Common use of Earthquake Damage Clause in Contracts

Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, and provided Tenant is required to maintain coverage for loss or damage caused by earthquake as contemplated by Section 0, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than twenty percent (20%) of the total Purchase Price of the Leased Property, or (y) sixty percent (60%) of the total Purchase Price of the Leased Property. Which payment may be made, at Tenant's election, by application of the Security Deposit.

Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, and provided Tenant is required to maintain coverage for loss or damage caused by earthquake as contemplated by Section 09.1, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than twenty percent (20%) of the total Purchase Price of the Leased Property, or (y) sixty percent (60%) of the total Purchase Price of the Leased Property. Which which payment may be made, at Tenant's election, by application of the Security Deposit.