Common use of DAMAGE OR DESTRUCTION OF LEASED PREMISES Clause in Contracts

DAMAGE OR DESTRUCTION OF LEASED PREMISES. In the event that the leased premises is destroyed or damaged, so as to be unfit for ordinary occupancy and use by fire, storm, explosion, earthquake or other casualty, so as not to be capable of being economically rebuilt or restored within six months, then this Lease shall be automatically terminated. Otherwise, Landlord shall proceed with due diligence to restore the premises within such six month period, in which case there shall be an abatement and apportionment of the rent until the premises are restored. In the event Landlord determines that the premises cannot be rebuilt or restored under the six month provision herein, then it shall give written notice of this decision to Tenant within thirty (30) days from the date of the happening of such casualty.

DAMAGE OR DESTRUCTION OF LEASED PREMISES. In the event that the leased premises is are destroyed or damaged, damaged so as to be unfit for ordinary occupancy and use by fire, storm, explosion, earthquake or other casualty, so as not to be capable of being economically rebuilt or restored within six monthsthree hundred sixty-five (365) days, then this Lease shall be automatically terminated. Otherwise, Landlord shall proceed at its own expense and with due diligence to restore the premises within such six month period, in which case there shall be an abatement and apportionment of the rent until the premises are restoredthree hundred sixty-five (365) days. In the event Landlord determines that the premises cannot be rebuilt or restored under the six month provision hereinwithin three hundred sixty-five (365) days as provided hereinabove, then it shall give written notice of this decision to Tenant within thirty fifteen (3015) days from the date of the happening of such casualty, and this Lease shall terminate.