Common use of DAMAGE TO THE AIRPORT Clause in Contracts

DAMAGE TO THE AIRPORT. A. If the Andover-Aeroflex Airport is damaged by fire or other cause to the extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty-five percent (25%) of the replacement value of the building (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than ninety (90) days following the damage, give Tenant notice of election to terminate this Lease Agreement. If, as a result of such damage, Tenant determines that the Leased Premises are not reasonably usable for the purposes for which they are leased under this Lease Agreement, then Tenant may, no later than ninety (90) days following the damage, give Landlord a notice of election to terminate this Lease Agreement. In the event of election by either Landlord or Tenant, this Lease Agreement shall be deemed to terminate on the tenth (10th) day after the giving of notice, and Tenant shall surrender possession of the Leased Premises within said ten (10) day period. The Rent and any Additional Rent will be apportioned as of the date of the surrender of the Leased Premises. The rent paid for any period beyond the surrender date will be repaid to Tenant. If the cost of restoration as estimated by Landlord amounts to less than twenty-five percent (25%) of the replacement value of the building, or if despite the cost Landlord does not elect to terminate this Lease Agreement, Landlord shall restore the building and the Leased Premises with reasonable promptness, subject to the availability of adequate funds from insurance proceeds or specifically appropriated therefore, subject to delays beyond Landlord’s control, and subject to delays in the making of insurance adjustments between Landlord and its insurance carrier. Tenant shall have no right to terminate this Lease Agreememt except as provided herein. Landlord shall not be required to restore or replace fixtures and improvements owned by Tenant. Any provision herein contained to the contrary notwithstanding, this Lease Agreement shall not be construed to create any obligation upon Landlord to restore the building if Landlord reasonably determines that the cost of restoration will exceed the insurance proceeds.

DAMAGE TO THE AIRPORT. A. If the Andover-Aeroflex Airport is damaged by fire or other cause to the extent that the cost of restoration, as reasonably estimated by LandlordXxxxxxxx, will equal or exceed twenty-five percent (25%) of the replacement value of the building (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than ninety (90) days following the damage, give Tenant notice of election to terminate this Lease Agreement. If, as a result of such damage, Tenant determines that the Leased Premises are not reasonably usable for the purposes for which they are leased under this Lease Agreement, then Tenant may, no later than ninety (90) days following the damage, give Landlord a notice of election to terminate this Lease Agreement. In the event of election by either Landlord or Tenant, this Lease Agreement shall be deemed to terminate on the tenth (10th) day after the giving of notice, and Tenant Xxxxxx shall surrender possession of the Leased Premises within said ten (10) day period. The Rent and any Additional Rent will be apportioned as of the date of the surrender of the Leased Premises. The rent paid for any period beyond the surrender date will be repaid to Tenant. If the cost of restoration as estimated by Landlord amounts to less than twenty-five percent (25%) of the replacement value of the building, or if despite the cost Landlord does not elect to terminate this Lease Agreement, Landlord shall restore the building and the Leased Premises with reasonable promptness, subject to the availability of adequate funds from insurance proceeds or specifically appropriated therefore, subject to delays beyond Landlord’s control, and subject to delays in the making of insurance adjustments between Landlord and its insurance carrier. Tenant shall have no right to terminate this Lease Agreememt except as provided herein. Landlord shall not be required to restore or replace fixtures and improvements owned by Tenant. Any provision herein contained to the contrary notwithstanding, this Lease Agreement shall not be construed to create any obligation upon Landlord to restore the building if Landlord reasonably determines that the cost of restoration will exceed the insurance proceeds.

DAMAGE TO THE AIRPORT. A. If the Andover-Aeroflex Airport is damaged by fire or other cause to the extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty-five percent (25%) of the replacement value of the building (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than ninety (90) days following the damage, give Tenant notice of election to terminate this Lease Agreement. If, as a result of such damage, Tenant determines that the Leased Premises are not reasonably usable for the purposes for which they are leased under this Lease Agreement, then Tenant may, no later than ninety (90) days following the damage, give Landlord a notice of election to terminate this Lease Agreement. In the event of election by either Landlord or Tenant, this Lease Agreement shall be deemed to terminate on the tenth (10th) day after the giving of notice, and Tenant Xxxxxx shall surrender possession of the Leased Premises within said ten (10) day period. The Rent and any Additional Rent will be apportioned as of the date of the surrender of the Leased Premises. The rent paid for any period beyond the surrender date will be repaid to Tenant. If the cost of restoration as estimated by Landlord amounts to less than twenty-five percent (25%) of the replacement value of the building, or if despite the cost Landlord does not elect to terminate this Lease Agreement, Landlord shall restore the building and the Leased Premises with reasonable promptness, subject to the availability of adequate funds from insurance proceeds or specifically appropriated therefore, subject to delays beyond Landlord’s control, and subject to delays in the making of insurance adjustments between Landlord and its insurance carrier. Tenant shall have no right to terminate this Lease Agreememt except as provided herein. Landlord shall not be required to restore or replace fixtures and improvements owned by Tenant. Any provision herein contained to the contrary notwithstanding, this Lease Agreement shall not be construed to create any obligation upon Landlord to restore the building if Landlord reasonably determines that the cost of restoration will exceed the insurance proceeds.