Common use of Destruction of the Building Clause in Contracts

Destruction of the Building. If the Lessor is of the opinion, which shall be given by notice within thirty ( 30 ) days of the loss, that twenty per cent ( 20 % ) or more of the leasable area of the Building is damaged, or if the Lessor is of the opinion that the Building is hazardous and that the Building cannot be reasonably repaired within one hundred and eighty ( 180 ) days or, that the proceeds of insurance do not cover the cost of repairs, then the Lessor may resiliate the Lease effective retroactively as of the date of the loss, all adjustments to the Rent to be made as of such date.

Destruction of the Building. If the Lessor is of the opinion, which shall be given by notice within thirty ( 30 (30) days of the loss, that twenty per cent ( 20 % (20%) or more of the leasable area Leasable Area of the Building is damaged, or if the Lessor is of the opinion that the Building is hazardous and that the Building cannot be reasonably repaired within one hundred and eighty ( 180 (180) days or, that the proceeds of insurance do not cover the cost of repairs, then the Lessor may resiliate the Lease effective retroactively as of with effect retroactive to the date of the loss, all adjustments to the Rent to be made as of such date.