Common use of Right to Terminate in Event of Casualty Clause in Contracts

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years of the original term of this Lease or during any extension of the term, to the extent of 50% or more of the insurable value of the building, TENANT may at its option, to be evidenced by notice in writing given to the LANDLORD within seven (7) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the building, elect to terminate this Lease as of the date of said damage or destruction. In the event the TENANT shall so terminate the lease all insurance proceeds shall become the property of the LANDLORD.

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years of the original term of this Lease or during any extension of the term, to the extent of 50% or more of the insurable value of the building, TENANT may at its option, to be evidenced by notice in writing given to the LANDLORD within seven twenty (720) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the buildingBuilding, elect to terminate this Lease as of the date of said damage or destruction. In the event the TENANT shall so terminate the lease all insurance proceeds shall become the property of the LANDLORD.

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years twelve (12) months of the original term Initial Term or any Renewal Term of this Lease or during any extension of the termLease, to the extent of fifty percent (50% %) or more of the insurable value of the buildingBuilding, TENANT may or LANDLORD may, at its option, to be evidenced by notice in writing given to the LANDLORD other within seven twenty (720) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the buildingBuilding, elect to terminate this Lease as of on the date of said damage or destructionsuch notice. In the event the TENANT or LANDLORD shall so terminate the lease terminate, all insurance proceeds shall become the property of the LANDLORD.

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years of the original term of this Lease or during any extension of the term, to the extent of 50% or more of the insurable value of the building, TENANT may at its option, to be evidenced by notice in writing given to the LANDLORD within seven (7) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the buildingBuilding, elect to terminate this Lease as of the date of said damage or destruction. In the event the TENANT shall so terminate the lease all insurance proceeds shall become the property of the LANDLORD.

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years of the original term of this Lease or during any extension of the term, to the extent of 50% or more of the insurable value of the building, TENANT may at its option, to be evidenced by notice in writing given to the LANDLORD within seven (7) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the buildingBuilding, elect to terminate this Lease as of the date of said damage or destruction. In the event the TENANT shall so terminate the lease all insurance proceeds allocated to the Premises shall become the property of the LANDLORD.

Right to Terminate in Event of Casualty. In case of any damage or destruction occurring in the last five years of the original term of this Lease or during any extension of the term, to the extent of 50% or more of the insurable value of the building, TENANT may at its option, to be evidenced by notice in writing given to the LANDLORD within seven (7) days after the occurrence of such damage or destruction, in lieu of repairing or replacing the buildingBuilding, elect to terminate this Lease as of the date of said damage or destruction. In the event the TENANT shall so terminate the lease all insurance proceeds allocated to the premises shall become the property of the LANDLORD.