Common use of Damage During Term Clause in Contracts

Damage During Term. Notwithstanding any provisions of Section 14.1 appearing to the contrary, if damage to or destruction of the Leased Property occurring during the term of this Lease renders the Leased Property unsuitable for its Primary Intended Use, then either Lessor or Lessee (but in Lessee's case only if the Leased Property is rendered unsuitable for its Primary Intended Use for a period in excess of one (1) year), shall have the right to terminate this Lease by giving written notice to the other party, in Lessor's case at any time after the occurrence of such damage or destruction, or in Lessee's case within thirty (30) days after the expiration of such year, whereupon all accrued rent shall be paid immediately, and this Lease shall automatically terminate.

Appears in 3 contracts

Samples: Lease Agreement (Crescent Real Estate Equities Inc), Lease Agreement (Crescent Real Estate Equities Inc), Lease Agreement (Crescent Real Estate Equities Inc)

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Damage During Term. Notwithstanding any provisions of Section 14.1 appearing to the contrary, if damage to or destruction of the Leased Property occurring during the term of this Lease Term renders the Leased Property unsuitable Unsuitable for its Primary Intended UseUse or if the Holder does not make the insurance proceeds available for restoration, then either Lessor or Lessee (but in Lessee's ’s case only if the Leased Property is rendered unsuitable Unsuitable for its Primary Intended Use for a period in excess of one (1) year), shall have the right to terminate this Lease by giving written notice to the other party, in Lessor's ’s case at any time after the occurrence of such damage or destruction, or in Lessee's ’s case within thirty (30) days after the expiration of such yearperiod, whereupon all accrued rent shall be paid immediately, and this Lease shall automatically terminate.

Appears in 1 contract

Samples: Lease Agreement (Behringer Harvard Opportunity REIT I, Inc.)

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