Common use of Termination by Xxxxxx Clause in Contracts

Termination by Xxxxxx. (i) Subject to the terms of any Leasehold Mortgage or any related loan documents, upon the occurrence of Casualty during the last thirty (30) years of the Term or if at any time during the Term the Improvements are substantially destroyed and estimated cost of the Restoration would exceed one hundred ten percent (110%) of the Maximum Required Restoration Cost (as hereinafter defined), then, instead of carrying out the resulting Restoration, Tenant, at its option, may elect to terminate this Lease by written notice to Landlord given within thirty (30) days after the Casualty or the estimated cost of such Restoration shall have been determined, whichever last occurs. After making such election, Xxxxxx shall proceed with reasonable diligence to grade; (A) demolish the damaged portion of the Improvements to street (B) remove all debris from the Premises; (C) put the Premises in good, safe, lawful, clean and orderly condition (collectively, the “Demolition”). The Demolition shall be carried out at Tenant’s sole cost and expense. Upon completion of the Demolition, as certified by the architect handling the Demolition and upon payment of all Lease Payments payable under this Lease through the date of such completion, this Lease shall expire and terminate with the same force and effect as though the date of such completion were the Termination Date; and (D) provide evidence reasonably satisfactory to Landlord that all subleases have been terminated.