Common use of Lease Termination Option and Purchase Offer Clause in Contracts

Lease Termination Option and Purchase Offer. Notwithstanding the above, if the value, as determined by Tenant in good faith, of the damaged or destroyed portions of the Leased Property (determined as of the Casualty Date as if such damage or destruction had not occurred) is greater than one hundred and twenty-five million dollars ($125,000,000) then Tenant may, by written notice delivered to Landlord within sixty (60) days after such determination, either (i) propose to continue this Lease in effect, or (ii) propose to terminate this Lease and purchase the Leased Property for the purchase price as specified by Tenant in such notice (any such written notice by Tenant electing under subsection (ii) to terminate this Lease and purchase the Leased Property shall be referred to as a “Tenant Casualty Termination Notice”). Tenant’s failure to deliver its Tenant Casualty Termination Notice within such sixty (60) day period shall constitute Tenant’s election to continue the Lease in effect and to Repair the damaged or destroyed Leased Property as provided in Section 15.1(a).

Lease Termination Option and Purchase Offer. Notwithstanding the above, if the value, as determined by Tenant Lessee in good faith, of the damaged or destroyed portions of the Leased Property (determined as of the Casualty Date as if such damage or destruction had not occurred) is greater than one hundred and twenty-five million dollars fifty percent ($125,000,00050%) of the Insured Value, then Tenant Lessee may, by written notice delivered to Landlord Lessor within sixty (60) days after such determination, either (i) propose to continue this Lease in effect, or (ii) propose to terminate this Lease and purchase the Leased Property for the purchase price as specified by Tenant Lessee in such notice (any such written notice by Tenant Lessee electing under subsection (ii) to terminate this Lease and purchase the Leased Property shall be referred to as a “Tenant Lessee Casualty Termination Notice”). TenantLessee’s failure to deliver its Tenant Lessee Casualty Termination Notice within such sixty (60) day period shall constitute TenantLessee’s election to continue the Lease in effect and to Repair repair, restore or replace the damaged or destroyed Leased Property as provided in Section 15.1(a).

Lease Termination Option and Purchase Offer. Notwithstanding the above, if the value, as determined by Tenant in good faith, of the damaged or destroyed portions of the Leased Property (determined as of the Casualty Date as if such damage or destruction had not occurred) is greater than one hundred and twenty-five million dollars ($125,000,000) then Tenant may, by written notice delivered to Landlord within sixty (60) days after such determination, either (i) propose to continue this Lease in effect, or (ii) propose to terminate this Lease and purchase the Leased Property for the purchase price as specified by Tenant in such notice (any such written notice by Tenant electing under subsection (ii) to terminate this Lease and purchase the Leased Property shall be referred to as a ““ Tenant Casualty Termination NoticeNotice ”). Tenant’s failure to deliver its Tenant Casualty Termination Notice within such sixty (60) day period shall constitute Tenant’s election to continue the Lease in effect and to Repair the damaged or destroyed Leased Property as provided in Section 15.1(a)) .