Common use of Right to Terminate Lease Clause in Contracts

Right to Terminate Lease. If a substantial portion or all of the Premises or the Building is damaged as a result of fire or other casualty (a "Casualty"), and (i) the Premises are (a) rendered wholly untenantable, or (b) damaged as a result of any cause which is not covered by Landlord's insurance, or (c) damaged or destroyed in whole or in part during the last three (3) years of the term hereof, or (d) the cost of replacement of the Premises shall exceed fifty percent (50%) of the then insured value thereof; or (ii) the Building shall be so substantially damaged that it is reasonably necessary in Landlord's sole judgment to demolish the Building for the purpose of reconstruction; or (iii) the Building is damaged to the extent of fifty percent (50%) or more of Landlord's Floor Area or fifty percent (50%) of the then insured value of the Building, then, in any of such events, Landlord may elect to terminate this Lease by giving Tenant notice of such election within one hundred twenty (120) days after the occurrence of such event. If such notice is given, the rights and obligations of the parties shall cease as of the date of such notice, and all rental amounts (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of Tenant's obligations hereunder) shall be adjusted as of the date of such termination.