Common use of LANDLORD'S ELECTION TO TERMINATE Clause in Contracts

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 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.. 21.5

LANDLORD'S ELECTION TO TERMINATE. Notwithstanding If: (i) the Building, the Parking Area 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 will take more than nine (9) months to complete (as estimated by a reputable, qualified and licensed contractor or architect selected by Landlord and reasonably approved by Tenant, having at least 10 years experience in the construction and repair of buildings of similar class, size, quality, design and method of construction as the Building ("EXPERIENCED CONTRACTOR"); or (iii) less than one year remains in the Lease Term (including any contrary provision available extension term) at the time of this Article 21the fire or other casualty and the time necessary to rebuild or repair the Building or any portion thereof, in the event there shall be a Total or Partial Taking opinion of the Premises during the last an Experienced Contractor, would exceed three years (3) months, then, in any of the initial Term or during the last year of any Extended Termsuch cases, Landlord may, at Landlord's option, cancel and may terminate this Lease as of the date of occurrence of such Taking by giving written Tenant notice to Tenant of Landlord's election to do so such effect within 30 days after the date of occurrence the Landlord's notice to Tenant of such takingthe reasonably estimated repair period by an Experienced Contractor, which estimate will be delivered within thirty (30) days following Landlord's discovery of the casualty; provided that Tenant may remain in possession for up to 9 months after Xxxxxxxx's termination upon payment of a pro rata portion of Rents attributable to the area so occupied. ThereuponThis Lease shall terminate on the date specified in Landlord's notice, condemnation proceeds which date shall not 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 90 days after following the date of occurrence Landlord's discovery of such Takingthe casualty. Notwithstanding anything to the contrary in this SECTION 13.3(A), Landlord may agrees that it will not cancel or terminate this LeaseLease for the sole purpose of gaining the opportunity to enter into another lease on more favorable economic terms with another Tenant. If such Further, if Landlord terminates the Lease under the terms of this SECTION 13.3(A), Landlord agrees that if, at any time during the remainder of the Lease Term which would have existed were it not for the exercise by Tenant occursLandlord of its termination right, then Tenant's reconstruction Landlord elects to Lease all 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 any portion of the Premises under this Lease to a party other than Tenant, Landlord agrees that the remainder it will first deliver written notice to Tenant of its intent to lease a portion of the Premises, after restoration and repairTenant will have the right, if anyexercisable within 90 days following the date of Landlord's notice, shall be reasonably unusable by Tenant, then Landlord or Tenant may elect to terminate reinstate this Lease by giving notice with respect to the other portion of such termination within 60 days after the occurrence of such Taking, in which event Premises Landlord was intending to Lease to another on all condemnation proceeds shall be distributed in the same manner as prescribed in Section 21.5terms and conditions set forth herein.