphs 14 and 1515 hereof.

Condemnation or Casualty with Termination. (i) If a Casualty or a Condemnation shall in the good faith opinion of an Officer of Lessee affect the Property in such manner as to render it unsuitable for restoration or for continued use, in whole, or in part and occupancy by the Lessee for the intended purposes thereof, then the Lessee may deliver to the Lessor, not later than thirty (30) days after such occurrence a written notice (herein called a "TERMINATION NOTICETermination Notice") describing the event giving rise to such termination and describing the status of any proceeding or action and the amount of any Proceeds received or expected to be received in connection therewith, together with the date, or estimated date, of such receipt. (ii) If a Casualty or Condemnation occurs during the Primary Term (or any Extended Term) and the Lessor has received an opinion, which shall be at the Lessee's sole cost and expense, of the Independent Engineer to the effect that the restoration of the Property could not be expected to restore and rebuild the Property to its previous capacity, efficiency and useful life or such restoration and rebuilding could not be expected to be completed in full prior to the Expiration Date (or completed in full prior to the Interim Note Maturity Date, in the case of a Casualty or Condemnation during the Construction Period) or that the cost of such restoration or rebuilding would exceed 25% of the fair market value of the Property immediately prior to such Casualty or Condemnation, then the Lessor may, in its sole discretion, deliver a notice ("LESSOR TERMINATION NOTICELessor Termination Notice") declaring Lessor's intention to terminate this Lease and the Lessee shall be deemed to have delivered a Termination Notice with respect to the Property to the Lessor as of the date of the Lessor Termination Notice. (iii) Simultaneous with the delivery of a Termination Notice pursuant to (i) above (or a deemed delivery of a Termination Notice pursuant to (ii) above), the Lessee shall deliver (or shall be deemed to have delivered in the case of (ii) above) to the Lessor an Offer to Purchase in accordance with paragraphs 14 and 15.Lessee

Condemnation or Casualty with Termination. (i) If a Casualty or a Condemnation shall in the good faith opinion of an Officer of the Lessee affect the Property in such manner as to render it unsuitable for restoration or for continued use, in whole, or in part use and occupancy by the Lessee for the intended purposes thereof, then the Lessee may deliver to the Lessor, not later than thirty (30) 30 days after such occurrence a written notice (herein called a "TERMINATION NOTICETermination Notice") describing the event giving rise to such termination and describing the status of any proceeding or action and the amount of any Proceeds Condemnation award or insurance payment received or expected to be received in connection therewith, together with the date, or estimated anticipated date, of such receipt. (ii) If a Casualty or Condemnation occurs during the Primary Term and the Lessor has received an opinion, which shall be at the Lessee's sole cost and expense, of the Independent Engineer to the effect that the restoration of the Property could not be expected to restore and rebuild the Property to its previous capacity, efficiency and useful life or such restoration and rebuilding could not be expected to be completed in full prior to the Expiration Date (or completed in full prior to the Interim Note Maturity Date, result in the case taking of a Casualty or Condemnation during the Construction Period) or that the cost of such restoration or rebuilding would exceed 25more than 20% of the then fair market value of the Property immediately prior to such Condemnation, or if a Casualty shall result in the damage or destruction of more than 20% of the then fair market value of the Lessor's interest in the Property prior to such Casualty, in each instance as determined pursuant to the Appraisal Procedure, or if restoration of the Property to its value and utility prior to such Casualty or CondemnationCondemnation shall be impractical or uneconomical or cannot be completed prior to the Expiration Date, then the Lessor may, in its sole discretion, deliver a notice ("LESSOR TERMINATION NOTICE") declaring Lessor's intention to terminate this Lease and the Lessee shall be deemed to have delivered to the Lessor a Termination Notice with respect to the Property to as of such occurrence. Either the Lessor as of the date of the Lessor Termination Notice. (iii) Simultaneous with the delivery of a Termination Notice pursuant to (i) above (or a deemed delivery of a Termination Notice pursuant to (ii) above), the Lessee shall deliver (or shall may initiate the Appraisal Procedure by submitting a written request that an appraiser be deemed to have delivered in the case of (ii) above) to the Lessor an Offer to Purchase in accordance with paragraphs 14 and 15appointed.

Condemnation or Casualty with Termination. (i) If a Casualty or a Condemnation shall in Within ten (10) days after the good faith opinion amount of an Officer of Lessee affect the Property in such manner as Proceeds to render it unsuitable for restoration or for continued use, in whole, or in part and occupancy by be paid to the Lessee for or the intended purposes thereofProceeds Trustee is determined, then the Lessee may shall decide whether the Lessee shall rebuild, replace and repair the damage to the Mill I Property; provided, however, that the Lessee shall not be obligated to rebuild -------- ------- any Mill I Alterations to the extent that the Lessee would otherwise have been entitled to remove such Mill I Alterations pursuant to paragraph 10(c). If the Lessee decides not to rebuild, replace and repair the damage to the Mill I Property, the Lessee shall, within such ten (10) day period, deliver to the LessorLessor an Offer to Purchase in accordance with paragraphs 14 and 15 hereof. Prior to the Closing Date, not later than thirty (30) days after such occurrence a written notice (herein called a "TERMINATION NOTICE") describing the event giving rise Lessee shall continue to such termination pay all Fixed Rent, Additional Rent and describing the status of any proceeding or action and the amount of any Proceeds received or expected to be received in connection therewith, together with the date, or estimated date, of such receiptall other amounts due hereunder. (ii) If a Casualty or Condemnation occurs during the Primary Term (or the Extended Term, as applicable) and the Lessor has received an opinion, which shall be at the Lessee's sole cost and expense, of the Independent Engineer to the effect that the restoration of the Mill I Property could not be expected to restore and rebuild the Mill I Property to its previous capacity, efficiency and remaining useful life or such restoration and rebuilding could not be expected to be completed in full prior to the Expiration Date (or completed in full prior to the Interim Note Maturity Date, in the case of a Casualty or Condemnation during the Construction Period) or that the cost of such restoration or rebuilding would exceed 25% of the fair market value of the Mill I Property immediately prior to such Casualty or Condemnation, then the Lessor may, in its sole discretion, deliver a notice ("LESSOR TERMINATION NOTICELessor Termination Notice") ------------------------- declaring Lessor's intention to terminate this Lease and the Lessee shall be deemed to have delivered a Termination Notice with respect to the Property to the Lessor as of the date of the Lessor Termination Notice. (iii) Simultaneous with the delivery of a Termination Notice pursuant to (i) above (or a deemed delivery of a Termination Notice pursuant to (ii) above), the Lessee shall deliver (or shall be deemed to have delivered in the case of (ii) above) to the Lessor an Offer to Purchase in accordance with paragraphs 14 and 1515 hereof.