Substantial or Total Destruction. If the PREMISES are substantially or totally destroyed by any cause whatsoever, and regardless of whether LANDLORD receives any insurance proceeds, this LEASE shall terminate as of the date the destruction occurred. Notwithstanding the preceding sentence, and subject to Section 7.02(a) and 7.01(c) above, if the PREMISES can be rebuilt within one hundred fifty (150) days 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. LANDLORD shall notify TENANT of such election within thirty (30) 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.
Appears in 14 contracts
Samples: Standard Multi Tenant Lease (99 Cents Only Stores), Standard Multi Tenant Lease (99 Cents Only Stores), Lease Agreement (99 Cents Only Stores)
