Common use of Substantial or Total Destruction Clause in Contracts

Substantial or Total Destruction. If the Premises is substantially or totally destroyed by any cause whatsoever (i.e., the damage to the Premises is greater than partial damage as described in Section 7.01), and regardless of whether Landlord receives any insurance proceeds, this Lease shall terminate as of the date the destruction occurred. Notwithstanding the preceding sentence, if the Premises can be rebuilt within six (6) months after the date of destruction, Landlord may elect to rebuild the Premises at Landlord’s own expense, in which case this Lease shall remain in full force and effect, with the exception of abatement of Base Rent and Additional Rent until the Premises is fully restored. Landlord shall notify Tenant of such election within fifteen (15) days after Tenant’s notice of the occurrence of total or substantial destruction. If Landlord so elects, Landlord shall rebuild the Premises at Landlord’s sole expense, except if the damage was due to the intentional misconduct of Tenant, or Tenant’s employees, agents, contractors or invitees, and such intentional misconduct causes Landlord’s insurance to deny coverage, then Tenant shall pay the difference between the actual cost of repair and any insurance proceeds received by Landlord.

Substantial or Total Destruction. If the Premises Property is substantially or totally destroyed by any cause whatsoever (i.e., the damage to the Premises Property is greater than partial damage as described in Section 7.01), and regardless of whether Landlord receives any insurance proceeds, this Lease shall terminate as of the date the destruction occurred. Notwithstanding the preceding sentence, if the Premises Property can be rebuilt within six (6) months after the date of destruction, Landlord may elect to rebuild the Premises Property at Landlord’s 's own expense, in which case this Lease shall remain in full force and effect, with the exception of abatement of Base Rent and Additional Rent until the Premises is fully restored. effect Landlord shall notify Tenant of such election within fifteen thirty (1530) days after Tenant’s 's notice of the occurrence of total or substantial destruction. If Landlord so elects, Landlord shall rebuild the Premises Property at Landlord’s 's sole expense, except that if the damage destruction was due to the intentional misconduct caused by an act or omission of Tenant, or Tenant’s employees, agents, contractors or invitees, and such intentional misconduct causes Landlord’s insurance to deny coverage, then Tenant shall pay Landlord the difference between the actual cost of repair rebuilding and any insurance proceeds received by Landlord. If Landlord so elects to rebuild the Property and does not complete such rebuilding within the six (6) month period specified herein, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred provided the party electing to terminate this Lease shall give written notification to the other party of such election within ten (10) days after the expiration of the six (6) month period specified above.