Common use of Damage During Last Year Clause in Contracts

Damage During Last Year. (a) If, during the last year of the Term (as the same may have been extended) a Tenant Damage Event occurs and the repair thereof cannot, in the reasonable opinion of Landlord as set forth in the Repair Notice, be completed within a period equal to fifty percent (50%) of the remaining portion of the Term at the time of the Tenant Damage Event, then Tenant shall have the option to terminate this Lease (“Tenant’s Third Termination Option”). If Landlord determines that all or a portion of the Premises cannot be repaired within such period, Tenant shall have thirty (30) days from Tenant’s receipt of the Repair Notice to exercise Tenant’s Third Termination Option by written notice to Landlord. If Tenant exercises Tenant’s Third Termination Option, this Lease shall terminate as of a date specified in Tenant’s notice which is not less than thirty (30) days nor more than sixty (60) days after Tenant’s notice to Landlord of the exercise of Tenant’s Third Termination Option. (b) In addition to Landlord’s rights under Sections 12.2 and 12.3, if, during the last year of the Term (as the same may have been extended) a Tenant Damage Event occurs and the repair thereof cannot, in the reasonable opinion of Landlord as set forth in the Repair Notice, be completed within a period equal to fifty percent (50%) of the remaining portion of the Term at the time of the Tenant Damage Event, then Landlord shall have the option, to be exercised by written notice to Tenant within thirty (30) days after Landlord’s delivery of the Repair Notice, either (i) to make such repairs within a reasonable time, in which event this Lease shall continue in full force and effect subject only to Tenant’s Third Termination Option or (ii) to terminate this Lease as of a date specified in Landlord’s notice which is not less than thirty (30) days nor more than sixty (60) days after Landlord’s notice to Tenant to terminate this Lease.

Damage During Last Year. (a) If, during In the event of any Substantial Casualty Damage to the Leased Premises within the last year prior to the expiration of the Initial Term (as or any Renewal Period, and upon the failure of Tenant to exercise a Renewal Option for a subsequent Renewal Period, Landlord shall have the right to elect not to restore such Casualty Damage, in which event, Landlord shall raze the damaged portion and put the same may have been extendedin good order by paving or landscaping. The term "Substantial Casualty Damage" means any Casualty Damage which reasonably shall cost more than Five Hundred Thousand Dollars ($500,000.00) a Tenant Damage Event occurs and to repair or restore. In the repair thereof cannotevent Landlord elects not to restore such Substantial Casualty Damage, in the reasonable opinion of Landlord as set forth in the Repair Notice, be completed within a period equal to fifty percent (50%) of the remaining portion of the Term at the time of the Tenant Damage Event, then Tenant shall have the option right to terminate this Lease (“Tenant’s Third Termination Option”). If Landlord determines that all or a portion of the Premises cannot be repaired within such period, Tenant shall have thirty (30) days from Tenant’s receipt of the Repair Notice to exercise Tenant’s Third Termination Option by delivering written notice to Landlord. If Tenant exercises Tenant’s Third Termination Option, this Lease shall terminate as of a date specified in Tenant’s notice which is not less than thirty (30) days nor more than sixty (60) days after Tenant’s notice termination to Landlord of the exercise of Tenant’s Third Termination Option. (b) In addition to Landlord’s rights under Sections 12.2 and 12.3, if, during the last year of the Term (as the same may have been extended) a Tenant Damage Event occurs and the repair thereof cannot, in the reasonable opinion of Landlord as set forth in the Repair Notice, be completed within a period equal to fifty percent (50%) of the remaining portion of the Term at the time of the Tenant Damage Event, then Landlord shall have the option, to be exercised by written notice to Tenant within thirty (30) days after Landlord’s delivery the casualty) and with Minimum Rent and Additional Rent, prorated to the date of the Repair Notice, either (i) to make such repairs within a reasonable time, in which event this Lease shall continue in full force Casualty Damage and effect subject only to Tenant’s Third Termination Option or (ii) to terminate this Lease as with the date of a date specified in Landlord’s notice which is not less termination being no later than thirty (30) days nor more than sixty (60) days after Landlord’s such notice is given. Upon said termination, Landlord and Tenant shall be released from all further obligations thereafter accruing; but such termination shall, in no event, release either party from any liability to the other which has accrued prior to such termination. Alternatively, in the event Landlord elects not to restore such Substantial Casualty Damage and Tenant elects not to terminate this Lease, Minimum Rent and Additional Rent shall be suspended for the period during which the Leased Premises are not fit for business purposes, but only to the extent of Landlord's recovery under the rent loss coverage of the business income insurance maintained for Landlord's benefit; and if the Casualty Damage renders only part of the Leased Premises unfit for Tenant's normal business purposes and Tenant elects to operate its business in the remaining part, then the Minimum Rent and Additional Rent shall be apportioned on a per square foot basis and the proportion thereof applicable to each part of the Leased Premises upon which Tenant discontinues its business operations shall be abated, but only to the extent of Landlord's recovery under the rent loss coverage of the business income insurance maintained for Landlord's benefit, for the period during which such part is not fit for Tenant's normal business purposes or during which Tenant discontinues business operations. If Tenant has paid Minimum Rent or Additional Rent in advance, Landlord shall immediately repay to Tenant an amount equal to that portion of such payments which is abated and covered by such loss of rents insurance.