Common use of Mutual Termination Right Clause in Contracts

Mutual Termination Right. Notwithstanding anything to the contrary contained in Section 14.1, if the Music Hall, the 1270 Space, the 50 Rock Space or the Retail Space is substantially damaged or is rendered wholly or substantially untenantable and an independent architect or engineer selected by Landlord shall determine, as evidenced by a written opinion which Landlord agrees shall be delivered to Tenant within 90 days after such damage (the “Restoration Opinion”), that the restoration of any of the same to substantially its condition prior to such damage shall require more than (a) with respect to the Music Hall, 36 months and (b) with respect to the Ancillary Space, 18 months, to complete (including the time necessary to obtain all necessary approvals from the Commission, Landlord hereby agreeing to diligently pursue the receipt of any such approvals and Tenant agreeing to cooperate in all reasonable respects in connection with such pursuit), Landlord or Tenant may, not later than 30 days following the date of receipt of the Restoration Opinion, (i) with respect to the 1270 Space, the 50 Rock Space or the Retail Space, give the other party a notice terminating the Lease with respect to the 1270 Space, the 50 Rock Space or the Retail Space, whichever of such space is substantially damaged or (ii) with respect to the Music Hall, give the other party a notice terminating the Lease. If this Lease (or any portion thereof) is terminated pursuant to this Section 14.2 or Section 14.3, (i) the Term (insofar as it relates to the portion of the Premises as to which the Lease is being terminated) shall expire upon the date set forth in the applicable notice of termination, which shall not be less than 30 days after such notice is given, and Tenant shall vacate the Premises (or the applicable portion thereof) and surrender the same to Landlord no later than the date set forth in the notice, (ii) Tenant’s liability for Rent with respect to the applicable portion of the Premises shall cease as of the date of the damage, (iii) any prepaid Rent with respect to the applicable portion of the Premises for any period after the date of the damage shall be refunded by Landlord to Tenant and (iv) an appropriate final reconciliation shall be made of Percentage Rent for the Computation Year in which such termination occurred within 30 days following such termination. Notwithstanding the foregoing, Landlord shall not exercise the termination right set forth in this Section 14.2 if, as part of Landlord’s restoration of the Music Hall, Landlord shall intend to build a structure which is designed to house a concert hall.