Common use of Major Destruction Clause in Contracts

Major Destruction. In the event of a Major Destruction of the Leased Property, Rent shall not ▇▇▇▇▇ and subject to the Secured Loan Documents, Landlord may in its Sole Discretion elect within thirty (30) days after the date of such event, to terminate this Lease (subject to the Tenant’s right to extend the Lease as provided for in the definition of Major Destruction), in which event this Lease shall be deemed to have terminated. In such an event, all insurance proceeds shall be the sole and absolute property of Landlord.

Major Destruction. In the event of a Major Destruction of the Leased Property, Rent shall not ▇▇▇▇▇ and and, subject to the Secured Loan Documents, Landlord may in its Sole Discretion elect within thirty (30) days after the date of such event, to terminate this Lease (subject to the Tenant’s right to extend the Lease as provided for in the definition of Major Destruction), in which event this Lease shall be deemed to have terminated. In such an event, all insurance proceeds shall be the sole and absolute property of Landlord.

Major Destruction. In the event of a Major Destruction of the Leased Property, Rent shall not ▇a▇▇▇▇ and subject to the Secured Loan Documents, Landlord may in its Sole Discretion elect within thirty (30) days after the date of such event, to terminate this Lease (subject to the Tenant’s right to extend the Lease as provided for in the definition of Major Destruction), in which event this Lease shall be deemed to have terminated. In such an event, all insurance proceeds shall be the sole and absolute property of Landlord.