Common use of DAMAGE TO LEASED PREMISES Clause in Contracts

DAMAGE TO LEASED PREMISES. (a) If and whenever the Leased Premises shall be destroyed, demolished or damaged by fire or other cause to such an extent that the same shall not be capable with due diligence of being repaired, restored or rebuilt within a period of one hundred and twenty (120) days after the happening of such destruction, demolition or damage, then either the Landlord or the Tenant may terminate this Lease upon thirty (30) days' written notice to the other given within forty-five (45) days of the date of such destruction, demolition or damage, and in such event the Tenant shall thereupon immediately surrender the Leased Premises and this Lease to the Landlord and rent shall be apportioned to the date of such damage, demolition or destruction.