Common use of Termination of Lease by Tenant Clause in Contracts

Termination of Lease by Tenant. Notwithstanding Paragraph C above to the contrary, Tenant may terminate this Lease if Tenant is unable to use all or a substantial portion of the Premises as a result of fire or other casualty not caused by Tenant or its employees or agents, and: (i) Landlord fails to commence the restoration work within forty-five (45) days after the damage occurs, or (ii) such work is estimated (which estimate Landlord shall provide within sixty (60) days following the casualty), to take more than 120 days to substantially complete after being commenced, or (iii) Landlord fails to substantially complete such work within 120 days after commencing the same, or (iv) more than 25% of the Premises is affected by the damage, and fewer than 12 months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least thirty (30) days (but not more than 120 days) advance notice specifying the basis for termination, and such notice must be given no later than fifteen (15) days following the occurrence of the condition serving as the basis for the termination right invoked by Tenant. Such termination rights shall not be available to Tenant if: (a) Landlord substantially completes the repairs to the Premises and access thereto within fifteen (15) days after Tenant’s notice, or (b) Landlord provides Tenant with new premises under Article 20 or otherwise and access thereto within thirty (30) days after Tenant’s notice. Notwithstanding anything to the contrary contained herein, if Tenant, or its officers, employees, contractors, invitees or agents delay Landlord in performing the repairs, Landlord shall have additional time to complete the work equal to such delay and Tenant shall pay Landlord all Rent for the period of such delay.

Termination of Lease by Tenant. Notwithstanding Paragraph C above to the contrary, but subject to the provisions set forth below, Tenant may terminate this Lease if Tenant is unable to use all or a substantial portion of the Premises as a result of fire or other casualty not caused by Tenant or its employees or agents, andand any one or more of the following conditions (each referred to herein as a “Termination Condition”) occurs: (i) Landlord fails to commence the restoration work within forty-five sixty (4560) days after the damage occurs, or (ii) such work is estimated (which estimate Landlord shall provide within sixty (60) days following the casualty), to take more than 120 one hundred and eighty (180) days to substantially complete after being commenced, or (iii) Landlord fails to substantially complete such work within 120 one hundred and eighty (180) days after commencing the same, or (iv) more than 25% of the Premises is affected by the damage, damage and fewer than 12 twelve (12) months remain in the Term. In order to exercise any of the foregoing four separate termination rights, Tenant must shall send Landlord at least thirty a written notice (30“Termination Notice”) days of termination hereunder within ten (but not more than 120 days) advance notice specifying the basis for termination, and such notice must be given no later than fifteen (1510) days following the occurrence of the condition serving as applicable Termination Condition. Termination Notice shall set forth and reasonably describe the basis for the applicable Termination Condition, and set forth an effective termination right invoked date (“Termination Date”) selected by Tenant. Such termination rights shall not be available to Tenant if: that is between sixty (a60) Landlord substantially completes the repairs to the Premises days and access thereto within fifteen one hundred twenty (15120) days after Tenant’s noticethe date of Termination Notice. Any Termination Notice properly given hereunder shall be effective to terminate this lease as though this Lease had expired on the Termination Date, or (b) unless Landlord provides Tenant with new premises under Article 20 or otherwise and access thereto substantially cures the applicable “Termination Condition” within thirty (30) days after Tenant’s noticethe Termination Notice is delivered to Landlord in accordance with the notice provisions of this Lease. Notwithstanding anything to the contrary contained herein, if Tenant, or its officers, employees, contractors, invitees or agents delay Landlord in performing the repairs, Landlord shall have additional time to complete the work equal to such delay and Tenant shall pay Landlord all Rent for the period of such delay.

Termination of Lease by Tenant. Notwithstanding Paragraph C above anything to the contrarycontrary contained in this Paragraph 17, if a Casualty occurs during the last two (2) years of the Initial Term or any Renewal Term and such Casualty renders the Leased Property Unsuitable for its Intended Use, Tenant may terminate this Lease if Tenant is unable elect, by written notice to use all or a substantial portion of the Premises as a result of fire or other casualty Landlord given not caused by Tenant or its employees or agents, and: (i) Landlord fails to commence the restoration work within forty-five (45) days after the damage occurs, or (ii) such work is estimated (which estimate Landlord shall provide within sixty (60) days following the casualty), to take more than 120 days to substantially complete after being commenced, or (iii) Landlord fails to substantially complete such work within 120 days after commencing the same, or (iv) more than 25% of the Premises is affected by the damage, and fewer than 12 months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least thirty (30) days (but not more than 120 days) advance notice specifying the basis for termination, and such notice must be given no later than fifteen (15) days following the occurrence of the condition serving as the basis for the termination right invoked by Tenant. Such termination rights shall not be available to Tenant if: (a) Landlord substantially completes the repairs to the Premises and access thereto within fifteen (15) days after Tenant’s notice, or (b) Landlord provides Tenant with new premises under Article 20 or otherwise and access thereto within thirty (30) days after Tenant’s noticethe occurrence of such Casualty, to terminate this Lease, regardless of the amount of insurance proceeds and regardless of whether or not such insurance proceeds will be made available for the reconstruction of the Facility. Notwithstanding anything Such termination option shall be effective not later than ten (10) Business Days after the distribution or payment of the insurance proceeds. Until the effective date of such transactions, Tenant shall continue to be obligated to pay Rent hereunder as if such Casualty did not occur. On the effective date of such termination of this Lease (and as a condition to the contrary contained hereineffectiveness of the termination of this Lease), if (i) Tenant shall assign to Landlord all of Tenant's right, title and interest in and to any insurance proceeds in connection with such Casualty, and (ii) Tenant shall pay to Landlord, in immediately available federal funds, the sum of (x) the deductible amounts under any applicable insurance policies, and (y) a "make-whole" payment in an amount equal to the difference between (A) the sum of (1) the Lease Basis and (2) the present value of the Rent through the Expiration Date (discounted at 8.1% per annum), minus the sum of (a) insurance proceeds actually paid by the applicable insurance company (or insurance companies) and (b) the fair market value of the Land (as agreed in writing by Landlord and Tenant, or its officers, employees, contractors, invitees or agents delay if Landlord in performing the repairs, Landlord shall have additional time to complete the work equal to such delay and Tenant cannot agree upon such amount within five (5) Business Days, as determined in accordance with the appraisal procedure set forth in Paragraph 54). For the purposes of calculating the present value under clause (A)(2) above, the amount of the "Impositions" that will be included in the definition of "Additional Rent" shall pay be subject to the reasonable approval of Landlord all Rent for the period of such delayand Tenant.