Common use of Damage at End of Term Clause in Contracts

Damage at End of Term. If the Premises and/or the Building are destroyed or damaged during the last year of the Term of this Lease to the extent of fifty percent (50%) or more of the then value of the Premises and/or the Building, then Landlord or Tenant shall have the right to cancel and terminate this Lease as of the date of such damage or destruction by giving notice thereof within thirty (30) days after the date of said damage or destruction.

Damage at End of Term. If the Premises and/or the Building are destroyed or damaged during the last year two (2) years of the Term of this Lease to the extent of fifty percent (50%) or more of the then value of the Premises and/or the Building, then Landlord or Tenant shall have the right to cancel and terminate this Lease as of the date of such damage or destruction by giving notice thereof within thirty (30) days after the date of said damage or destruction.