Common use of Election for Restoration Clause in Contracts

Election for Restoration. If by fire or other casualty the Premises are damaged or partially destroyed to the extent of twenty-five per cent (25%) or more of the replacement cost thereof and the provisions of Section 18.(a) above are not applicable, then (i) if the unexpired Lease Term is less than two (2) years, excluding any theretofore unexercised renewal option, Landlord may either terminate this Lease by serving written notice upon Tenant within twenty (20) days of the date of destruction or Landlord may elect to restore the Premises, or (ii) if the unexpired Lease Term is more than two years, including any previously exercised renewal option, Landlord will restore the Premises.

Election for Restoration. If by fire or other casualty the Premises are totally damaged or destroyed, or the Building is damaged or partially destroyed to the extent of twenty-five fifty per cent (2550%) or more of the replacement replacement: cost thereof and the provisions of Section 18.(a) above are not applicable, then (i) if f the unexpired Lease Term is less than two (2) years, excluding any theretofore unexercised renewal option, Landlord either party may either terminate this Lease by serving written notice upon Tenant within twenty (20) days of the date of destruction or Landlord may elect to restore the Premises, or (ii) if the unexpired Lease Term is more than two years, including any previously exercised renewal option, Landlord will restore the Premises.