Common use of End of Term Casualty Clause in Contracts

End of Term Casualty. Anything herein to the contrary notwithstanding, if more than seventy-five percent (75%) of the Premises are destroyed or damaged during the last eighteen (18) months of the Lease Term, then either Landlord or Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to the other, which termination shall be effective on the thirtieth (30th) day after the other party's receipt of such notice, provided that, if Tenant has an extension option which has not yet expired under this Lease as of the date of Landlord's notice of termination, and Tenant exercises such extension option in the manner required by Section 51, below, prior to that date which is ten (10) business days after the date of Landlord's written notice to Tenant terminating this Lease pursuant to this Section 14.5, Tenant's extension option shall be deemed to have been exercised, Landlord's notice of termination pursuant to this Section 14.5 shall be deemed to have been rescinded, and the provisions of Sections 14.1 and 14.4, above, shall apply to such restoration. The notice of termination contemplated under this Section 14.5 must be delivered within thirty (30) days after the date of such casualty, or shall be deemed waived.

End of Term Casualty. Anything herein to the contrary notwithstanding, if more than seventy-five percent during the last twelve (75%12) months of the Lease Term the Premises are destroyed or damaged during to the last eighteen extent that at least thirty percent (1830%) months or more of the Lease Termrentable area is rendered untenantable, then either Landlord or Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to the other, which termination shall be effective on the thirtieth (30th) day after the other party's receipt of such notice, notice (provided that, that if Tenant has an extension there is a renewal option which has not yet expired is still available to be exercised by Tenant under this Lease as of the date of Landlord's Landlord provides Tenant with a notice of such termination, and Tenant validly exercises such extension option in the manner required by Section 51, below, prior to that date which is under this Lease within ten (10) business days after the date of Landlord's written termination notice to Tenant terminating this Lease pursuant to under this Section 14.5, then Landlord's termination notice shall thereupon be deemed rescinded, as if such casualty had not occurred during the last twelve (12) months of the Lease Term (but the same shall not affect Tenant's extension option shall be deemed to have been exercisedtermination rights, if applicable, under Section 14.1.3, above, nor Landlord's termination rights, if applicable, under Section 14.2, above). Such notice of termination pursuant to this Section 14.5 shall be deemed to have been rescinded, and the provisions of Sections 14.1 and 14.4, above, shall apply to such restoration. The notice of termination contemplated under this Section 14.5 must be delivered within thirty (30) days after the date of such casualty, or shall be deemed waived.

End of Term Casualty. Anything herein Notwithstanding anything to the contrary notwithstandingcontained herein, if more than seventy-five percent (75%) of in the event the Premises are destroyed or damaged during the last eighteen two (182) months years of the Lease TermTerm to an extent that the repairs would exceed $500,000 in the aggregate, or the period of time reasonably projected by Landlord for restoration of the damage (taking into account the time necessary to effectuate a satisfactory settlement with any insurance company involved) exceeds one-fourth (1/4) of the time remaining in the Term as of the date of the damage, then either Landlord or and Tenant shall each have the right to terminate this Lease upon thirty by written notice delivered to the other party within fifteen (3015) days prior written notice to after Landlord notifies Tenant in writing of the otherestimated cost and projected restoration period; provided, which however, that if (i) Landlord exercises its right of termination shall be effective on the thirtieth under this Section 14.4, and (30thii) day after the other party's receipt of at such noticetime, provided that, if Tenant has an extension option which a right to renew or extend the Lease Term pursuant to any provision hereof that Tenant has not yet expired exercised, and (iii) Tenant notifies Landlord in writing, within fifteen (15) days following the delivery of a termination notice from Landlord under this Lease as of the date of Section 14.4 that Tenant is exercising such renewal option, then Landlord's ’s termination notice of termination, and Tenant exercises such extension option in the manner required by Section 51, below, prior to that date which is ten (10) business days after the date of Landlord's written notice to Tenant terminating this Lease pursuant to this Section 14.5, Tenant's extension option shall be deemed to have been exercised, Landlord's notice nullified and this Lease shall continue in full force and effect through the remainder of termination pursuant to this Section 14.5 shall be deemed to have been rescinded, and the provisions of Sections 14.1 and 14.4, above, shall apply to such restoration. The notice of termination contemplated under this Section 14.5 must be delivered within thirty Lease Term (30) days after the date of such casualty, or shall be deemed waivedas thus renewed).

End of Term Casualty. Anything herein to the contrary notwithstanding, if more than seventy-five percent (75%) of the Premises are destroyed or damaged during the last eighteen twelve (1812) months of the Lease TermTerm'land the cost of restoration (as reasonably estimated by Landlord) will exceed One Million and 00/100 Dollars ($1,000,000.00), then either Landlord or Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to the other, which termination shall be effective effectivb on the thirtieth (30th) day after the other party's receipt of such notice, provided that, if Tenant Tenaltt has an extension a renewal option which has not yet expired under this Lease as of the date of Landlord's notice btice of termination, and Tenant exercises such extension renewal option in the manner required by Section 5150, below, prior to that date which is ten (10) business days after the date of Landlord's written notice to Tenant terminating this Lease pursuant to this Section 14.5, Tenant's extension renewal option shall be deemed debmed to have been exercised, Landlord's notice of termination pursuant to this Section 14.5 shall be deemed I eemed to have been rescinded, and the provisions of Sections 14.1 and 14.4, above, shall apply to such restoration. The notice of termination contemplated under this Section 14.5 must be delivered within thirty (30) days after the date of such casualty, or shall be deemed waived.

End of Term Casualty. Anything herein to the contrary notwithstanding, if more than seventy-five percent (75%) of the Premises are destroyed or damaged to an extent greater than forty percent (40%) of the replacement cost thereof during the last eighteen twelve (1812) months of the Lease Term, then either Landlord or Tenant shall have the right to terminate this Lease upon thirty sixty (3060) days prior written notice to the other, which termination shall be effective on the thirtieth sixtieth (30th60th) day after the other party's receipt of such notice, provided that, if Tenant has an extension option which has not yet expired under this Lease as of the date of Landlord's . Such notice of termination, and Tenant exercises such extension option in the manner required by Section 51, below, prior to that date which is ten (10) business days after the date of Landlord's written notice to Tenant terminating this Lease pursuant to this Section 14.5, Tenant's extension option shall be deemed to have been exercised, Landlord's notice of termination pursuant to this Section 14.5 shall be deemed to have been rescinded, and the provisions of Sections 14.1 and 14.4, above, shall apply to such restoration. The notice of termination contemplated under this Section 14.5 must be delivered within thirty sixty (3060) days after the date of such casualty, or shall be deemed waived. For purposes of this provision, if Tenant has exercised any option to extend the Term prior to the date of such casualty such that the Lease Term (including such extension) exceeds such twelve (12) month period, then the foregoing termination option shall be inapplicable. In addition, if after such casualty, Landlord exercises the option to terminate this Lease provided in this Section 14.5, above, and Tenant, within ten (10) days after Landlord's exercise of such termination right, exercises any then valid right to extend the Lease Term pursuant to Section 49, below, then such termination shall be deemed rescinded and ineffective, and this Lease shall continue in full force and effect.