Common use of Right to Terminate on Destruction of Premises Where Damage Exceeds Two Thirds of Reconstruction Cost Clause in Contracts

Right to Terminate on Destruction of Premises Where Damage Exceeds Two Thirds of Reconstruction Cost. Either party hereto shall have the right to terminate this Lease, if during the last six (6) months of the term hereof the demised premises are damaged to an extent exceeding two-thirds (2/3) of the then reconstruction cost of such building as a whole; provided that, in such an event, such termination of this Lease shall be effected by written notice to that effect to the other party delivered within thirty (30) days of the happening of such casualty causing the damage.