Common use of Substantial Destruction Clause in Contracts

Substantial Destruction. If the Leased Premises or any part thereof are damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Lessor. 1) If the Leased Premises are totally destroyed by fire or other casualty, 2) if the Leased Premises are damaged so that rebuilding cannot reasonably be completed within one hundred eighty (180) days after the date of written notification by Lessee to Lessor of the destruction, 3) if the Leased Premises are part of a Building which is substantially destroyed (even though the Leased Premises are not totally or substantially destroyed), 4) if the Leased Premises or Building is damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such fire or casualty, 5) if any mortgagee requires the insurance proceeds payable as a result of such casualty to be applied to the payment of the mortgage debt or 6) the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date of such casualty, Lessor or Lessee may at their option terminate this Lease by providing the other written notice thereof within sixty (60) days of such casualty and all obligations under the Lease shall terminate as of the date of the casualty; provided, however, Lessee shall not have the right to terminate this Lease if Lessor has theretofore commenced and is diligently pursuing rebuilding.

Substantial Destruction. If the Leased Premises or any part thereof are damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Lessor. 1(i) If the Leased Premises are totally destroyed by fire or other casualty, 2(ii) if the Leased Premises are damaged so that access to the Leased Premises or rebuilding cannot reasonably be completed within one hundred eighty (180) days after the date of written notification by Lessee to Lessor of the destruction, 3(iii) if the Leased Premises are part of a Building building which is substantially destroyed (even though the Leased Premises are not totally or substantially destroyed), 4(iv) if the Leased Premises or Building is damaged by fire or other casualty and applicable law would prevent rebuilding to substantially the condition prior to such fire or casualty, 5(v) if any mortgagee requires the insurance proceeds payable as a result of such casualty to be applied to the payment of the mortgage debt or 6(vi) if the Leased Premises are materially damaged and less than two (2) years remain on the Term on the date of such casualty, Lessor or Lessee may may, at their option its option, terminate this Lease by providing the other Lessee written notice thereof within sixty (60) days of such casualty and all obligations under xxxxx Rent and additional rent for the Lease shall terminate unexpired portion of this Lease, effective as of the date of the casualty; provided, however, Lessee shall not have the right to terminate this Lease if Lessor has theretofore commenced and is diligently pursuing rebuilding.