Common use of Landlord’s Election Clause in Contracts

Landlord’s Election. If the Project is so damaged by fire or other casualty (although the Premises are unaffected by such fire or other casualty, or if affected, can be repaired within one hundred twenty (120) days) that Landlord shall deem it advisable to reconstruct, rebuild or raze the Project, then, notwithstanding anything contained herein to the contrary, this Lease may be terminated by Landlord as of the date of the occurrence of the fire or other casualty by giving written notice to Tenant of such termination within thirty (30) days after the occurrence of the fire or other casualty. Upon such notice of termination, Tenant shall surrender to Landlord the Premises and all interest therein under this Lease, and Landlord may re-enter and take possession of the Premises and remove Tenant therefrom. Landlord and Tenant shall be free and discharged from all obligations arising hereunder after the date of such termination.

Landlord’s Election. If the Project is so damaged by fire or other casualty (although the Premises are unaffected by such fire or other casualty, or if affected, can be repaired within one hundred twenty (120) days) days that Landlord shall deem it advisable to reconstruct, rebuild or raze the Project, then, notwithstanding anything contained herein to the contrary, this Lease may be terminated by Landlord as of the date of the occurrence of the fire or other casualty by giving written notice to Tenant of such termination within thirty (30) days after the occurrence of the fire or other casualty. Upon such notice of termination, Tenant shall surrender to Landlord the Premises and all interest therein under this Lease, and Landlord may re-enter and take possession of the Premises and remove Tenant therefrom. Landlord and Tenant shall be free and discharged from all obligations arising hereunder after the date of such termination.