Common use of Tenant’s Right to Terminate Upon Total Destruction Clause in Contracts

Tenant’s Right to Terminate Upon Total Destruction. In the event of a Total Destruction in which Tenant does not elect to rebuild as provided herein, upon payment by Tenant to Landlord of the Destruction Termination Fee (as hereafter defined) and the earlier of receipt by Landlord of all applicable insurance proceeds (and Landlord agrees to use all commercially reasonable efforts to adjust and obtain the same) or ninety (90) days after the date of the Total Destruction, the Master Lease will terminate as to, and Tenant will vacate, the Demised Premises. The “Destruction Termination Fee” is an amount equal to Base Rent attributable to such Demised Premises (as calculated in accordance with the “SHC Base Rent Adjustment” and as otherwise provided in Schedule 2 attached to the Side Letter) plus any payments under the Lands’ End Agreements or the Sears Hometown License Agreement relating to the Nonprofitable Property, in each case that would be payable for a period (the Calculation Period) of the lesser of (x) one (1) calendar year or (y) the balance of the Term (excluding renewals) from the date of termination with respect to such Demised Premises, plus (ii) all Property Charges attributable to such Demised Premises, including any Lands’ End Space and Sears Hometown Space, that would be payable during the Calculation Period, which shall be initially paid at the rate based on the amount payable during the one (1)-year period immediately preceding the date of the Tenant Termination Election Notice, subject to final adjustment. When the actual amount of such Property Charges has been finally determined, Landlord and Tenant shall promptly adjust such amount and refund or pay any 12-Month Destruction Fee or Destruction Termination Fee (as applicable). Except for such Base Rent adjustment, such termination shall not otherwise affect any other terms or conditions of this Master Lease with respect to the remainder of the Demised Premises, all of which shall remain in full force and effect, subject to all obligations of Tenant which survive termination of the Master Lease.

Tenant’s Right to Terminate Upon Total Destruction. In the event of a Total Destruction in which Tenant does not elect to rebuild as provided herein, upon payment by Tenant to Landlord of the Destruction Termination Fee (as hereafter defined) and the earlier of receipt by Landlord of all applicable insurance proceeds (and Landlord agrees to use all commercially reasonable efforts to adjust and obtain the same) or ninety (90) days after the date of the Total Destruction, the Master Lease will terminate as to, and Tenant will vacate, the Demised Premises. The “Destruction Termination Fee” is an amount equal to Base Rent attributable to such Demised Premises (as calculated in accordance with the “SHC Base Rent Adjustment” and as otherwise provided in Schedule 2 attached to the Side Letter) plus any payments under the Lands’ End Agreements or the Sears Hometown License Agreement relating to the Nonprofitable Terminated Property, in each case that would be payable for a period (the Calculation Period) of the lesser of (x) one (1) calendar year or (y) the balance of the Term (excluding renewals) from the date of termination with respect to such Demised Premises, plus (ii) all Property Charges attributable to such Demised Premises, including any Lands’ End Space and Sears Hometown Space, that would be payable during the Calculation Period, which shall be initially paid at the rate based on the amount payable during the one (1)-year 1)‑year period immediately preceding the date of the Tenant Termination Election Notice, subject to final adjustment. When the actual amount of such Property Charges has been finally determined, Landlord and Tenant shall promptly adjust such amount and refund or pay any 12-Month 12‑Month Destruction Fee or Destruction Termination Fee (as applicable). Except for such Base Rent adjustment, such termination shall not otherwise affect any other terms or conditions of this Master Lease with respect to the remainder of the Demised Premises, all of which shall remain in full force and effect, subject to all obligations of Tenant which survive termination of the Master Lease.