Common use of Casualty Where Restoration is Impossible or at End of Term Clause in Contracts

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting land. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to to‌ pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth seventieth (95th70th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Base Rent, Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Base Rent and Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.full.‌

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to to‌ pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, TenantXxxxxx’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth seventieth (95th70th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Base Rent, Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Base Rent and Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.. CONDEMNATION

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) seventieth anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall will have the right to terminate this Lease upon thirty (30) 30 days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall will be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Base Rent, Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall will be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall will be made pursuant to dispute resolution in the manner provided in Article 34 hereof34. Tenant, at its sole expense, shall will deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall will remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunderexists, this Lease shall will be terminated without liability or further recourse to the parties hereto, provided that any Base Rent and Additional Costs owed by Tenant to Landlord as of the date of said termination shall will be paid or otherwise carried out in full.. CONDEMNATION

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty casualty: (a) where the Deed Restrictions do not permit a Restoration and Landlord declines or Landlord and Tenant fail to remove the Deed Restrictions as provided in Section 8.01(c) above; or (b) at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: (x) under clause (a), first, to the demolition, clearing and grading work occasioned by such casualty described below; second, to satisfy Tenant’s obligations to any and all Mortgagees; third, to pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, the remainder to Landlord for the loss of Landlord’s remainder interest in the Improvements destroyed by such destruction; or (y) under clause (b), first, to satisfy Tenant’s obligations to any and all Mortgagees, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, Tenant’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting landland and otherwise in accordance with all provisions in the Deed Restrictions relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.

Casualty Where Restoration is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to Landlord, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees, second to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Additional Costs or other amounts owed by Tenant to Landlord under this Lease; and fourth, to be divided between Tenant and Landlord in relation to the loss sustained by each, taking into consideration the remaining Term and the discounted value of Landlord’s remainder interest in the Improvements destroyed by such destruction, TenantXxxxxx’s interest in the remainder of the Term and the Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and such other matters as shall be appropriate to determining the amount of such loss after any taxes or other charges have been paid. If the parties are unable to agree on such division at the end of the immediately preceding sentence, then the division shall be made pursuant to dispute resolution in the manner provided in Article 34 hereof. Tenant, at its sole expense, shall deliver to Landlord any plans or other technical materials in its possession related to the design and construction of the Improvements (and to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and, at the request of Landlord, shall remove any damaged Improvements (to the extent that such improvements have not yet been accepted by the applicable governmental authority and the bonds therefor have not yet been released) and restore that portion of the Premises on which such demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting land. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of Landlord and the payment of such portion of any such insurance proceeds due to Landlord pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to Landlord as of the date of said termination shall be paid or otherwise carried out in full.