Common use of Greater Than 180 Days Clause in Contracts

Greater Than 180 Days. If Landlord’s Repair Estimate reasonably indicates that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the Casualty Date, either Landlord or Tenant may terminate this Lease by giving written notice within fifteen (15) days after the date of Landlord’s Repair Estimate; and this Lease shall terminate and the Rent shall be abated from the date Tenant vacates the Premises. In the event that neither party elects to terminate this Lease, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under any property insurance policies carried by Tenant with respect to the leasehold improvements described in Section 13.4 above and Landlord shall promptly commence and diligently pursue to completion the repairs to the Building or Premises, provided insurance proceeds are available to repair the damage (except that Landlord shall not be required to rebuild, repair or replace Tenant’s property which may have been replaced in, on or about the Premises by or for the benefit of Tenant).

Greater Than 180 Days. If Landlord’s Repair Estimate reasonably indicates the Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the Casualty Datedate of casualty, either Landlord or Tenant may terminate this Lease by giving written notice within fifteen ten (1510) days after the date notice from Landlord specifying such time period of Landlord’s Repair Estimate; repair, and this Lease shall terminate and the Rent shall be abated from the date Tenant vacates the Premises. In the event that neither party elects to terminate this Lease, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under any property insurance policies carried by Tenant with respect to the leasehold improvements described in Section 13.4 above and Landlord shall promptly commence and diligently pursue prosecute to completion the repairs to the Building Premises or PremisesBuilding, provided insurance proceeds are available to pay for the repair the of all damage (except that Landlord shall not be required to rebuild, repair or replace Tenant’s property which may have been replaced in, on or about Property) and Tenant shall be entitled to a proportionate abatement in Rent from the date of such damage until the Premises or Building is repaired to the extent rental abatement insurance proceeds are received by or for Landlord. Such abatement of Rent pursuant to this Section 18.1.3 shall be made pro rata in accordance with the benefit extent to which the damage and the making of Tenant)such repairs shall interfere with the use and occupancy by Tenant of the Premises.