Last Year of Term. In addition to Landlord’s right to terminate this Lease under Section 12.2, Landlord shall have the right to terminate this Lease upon thirty (30) days’ prior written notice to Tenant if the Premises or Building is substantially destroyed or damaged during the last twelve (12) months of the Term. Landlord shall notify Tenant in writing of its election to terminate this Lease under this Section 12.3, if at all, within forty-five (45) days after Landlord determines that the Premises or Building has been substantially destroyed. If Landlord does not elect to terminate this Lease, the repair of the Premises or Building shall be governed by Sections 12.1, 12.2 and 12.4.
Last Year of Term. If any material damage or destruction occurs to the Premises (or the Building materially impairing use of the Premises) during the last year of the Term, Tenant may terminate the Lease upon written notice to Landlord within 30 days after the occurrence of the damage or destruction.
Last Year of Term. If the Building or the Premises or any portion thereof is destroyed by fire or other causes at any time during the last twelve (12) months of the Term, then either Tenant or Landlord shall have the right, at the option of either party, to terminate this Lease by giving written notice to the other within sixty (60) days after the date of such destruction.
Last Year of Term. Landlord shall not have any obligation whatsoever to repair, reconstruct, or restore the Premises when the damage resulting from any casualty contained under this Paragraph occurs during the final twelve (12) months of the Lease Term, and Landlord or Tenant may terminate the Lease upon written notice to within thirty (30) days after the occurrence of the damage or destruction.
Last Year of Term. In the event the Building is damaged to the extent of more than twenty percent (20%) of the then replacement cost thereof (whether the Premises are damaged or not), and the casualty event occurs during the final twelve (12) months of the Term, Landlord may elect to terminate this Lease. A total destruction of the Building shall terminate this Lease without liability to Landlord or Tenant. In addition, Tenant shall have the right to terminate this Lease if: (i) a material portion of the Premises is rendered untenantable by fire or other casualty and Landlord’s completion estimate provides that such damage cannot reasonably be repaired (as determined by Landlord) within sixty (60) days after Landlord’s receipt of all required permits to restore the Premises; (ii) there is less than twelve (12) months of the Term remaining on the date of such casualty; (iii) the casualty was not caused by the gross negligence or willful misconduct of Tenant or any of its employees or vendors; and (iv) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of Landlord’s completion estimate.
Last Year of Term. In addition to Landlord’s and Xxxxxx’s right to terminate this Lease under Section 12.2, each party shall have the right to terminate this Lease upon thirty (30) days’ prior written notice to the other party if the Premises or the Building is substantially destroyed or damaged during the last twelve (12) months of the Term. Landlord or Tenant shall notify the other party in writing of its election to terminate this Lease under this Section, if at all, within forty-five (45) days after such substantial destruction or damage of the Premises or the Building. If a party does not elect to terminate this Lease, the repair of the Premises or Building shall be governed by Section 12.1, Section 12.2 and Section 12.4.
Last Year of Term. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Building or tile Premises when the damage resulting from any casualty covered under this Article occurs during the last 12 months of the term of this Lease or any extension hereof.
Last Year of Term. Anything herein to the contrary notwithstanding, Xxxxxxx shall not have the right during the last 365 days of the Term to alter, remove or demolish, in whole or in part, any buildings, structures, or other improvements which exist upon the Leased Land 365 days prior to the end of the Term, except with the prior written consent of Ameristar.
Last Year of Term. If, during the last year of the Lease Term (or any extension thereof), the Premises are damaged to the extent of twenty-five percent (25%) or more of their replacement value, either Landlord or Tenant may terminate this Lease by giving at least thirty (30) days prior written notice to the other within thirty (30) days after the date of the damage. However, if Tenant, within ten (10) days after receipt of any such notice from Landlord, gives written notice to Landlord agreeing to exercise an option to extend which would otherwise have been available to Tenant at the end of the last year , extending the Lease Term for a period of five years from the end of such last year in accordance with the terms of said Option, then the Lease shall not terminate, and Tenant shall restore the Premises as provided herein. If the Lease is terminated pursuant to this Section 18.3, all Net Proceeds shall be paid to Landlord.
Last Year of Term. If the Building or the Premises or any material (as determined by Landlord) portion thereof is destroyed or materially (as determined by Landlord) damaged by fire or other casualty at any time during the last twelve (12) months of the Term or the last twelve (12) months of any Term extension (as described in Section 3), then Landlord shall have the option to terminate this Lease by giving written notice to Tenant. If the Building or the Premises or any material (as determined by Landlord) portion thereof is destroyed or materially (as determined by Landlord) damaged by fire or other casualty at any time during the last twelve (12) months of the Term or the last twelve (12) months of any Term extension (as described in Section 3), then Tenant shall also have the option to terminate this Lease by giving written notice to Landlord (“Tenant’s Last Year Termination”). Tenant’s Last Year Termination shall only occur if the following conditions have been satisfied: (i) the Lease has not otherwise been terminated as permitted in this Section 12; (ii) the Building or the Premises, in the professional judgment of Landlord’s engineer, cannot be repaired or restored within one hundred eighty (180) days from the date of destruction or material damage; and (iii) the Tenant has not exercised its option to renew the Term of the Lease.
