TERMINATION AFTER DAMAGE BY CASUALTY Clause Samples
TERMINATION AFTER DAMAGE BY CASUALTY. Landlord shall have the right to terminate this Lease on notice to Tenant given within ninety (90) days of a Casualty if (i) insurance proceeds are unavailable or insufficient to restore the Premises as required of Landlord, or if Landlord’s mortgagee does not make them available for such restoration, (ii) the Premises have been materially damaged and there is less than two (2) years of the Term remaining on the date of the casualty, (iii) Landlord is not permitted by law to rebuild the Building or the Property in substantially the same form as existed before the fire or casualty, or {iv) more than forty (40%) of the Premises are damaged, or the Premises and/or the Building and/or the Property are damaged to such an extent as to make restoration uneconomical, and in such event the parties shall be relieved of any further obligation hereunder accruing after the termination date.
TERMINATION AFTER DAMAGE BY CASUALTY. Landlord shall have the right to terminate this Lease on notice to Tenant given within ninety (90) days of a Casualty if (i) insurance proceeds are unavailable or insufficient to restore the Premises as required of Landlord, or if Landlord’s mortgagee does not make them available for such restoration, (ii) the Premises have been materially damaged and there is less than two (2) years of the Term remaining on the date of the casualty, (iii) Landlord is not permitted by law to rebuild the Building or the Property in substantially the same form as existed before the fire or casualty, or (iv) more than forty (40%) of the Premises are damaged, or the Premises and/or the Building and/or the Project are damaged to such an extent as to make restoration uneconomical, and in such event the parties shall be relieved of any further obligation hereunder accruing after the termination date. In addition, if the Premises is so damaged that Landlord reasonably determines that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of a Casualty, then Landlord will notify Tenant of such determination within forty-five (45) days of the date of such Casualty, and either party may, at its option, terminate this Lease by delivering written notice to the other party within fifteen (15) days of Landlord’s notice regarding such determination. In the event of any such termination, Rent will ▇▇▇▇▇ for the unexpired portion of the Term effective as of the date of such Casualty. Notwithstanding the foregoing, if the Casualty was caused solely by Tenant’s or Tenant’s Agents negligence or willful misconduct, Tenant shall not have the right to terminate the Lease.