Common use of DAMAGE AND DESTRUCTION OF PREMISES Clause in Contracts

DAMAGE AND DESTRUCTION OF PREMISES. In the event that all or any portion of the Premises shall be totally or partially destroyed or damaged by fire or other insurable casualty, this Lease shall continue in full force and effect and Landlord, utilizing the proceeds of any casualty loss insurance policy, may, but shall not be obligated to, rebuild or repair the same. Landlord and Tenant agree that the provisions of A.R.S. §33-343 shall not apply to this Lease. If Landlord elects not to repair or restore the Premises, then in that event, this Lease shall terminate as to that portion of the Premises that has been damaged or destroyed and the Base Rent shall be equitably adjusted to reflect the fact that the area of the Premises has been reduced by such damage or destruction; provided, however, that if the damage or destruction renders more than fifty percent (50%) of the Premises unusable or untenantable, then in that event, Tenant shall have the right to elect to terminate this Lease by written notice to Landlord so long as such notice is received by Landlord within thirty (30) days after Xxxxxx’s receipt of Landlord’s election not to repair or restore the Premises.

DAMAGE AND DESTRUCTION OF PREMISES. In the event that all or any portion of the Premises shall be totally or partially destroyed or damaged by fire or other insurable casualty, this Lease shall continue in full force and effect and Landlord, utilizing the proceeds of any casualty loss insurance policy, may, but shall not be obligated to, rebuild or repair the same. Landlord and Tenant agree that the provisions of A.R.S. §33-343 shall not apply to this Lease. If Landlord elects not to repair or restore the Premises, then in that event, this Lease shall terminate as to that portion of the Premises that has been damaged or destroyed and the Base Rent shall be equitably adjusted to reflect the fact that the area of the Premises has been reduced by such damage or destruction; provided, however, that if the damage or destruction renders more than fifty percent (50%) of the Premises unusable or untenantable, then in that event, Tenant shall have the right to elect to terminate this Lease by written notice to Landlord so long as such notice is received by Landlord within thirty (30) days after XxxxxxTenant’s receipt of Landlord’s election not to repair or restore the Premises.

DAMAGE AND DESTRUCTION OF PREMISES. In the event that all or any portion of the Premises shall be totally or partially destroyed or damaged by fire or other insurable casualty, this Lease shall continue in full force and effect and Landlord, utilizing the proceeds of any casualty loss insurance policy, may, but shall not be obligated to, rebuild or repair the same. Landlord and Tenant agree that the provisions of A.R.S. §33-343 shall not apply to this Lease. If Landlord elects not to repair or restore the Premises, then in that event, this Lease shall terminate as to that portion of the Premises that has been damaged or destroyed and the Base Rent shall be equitably adjusted to reflect the fact that the area of the Premises has been reduced by such damage or destruction; provided, however, that if the damage or destruction renders more than fifty percent (50%) of the Premises unusable or untenantable, then in that event, Tenant shall have the right to elect to terminate this Lease by written notice to Landlord so long as such notice is received by Landlord within thirty (30) days after Xxxxxx’s 's receipt of Landlord’s 's election not to repair or restore the Premises.

DAMAGE AND DESTRUCTION OF PREMISES. In the event that all or any portion of the Premises shall be totally or partially destroyed or damaged by fire or other insurable casualty, this Lease shall continue in full force and effect and Landlord, utilizing the proceeds of any casualty loss insurance policy, may, but shall not be obligated to, rebuild or repair the same. Landlord and Tenant agree that the provisions of A.R.S. §33-343 shall not apply to this Lease. If Landlord elects not to repair or restore the Premises, then in that event, this Lease shall terminate as to that portion of the Premises that has been damaged or destroyed and the Base Rent shall be equitably adjusted to reflect the fact that the area of the Premises has been reduced by such damage or destruction; provided, however, that if the damage or destruction renders more than fifty percent (50%) of the Premises unusable or untenantable, then in that event, Tenant shall have the right to elect to terminate this Lease by written notice to Landlord so long as such notice is received by Landlord within thirty (30) days after Xxxxxx’s Tenant's receipt of Landlord’s 's election not to repair or restore the Premises.