Common use of Uninsured Damage Clause in Contracts

Uninsured Damage. If, at any time during the term hereof, all or a portion of the Ski Facility shall be damaged or destroyed by a casualty not insurable under the insurance required to be maintained by Tenant under this Lease, Tenant may terminate this Lease by notice to Landlord given within 30 days after such damage or destruction. If Tenant elects to terminate this Lease as provided herein, Tenant shall pay to Landlord, as a condition upon the effectiveness of such termination, within 60 days after such notice, an amount equal to the net book value of the Ski Facility as accurately reflected in Landlord’s financial records as of the date of such damage or destruction. Upon the giving of such notice by Tenant to terminate, and Tenant’s payment of all amounts provided for herein, this Lease shall automatically terminate and the Annual Fixed Rental and other charges hereunder shall be equitably adjusted as of the date of such destruction.

Uninsured Damage. If, at any time during the term hereof, all or a portion of the Ski Facility shall be damaged or destroyed by a casualty not insurable under the insurance required to be maintained by Tenant under this Lease, Tenant may terminate this Lease by notice to Landlord given within 30 days after such damage or destruction. If Tenant elects to terminate this Lease as provided herein, Tenant shall pay to Landlord, as a condition upon the effectiveness of such termination, within 60 days after such notice, an amount equal to the net book value of the Ski Facility as accurately reflected in Landlord’s financial records as of the date of such damage or destruction. Upon the giving of such notice by Tenant to terminate, and Tenant’s payment of all amounts provided for herein, this Lease shall automatically terminate and the Annual Fixed Rental and other charges hereunder shall be equitably adjusted as of the date of such destruction.