LANDLORD'S ELECTION TO TERMINATE. Notwithstanding any contrary provision of this Article 21, in the event there shall be a Total or Partial Taking of the Premises during the last three years of the initial Term or during the last year of any Extended Term, Landlord may, at Landlord's option, cancel and terminate this Lease as of the date of occurrence of such Taking by giving written notice to Tenant of Landlord's election to do so within 30 days after the date of occurrence of such taking. Thereupon, condemnation proceeds shall be distributed in the same manner as prescribed in Section 21.5. Notwithstanding the foregoing, if at the time of such Taking Tenant has an option to extend the Term, then if Tenant exercises such option (but no more than one option at a time) within 60 days after the date of occurrence of such Taking, Landlord may not cancel or terminate this Lease. If such exercise by Tenant occurs, then Tenant's reconstruction or repair of the improvements to the Premises, if legally permissible, shall commence forthwith, except as provided above, and Tenant may then receive the award attributable to the improvements only to the extent necessary to accomplish this reconstruction or repair of the improvements to the Premises. Any excess over and above the amount necessary to accomplish the reconstruction or repair of the improvements to the Premises shall be distributed in the same manner as prescribed in Section 21.5. In the event there shall be a Partial Taking of such portion of the Premises that the remainder of the Premises, after restoration and repair, if any, shall be reasonably unusable by Tenant, then Landlord or Tenant may elect to terminate this Lease by giving notice to the other of such termination within 60 days after the occurrence of such Taking, in which event all condemnation proceeds shall be distributed in the same manner as prescribed in Section 21.5.
LANDLORD'S ELECTION TO TERMINATE. Notwithstanding any provision of this Lease to the contrary, if (i) the damage to the Demised Premises or the Building resulting from any Casualty requires in excess of 30 days to repair (as determined by Landlord in the exercise of reasonable discretion) or due to the extent of such damage, Landlord elects to demolish the Building, or (ii) the recovered proceeds of Landlord’s insurance (free and clear of the claims of any Mortgagee or holder of a security interest and exclusive of business interruption and rent insurance) is insufficient to pay fully for the cost of repair and restoration of the Demised Premises, the Building and all other damaged property, or (iii) the Demised Premises or the Building is damaged by a Casualty which is not covered by Landlord’s insurance, Landlord may terminate this Lease by giving written notice within 90 days after the date of such Casualty in which case this Lease shall terminate and expire upon the 30th day after such notice is given and Tenant shall vacate and surrender possession of the Demised Premises.
LANDLORD'S ELECTION TO TERMINATE. Sublandlord shall deliver notice to Subtenant of Landlord's election to terminate the Lease pursuant to Section 13 of the Third Amendment within five (5) days following Sublandlord's receipt thereof.
LANDLORD'S ELECTION TO TERMINATE. If (a) the Building is so damaged by fire or other casualty that Landlord elects not to restore the Building, or (b) less than two (2) years remains in the Lease Term at the time of a fire or other casualty and the time necessary to rebuild or repair the Building, in the opinion of a reputable contractor, would exceed ninety (90) days, or (c) Landlord would be required under Section 13.2 to xxxxx or reduce the Phase-in Rents, Base Rent, Ground Lease Rent and Additional Rent for a period in excess of six (6) months if rebuilding or repairs were undertaken, then, in any of such case, Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty. This Lease shall terminate on the thirtieth (30th) day after the date that such termination notice from Landlord is given, and the Rents shall be prorated as of such termination date.
LANDLORD'S ELECTION TO TERMINATE. In the event that Tenant fails to commence its repair, restoration, rebuilding, or reconstruction of the MOB in accordance with this ARTICLE 13, or fails to substantially complete the same within one hundred twenty (120) days following the commencement thereof (provided that if such repair, restoration, rebuilding, or reconstruction of the MOB cannot reasonably be substantially completed within said 120 day period using commercially reasonable efforts, then said 120 day period shall be automatically extended for a reasonable period of time in order to make the applicable repair, restoration, rebuilding, or reconstruction provided that Tenant diligently pursues completion of the same), and in the further event that Tenant shall not cure such failure within thirty (30) days after notice thereof from Landlord, Tenant’s failure shall be deemed a Default under this Lease. If Tenant is in Default under this Lease, any insurance proceeds which shall have been paid to Tenant and not applied to the demolition and removal of the Improvements or the repair, restoration, rebuilding, or reconstruction of the MOB (excluding any insurance proceeds paid to Leasehold Mortgagee in accordance with any existing Leasehold Mortgage) shall be deemed Additional Rent due and payable by Tenant to Landlord immediately prior to the termination of Tenant’s rights under this Lease. All insurance proceeds not yet paid to Tenant (excluding any insurance proceeds to be paid to Leasehold Mortgagee in accordance with any existing Leasehold Mortgage) shall become the property of Landlord upon such a Default.
LANDLORD'S ELECTION TO TERMINATE. If: (i) the Building or the Demised Premises is totally destroyed by fire or other casualty; or (ii) the Building is so damaged (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure (as estimated by a reputable contractor or architect designated by Landlord) of more than fifty (50%) percent of the full replacement cost of the Building immediately before the casualty; or (iii) less than two (2) years remain in the Lease Term at the time of the fire or other casualty and the time necessary to rebuild or repair the Building, in the opinion of a reputable contractor selected by Landlord, would exceed one hundred-eighty (180) days or (iv) Landlord would be required under Section 14.02 to xxxxx or reduce the Base Rent for a period in excess of one (1 ) year if rebuilding or repairs were undertaken, then, in any of such cases, Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty. This Lease shall terminate on the date specified in Landlord's notice.
LANDLORD'S ELECTION TO TERMINATE. (a) Notwithstanding any provision of this Lease to the contrary, in the event that casualty damage to a substantial portion of the Building and the Premises (whether or not such damage is an insured loss) occurs, Landlord may terminate this Lease upon written notice to Tenant if: (i) either (x) repairs to the Premises (including all tenant improvements contained therein) cannot reasonably be completed within three hundred sixty-five (365) days of the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); or (y) the damage to the Landlord Restoration Areas arising as a result of such casualty is not fully covered, except for deductible amounts, by insurance policies held by Landlord (and is not required to be insured by Landlord pursuant to Article 13) and the amount of such damage not ---------- covered by (or required to be covered by) insurance, including deductible amounts, is in excess of ten million dollars ($10,000,000); and (ii) either (x) in the event the Premises are damaged, Landlord terminates all leases of tenants of the Building sustaining damage, if any, comparable to that sustained by Tenant, which Landlord has a right to terminate; or (y) in the event the Premises are not materially damaged, Landlord terminates all leases of tenants in the Building and Landlord elects to demolish the Building or not to commence repair or restoration to the Building within eighteen (18) months from the date of the damage is discovered.
(b) If Landlord elects to terminate this Lease pursuant to this Section 14.5, its notice of termination shall be given within sixty (60) days after discovery of the damage, destruction or events in question and this Lease shall terminate on the date specified in such notice; provided, however, such termination date shall be no less than ninety (90) days following Landlord's notice of termination.
LANDLORD'S ELECTION TO TERMINATE. If (i) the Building or the Premises is totally destroyed by fire or other casualty, or (ii) the Building is so damaged (whether or not the Premises are damaged or destroyed) that its repair or restoration requires the expenditure (as estimated by a reputable contractor or architect designated by Landlord) of more than twenty percent of the full insurable value of the Building immediately prior to the casualty, or (iii) less than two years remains in the Term at the time of the fire or other casualty and the time necessary to rebuild or repair the Premises, or (iv) Landlord would be required under Section 11.02 to axxxx or reduce the Base Rent for a period in excess of three months if rebuilding or repairs were undertaken; then, in any of such cases, Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred eighty days after the date of the casualty. This Lease shall terminate on the date specified in Landlord's notice.
LANDLORD'S ELECTION TO TERMINATE. Notwithstanding any other provision of this Lease, Landlord may elect not to require Tenant to rebuild and/or restore the Leased Premises, and to instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant ninety (90) days to vacate the Leased Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, whether or not the Leased Premises are affected, and one or more of the following conditions is present: (i) in Landlord's reasonable judgment, repairs cannot reasonably be completed within two hundred seventy (270) days after the date of discovery of the damage (when such repairs are made promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord's reasonable control, and subject to all other terms of this article, without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or the Entire Property or ground lessor with respect to the Building or the Entire Property shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord's insurance policies; (iv) the damage occurs during the last twelve (12) months of the Lease Term.
LANDLORD'S ELECTION TO TERMINATE. If: (i) the Building or the -------------------------------- Premises is totally destroyed by fire or other casualty; or (ii) the Building is so damaged (whether or not the Premises are damaged or destroyed) that Landlord elects not to restore the Building; or (iii) less than one (1) year remains in the Lease Term at the time of the fire or other casualty and the time necessary to rebuild or repair the Building or the Premises, in the opinion of a reputable contractor, would exceed ninety (90) days; then, in any of such cases, either party may terminate this Lease by giving the other party notice to such effect within ninety (90) days after the date of the casualty. This Lease shall terminate on the date specified in such party's notice.
