Common use of Substantial Damage; Damage During Final Year Clause in Contracts

Substantial Damage; Damage During Final Year. Notwithstanding anything to the contrary contained in Section 15.1 or 15.2: (a) If the Building or any other portion of the Premises is damaged by more than twenty-five percent (25%) of its respective replacement value (without deduction for depreciation or physical deterioration), or if the Building or any other portion of the Property cannot be rebuilt to its condition prior to such damage due to governmental limitations or restrictions, then Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; (b) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised prior to such damage or destruction, Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; or (c) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised prior to such damage or destruction, and if, as a result of such damage or destruction, Lessee is denied access or use of the Premises for the conduct of its business operations for a period of ten (10) consecutive business days, then, provided that the rent loss insurance being carried in connection with the Rent due under this Lease will pay all Rent payments due hereunder for the balance of the Term, Lessee may, at its option, by giving Lessor written notice no later than sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease.

Substantial Damage; Damage During Final Year. Notwithstanding anything to the contrary contained in Section 15.1 or 15.2: (a) If the Building or any other portion of the Premises Property is damaged by more than twenty-five percent (25%) of its respective replacement value (without deduction for depreciation or physical deterioration), or if the Building or any other portion of the Property cannot be rebuilt to its condition prior to such damage due to governmental limitations or restrictions, then Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; (b) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised prior to such damage or destruction, Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; or (c) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised prior to such damage or destruction, and if, as a result of such damage or destruction, Lessee is denied access or use of the Premises for the conduct of its business operations for a period of ten (10) consecutive business days, then, provided that the rent loss insurance being carried in connection with the Rent due under this Lease will pay all Rent payments due hereunder for the balance of the Term, Lessee may, at its option, by giving Lessor written notice no later than sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease.

Substantial Damage; Damage During Final Year. Notwithstanding anything to the contrary contained in Section 15.1 or 15.2: (a) If the Building or any other portion of the Premises is damaged by more than or destroyed to the extent that, in Lessor's sole judgment, the cost to repair and/or restore the Building would exceed twenty-five percent (25%) of its respective the full replacement value (without deduction for depreciation or physical deterioration), or if the Building or any other portion cost of the Property canBuilding, whether or not be rebuilt to its condition prior to such damage due to governmental limitations the Premises are at all damaged or restrictionsdestroyed, then Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; (b) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised by Lessee prior to such damage or destruction, then Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; or (c) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised by Lessee prior to such damage or destruction, and if, as a result of such damage or destruction, Lessee is denied access or use of the Premises for the conduct of its business operations for a period of ten (10) consecutive business days, then, provided that the rent loss insurance being carried in connection with the Rent due under this Lease will pay all Rent payments due hereunder for the balance of the Term, Lessee may, at its option, by giving Lessor written notice no later than sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease.

Substantial Damage; Damage During Final Year. Notwithstanding anything to the contrary contained in Section 15.1 or 15.2: (a) If the Building or any other portion of the Premises is damaged by more than or destroyed to the extent that, in Lessor's sole judgment, the cost to repair and/or restore the Building would exceed twenty-five percent (25%) of its respective the full replacement value (without deduction for depreciation or physical deterioration), or if the Building or any other portion cost of the Property canBuilding, whether or not be rebuilt to its condition prior to such damage due to governmental limitations the Premises are at all damaged or restrictionsdestroyed, then Lessor shall have the right to terminate this Lease by written notice thereof to Lessee; (b) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised by Lessee prior to such damage or destruction, then Lessor or Lessee shall have the right to terminate this Lease by written notice thereof to Lesseethe other; or (c) If the Premises or the Building or the Property are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease, and no renewal rights have been exercised by Lessee prior to such damage or destruction, and if, as a result of such damage or destruction, Lessee is denied access or use of the Premises for the conduct of its business operations for a period of ten (10) consecutive business days, then, provided that the rent loss insurance being carried in connection with the Rent due under this Lease will pay all Rent payments due hereunder for the balance of the Term, Lessee may, at its option, by giving Lessor written notice no later than sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease.