Common use of Destruction of Property Clause in Contracts

Destruction of Property. a. If Licensee’s property or the Premises are destroyed or damaged so as, in Licensee’s judgment, to hinder the effective use of Licensee’s equipment, Licensee may elect to terminate the License as of the date of the damage or destruction by so notifying licensor in writing not more than forty-five (45) days following the date of the damage. In such event, all rights and obligations of the parties shall cease as of the date of the damage ore destruction and Licensee shall be entitled to the reimbursement of any License Fee prepaid by Licensee.