Common use of Landlord’s Option to Terminate Clause in Contracts

Landlord’s Option to Terminate. Anything contained in Section 12.1 hereof to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty that, in Landlord's reasonable opinion based upon a good faith statement (the "Contractor's Statement") prepared by a reputable independent architect or contractor retained by Landlord), substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable), which will take more than nine (9) months from the date of the Contractor's Statement to Substantially Complete, then Landlord, at Landlord's option, may, not later than sixty (60) days following the date of damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon a date set by Landlord, but not sooner than the tenth (10th) day nor later than the sixtieth (60th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof Upon the termination of this Lease under the conditions provided for in this Section 12.2, the Rental shall be abated from the date that the Premises are no longer usable or accessible or the date of termination (whichever date occurs sooner) and, provided no default by Tenant exists hereunder, any prepaid portion of Rental for any period after such date shall be refunded by Landlord to Tenant.

Landlord’s Option to Terminate. Anything contained in Section 12.1 hereof (a) Notwithstanding anything to the contrary notwithstandingcontained in the preceding Section 14.1 or elsewhere in this Lease, if the Building shall be so damaged by fire or other casualty that, in Landlord's reasonable opinion based upon a good faith statement (the "Contractor's Statement") prepared by a reputable independent architect or contractor retained by Landlord), substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable), which will take more than nine (9) months from the date of the Contractor's Statement to Substantially Complete, then Landlord, at Landlord's its option, maymay terminate this Lease on thirty (30) days notice to Tenant, not later than given within sixty (60) days following after the date occurrence of damageany damage or destruction if at least fifty percent (50%) of the Premises is damaged or destroyed as a result of a risk which is not covered by Landlord's insurance. Further, give Tenant a notice if the Premises, the Building or tenant improvements in writing terminating this Lease. If the Premises which were originally constructed by Landlord elects to for Tenant, or any substantial parts of any of the foregoing are rendered unfit for use and occupancy by reason of damage occurring at any time during the Term, Landlord, at its discretion, may terminate this Lease, the Term shall expire upon a date set by Landlord, but not sooner than the tenth (10th) day nor later than the sixtieth (60th) day after Lease or may restore such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with Paragraph 14.1 hereof; but Landlord shall, not be obligated to repair and restore the Premises unless Tenant shall, within forty-five (45) days of the occurrence of such damage, elect in writing to make the Premises leased herein a part of the "Premises" as leased by Tenant under the terms of the Master Lease. In the event that Tenant elects to make the Premises leased herein part of the "Premises" leased under the terms of the Master Lease, the provisions of Section 24.21 hereof Upon 14 of the termination of this Master Lease under the conditions provided for in this Section 12.2, the Rental shall then be abated from the date that the Premises are no longer usable or accessible or the date of termination (whichever date occurs sooner) and, provided no default by Tenant exists hereunder, any prepaid portion of Rental for any period after such date shall be refunded by Landlord to Tenantcontrolling.

Landlord’s Option to Terminate. Anything contained Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises and/or Building and instead terminate this Lease by notifying Tenant in Section 12.1 hereof writing of such termination within sixty (60) days after the date of discovery of such damage, such notice to include a termination date giving Tenant ninety (90) days to vacate the contrary notwithstandingPremises, but Landlord may so elect only if the Building shall be so damaged by fire or other casualty thator cause, in Landlord's reasonable opinion based upon a good faith statement (the "Contractor's Statement") prepared by a reputable independent architect or contractor retained by Landlord), substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Premises are affected, and one or more of the following conditions is present: (i) repairs cannot reasonably be completed within one hundred eighty (180) days after the casualty (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or ground or underlying lessor with respect to the Real Property and/or the Building shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground or underlying lease, as the case may be; or (iii) the damage is not fully covered, except for deductible amounts, by Landlord's insurance policies, provided however, that Landlord shall have been no right to terminate this Lease by reason of insufficient insurance proceeds if the damage is relatively minor (for the purpose of this Section 11.2, damage shall be deemed to be "relatively minor" if the repair or restoration would cost less than five percent (5%) of the replacement cost of the Building). In addition, in the event that the Premises or the Building is destroyed or damaged or rendered untenantable), which will take more than nine to any substantial extent during the last twelve (912) months from of the Lease Term, then notwithstanding anything contained in this Article 11, Landlord shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within thirty (30) days after the date of the Contractor's Statement to Substantially Completesuch damage or destruction, then Landlord, at Landlord's option, may, not later than sixty (60) days following in which event this Lease shall cease and terminate as of the date of damage, give Tenant a notice in writing terminating this Leasesuch notice. If Landlord elects to terminate this Lease, the Term shall expire upon a date set by Landlord, but not sooner than the tenth (10th) day nor later than the sixtieth (60th) day after Upon any such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the provisions of Section 24.21 hereof Upon the termination of this Lease under pursuant to this Section 11.2, Tenant shall pay the conditions Base Rent and Additional Rent, properly apportioned up to such date of termination, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided for in provisions of this Section 12.2, Lease which by their terms survive the Rental shall be abated from expiration or earlier termination of the date that the Premises are no longer usable or accessible or the date of termination (whichever date occurs sooner) and, provided no default by Tenant exists hereunder, any prepaid portion of Rental for any period after such date shall be refunded by Landlord to TenantLease Term.