Common use of Election to Terminate Clause in Contracts

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: (a) (i) the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Center, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, within not more than ninety (90) days after notice of any such casualty under section 10.2, notify Tenant of Landlord's election either to terminate this Lease or to restore the improvements on the Premises and/or such portion of the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unit. If Landlord elects to repair or restore the damaged improvements, then with respect to the Premises, Landlord and Tenant each shall restore them in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as of the date of such casualty upon the giving of notice of such election by Landlord. If Landlord elects to restore or fails to give notice of its election as aforesaid, then this Lease shall remain in full force and effect.

Election to Terminate. Landlord shall have has the sole and absolute right option either to terminate this Lease in the event any of the following events occur: (a) (i) repair the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Centerdamage, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged terminate this Lease by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, delivering written notice within not more than ninety (90) days after notice the damage occurs, if: (i) the damage occurs during the last two (2) years of any such casualty under section 10.2the term, notify Tenant of as the term already may have been extended pursuant to this Lease, and in Landlord's election either reasonable determination the repairs would take more than one hundred fifty (150) days or one-third (1/3) of the remaining term, whichever is less, to complete (unless Tenant validly exercises a previously unexercised Extension Option in accordance with this Lease within thirty (30) days after receipt of written notice from Landlord that Landlord intends to terminate this Lease in accordance with this Subsection (i) or unless Tenant within such 30-day period agrees in writing to restore the improvements on the Premises and/or advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such portion of the improvements repairs); or (ii) Tenant is in the balance of the Shopping Center as default; or (iii) in Landlord's sole discretion reasonable judgement the repairs would take more than two (2) years from the date of the damage to complete or cost more than the insurance proceeds that are reasonably likely to be made available as a result of such casualty (unless within thirty (30) days after receipt of written notice from Landlord that it intends to terminate this Lease in accordance with this Subsection (iii) Tenant agrees in writing to advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such repairs; or (iv) Tenant already has exercised the Cancellation Option; or (v) if the damage occurs during the eighth (8th) or ninth (9th) Lease Year and in Landlord's reasonable determination the repairs would take more than one hundred fifty (150) days or 1/3 of the remaining period until the end of the ninth (9th) Lease Year, whichever is necessary less, to create an economically feasible commercial unitcomplete, and within thirty (30) days after Landlord's written request. If Tenant agrees to advance and in fact advances as needed, all costs in excess of Landlord elects Insurance Proceeds in order to repair or restore complete such repairs. Tenant also has the damaged improvements, then with respect right to terminate this Lease for such damage if: (x) the damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise), or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord elects or is required under this Lease to repair the damage, and except for delays for which Tenant is responsible under this Lease, Landlord fails to substantially complete the repairs it is required to make (or restore access or restore or replace parking spaces, as applicable) within two (2) years after the damage occurs, Tenant delivers its written termination notice to Landlord within fifteen (15) days after the end of Landlord's two (2)-year repair period and Landlord fails to substantially complete those repairs (or restore access or restore or replace parking spaces, as applicable) within sixty (60) days after receiving such notice. If Landlord's repairs are deemed to be substantially completed (or Landlord has restored access or restored or replaced parking spaces, as applicable) within this sixty (60)-day period, Tenant's termination notice will be null and void and this Lease will continue in existence; or (y) the damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise) or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than two (2) years to substantially complete (or that Landlord cannot restore access or restore or replace parking spaces, as applicable, within two (2) years) and Tenant each shall restore them in delivers to Landlord a written termination notice within fifteen (15) days after receiving Landlord's notice; or (z) the same manner damage occurs during the last two (2) years of the term (as it may have been extended) and the damage denies Tenant access to the same extent as work was done Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot restore or replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by each the use of them in the original construction and fixturizing valet parking, or otherwise) or causes at least 85% of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as useable area of the date Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than one hundred fifty (150) days or one-third (1/3) of such casualty upon the giving remaining period until the expiration of notice of such election by Landlord. If the term, whichever is less, to substantially complete (or that Landlord elects to cannot restore access or restore or fails replace parking spaces, as applicable, within such period) and Tenant delivers to give Landlord a written termination notice of its election as aforesaid, then this Lease shall remain in full force and effectwithin fifteen (15) days after receiving Landlord's notice.

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: (a) If (i) the improvements on Premises or the Premises Project are partially or totally damaged by an fire or other casualty which is insured casualty to against (including any applicable deductible) under any policy of fire or extended coverage insurance maintained by Landlord, and the extent cost of at least fifty repairing such damage exceeds twenty-five percent (5025%) of the full replacement cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term Premises or Project, as applicable; (ii) the Shopping Center, repairs or restoration work is estimated to exceed one hundred eighty (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent 180) days; (50%iii) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the TermTerm of this Lease, or (d) the improvements on the Premises or the Shopping Center Project are partially or totally damaged by any casualty which is not insured against under any policy of fire or extended coverage insurance maintained by Landlord; or (whether iv) the damage occurs during the last year of the Term and the repairs or not restoration work exceeds thirty (30) days, Landlord shall have the right to elect to either terminate the Lease or restore the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, within not more than ninety (90) days after notice of any such casualty under section 10.2, notify Tenant of Landlord's election either to terminate this Lease or to restore the improvements on the Premises and/or such portion of the improvements in the balance of the Shopping Center Project as in Landlord's ’s sole discretion is necessary to create an economically feasible commercial unitproject. Landlord shall give Tenant notice of Landlord’s election within sixty (60) days after the date of such damage. If Landlord elects to repair or restore the damaged improvementsPremises and the Project pursuant to this Section 20.2, then (i) with respect to the Premises, Landlord and Tenant each shall restore them the Premises as provided in Section 20.5 of this Lease; (ii) the damaged improvements in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing balance of the improvements. If Landlord elects not to restore as aforesaid, this Lease Project shall terminate effective as of the date of such casualty upon the giving of notice of such election be restored by Landlord. If Landlord elects to restore or fails to give notice of its election as aforesaid, then this ; and (iii) the Lease shall remain in full force and effect. If Landlord elects to terminate the Lease pursuant to this Section 20.2, the Lease shall terminate effective thirty (30) days after the date of Landlord’s notice to Tenant of Landlord’s election to terminate the Lease.

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: (a) (i) the improvements on If the Premises are damaged by an insured casualty to the extent of at least fifty percent twenty-five (5025%) percent of the replacement cost (cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost"depreciation) other than a casualty event occurring during prior to the last three (3) lease years of the Term or (ii) the Shopping Centerhereof, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost percent thereof during the last three (3) lease years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged to any extent by an uninsured cause at any time during the lease Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, within not more than ninety (90) days after notice of any such casualty under section 10.2, damage notify Tenant of Landlord's election either (a) to terminate this Lease or (b) to restore the improvements on the Premises and/or such portion of the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unitPremises. If Landlord elects to repair or restore the damaged improvements, then then, with respect to the Premises, Landlord and Tenant each shall restore them in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvements. If Landlord elects not to restore restore, as aforesaid, this Lease shall terminate effective as of the date of such casualty damage upon the giving of notice of such election by Landlord, as aforesaid. If Landlord elects to restore or fails to give notice of its election election, as aforesaid, then this Lease shall remain in full force and effect. If Landlord elects to restore the Premises but fails to complete such restoration within ninety (90) days after the occurrence of damage to the Premises (or such longer period of time as may be required to complete such restoration in the exercise of due diligence by Landlord), then Tenant may terminate this Lease by written notice to Landlord.

Election to Terminate. Landlord shall have has the sole and absolute right option either to terminate this Lease in the event any of the following events occur: (a) (i) repair the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Centerdamage, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged terminate this Lease by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, delivering written notice within not more than ninety (90) days after notice the damage occurs, if: (i) the damage occurs during the last two (2) years of any such casualty under section 10.2the term, notify Tenant of as the term already may have been extended pursuant to this Lease, and in Landlord's election either reasonable determination the repairs would take more than one hundred fifty (150) days or one-third (1/3) of the remaining term, whichever is less, to complete (unless Tenant validly exercises a previously unexercised Extension Option in accordance with this Lease within thirty (30) days after receipt of written notice from Landlord that Landlord intends to terminate this Lease in accordance with this Subsection (i) or unless Tenant within such 30-day period agrees in writing to restore the improvements on the Premises and/or advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such portion of the improvements repairs); or (ii) Tenant is in the balance of the Shopping Center as default; or (iii) in Landlord's sole discretion is necessary reasonable judgement the repairs would take more than two (2) years from the date of the damage to create an economically feasible commercial unitcomplete or cost more than the insurance proceeds that are reasonably likely to he made available as a result of such casualty (unless within thirty (30) days after receipt of written notice from Landlord that it intends to terminate this Lease in accordance with this Subsection (iii) Tenant agrees in writing to advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such repairs. If Landlord elects Tenant also has the right to repair or restore terminate this Lease for such damage if: (x) the damaged improvements, then with respect damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise), or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord elects or is required under this Lease to repair the damage, and except for delays for which Tenant is responsible under this Lease, Landlord fails to substantially complete the repairs it is required to make (or restore access or restore or replace parking spaces, as applicable) within two (2) years after the damage occurs (regardless of whether or not-Landlord has collected sufficient insurance proceeds for such repairs), Tenant delivers its written termination notice to Landlord within fifteen (15) days after the end of Landlord's two (2)- year repair period and Landlord fails to substantially complete those repairs (or restore access or restore or replace parking spaces, as applicable) within sixty (60) days after receiving such notice. If Landlord's repairs are deemed to be substantially completed (or Landlord has restored access or restored or replaced parking spaces, as applicable) within this sixty (60)-day period, Tenant's termination notice will be null and void and this Lease will continue in existence; or (y) the damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise) or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than two (2) years to substantially complete (or that Landlord cannot restore access or restore or replace parking spaces, as applicable, within two (2) years) and Tenant each shall restore them in delivers to Landlord a written termination notice within fifteen (1 S) days after receiving Landlord's notice; or (z) the same manner damage occurs during the last two (2) years of the term (as it may have been extended) and the damage denies Tenant access to the same extent as work was done Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot restore or replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by each the use of them in the original construction and fixturizing valet parking, or otherwise) or causes at least 85% of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as useable area of the date Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than one hundred fifty (150) days or one-third (1/3) of such casualty upon the giving remaining period until the expiration of notice of such election by Landlord. If the term, whichever is less, to substantially complete (or that Landlord elects to cannot restore access or restore or fails replace parking spaces, as applicable, within such period) and Tenant delivers to give Landlord a written termination notice of its election as aforesaid, then this Lease shall remain in full force and effectwithin fifteen (1 S) days after receiving Landlord's notice.

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: (a) (i) If the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent twenty-five (5025%) percent of the their replacement cost (cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost"depreciation) other than a casualty event occurring during the last three (3) years term of the Term or (ii) the Shopping Centerthis Lease, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; said term, or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost percent thereof during the last three (3) years of said Term term, or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged to any extent by an uninsured cause at any time during the TermLease term, or if, at any time, more than twenty-five (d25%) percent of the improvements on building area in the Premises or the Shopping Center (whether or not the Premises are a part thereofaffected), are damaged by and insured casualty or by an uninsured cause during any extension twenty-five (25%) percent or renewal more of the Term. Common Area is so damaged, Landlord shall, within not more than ninety (90) days after notice of any such casualty under section 10.2damage, notify Tenant of Landlord's ’s election either to (a) terminate this Lease Lease, or to (b) restore the improvements on the Premises and/or such portion of (or other areas, as the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unitcase may be). If Landlord elects to repair or restore the damaged improvements, then then, with respect to the Premises, Landlord Landlord, (using such insurance proceeds as shall be sufficient for the same), and Tenant Tenant, each shall restore them said damaged improvements in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvements. If Landlord elects not to restore restore, as aforesaid, this Lease shall terminate effective as of without further liability to the parties hereto, on the date provided in and in accordance with the provision of such casualty upon Paragraph 16.5, following the giving of said notice of such election by Landlord. If Landlord elects to restore or fails to give notice of its election election, as aforesaid, then this Lease shall remain in full force and effect.

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: (a) (i) If the improvements on the Leased Premises or the Complex, whether or not the INITIAL: LESSEE KWW LESSOR BJP ------- ------- LAZER TECH DESIGNS, LTD W3Y-TLO78 P. 17 ----------------------------------------------------------- Leased Premises are a part thereof, are damaged by an for any cause whatsoever, whether insured casualty against or not, to the extent of at least fifty 25 percent (50%) of the then replacement cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years term of the Term this lease, or (ii) the Shopping Center, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty 10 percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost thereof during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof)term, are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, within not more than ninety (90) calendar days after notice of any such casualty under section 10.2damage, notify Tenant of Landlord's election either to terminate this Lease Lease, or to restore the improvements on the Leased Premises and/or and such portion of the improvements in the balance of the Shopping Center Complex as in Landlord's sole discretion is necessary to create an economically feasible commercial unit. If Landlord elects to repair or restore the damaged improvements, then with respect to the Leased Premises, Landlord and Tenant each shall restore them in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvements; and the damaged improvements in the balance of the Complex shall likewise be restored to the extent required in the preceding sentence. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as of the date of such casualty damage upon the giving of notice of such election by Landlord. If Landlord elects to restore or fails to give notice of its election as aforesaid, then this Lease shall remain in full force and effect.

Election to Terminate. (a) Landlord has the option either to (a) repair the casualty damage in accordance with the terms of this Lease, or (b) terminate this Lease by delivering written notice within sixty (60) days after the damage occurs, if: (i) the damage occurs during the last eighteen (18) months of the then current term of this Lease and, as determined by an independent third party estimate, the repairs would take more than one-third (1/3) of the remaining term to complete (unless Tenant validly exercises a previously unexercised Extension Option in accordance with this Lease within 30 days after receipt of written notice from Landlord that Landlord intends to terminate this Lease in accordance with this clause (i) or unless Tenant, within such 30-day period, agrees in writing to advance all costs in excess of the insurance proceeds made available to Landlord, or would be made available to Landlord had Landlord complied with the provisions of Section 8.2 above, in connection with such casualty damage ("Landlord's Insurance Proceeds") in order to complete such repairs); or (ii) the repairs would cost more than one hundred thirty percent (130%) of Landlord's Insurance Proceeds (unless, within 30 days after receipt of written notice from Landlord that it intends to terminate this Lease in accordance with this clause (ii), Tenant agrees in writing to advance all costs in excess of Landlord's Insurance Proceeds in order to complete such repairs); or (iii) Tenant has elected to terminate this Lease in accordance with the provisions of Section 16.2(b) below. (b) In the event any casualty damage either denies Tenant access to the Premises, or causes more than twenty percent (20%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise), or causes at least thirty-five percent (35%) of the useable area of the Premises to become entirely untenantable, Tenant shall have the sole and absolute right to terminate this Lease for such damage in the event any following circumstances: (x) if Landlord elects or is required under this Lease to repair the damage, Landlord fails to substantially complete the repairs it is required to make (or restore access or restore or replace parking spaces, as applicable) within one hundred eighty (180) days after the damage occurs (or such longer period of time as estimated by Landlord under clause (y) below if Tenant does not terminate this Lease under such clause), and Tenant delivers its written termination notice to Landlord within thirty (30) days after the end of such 180-day (or such longer) repair period and Landlord fails to substantially complete those repairs (or restore access or restore or replace parking spaces, as applicable) within thirty (30) days after receiving such notice; provided, however, if Landlord's repairs are deemed to be substantially completed (or Landlord has restored access or restored or replaced parking spaces, as applicable) within such 30-day period, Tenant's termination notice will be null and void and this Lease will continue in existence; or (y) Landlord notifies Tenant in writing that the repairs that Landlord is required to make has been estimated by an independent third party to take longer than one hundred eighty (180) days to substantially complete (or that Landlord cannot restore access or restore or replace parking spaces, as applicable, within 180 days) and Tenant delivers to Landlord a written termination notice within thirty (30) days after receiving such third party estimate; or (z) such damage occurs during the last eighteen (18) months of the following events occur: (a) (i) then current term of this Lease and Landlord notifies Tenant in writing that the improvements on the Premises are damaged repairs that Landlord is required to make has been estimated by an insured casualty independent third party to the extent of at least fifty percent take longer than one-third (50%1/3) of the cost remaining period until the expiration of the current term of this Lease to repair substantially complete (or that Landlord cannot restore access or restore or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Centerparking spaces, (whether or not the Premises are a part thereofas applicable, within such period), is damaged by an insured casualty and Tenant delivers to the extent of at least fifty percent Landlord a written termination notice within thirty (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, within not more than ninety (9030) days after notice of any receiving such casualty under section 10.2, notify Tenant of Landlord's election either to terminate this Lease or to restore the improvements on the Premises and/or such portion of the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unit. If Landlord elects to repair or restore the damaged improvements, then with respect to the Premises, Landlord and Tenant each shall restore them in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as of the date of such casualty upon the giving of notice of such election by Landlord. If Landlord elects to restore or fails to give notice of its election as aforesaid, then this Lease shall remain in full force and effectthird party estimate.

Election to Terminate. Landlord shall have has the sole and absolute right option either to terminate this Lease in the event any of the following events occur: (a) (i) repair the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Centerdamage, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged terminate this Lease by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, delivering written notice within not more than ninety (90) days after notice the damage occurs, if: (i) the damage occurs during the last two (2) years of any such casualty under section 10.2the term, notify Tenant of as the term already may have been extended pursuant to this Lease, and in Landlord's election either reasonable determination the repairs would take more than one hundred fifty (150) days or one-third (1/3) of the remaining term, whichever is less, to complete (unless Tenant validly exercises a previously unexercised Extension Option in accordance with this Lease within thirty (30) days after receipt of written notice from Landlord that Landlord intends to terminate this Lease in accordance with this Subsection (i) or unless Tenant within such 30-day period agrees in writing to restore the improvements on the Premises and/or advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such portion of the improvements repairs); or (ii) Tenant is in the balance of the Shopping Center as default; or (iii) in Landlord's sole discretion reasonable judgement the repairs would take more than two (2) years from the date of the damage to complete or cost more than the insurance proceeds that are reasonably likely to be made available as a result of such casualty (unless within thirty (30) days after receipt of written notice from Landlord that it intends to terminate this Lease in accordance with this Subsection (iii) Tenant agrees in writing to advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such repairs; or (iv) Tenant already has exercised the Cancellation Option; or (v) if the damage occurs during the eighth (8th) or ninth (9th) Lease Year and in Landlord's reasonable determination the repairs would take more than one hundred fifty (150) days or 1/3 of the remaining period until the end of the ninth (9th) Lease Year, whichever is necessary less, to create complete, and within thirty (30) days after Landlord's written request, Tenant fails to deliver to Landlord an economically feasible commercial unitunconditional and irrevocable written waiver of any rights to exercise the Cancellation Option, or Tenant agrees to advance and in fact advances as needed, all costs in excess of Landlord Insurance Proceeds in order to complete such repairs. If Landlord elects Tenant also has the right to repair or restore terminate this Lease for such damage if: (x) the damaged improvements, then with respect damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise), or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord elects or is required under this Lease to repair the damage, and except for delays for which Tenant is responsible under this Lease, Landlord fails to substantially complete the repairs it is required to make (or restore access or restore or replace parking spaces, as applicable) within two (2) years after the damage occurs, Tenant delivers its written termination notice to Landlord within fifteen (15) days after the end of Landlord's two (2)-year repair period and Landlord fails to substantially complete those repairs (or restore access or restore or replace parking spaces, as applicable) within sixty (60) days after receiving such notice. If Landlord's repairs are deemed to be substantially completed (or Landlord has restored access or restored or replaced parking spaces, as applicable) within this sixty (60)-day period, Tenant's termination notice will be null and void and this Lease will continue in existence; or (y) the damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise) or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than two (2) years to substantially complete (or that Landlord cannot restore access or restore or replace parking spaces, as applicable, within two (2) years) and Tenant each shall restore them in delivers to Landlord a written termination notice within fifteen (15) days after receiving Landlord's notice; or (z) the same manner damage occurs during the last two (2) years of the term (as it may have been extended) and the damage denies Tenant access to the same extent as work was done Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot restore or replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by each the use of them in the original construction and fixturizing valet parking, or otherwise) or causes at least 85% of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as useable area of the date Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than one hundred fifty (150) days or one-third (1/3) of such casualty upon the giving remaining period until the expiration of notice of such election by Landlord. If the term, whichever is less, to substantially complete (or that Landlord elects to cannot restore access or restore or fails replace parking spaces, as applicable, within such period) and Tenant delivers to give Landlord a written termination notice of its election as aforesaid, then this Lease shall remain in full force and effectwithin fifteen (15) days after receiving Landlord's notice.

Election to Terminate. Landlord shall have the sole and absolute right to terminate this Lease in the event any of the following events occur: If (a) (i) the improvements on the Premises are damaged (i) by an insured casualty to the extent of at least fifty twenty-five percent (5025%) of the their replacement cost (cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost"depreciation) other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Center, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Lease Term; or , (bii) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten percent (10%) of the Replacement Cost their replacement cost during the last three (3) years of said Term the Lease Term, or (ciii) to any extent by an uninsured cause at any time during the improvements on Lease Term, (b) at any time, more than twenty-five percent (25%) of the Premises or building area of the Shopping Center (whether or not the Premises are is affected) or more than twenty-five percent (25%) of the building of which the Premises is a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are is affected) is so damaged, or (c) if the holder of a part thereof)mortgage, are damaged by and insured casualty deed of trust or by an uninsured cause during any extension or renewal other lien on the Premises at the time of the Term. casualty elects, pursuant to such mortgage, deed of trust or other lien, to require the use of all or part of Landlord insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien, then Landlord shall, within not more than ninety (90) days after notice of any such casualty under section 10.2damage, notify Tenant in writing of LandlordXxxxxxxx's election either election: (x) to terminate this Lease Lease; or (y) to restore the improvements on the Premises and/or such portion of the improvements in buildings and Shopping Center, as the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unitcase may be. If Landlord elects to repair or restore the damaged improvements, then then, with respect to the Premises, Landlord and Tenant each shall restore them in the same manner and to the same extent as work was done by each of them in the original construction and fixturizing of the improvementsSection 16.1 will apply. If Landlord elects not to restore restore, as aforesaid, this Lease shall terminate effective terminate, at Landlord’s sole and exclusive option, as of the date of such casualty upon damage or the giving date of Landlord’s notice of election, but in either event, this Lease shall expire and all interest of Tenant in the Premises shall terminate, but such election by Landlordrights and obligations of Landlord and Tenant that would have survived the normal expiration or early termination of this Lease shall remain in full force and effect. If Landlord elects to restore or fails to give notice of its election election, as aforesaid, then this Lease shall remain in full force and effect.

Election to Terminate. Landlord shall have has the sole and absolute right option either to terminate this Lease in the event any of the following events occur: (a) (i) repair the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping Centerdamage, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged terminate this Lease by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the Term, or (d) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, delivering written notice within not more than ninety (90) days after notice the damage occurs, if: (i) the damage occurs during the last two (2) years of any such casualty under section 10.2the term, notify Tenant of as the term already may have been extended pursuant to this Lease, and in Landlord's election either reasonable determination the repairs would take more than one hundred fifty (150) days or one-third (1/3) of the remaining term, whichever is less, to complete (unless Tenant validly exercises a previously unexercised Extension Option in accordance with this Lease within thirty (30) days after receipt of written notice from Landlord that Landlord intends to terminate this Lease in accordance with this Subsection (i) or unless Tenant within such 30-day period agrees in writing to restore the improvements on the Premises and/or advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such portion of the improvements repairs); or (ii) Tenant is in the balance of the Shopping Center as default; or (iii) in Landlord's sole discretion is necessary reasonable judgement the repairs would take more than two (2) years from the date of the damage to create an economically feasible commercial unitcomplete or cost more than the insurance proceeds that are reasonably likely to be made available as a result of such casualty (unless within thirty (30) days after receipt of written notice from Landlord that it intends to terminate this Lease in accordance with this Subsection (iii) Tenant agrees in writing to advance, and in fact advances as needed, all costs in excess of Landlord's Insurance Proceeds in order to complete such repairs. If Landlord elects Tenant also has the right to repair or restore terminate this Lease for such damage if: (x) the damaged improvements, then with respect damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise), or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord elects or is required under this Lease to repair the damage, and except for delays for which Tenant is responsible under this Lease, Landlord fails to substantially complete the repairs it is required to make (or restore access or restore or replace parking spaces, as applicable) within two (2) years after - 13 - 18 the damage occurs, Tenant delivers its written termination notice to Landlord within fifteen (15) days after the end of Landlord's two (2)-year repair period and Landlord fails to substantially complete those repairs (or restore access or restore or replace parking spaces, as applicable) within sixty (60) days after receiving such notice. If Landlord's repairs are deemed to be substantially completed (or Landlord has restored access or restored or replaced parking spaces, as applicable) within this sixty (60)-day period, Tenant's termination notice will be null and void and this Lease will continue in existence; or (y) the damage denies Tenant access to the Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by the use of valet parking, or otherwise) or causes at least 85% of the useable area of the Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than two (2) years to substantially complete (or that Landlord cannot restore access or restore or replace parking spaces, as applicable, within two (2) years) and Tenant each shall restore them in delivers to Landlord a written termination notice within fifteen (15) days after receiving Landlord's notice; or (z) the same manner damage occurs during the last two (2) years of the term (as it may have been extended) and the damage denies Tenant access to the same extent as work was done Premises, or causes more than thirty percent (30%) of Tenant's parking spaces to become unusable (and Landlord cannot restore or replace those lost spaces reasonably promptly and in reasonable proximity to the Premises, whether by each the use of them in the original construction and fixturizing valet parking, or otherwise) or causes at least 85% of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as useable area of the date Building to become entirely untenantable, Landlord notifies Tenant specifically and in writing that the repairs that Landlord is required to make probably will take longer than one hundred fifty (150) days or one-third (1/3) of such casualty upon the giving remaining period until the expiration of notice of such election by Landlord. If the term, whichever is less, to substantially complete (or that Landlord elects to cannot restore access or restore or fails replace parking spaces, as applicable, within such period) and Tenant delivers to give Landlord a written termination notice of its election as aforesaid, then this Lease shall remain in full force and effectwithin fifteen (15) days after receiving Landlord's notice.

Election to Terminate. Landlord shall have the sole and absolute right Lessee’s Obligation to terminate this Lease in the event any of the following events occur: (a) (i) the improvements on the Premises are damaged by an insured casualty to the extent of at least fifty percent (50%) of the cost to repair or replace at the time of loss without deduction for physical depreciation ("Replacement Cost") other than a casualty event occurring during the last three (3) years of the Term or (ii) the Shopping CenterRepair, (whether or not the Premises are a part thereof), is damaged by an insured casualty to the extent of at least fifty percent (50%) of Replacement Cost during the Term other than during the last three (3) years of the Term; or (b) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an insured casualty to the extent of at least ten (10%) of the Replacement Cost during the last three (3) years of said Term or (c) the improvements on the Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged by an uninsured cause at any time during the TermRebuild, or (d) the improvements on the Restore Premises or the Shopping Center (whether or not the Premises are a part thereof), are damaged Upon Termination Lessee shall exercise its right of termination pursuant to this Section 24 by and insured casualty or by an uninsured cause during any extension or renewal of the Term. Landlord shall, giving written notice to Lessor within not more than ninety (90) days after notice determination of any such casualty under section 10.2, notify Tenant the extent of Landlord's election either damage and estimated cost to repair or replacement pursuant to Section 24.2 above. If Lessee elects to terminate this Lease or pursuant to restore the improvements this Section 24, Lessee, at Lessee’s sole cost and expense (which may include, but shall not be limited to, insurance proceeds applied as set forth in this Section 24.6), and in accordance with all Applicable Laws, shall promptly demolish and remove all damaged property, except any property Lessor elects to retain on the Premises, and shall cause the Premises and/or to be in a clean, safe and sightly condition free from rubble and shall remediate any Hazardous Materials to the extent required under Section 22 above and shall surrender the Premises to Lessor in accordance with the provisions of Section 34 below and free and clear of any and all occupancies, tenancies, subleases and liens. If this Lease is terminated pursuant to this Section 24.6, all proceeds of insurance payable with respect to such portion damage to, or destruction of the improvements in the balance of the Shopping Center as in Landlord's sole discretion is necessary to create an economically feasible commercial unit. If Landlord elects to repair or restore the damaged improvements, then with respect to and other property located on the Premises, Landlord after payment of actual costs and Tenant each expenses of collection thereof, shall restore them be applied to either the costs of such demolition and removal, and/or then to remediation required by Section 22 above, as directed by Lessor. Lessee shall, to the extent of any remaining *** SAN FRANCISCO MARITIME NATIONAL HISTORICAL PARK *** **** PACIFIC WEST REGION — NATIONAL PARK SERVICE **** insurance proceeds, repair or replace any improvements Lessor elects to retain on the Premises, in an amount not to exceed Five Hundred Thousand Dollars ($500,000 indexed for increases in the same manner CPI since the Commencement Date); provided, however, that if there are no insurance proceeds available solely because such insurance coverage was not available at Commercially Reasonable Insurance Rates, Lessee’s obligations shall be limited to such demolition, removal and remediation and to the same extent of any applicable insurance proceeds available. The balance, if any, of insurance proceeds shall be distributed as work was done by each provided in Section 24.7 below. Lessee’s obligations under this Section 24 shall survive the termination of them in the original construction and fixturizing of the improvements. If Landlord elects not to restore as aforesaid, this Lease shall terminate effective as of the date of such casualty upon the giving of notice of such election by Landlord. If Landlord elects to restore or fails to give notice of its election as aforesaid, then this Lease shall remain in full force and effectLease.