Common use of Destruction of Leased Premises Clause in Contracts

Destruction of Leased Premises. If the building in which the Leased Premises is damaged or partially destroyed by fire or other casualty to the extent of less than one-quarter (1/4) of the then cost of replacement thereof above foundation, the same shall be repaired as quickly as is practicable, by Landlord, except that the obligation of Landlord to rebuild shall be limited to repairing or rebuilding of Landlord's improvements. If the building in which the Leased Premises is so destroyed or damaged to the extent of one-quarter (1/4) or more of the then replacement cost thereof, then Landlord may elect not to repair or rebuild by giving written notice of termination to the Tenant, in which event this Lease shall be terminated as of the date of such notice.

Destruction of Leased Premises. If the building in which includes the Leased Premises is damaged or partially destroyed by fire or other casualty to the extent of less than one-quarter (1/4) of the then cost of replacement thereof above foundation, the same shall be repaired as quickly as is practicable, by Landlord, except that the obligation of Landlord to rebuild shall be limited to repairing or rebuilding of Landlord's improvements. If the building in building, which includes the Leased Premises is so destroyed or damaged to the extent of one-quarter (1/4) or more of the then replacement cost thereof, then either (i) Landlord may elect not to repair or rebuild by giving written notice of termination in writing terminating this Lease, or (ii) Tenant may elect to the Tenant, terminate this Lease in which either event this Lease shall be terminated as of the date of such notice.

Destruction of Leased Premises. If the building in which includes the Leased Premises is damaged or partially destroyed by fire or other casualty to the extent of less than one-quarter (1/4) of the then cost of replacement thereof above foundation, the same shall be repaired as quickly as is practicable, by Landlord, except that the obligation of Landlord to rebuild shall be limited to repairing or rebuilding of Landlord's improvements. If the building in which includes the Leased Premises is so destroyed or damaged to the extent of one-quarter (1/4) or more of the then replacement cost thereof, then Landlord or Tenant may elect not to repair or rebuild terminate this Lease by giving written notice of termination in writing to the Tenantother party, in which event this Lease shall be terminated as of the date of such notice.

Destruction of Leased Premises. If the building in which includes the Leased Premises is damaged or partially destroyed by fire or other casualty to the extent of less than one-quarter (1/4) of the then cost of replacement thereof above foundation, the same shall be repaired as quickly as is practicable, by Landlord, except that the obligation of Landlord to rebuild shall be limited to repairing or rebuilding of Landlord's ’s improvements. If the building in building, which includes the Leased Premises is so destroyed or damaged to the extent of one-quarter (1/4) or more of the then replacement cost thereof, then either (i) Landlord may elect not to repair or rebuild by giving written notice of termination in writing terminating this Lease, or (ii) Tenant may elect to the Tenant, terminate this Lease in which either event this Lease shall be terminated as of the date of such notice.