Damage Near End of Lease Term. If the damage to the Premises or Building occurs during the last twelve (12) months of the Lease Term in an amount exceeding twenty-five percent (25%) of the full construction replacement cost of the Building or Premises, respectively, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred, regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within thirty (30) days after Tenant’s notice to Landlord of the occurrence of the damage, in which event all unaccrued rights and obligations of the parties under this Lease shall cease and terminate except to the extent such obligations specifically survive termination of this Lease.
Damage Near End of Lease Term. If at any time during the last twelve months of the Lease Term there is damage, whether or not an Insured Loss, which falls within the classification of Leased Premises Partial Damage, Landlord or Tenant may at either party's option cancel and terminate this Lease as of the date of occurrence of such damage by giving written notice to the other of its election to do so within thirty (30) days after the date of occurrence of such damage.
Damage Near End of Lease Term. If the damage to the Premises occurs during the last twelve (12) months of the Lease Term, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred, regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within thirty (30) days after Xxxxxx’s notice to Landlord of the occurrence of the damage, in which event all unaccrued rights and obligations of the parties under this Lease shall cease and terminate except to the extent such obligations specifically survive termination of this Lease.
Damage Near End of Lease Term. In the event of partial or total destruction of the Premises during the last two (2) years of the Lease Term, Landlord and Tenant shall each have the option to terminate this Lease on notice to the other of exercise thereof within thirty (30) days after such destruction. For purposes of this Article XVIII, "partial destruction" shall mean destruction to an extent of more than thirty-three and one-third percent (33-1/3%) of the full replacement cost of the Premises as of the date of destruction.
Damage Near End of Lease Term. Notwithstanding any other provision of this Article 8, if the Premise or the Building or the Common Areas necessary for parking and/or access to the Premises are destroyed or damaged by a Casualty during the last twelve (12) months of the Lease Term, then Landlord and 30 Tenant shall each have the option to terminate this Lease by giving written notice to the other of the exercise of that option within thirty (30) days after the date of the Casualty; provided, however, that Landlord may not elect to terminate this Lease under this Article 8 unless Landlord elects also to terminate the Lease of all similarly situated tenants, provided that Landlord has the right under each applicable lease to terminate it based on the extent of the Casualty. If Tenant is not then in default beyond all applicable notice and cure periods under this Lease, Tenant may negate Landlord’s election to terminate under this Section 8.06 by electing, within ten (10) business days after receipt of Landlord’s termination notice, to exercise an unexercised Option. If Tenant negates Landlord’s election, then this Lease shall continue in effect unless Landlord has the right to, and elects to, terminate this Lease under Section 8.03, above.
Damage Near End of Lease Term. Anything herein to the contrary notwithstanding, if the Premises are wholly or partially destroyed or damaged during the last twelve (12) months of the Lease Term such that Tenant shall be prevented from using more than twenty-five percent (25%) of the Premises for thirty consecutive days or more due to such damage and destruction (and Tenant does not elect to exercise its applicable extension option within thirty (30) days following such damage or destruction), then either Landlord or Tenant may, at its option, by written notice to the other after such thirty (30) day period but not later than forty-five days after the occurrence of such damage or destruction, cancel and terminate this Lease. In the event of such cancellation and termination of this Lease, this Lease shall be deemed cancelled and terminated as of the date sixty days following the date of such damage or destruction. If neither party so elects to terminate this Lease, the repair of such damage shall be governed by Sections 13(a), 13(b) or 13(c), as the case may be. If this Lease is so terminated, Landlord may keep all the insurance proceeds resulting from such damage, except for those proceeds payable under policies obtained by Tenant which specifically insure Tenant’s Personal Property and Alterations, if applicable.
Damage Near End of Lease Term. Notwithstanding anything to the contrary contained in this Section, in the event of damage to the Premises occurring during the last twelve (12) months of the Term that cannot be repaired within sixty (60) days after the Casualty Discovery Date, either Landlord or, if such damage to the Premises materially impairs Tenant’s ability to continue its business operations therein, then Tenant may elect to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date.
Damage Near End of Lease Term. In the event more than fifty percent (50%) of the Premises are totally destroyed during the Term or during any holdover period, Tenant and Landlord shall each have the option to terminate this Lease on written notice to the other of exercise thereof within thirty (30) days after such destruction.
Damage Near End of Lease Term. Anything herein to the contrary ----------------------------- notwithstanding, if the Premises are destroyed or damaged during the last twelve (12) months of the Lease Term, then Landlord may, at its option, cancel and terminate this Lease as of the date of the occurrence of such damage. If Landlord does not elect to so terminate this Lease, the repair of such damage shall be governed by Paragraphs 13.A., 13.B. or 13.C., as the case may be. If this Lease is so terminated, Landlord may keep all the insurance proceeds resulting from such damage, except for those proceeds payable under policies obtained by Tenant which specifically insure Tenant's Personal Property.
Damage Near End of Lease Term. Anything herein to the contrary notwithstanding, if the Premises are destroyed or substantially damaged to the extent that Tenant is unable to use a substantial portion of the Premises for a period of at least sixty (60) consecutive days during the last twelve (12) months of the Lease Term, then either Tenant or Landlord may, at its option, cancel and terminate this Lease as of the date of the occurrence of such damage. If this Lease is not so terminated, then the repair of such damage shall be governed by Paragraphs 13(a), 13(b) or 13(c), as the case may be. If this Lease is so terminated, Landlord may keep all the insurance proceeds resulting from such damage, except for those proceeds payable under policies obtained by Tenant which specifically insure Tenant's Personal Property.
