Common use of Reconstruction by Lessor Clause in Contracts

Reconstruction by Lessor. If Lessee elects not to reconstruct as set forth in Section 9.5.2, Lessor shall have 90 Days after the 90-Day period set forth in Section 9.5.2 to elect in writing to reconstruct as set forth in Section 9.5.2. If Lessor does not make a written election to reconstruct as set forth in the preceding sentence, Lessor shall be deemed to have elected not to reconstruct. If neither Lessee nor Lessor elects to reconstruct as set forth above, all funds in escrow shall be payable as follows, unless otherwise expressly set forth in an Approved Encumbrance: (i) first, to the demolition, clearing, and grading work necessary to restore the Leased Premises to a cleared and safe condition (including removal of foundations if required by Lessor), (ii) second, to satisfy any Approved Encumbrance, but only up to the amount of the Approved Encumbrance that was used to construct the Improvements, (iii) third, to satisfy any remaining obligations of Lessee under the Lease, and (iv) fourth, to Lessor. If Lessee has made the Reconstruction Deposit and is not otherwise in default under this Lease, then effective upon Lessor’s election not to reconstruct (a) Rent shall totally xxxxx and (b) this Lease shall terminate.

Reconstruction by Lessor. If Lessee elects not to reconstruct as set forth in Section 9.5.2, Lessor shall have 90 Days after the 90-Day period set forth in Section 9.5.2 to elect in writing to reconstruct as set forth in Section 9.5.2. If Lessor Xxxxxx does not make a written election to reconstruct as set forth in the preceding sentence, Lessor shall be deemed to have elected not to reconstruct. If neither Lessee nor Lessor elects to reconstruct as set forth above, all funds in escrow shall be payable as follows, unless otherwise expressly set forth in an Approved Encumbrance: (i) first, to the demolition, clearing, and grading work necessary to restore the Leased Premises to a cleared and safe condition (including removal of foundations if required by Lessor), (ii) second, to satisfy any Approved Encumbrance, but only up to the amount of the Approved Encumbrance that was used to construct the Improvements, (iii) third, to satisfy any remaining obligations of Lessee under the Lease, and (iv) fourth, to Lessor. If Lessee Xxxxxx has made the Reconstruction Deposit and is not otherwise in default under this Lease, then effective upon LessorXxxxxx’s election not to reconstruct (a) Rent shall totally xxxxx and (b) this Lease shall terminate.

Reconstruction by Lessor. If Lessee elects not to reconstruct as set forth in Section 9.5.2above, Lessor shall have 90 Days days after the 90-Day day period set forth in Section 9.5.2 Article 20.C. above to elect in writing to reconstruct as set forth in Section 9.5.2Article 20.C. above. If Lessor does not make a written election to reconstruct as set forth in the preceding sentence, Lessor shall be deemed to have elected not to reconstruct. If neither Lessee nor Lessor elects to reconstruct as set forth above, all funds in escrow shall be payable as follows, unless otherwise expressly set forth in an Approved Encumbrance: (i) first, to the demolition, clearing, and grading work necessary to restore the Leased Premises to a cleared and safe condition (including removal of foundations if required by Lessor)condition, (ii) second, to satisfy any Approved Encumbrance, but only up to the amount of the Approved Encumbrance that was used to construct the Improvements, (iii) third, to satisfy any remaining obligations of Lessee under the Lease, and (iv) fourth, to Lessor. If Lessee has made the Reconstruction Deposit and is not otherwise in default under this Lease, then effective upon Lessor’s election not to reconstruct (a) Rent shall totally xxxxx and (b) this Lease shall terminate.